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India's leading online beauty and fashion retailer, selling via its own app, website and stores.
India's leading online beauty and fashion retailer, selling via its own app, website and stores.
Buys beauty goods and sells them itself, taking the retail margin rather than just charging sellers a commission; fashion works more as a marketplace. Owned brands such as Dot & Key sit alongside. Founded by former banker Falguni Nayar, who still leads it, and listed in 2021.
In one line: India's Sephora and Ulta Beauty, online-first.
Moat: narrow (brand, data, distribution). Strong beauty-specific brand trust and curated assortment, though well-funded horizontal e-commerce rivals compete hard.
Headquarters: Mumbai, India · Founded: 2012 · Employees: 11,488
Size FSN E-Commerce Ventures (NYKAA.NS) is an India Consumer Discretionary company (Internet Retail) with a market value of $10.7B, the 119th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹353.00 on 6 Nov 2026.
Performance Over six months the shares gained 30.8%, against +2.9% for the median peer and 0.0% for the India market (cap-weighted) — 4th highest of 13 in its peer set.
Growth Revenue grew 28.1% over the last twelve months (peer median +9.2%); the operating margin is 5.3% (peer median 10.5%).
Valuation It trades at 209.2× forward earnings against a peer median of 19.6× (most expensive of 11).
Capital Return on invested capital runs 1.4 points below its cost of capital (16.8% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹113B | ₹100B | ₹79.5B | ₹63.9B | ₹51.4B |
| Revenue growth | — | +26% | +24% | +24% | — |
| Gross profit | ₹39.6B | ₹28.0B | ₹20.5B | ₹15.3B | ₹12.3B |
| EBITDA | ₹9.51B | ₹7.50B | ₹4.81B | ₹3.52B | ₹2.61B |
| Net income | ₹3.23B | ₹1.99B | ₹661M | ₹323M | ₹193M |
| Free cash flow | n/a | ₹4.34B | ₹2.77B | -₹1.44B | -₹3.64B |
| Capital expenditure | n/a | ₹1.54B | ₹1.27B | ₹1.11B | ₹2.08B |
| Total debt | ₹15.2B | ₹12.4B | ₹13.2B | ₹9.69B | ₹7.98B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| FSN E-Commerce Ventures NYKAA.NS | $10.7B | +31% | +28% | 5% | 209.2× | n/a |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 26.3× | n/a |
| Shoppers Stop SHOPERSTOP.NS | $428M | +2% | +9% | 4% | 210.3× | 17.1% |
| Trent TRENT.NS | $17.4B | +8% | +18% | 12% | 75.1× | 60.1% |
| Aditya Birla Fashion and Retail ABFRL.NS | $503M | -42% | -27% | -8% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NYKAA.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.4% | +6.4% | 6th lowest of 13 |
| 6-month return | +30.8% | +2.9% | 4th highest of 13 |
| Distance from 52-week high | -2.9% | -22.8% | highest of 13 |
| Revenue growth (TTM) | +28.1% | +9.2% | 3rd highest of 13 |
| Operating margin | 5.3% | 10.5% | 5th lowest of 13 |
| Forward P/E | 209.2× | 19.6× | most expensive of 11 |
| ROIC minus cost of capital | -1.4 pp | +7.3 pp | 3rd lowest of 12 |
| Net debt / EBITDA | 1.2× | 0.1× | 3rd most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| FSN E-Commerce Ventures NYKAA.NS | India | $10.7B | +31% | +28% | 5% | 209.2× | n/a | n/a |
| Chewy CHWY | United States | $9.07B | -2% | +6% | 3% | 24.1× | 16.8% | +12.0% |
| Rakuten 4755.T | Japan | $8.59B | -18% | +11% | 6% | n/a | -2.0% | +11.4% |
| Etsy ETSY | United States | $7.75B | +40% | +1% | 18% | 19.7× | 12.8% | +10.8% |
| Zalando ZAL.DE | Germany | $7.64B | +42% | +18% | 4% | 19.6× | 7.6% | +9.1% |
| Global-e Online GLBE | United States | $7.22B | +44% | +31% | 14% | 30.9× | 23.4% | +47.8% |
| Vipshop Holdings Ltd Sponsored ADR VIPS | United States | $6.55B | -4% | +2% | 7% | 5.4× | -20.3% | 0.0% |
| Zozo 3092.T | Japan | $6.41B | +8% | +6% | 30% | 19.6× | -5.0% | +9.2% |
| USS 4732.T | Japan | $5.34B | +8% | +11% | 52% | 18.7× | -0.8% | +8.7% |
| Coupang CPNG | United States | $29.2B | -4% | +7% | -3% | 55.9× | n/a | n/a |
| Mercari 4385.T | Japan | $3.76B | -5% | +19% | 19% | 15.6× | n/a | n/a |
| Jd-sw 9618.HK | Hong Kong | $34.8B | -5% | +8% | 0% | 9.2× | 14.4% | +11.1% |
| Xingyun Technology 300209.SZ | China | $3.15B | +30% | +978% | 23% | n/a | n/a | n/a |