Fsn E-Commerce (NYKAA) | Financial Analysis & Statements
Fsn E-Commerce Ventures Ltd. Large-cap Consumer Cyclical
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Sep 2025Income Metrics
Revenue
23.5B
Gross Profit
10.5B
44.91%
Operating Income
798.6M
3.40%
Net Income
329.8M
1.41%
EPS (Diluted)
₹0.12
Balance Sheet Metrics
Total Assets
43.3B
Total Liabilities
28.9B
Shareholders Equity
14.4B
Debt to Equity
2.01
Cash Flow Metrics
Operating Cash Flow
-562.2M
Free Cash Flow
-1.1B
Revenue & Profitability Trend
Quarter Income Flow
Sep 30, 2025
Annual Income Flow
2025
Fsn E-Commerce Income Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 78.8B | 63.9B | 51.4B | 37.7B | 24.4B |
| Cost of Goods Sold | 45.5B | 37.2B | 29.6B | 22.2B | 15.4B |
| Gross Profit | 33.3B | 26.6B | 21.8B | 15.6B | 9.0B |
| Gross Margin % | 42.3% | 41.7% | 42.4% | 41.3% | 37.0% |
| Operating Expenses | |||||
| Research & Development | - | - | - | - | - |
| Selling, General & Administrative | 16.5B | 12.5B | 10.2B | 8.2B | 3.5B |
| Other Operating Expenses | 5.5B | 4.7B | 3.9B | 2.4B | 1.5B |
| Total Operating Expenses | 22.0B | 17.2B | 14.1B | 10.5B | 5.0B |
| Operating Income | 2.1B | 1.2B | 838.0M | 676.3M | 866.8M |
| Operating Margin % | 2.7% | 1.9% | 1.6% | 1.8% | 3.6% |
| Non-Operating Items | |||||
| Interest Income | 201.9M | 194.4M | 218.6M | 213.4M | 102.9M |
| Interest Expense | 1.1B | 808.4M | 720.2M | 445.2M | 292.1M |
| Other Non-Operating Income | - | - | - | - | - |
| Pre-tax Income | 1.3B | 690.3M | 384.0M | 473.1M | 661.2M |
| Income Tax | 537.5M | 253.1M | 135.7M | 60.2M | 44.8M |
| Effective Tax Rate % | 42.2% | 36.7% | 35.4% | 12.7% | 6.8% |
| Net Income | 720.7M | 397.5M | 209.6M | 412.9M | 616.5M |
| Net Margin % | 0.9% | 0.6% | 0.4% | 1.1% | 2.5% |
| Key Metrics | |||||
| EBITDA | 5.0B | 3.7B | 2.8B | 1.9B | 1.7B |
| EPS (Basic) | ₹0.23 | ₹0.11 | ₹0.07 | ₹0.15 | ₹0.24 |
| EPS (Diluted) | ₹0.23 | ₹0.11 | ₹0.07 | ₹0.15 | ₹0.21 |
| Basic Shares Outstanding | 2857778495 | 2853872558 | 2847489724 | 2793922596 | 2561250000 |
| Diluted Shares Outstanding | 2857778495 | 2853872558 | 2847489724 | 2793922596 | 2561250000 |
Income Statement Trend
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Fsn E-Commerce Balance Sheet From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 1.2B | 757.8M | 413.8M | 371.7M | 835.8M |
| Short-term Investments | 1.5B | 1.8B | 2.6B | 6.2B | 1.6B |
| Accounts Receivable | 2.5B | 2.4B | 1.6B | 945.3M | 766.4M |
| Inventory | 14.2B | 11.9B | 10.1B | 8.8B | 5.0B |
| Other Current Assets | 5.3B | 90.0K | 3.2B | 210.0K | -100.0K |
| Total Current Assets | 26.8B | 22.9B | 19.1B | 19.3B | 9.6B |
| Non-Current Assets | |||||
| Property, Plant & Equipment | 6.0B | 5.7B | 5.3B | 4.0B | 2.3B |
| Goodwill | 3.6B | 2.6B | 2.5B | 1.7B | 245.1M |
| Intangible Assets | 1.7B | 1.3B | 1.2B | 787.4M | 235.0M |
| Long-term Investments | - | - | - | - | - |
| Other Non-Current Assets | 101.5M | 115.4M | 241.6M | 102.7M | -80.0K |
| Total Non-Current Assets | 13.0B | 11.1B | 10.4B | 7.2B | 3.4B |
| Total Assets | 39.8B | 34.0B | 29.5B | 26.5B | 13.0B |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | 6.3B | 3.9B | 2.7B | 3.6B | 3.2B |
| Short-term Debt | 10.0B | 8.1B | 5.8B | 3.9B | 2.2B |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | 405.2M | 375.1M | 421.3M | 220.5M | - |
| Total Current Liabilities | 21.6B | 18.8B | 12.0B | 9.7B | 6.9B |
| Non-Current Liabilities | |||||
| Long-term Debt | 3.2B | 1.6B | 2.1B | 2.1B | 1.1B |
| Deferred Tax Liabilities | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - |
| Total Non-Current Liabilities | 4.8B | 2.4B | 3.6B | 3.4B | 1.2B |
| Total Liabilities | 26.4B | 21.2B | 15.6B | 13.0B | 8.1B |
| Equity | |||||
| Common Stock | 2.9B | 2.9B | 2.9B | 474.1M | 150.6M |
| Retained Earnings | 484.6M | -61.5M | -388.9M | -581.5M | -992.2M |
| Treasury Stock | - | - | - | - | - |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 13.4B | 12.8B | 13.9B | 13.5B | 4.9B |
| Key Metrics | |||||
| Total Debt | 13.2B | 9.7B | 8.0B | 5.9B | 3.3B |
| Working Capital | 5.2B | 4.1B | 7.1B | 9.6B | 2.7B |
Balance Sheet Composition
Fsn E-Commerce Cash Flow Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 1.3B | 690.3M | 384.0M | 473.1M | 661.2M |
| Depreciation & Amortization | - | - | - | - | - |
| Stock-Based Compensation | 169.0M | 163.6M | 94.0M | 143.2M | 52.6M |
| Working Capital Changes | -2.2B | -3.7B | -2.3B | -5.0B | -395.3M |
| Operating Cash Flow | 78.1M | -2.3B | -1.3B | -4.2B | 522.7M |
| Investing Activities | |||||
| Capital Expenditures | -1.3B | -1.1B | -2.1B | -939.7M | -420.7M |
| Acquisitions | -290.2M | 0 | -702.4M | -510.8M | 0 |
| Investment Purchases | -1.2B | -793.5M | 0 | -4.7B | -896.6M |
| Investment Sales | 199.5M | 1.6B | 4.0B | 5.5M | 0 |
| Investing Cash Flow | -2.2B | -880.5M | 5.2B | -6.2B | -1.3B |
| Financing Activities | |||||
| Share Repurchases | - | - | - | - | - |
| Dividends Paid | - | - | - | - | - |
| Debt Issuance | 1.9B | - | -5.6M | -7.4M | 15.1M |
| Debt Repayment | -3.6M | -3.6M | -5.6M | -7.4M | -815.2M |
| Financing Cash Flow | 400.2M | 2.5B | 1.5B | 18.6B | -586.7M |
| Free Cash Flow | 3.4B | -1.1B | -3.5B | -4.5B | 911.1M |
| Net Change in Cash | -1.7B | -659.4M | 5.4B | 8.3B | -1.4B |
Cash Flow Trend
Fsn E-Commerce Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
534.39
Forward P/E
170.08
Price to Book
54.13
Price to Sales
7.95
PEG Ratio
3.70
Profitability Ratios
Profit Margin
1.50%
Operating Margin
5.18%
Return on Equity
4.92%
Return on Assets
1.66%
Financial Health
Current Ratio
1.16
Debt to Equity
97.75
Beta
0.35
Per Share Data
EPS (TTM)
₹0.49
Book Value per Share
₹4.84
Revenue per Share
₹32.84
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| NYKAA | 749.8B | 534.39 | 54.13 | 4.92% | 1.50% | 97.75 |
| ETERNAL LIMITED | 2.4T | 1,083.00 | 7.83 | 1.74% | 0.54% | 10.88 |
| Zomato | 2.0T | 286.92 | 8.80 | 1.74% | 3.69% | 5.44 |
| Swiggy | 745.5B | -20.93 | 6.98 | -30.50% | -21.04% | 25.43 |
| Brainbees Solutions | 120.4B | -60.14 | 2.50 | -3.63% | -2.24% | 31.48 |
| RattanIndia | 49.3B | 84.51 | 4.77 | 9.14% | 17.69% | 107.30 |
Financial data is updated regularly. All figures are in the company's reporting currency.





