FSN E-Commerce Ventures Limited (NYKAA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-99.9%

₹0.28

vs ₹351.85 price

Levered DCF

-₹48.96

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	335.71×	781.87×	715.43×	1,129.55×	4,165.53×	2,450.87×	1,598.39×	-5,690.87×
P/B	46.56×	40.11×	37.32×	25.79×	59.84×	209.65×	316.83×	409.72×
P/S	6.68×	6.57×	5.92×	5.56×	15.59×	27.22×	41.82×	53.44×
EV / EBITDA	88.6×	106.52×	111.09×	122.95×	450.39×	743.77×	708.05×	1,801.58×
Gross margin	34.2%	32.0%	43.7%	42.9%	44.3%	43.6%	38.9%	42.6%
Operating margin	4.3%	2.7%	22.0%	21.7%	22.7%	21.6%	21.8%	19.3%
Net margin	2.0%	0.8%	0.8%	0.5%	0.4%	1.1%	2.5%	-0.9%
Current ratio	1.16×	1.24×	1.22×	1.59×	2×	1.39×	1.22×	1.21×
Debt / equity	0.86×	1.01×	0.77×	0.58×	0.44×	0.68×	1.28×	1.35×
Interest coverage	3.69×	1.99×	21.62×	18.35×	24.63×	25.27×	11.49×	12.8×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.9%	5.1%	5.2%	2.3%	1.4%	8.4%	19.1%	-7.2%
Return on invested capital	9.6%	4.4%	42.9%	36.3%	34.2%	85.7%	66.9%	62.8%
Return on assets	4.3%	1.7%	1.9%	1.1%	0.7%	3.2%	5.5%	-2.1%
Free cash flow yield	0.6%	0.5%	-0.2%	-1.0%	-0.6%	0.1%	-0.0%	-0.1%
Earnings yield	0.3%	0.1%	0.1%	0.1%	0.0%	0.0%	0.1%	-0.0%
Enterprise value	₹680.2B	₹533.9B	₹479.6B	₹362.9B	₹807.1B	₹1T	₹1T	₹947.6B
Net debt / EBITDA	1.38×	2.39×	1.99×	2.57×	2.94×	1.8×	2.15×	5.69×
Cash conversion cycle (days)	61	64	83	89	78	40	52	45