FSN E-Commerce Ventures Limited

NSEI:NYKAA Stock Report

Market Cap: ₹480.0b

FSN E-Commerce Ventures Valuation

Is NYKAA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of NYKAA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NYKAA (₹167.93) is trading above our estimate of fair value (₹51.31)

Significantly Below Fair Value: NYKAA is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NYKAA?

Key metric: As NYKAA is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for NYKAA. This is calculated by dividing NYKAA's market cap by their current revenue.
What is NYKAA's PS Ratio?
PS Ratio6.8x
Sales₹70.78b
Market Cap₹479.99b

Price to Sales Ratio vs Peers

How does NYKAA's PS Ratio compare to its peers?

The above table shows the PS ratio for NYKAA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.5x
FIRSTCRY Brainbees Solutions
4.1x17.6%₹293.3b
PNGJL N Gadgil Jewellers
1.2xn/a₹87.5b
THANGAMAYL Thangamayil Jewellery
1.3x23.5%₹54.3b
PCJEWELLER PC Jeweller
7.5xn/a₹74.4b
NYKAA FSN E-Commerce Ventures
6.8x19.9%₹480.0b

Price-To-Sales vs Peers: NYKAA is expensive based on its Price-To-Sales Ratio (6.8x) compared to the peer average (3.5x).

Price to Sales Ratio vs Industry

How does NYKAA's PS Ratio compare vs other companies in the IN Specialty Retail Industry?

9 CompaniesPrice / SalesEstimated GrowthMarket Cap
SHANKARA Shankara Building Products
0.3xn/aUS$170.07m
PVSL Popular Vehicles and Services
0.2xn/aUS$129.45m
MVGJL Manoj Vaibhav Gems 'N' Jewellers
0.5xn/aUS$126.92m
543746 Logica Infoway
0.3xn/aUS$43.52m
NYKAA 6.8xIndustry Avg. 1.7xNo. of Companies12PS02.44.87.29.612+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: NYKAA is expensive based on its Price-To-Sales Ratio (6.8x) compared to the Indian Specialty Retail industry average (1.7x).

Price to Sales Ratio vs Fair Ratio

What is NYKAA's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NYKAA PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio6.8x
Fair PS Ratio6.7x

Price-To-Sales vs Fair Ratio: NYKAA is expensive based on its Price-To-Sales Ratio (6.8x) compared to the estimated Fair Price-To-Sales Ratio (6.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst NYKAA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹167.93
₹192.96
+14.9%
15.7%₹250.00₹140.00n/a24
Nov ’25₹184.18
₹203.04
+10.2%
15.4%₹252.00₹140.00n/a24
Oct ’25₹197.34
₹201.50
+2.1%
15.4%₹252.00₹140.00n/a24
Sep ’25₹207.70
₹197.91
-4.7%
14.6%₹250.00₹140.00n/a23
Aug ’25₹192.36
₹192.87
+0.3%
15.4%₹250.00₹135.00n/a23
Jul ’25₹175.95
₹193.30
+9.9%
15.3%₹250.00₹135.00n/a23
Jun ’25₹164.20
₹187.09
+13.9%
15.6%₹250.00₹135.00n/a22
May ’25₹176.75
₹177.91
+0.7%
16.2%₹250.00₹135.00n/a22
Apr ’25₹164.55
₹177.00
+7.6%
15.9%₹240.00₹135.00n/a22
Mar ’25₹157.25
₹177.50
+12.9%
15.7%₹240.00₹135.00n/a22
Feb ’25₹163.20
₹181.50
+11.2%
17.0%₹250.00₹125.00n/a22
Jan ’25₹171.90
₹174.09
+1.3%
16.4%₹240.00₹125.00n/a22
Dec ’24₹176.65
₹171.91
-2.7%
16.4%₹240.00₹125.00n/a22
Nov ’24₹139.55
₹170.48
+22.2%
17.5%₹240.00₹106.00₹184.1821
Oct ’24₹153.20
₹169.29
+10.5%
17.7%₹240.00₹106.00₹197.3421
Sep ’24₹135.45
₹167.59
+23.7%
18.2%₹240.00₹106.00₹207.7022
Aug ’24₹147.80
₹191.87
+29.8%
36.9%₹458.33₹106.00₹192.3621
Jul ’24₹148.60
₹193.37
+30.1%
37.1%₹458.33₹106.00₹175.9520
Jun ’24₹126.15
₹193.07
+53.0%
37.1%₹458.33₹106.00₹164.2020
May ’24₹122.60
₹208.18
+69.8%
33.2%₹458.33₹115.00₹176.7519
Apr ’24₹124.25
₹211.07
+69.9%
34.1%₹458.33₹115.00₹164.5518
Mar ’24₹142.75
₹216.73
+51.8%
32.3%₹458.33₹130.00₹157.2517
Feb ’24₹137.15
₹254.24
+85.4%
28.8%₹458.33₹145.00₹163.2017
Jan ’24₹154.85
₹263.59
+70.2%
25.3%₹458.33₹166.67₹171.9017
Dec ’23₹171.40
₹264.37
+54.2%
25.0%₹458.33₹166.67₹176.6517
Nov ’23₹197.57
₹275.14
+39.3%
22.5%₹458.33₹166.67₹139.5517

Analyst Forecast: Target price is less than 20% higher than the current share price.

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