FSN E-Commerce Ventures Limited

NSEI:NYKAA Stock Report

Market Cap: ₹762.4b

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 Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow 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.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: NYKAA (₹266.35) is trading above our estimate of future cash flow value (₹68.62)

Significantly Below Future Cash Flow Value: NYKAA is trading above our estimate of future cash flow 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 Ratio7.6x
Sales₹100.22b
Market Cap₹762.44b

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 Average3.4x
LENSKART Lenskart Solutions
10.1x17.78%₹886.9b
FIRSTCRY Brainbees Solutions
1.5x12.68%₹123.8b
THANGAMAYL Thangamayil Jewellery
1.4x17.44%₹118.3b
PNGJL N Gadgil Jewellers
0.7x14.49%₹72.3b
NYKAA FSN E-Commerce Ventures
7.6x17.38%₹762.4b

Price-To-Sales vs Peers: NYKAA is expensive based on its Price-To-Sales Ratio (7.6x) compared to the peer average (3.4x).

Historical Price to Sales Ratio

Historical Price to Sales Ratio compares a stock's price to its sales over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Sales Ratio vs Industry

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

8 CompaniesPrice / SalesEstimated GrowthMarket Cap
PVSL Popular Vehicles and Services
0.1xn/aUS$80.37m
543746 Logica Infoway
0.2xn/aUS$31.25m
531041 Competent Automobiles
0.1xn/aUS$23.64m
KORE Jay Jalaram Technologies
0.2xn/aUS$15.09m
NYKAA 7.6xIndustry Avg. 1.0xNo. of Companies12PS012345+
8 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: NYKAA is expensive based on its Price-To-Sales Ratio (7.6x) compared to the Indian Specialty Retail industry average (1x).

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 Ratio7.6x
Fair PS Ratio5.2x

Price-To-Sales vs Fair Ratio: NYKAA is expensive based on its Price-To-Sales Ratio (7.6x) compared to the estimated Fair Price-To-Sales Ratio (5.2x).

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₹266.35
₹286.32
+7.50%
13.49%₹350.00₹205.00n/a25
May ’27₹264.76
₹273.24
+3.20%
12.48%₹328.00₹205.00n/a25
Apr ’27₹239.97
₹270.80
+12.85%
13.03%₹325.00₹205.00n/a25
Mar ’27₹265.48
₹267.92
+0.92%
16.15%₹325.00₹150.00n/a24
Feb ’27₹240.33
₹251.79
+4.77%
16.81%₹325.00₹150.00n/a24
Jan ’27₹265.75
₹243.92
-8.21%
17.20%₹310.00₹150.00n/a25
Dec ’26₹264.90
₹240.42
-9.24%
17.31%₹310.00₹150.00n/a24
Nov ’26₹247.94
₹219.08
-11.64%
18.76%₹300.00₹142.00n/a25
Oct ’26₹241.26
₹211.92
-12.16%
16.20%₹260.00₹142.00n/a25
Sep ’26₹233.73
₹210.88
-9.78%
15.76%₹260.00₹142.00n/a25
Aug ’26₹210.06
₹205.96
-1.95%
16.06%₹260.00₹142.00n/a25
Jul ’26₹207.05
₹205.36
-0.82%
15.09%₹250.00₹142.00n/a25
Jun ’26₹203.26
₹194.88
-4.13%
14.86%₹250.00₹142.00n/a24
May ’26₹194.37
₹191.83
-1.31%
18.31%₹288.00₹135.00₹264.7624
Apr ’26₹179.83
₹189.08
+5.15%
15.96%₹250.00₹135.00₹239.9724
Mar ’26₹158.80
₹190.08
+19.70%
15.49%₹250.00₹142.00₹265.4824
Feb ’26₹175.53
₹192.71
+9.79%
15.39%₹250.00₹140.00₹240.3324
Jan ’26₹164.68
₹193.46
+17.48%
15.67%₹250.00₹140.00₹265.7524
Dec ’25₹172.06
₹192.96
+12.15%
15.72%₹250.00₹140.00₹264.9024
Nov ’25₹184.18
₹203.04
+10.24%
15.39%₹252.00₹140.00₹247.9424
Oct ’25₹197.34
₹201.50
+2.11%
15.36%₹252.00₹140.00₹241.2624
Sep ’25₹207.70
₹197.91
-4.71%
14.64%₹250.00₹140.00₹233.7323
Aug ’25₹192.36
₹192.87
+0.26%
15.40%₹250.00₹135.00₹210.0623
Jul ’25₹175.95
₹193.30
+9.86%
15.30%₹250.00₹135.00₹207.0523
Jun ’25₹164.20
₹187.09
+13.94%
15.64%₹250.00₹135.00₹203.2622
May ’25₹176.75
₹177.91
+0.66%
16.17%₹250.00₹135.00₹194.3722
₹286.32
Fair Value
7.0% undervalued intrinsic discount
25
Number of Analysts

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/26 00:58
End of Day Share Price 2026/05/26 00:00
Earnings2026/03/31
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

FSN E-Commerce Ventures Limited is covered by 38 analysts. 24 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Videesha ShethAmbit Capital
Ashwin MehtaAmbit Capital
Nitin BhasinAmbit Capital