FSN E-Commerce Ventures Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

FSN E-Commerce Ventures Ltd trades at ₹323, in a confirmed uptrend and 63 weeks into that stage. That is +23.0% against its own 200-day average. It sits at 93% of a 52-week range of ₹230 to ₹330. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 12 straight weeks.

Today the stock is in a confirmed uptrend — week 63 of stage 2, confirmed. At ₹323 it trades +23.0% versus its 200-day average and sits at 93% of its 52-week range (₹230–₹330).

Against the market, two honest reads. Cumulative: over the last 4.7 years the stock moved −18% while the NIFTY 500 moved +51% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 12 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 16th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

FSN E-Commerce Ventures Ltd trades at 442.0× P/E, near the bottom of its own range — cheaper only 16% of the time. Its long-run median P/E is 1,073.6×, measured across 4.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 442.0× is near the bottom of its own range — cheaper only 16% of the time, against a long-run median of 1,073.6× measured over 4.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +204.3% against a +51.8% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 3y, of the +30.5%/yr price move, ~+118.5%/yr came from earnings growth and ~−88.0 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 28% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

FSN E-Commerce Ventures Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

65.3/100 — rank 2 of 6 in New age - Platform - E-Retail · 69% evidence confidence

FSN E-Commerce Ventures Ltd scores 65.3 out of 100 against the 6 companies it is compared with in New age - Platform - E-Retail, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 23.9 + 12.6 + 10 + 18.8 = 65.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

FSN E-Commerce Ventures Ltd reported ₹2,648 Cr of revenue in the Mar 26 quarter, +28.4% year on year. That is the 10th straight quarter of year-on-year growth. Over 8 years it has compounded at 43.0% a year. The last full year, FY26, came in at ₹10,022 Cr. The last four reported quarters add to ₹10,022 Cr.

FSN E-Commerce Ventures Ltd reported ₹2,648 Cr of revenue in the Mar 26 quarter, +28.4% year on year. That is the 10th straight quarter of year-on-year growth. Over 8 years it has compounded at 43.0% a year. The last full year, FY26, came in at ₹10,022 Cr. The last four reported quarters add to ₹10,022 Cr.

FY26 revenue came in at ₹10,022 Cr (+26.1% on the year), capping 8 years at 43.0% compound. The latest quarter (Mar 26) printed ₹2,648 Cr, +28.4% year on year — the 10th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +25.9% growth against the decade's 43.0% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +26.1% over the last 4 quarters against +25.3%/yr over the last 8 — stabilising; TTM profit +183.3% vs +128.7%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 8.0% this quarter (+2.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

FSN E-Commerce Ventures Ltd's operating margin is 8.0% in the Mar 26 quarter, +2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 9 fiscal years the operating margin has ranged −5.0% to 8.0%. The current quarter sits inside that band.

FSN E-Commerce Ventures Ltd's operating margin is 8.0% in the Mar 26 quarter, +2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 9 fiscal years the operating margin has ranged −5.0% to 8.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 8.0%, +2.0 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged −5.0%–8.0%, and FY26's 8.0% is the top of that band — a record year.

Why the margin moved: operating margin went +2.0 pp year on year while gross margin went +1.3 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins held — did that reach the bottom line? Next: profit +315.8% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

FSN E-Commerce Ventures Ltd earned ₹79.0 Cr of net profit in the Mar 26 quarter, +315.8% year on year. It is the 10th consecutive quarter of growth. Full-year FY26 profit was ₹204 Cr. That is 3.0% of the quarter's revenue. The same quarter a year earlier earned ₹19.0 Cr.

FSN E-Commerce Ventures Ltd earned ₹79.0 Cr of net profit in the Mar 26 quarter, +315.8% year on year. It is the 10th consecutive quarter of growth. Full-year FY26 profit was ₹204 Cr. That is 3.0% of the quarter's revenue. The same quarter a year earlier earned ₹19.0 Cr.

Mar 26 profit was ₹79.0 Cr, +315.8% year on year — the 10th consecutive quarter of growth. On the full year, FY26 printed ₹204 Cr (+183.3%).

Why profit moved: revenue contributed +28.4% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +175.6% vs revenue +25.9%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 352% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 352% of FSN E-Commerce Ventures Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹644 Cr of operating cash against ₹204 Cr of profit. After ₹465 Cr of capital spending, ₹179 Cr was left as free cash.

FY26: operating cash of ₹644 Cr against reported profit of ₹204 Cr, leaving free cash of ₹179 Cr after ₹465 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 352% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 352%: the cash cycle stretched 15 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 71-day cycle and ₹1,097 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

FSN E-Commerce Ventures Ltd's cash conversion cycle runs 71 days in FY26, up from 56 days in FY21. Capital spending ran ₹1,097 Cr over the last 3 years. At FY26 sales of ₹10,022 Cr each day of that cycle holds about ₹27.5 Cr, so roughly ₹1,949 Cr sits inside the business at any moment.

FY26: debtors at 11 days, inventory at 109 days — roughly 3.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 71 days, looser than FY21's 56.

The full loop: cash goes out to suppliers and production on day 0; stock waits 109 days to sell; customers pay about 11 days after that; and suppliers themselves are paid at 49 days — netting out to the 71-day cycle.

In money terms: at FY26 sales of ₹10,022 Cr, each day of the cycle holds about ₹27.5 Cr — so the 71-day loop keeps roughly ₹1,949 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,097 Cr over the last 3 fiscal years against ₹810 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹9.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 17%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

FSN E-Commerce Ventures Ltd earns a ROCE of 17% in FY26. That is up from a trough of −1% in FY19. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 2.0% net margin on 2.17× asset turns.

FY26 ROCE is 17%, recovered from a FY19 trough of −1% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 2.0% net margin × 2.17× asset turns × 3.21× balance-sheet leverage ≈ 13.9% on equity. Margin does its share; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 28% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.86.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

FSN E-Commerce Ventures Ltd carries ₹1,238 Cr of borrowings against ₹1,438 Cr of equity in FY26, a debt-to-equity of 0.86. Operating profit covers the interest bill 6×. Over 5 years borrowings went from ₹333 Cr to ₹1,238 Cr. Capital spending ran ₹1,097 Cr across the last 3 of those years.

FY26: borrowings of ₹1,238 Cr against equity of ₹1,438 Cr — a debt-to-equity of 0.86. Operating profit covers the interest bill 6×. Over 5 years borrowings went from ₹333 Cr to ₹1,238 Cr while capital spending ran ₹1,097 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 28% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 5.8 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 5.8 points of FSN E-Commerce Ventures Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 24.1% of the company. Foreign institutions moved +3.3 points over the same window, to 13.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +5.8 points over 8 quarters to 24.1%; Foreign institutions: +3.3 points over 8 quarters to 13.7%; Promoters: −0.1 points over 8 quarters to 52.1%.

Why the register moved: domestic institutions drove it (+5.8 points), alongside foreign institutions (+3.3 points) — steady accumulation by institutions reading the same numbers this page reads.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

FSN E-Commerce Ventures Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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