# New age - Platform - E-Retail — company-by-company sector analysis

> New age - Platform - E-Retail: Meesho Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

New age - Platform - E-Retail has outperformed NIFTY 500 by 35.2% over 52 weeks and 13.6% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 3 of 4 beat the sector itself. Meesho Ltd leads with revenue of ₹13,836 crore, based on 6 of 6 comparable companies through Jun 2026.

### Is the New age - Platform - E-Retail sector outperforming NIFTY 500?

New age - Platform - E-Retail has outperformed NIFTY 500 by 35.2% over 52 weeks and 13.6% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 3 of 4 beat the sector itself.

### Which New age - Platform - E-Retail company is largest by revenue?

Meesho Ltd leads with revenue of ₹13,836 crore, based on 6 of 6 comparable companies through Jun 2026.

### Which New age - Platform - E-Retail company is growing fastest?

Meesho Ltd has the fastest current revenue growth at 42.1%, across 6 of 6 comparable companies.

### Which New age - Platform - E-Retail company has the strongest 4-Factor Sector Score?

Honasa Consumer Ltd ranks first at 77.9/100 with 92.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which New age - Platform - E-Retail company reports the most CAPEX?

Lenskart Solutions Ltd reports the largest latest CAPEX at ₹149 crore, with 3 of 6 companies comparable.

### Which New age - Platform - E-Retail company has the least gross debt?

Meesho Ltd has the lowest comparable gross debt at ₹63 crore. Lenskart Solutions Ltd has the highest at ₹3,097 crore.

### Which New age - Platform - E-Retail company has the lowest comparable PEG?

Honasa Consumer Ltd has the lowest comparable Guarded PEG at 1.51, among 2 of 6 companies that pass the metric’s comparability rules.

### How much history does this New age - Platform - E-Retail comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

New age - Platform - E-Retail has outperformed NIFTY 500 by 35.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 13.6%. 3 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. GNG Electronics Ltd is the strongest against the sector itself at +27.5%.

13-week sector return versus NIFTY 500: 14%
52-week sector return versus NIFTY 500: 35%
Stocks leading NIFTY: 3/4
Stocks leading sector: 3/4

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 6
Combined market value: ₹3.1 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Honasa Consumer Ltd (HONASA): 78/100 — Favorable setup; evidence 93%
   - Growth & earnings 27.8/35 | Capital efficiency 17.4/25 | Valuation 12.7/20 | Relative strength 20.0/20
   - Exact sum: 27.8 + 17.4 + 12.7 + 20 = 77.9
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. GNG Electronics Ltd (EBGNG): 66/100 — Favorable setup; evidence 70%
   - Growth & earnings 22.0/35 | Capital efficiency 16.8/25 | Valuation 10.0/20 | Relative strength 17.0/20
   - Exact sum: 22 + 16.8 + 10 + 17 = 65.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. FSN E-Commerce Ventures Ltd (NYKAA): 64/100 — Mixed-positive evidence; evidence 69%
   - Growth & earnings 23.9/35 | Capital efficiency 12.6/25 | Valuation 10.0/20 | Relative strength 17.9/20
   - Exact sum: 23.9 + 12.6 + 10 + 17.9 = 64.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Lenskart Solutions Ltd (LENSKART): 55/100 — Mixed-positive evidence; evidence 66%
   - Growth & earnings 25.2/35 | Capital efficiency 14.7/25 | Valuation 5.0/20 | Relative strength 10.0/20
   - Exact sum: 25.2 + 14.7 + 5 + 10 = 54.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Meesho Ltd (MEESHO): 52/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 25.6/35 | Capital efficiency 6.2/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 25.6 + 6.2 + 10 + 10 = 51.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Brainbees Solutions Ltd (FIRSTCRY): 31/100 — Adverse evidence; evidence 62%
   - Growth & earnings 12.5/35 | Capital efficiency 8.1/25 | Valuation 10.0/20 | Relative strength 0.0/20
   - Exact sum: 12.5 + 8.1 + 10 + 0 = 30.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Meesho Ltd is the scale leader at ₹13,836 crore, 38.1% ahead of FSN E-Commerce Ventures Ltd. Meesho Ltd's growth is 42.1% from a ₹13,836 crore base, with 9 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Meesho Ltd is the scale benchmark; Meesho Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Meesho Ltd's growth falls below Meesho Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Meesho Ltd · ₹13,836 crore | 38.1% versus #2 · FSN E-Commerce Ventures Ltd | 5/5 recent comparable periods | 6/6 companies · 67 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Meesho Ltd (MEESHO): ₹13.8K Cr
2. FSN E-Commerce Ventures Ltd (NYKAA): ₹10.0K Cr
3. Lenskart Solutions Ltd (LENSKART): ₹8.8K Cr
4. Brainbees Solutions Ltd (FIRSTCRY): ₹8.5K Cr
5. Honasa Consumer Ltd (HONASA): ₹2.4K Cr

### Revenue growth — fastest growers
1. Meesho Ltd (MEESHO): 42%
2. GNG Electronics Ltd (EBGNG): 34%
3. Lenskart Solutions Ltd (LENSKART): 33%
4. FSN E-Commerce Ventures Ltd (NYKAA): 26%
5. Honasa Consumer Ltd (HONASA): 16%

### 20-quarter Revenue history
- LENSKART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- NYKAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- MEESHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 ₹3.7K Cr
- HONASA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹312 Cr | Sep 2022 ₹410 Cr | Dec 2022 ₹382 Cr | Mar 2023 ₹388 Cr | Jun 2023 ₹464 Cr | Sep 2023 ₹496 Cr | Dec 2023 ₹488 Cr | Mar 2024 ₹471 Cr | Jun 2024 ₹554 Cr | Sep 2024 ₹462 Cr | Dec 2024 ₹518 Cr | Mar 2025 ₹534 Cr | Jun 2025 ₹595 Cr | Sep 2025 ₹538 Cr | Dec 2025 ₹602 Cr | Mar 2026 ₹657 Cr | Jun 2026 —
- FIRSTCRY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- EBGNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹255 Cr | Sep 2024 ₹353 Cr | Dec 2024 ₹347 Cr | Mar 2025 ₹456 Cr | Jun 2025 ₹312 Cr | Sep 2025 ₹440 Cr | Dec 2025 ₹487 Cr | Mar 2026 ₹652 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- LENSKART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 25% | Sep 2025 21% | Dec 2025 38% | Mar 2026 46% | Jun 2026 —
- NYKAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 22% | Mar 2024 28% | Jun 2024 23% | Sep 2024 24% | Dec 2024 27% | Mar 2025 24% | Jun 2025 23% | Sep 2025 25% | Dec 2025 27% | Mar 2026 28% | Jun 2026 —
- MEESHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 16% | Sep 2025 43% | Dec 2025 31% | Mar 2026 47% | Jun 2026 48%
- HONASA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 49% | Sep 2023 21% | Dec 2023 28% | Mar 2024 21% | Jun 2024 19% | Sep 2024 -6.9% | Dec 2024 6.2% | Mar 2025 13% | Jun 2025 7.4% | Sep 2025 16% | Dec 2025 16% | Mar 2026 23% | Jun 2026 —
- FIRSTCRY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 17% | Sep 2024 26% | Dec 2024 14% | Mar 2025 16% | Jun 2025 13% | Sep 2025 10% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —
- EBGNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 22% | Sep 2025 25% | Dec 2025 40% | Mar 2026 43% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Lenskart Solutions Ltd leads opm at 21%; Honasa Consumer Ltd leads margin change at +7 percentage points.

Investor read: Lenskart Solutions Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Lenskart Solutions Ltd · 21% | 75% versus #2 · Honasa Consumer Ltd | 4/4 recent comparable periods | 6/6 companies · 72 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Lenskart Solutions Ltd (LENSKART): 21%
2. Honasa Consumer Ltd (HONASA): 12%
3. GNG Electronics Ltd (EBGNG): 10%
4. FSN E-Commerce Ventures Ltd (NYKAA): 8.0%
5. Brainbees Solutions Ltd (FIRSTCRY): 3.0%

### Margin change — fastest expanders
1. Honasa Consumer Ltd (HONASA): +7.0 pp
2. Meesho Ltd (MEESHO): +5.0 pp
3. GNG Electronics Ltd (EBGNG): +4.0 pp
4. Lenskart Solutions Ltd (LENSKART): +4.0 pp
5. Brainbees Solutions Ltd (FIRSTCRY): +2.0 pp

### 20-quarter OPM history
- LENSKART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -0.2% | Sep 2024 16% | Dec 2024 13% | Mar 2025 17% | Jun 2025 18% | Sep 2025 20% | Dec 2025 20% | Mar 2026 21% | Jun 2026 —
- NYKAA: Sep 2021 3.3% | Dec 2021 6.3% | Mar 2022 4.0% | Jun 2022 4.0% | Sep 2022 5.0% | Dec 2022 5.0% | Mar 2023 5.0% | Jun 2023 5.0% | Sep 2023 5.0% | Dec 2023 6.0% | Mar 2024 6.0% | Jun 2024 6.0% | Sep 2024 6.0% | Dec 2024 6.0% | Mar 2025 6.0% | Jun 2025 7.0% | Sep 2025 7.0% | Dec 2025 8.0% | Mar 2026 8.0% | Jun 2026 —
- MEESHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -5.9% | Sep 2024 -5.9% | Dec 2024 -5.0% | Mar 2025 -10% | Jun 2025 -11% | Sep 2025 -15% | Dec 2025 -15% | Mar 2026 -7.0% | Jun 2026 -6.0%
- HONASA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.0% | Sep 2022 6.4% | Dec 2022 3.0% | Mar 2023 -1.0% | Jun 2023 6.0% | Sep 2023 8.0% | Dec 2023 7.0% | Mar 2024 7.0% | Jun 2024 8.0% | Sep 2024 -7.0% | Dec 2024 5.0% | Mar 2025 5.0% | Jun 2025 8.0% | Sep 2025 9.0% | Dec 2025 11% | Mar 2026 12% | Jun 2026 —
- FIRSTCRY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -1.0% | Sep 2023 0.0% | Dec 2023 3.0% | Mar 2024 2.0% | Jun 2024 3.0% | Sep 2024 3.0% | Dec 2024 5.0% | Mar 2025 1.0% | Jun 2025 2.0% | Sep 2025 3.0% | Dec 2025 4.0% | Mar 2026 3.0% | Jun 2026 —
- EBGNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 10% | Sep 2024 9.0% | Dec 2024 9.0% | Mar 2025 6.0% | Jun 2025 10% | Sep 2025 11% | Dec 2025 11% | Mar 2026 10% | Jun 2026 —

### 20-quarter Margin change history
- LENSKART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +18.2 pp | Sep 2025 +4.0 pp | Dec 2025 +7.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- NYKAA: Sep 2021 −5.8 pp | Dec 2021 −7.0 pp | Mar 2022 −2.1 pp | Jun 2022 +0.7 pp | Sep 2022 +1.7 pp | Dec 2022 −1.3 pp | Mar 2023 +1.0 pp | Jun 2023 +1.0 pp | Sep 2023 +0.0 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +2.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- MEESHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 −5.1 pp | Sep 2025 −9.1 pp | Dec 2025 −10.0 pp | Mar 2026 +3.0 pp | Jun 2026 +5.0 pp
- HONASA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +10.0 pp | Sep 2023 +1.6 pp | Dec 2023 +4.0 pp | Mar 2024 +8.0 pp | Jun 2024 +2.0 pp | Sep 2024 −15.0 pp | Dec 2024 −2.0 pp | Mar 2025 −2.0 pp | Jun 2025 0.0 pp | Sep 2025 +16.0 pp | Dec 2025 +6.0 pp | Mar 2026 +7.0 pp | Jun 2026 —
- FIRSTCRY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +4.0 pp | Sep 2024 +3.0 pp | Dec 2024 +2.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- EBGNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 +4.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Lenskart Solutions Ltd leads with ₹501 crore of TTM profit, 145.6% above FSN E-Commerce Ventures Ltd. Honasa Consumer Ltd shows ≥100% on the scoring scale (176.4% uncapped) growth from a ₹199 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Lenskart Solutions Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Lenskart Solutions Ltd · ₹501 crore | 145.6% versus #2 · FSN E-Commerce Ventures Ltd | 2/3 recent comparable periods | 6/6 companies · 67 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Lenskart Solutions Ltd (LENSKART): ₹501 Cr
2. FSN E-Commerce Ventures Ltd (NYKAA): ₹204 Cr
3. Honasa Consumer Ltd (HONASA): ₹199 Cr
4. GNG Electronics Ltd (EBGNG): ₹133 Cr
5. Brainbees Solutions Ltd (FIRSTCRY): ₹-205 Cr

### Profit growth — fastest growers
1. Honasa Consumer Ltd (HONASA): 100%
2. FSN E-Commerce Ventures Ltd (NYKAA): 100%
3. GNG Electronics Ltd (EBGNG): 93%
4. Lenskart Solutions Ltd (LENSKART): 69%

### 20-quarter Net profit history
- LENSKART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹-11 Cr | Sep 2024 ₹86 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹220 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹103 Cr | Dec 2025 ₹133 Cr | Mar 2026 ₹204 Cr | Jun 2026 —
- NYKAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹79 Cr | Jun 2026 —
- MEESHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹-1.3K Cr | Sep 2024 ₹-1.3K Cr | Dec 2024 ₹-37 Cr | Mar 2025 ₹-1.4K Cr | Jun 2025 ₹-289 Cr | Sep 2025 ₹-411 Cr | Dec 2025 ₹-491 Cr | Mar 2026 ₹-166 Cr | Jun 2026 ₹-133 Cr
- HONASA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-9 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹-162 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹-19 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹69 Cr | Jun 2026 —
- FIRSTCRY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-110 Cr | Sep 2023 ₹-119 Cr | Dec 2023 ₹-48 Cr | Mar 2024 ₹-43 Cr | Jun 2024 ₹-76 Cr | Sep 2024 ₹-63 Cr | Dec 2024 ₹-15 Cr | Mar 2025 ₹-112 Cr | Jun 2025 ₹-67 Cr | Sep 2025 ₹-51 Cr | Dec 2025 ₹-39 Cr | Mar 2026 ₹-48 Cr | Jun 2026 —
- EBGNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹12 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹42 Cr | Jun 2026 —

### 20-quarter Profit growth history
- LENSKART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 20% | Dec 2025 6,550% | Mar 2026 -7.3% | Jun 2026 —
- NYKAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 113% | Mar 2024 350% | Jun 2024 180% | Sep 2024 63% | Dec 2024 53% | Mar 2025 111% | Jun 2025 71% | Sep 2025 154% | Dec 2025 162% | Mar 2026 316% | Jun 2026 —
- HONASA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 71% | Dec 2023 271% | Mar 2024 — | Jun 2024 60% | Sep 2024 -166% | Dec 2024 0.0% | Mar 2025 -17% | Jun 2025 2.5% | Sep 2025 — | Dec 2025 92% | Mar 2026 176% | Jun 2026 —
- EBGNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 58% | Sep 2025 43% | Dec 2025 105% | Mar 2026 180% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Lenskart Solutions Ltd reports ₹149 crore of CAPEX; Lenskart Solutions Ltd has the highest covered intensity at 7.1%. Coverage is only 3 of 6 companies and 12 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Lenskart Solutions Ltd · ₹149 crore | 16.6× versus #2 · Meesho Ltd | 4/4 recent comparable periods | 3/6 companies · 12 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Lenskart Solutions Ltd (LENSKART): ₹149 Cr
2. Meesho Ltd (MEESHO): ₹9 Cr
3. Honasa Consumer Ltd (HONASA): ₹3 Cr

### CAPEX intensity — highest reinvestment intensity
1. Lenskart Solutions Ltd (LENSKART): 7.1%
2. Honasa Consumer Ltd (HONASA): 0.6%
3. Meesho Ltd (MEESHO): 0.3%

### 20-quarter CAPEX history
- LENSKART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹66 Cr | Sep 2024 ₹82 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹156 Cr | Sep 2025 ₹149 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MEESHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹6 Cr | Sep 2025 ₹9 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HONASA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹1 Cr | Sep 2022 ₹3 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 ₹2 Cr | Sep 2023 ₹3 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- LENSKART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 4.3% | Sep 2024 4.7% | Dec 2024 — | Mar 2025 — | Jun 2025 8.2% | Sep 2025 7.1% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MEESHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.2% | Sep 2024 0.2% | Dec 2024 — | Mar 2025 — | Jun 2025 0.2% | Sep 2025 0.3% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HONASA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.3% | Sep 2022 0.7% | Dec 2022 — | Mar 2023 — | Jun 2023 0.4% | Sep 2023 0.6% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Meesho Ltd has the clearest covered balance-sheet capacity with ₹2,782 crore net cash and gross debt of ₹63 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Meesho Ltd · ₹63 crore | 53.3% versus #2 · Honasa Consumer Ltd | 6/6 recent comparable periods | 6/6 companies · 55 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Meesho Ltd (MEESHO): ₹63 Cr
2. Honasa Consumer Ltd (HONASA): ₹135 Cr
3. GNG Electronics Ltd (EBGNG): ₹433 Cr
4. FSN E-Commerce Ventures Ltd (NYKAA): ₹1.2K Cr
5. Brainbees Solutions Ltd (FIRSTCRY): ₹1.6K Cr

### Net debt — lowest net debt
1. Meesho Ltd (MEESHO): ₹-2.8K Cr
2. Honasa Consumer Ltd (HONASA): ₹-331 Cr
3. GNG Electronics Ltd (EBGNG): ₹327 Cr
4. Lenskart Solutions Ltd (LENSKART): ₹1.2K Cr

### 20-quarter Gross debt history
- LENSKART: Sep 2021 — | Dec 2021 — | Mar 2022 ₹34 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹934 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- NYKAA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹593 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹798 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹969 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.3K Cr | Jun 2025 — | Sep 2025 ₹1.4K Cr | Dec 2025 — | Mar 2026 ₹1.2K Cr | Jun 2026 —
- MEESHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹72 Cr | Jun 2024 ₹72 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹58 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹63 Cr | Jun 2026 —
- HONASA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.9K Cr | Jun 2022 ₹60 Cr | Sep 2022 ₹85 Cr | Dec 2022 — | Mar 2023 ₹1.9K Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹119 Cr | Dec 2023 ₹119 Cr | Mar 2024 ₹131 Cr | Jun 2024 ₹131 Cr | Sep 2024 ₹139 Cr | Dec 2024 ₹139 Cr | Mar 2025 ₹136 Cr | Jun 2025 ₹136 Cr | Sep 2025 ₹142 Cr | Dec 2025 ₹142 Cr | Mar 2026 ₹135 Cr | Jun 2026 —
- FIRSTCRY: Sep 2021 — | Dec 2021 — | Mar 2022 ₹446 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹906 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.4K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.6K Cr | Jun 2025 — | Sep 2025 ₹1.7K Cr | Dec 2025 — | Mar 2026 ₹1.6K Cr | Jun 2026 —
- EBGNG: Sep 2021 — | Dec 2021 — | Mar 2022 ₹100 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹149 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹332 Cr | Jun 2024 ₹332 Cr | Sep 2024 ₹507 Cr | Dec 2024 — | Mar 2025 ₹454 Cr | Jun 2025 ₹454 Cr | Sep 2025 ₹217 Cr | Dec 2025 ₹230 Cr | Mar 2026 ₹433 Cr | Jun 2026 —

### 20-quarter Net debt history
- LENSKART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹293 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹569 Cr | Jun 2025 ₹773 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- MEESHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹-2.1K Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-6.0K Cr | Jun 2025 ₹-4.6K Cr | Sep 2025 ₹-4.0K Cr | Dec 2025 ₹-4.0K Cr | Mar 2026 ₹-2.8K Cr | Jun 2026 —
- HONASA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-337 Cr | Sep 2022 ₹-253 Cr | Dec 2022 — | Mar 2023 ₹-207 Cr | Jun 2023 ₹-291 Cr | Sep 2023 ₹-229 Cr | Dec 2023 ₹-229 Cr | Mar 2024 ₹-617 Cr | Jun 2024 ₹-625 Cr | Sep 2024 ₹-524 Cr | Dec 2024 ₹-524 Cr | Mar 2025 ₹-471 Cr | Jun 2025 ₹-500 Cr | Sep 2025 ₹-361 Cr | Dec 2025 ₹-361 Cr | Mar 2026 ₹-331 Cr | Jun 2026 —
- EBGNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹257 Cr | Sep 2024 ₹413 Cr | Dec 2024 — | Mar 2025 ₹393 Cr | Jun 2025 ₹393 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹327 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: GNG Electronics Ltd leads ROCE at 20.3%, 1.1 percentage points above Honasa Consumer Ltd. Honasa Consumer Ltd has the strongest latest improvement at +10.8 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: GNG Electronics Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: GNG Electronics Ltd · 20.3% | 5.7% versus #2 · Honasa Consumer Ltd | 0/2 recent comparable periods | 6/6 companies · 30 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. GNG Electronics Ltd (EBGNG): 20%
2. Honasa Consumer Ltd (HONASA): 19%
3. FSN E-Commerce Ventures Ltd (NYKAA): 17%
4. Lenskart Solutions Ltd (LENSKART): 8.4%
5. Brainbees Solutions Ltd (FIRSTCRY): 0.6%

### ROCE change — fastest improvers
1. Honasa Consumer Ltd (HONASA): +10.8 pp
2. Meesho Ltd (MEESHO): +7.4 pp
3. FSN E-Commerce Ventures Ltd (NYKAA): +7.0 pp
4. Lenskart Solutions Ltd (LENSKART): +3.8 pp
5. Brainbees Solutions Ltd (FIRSTCRY): +1.0 pp

### 20-quarter ROCE history
- LENSKART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.1% | Jun 2025 3.1% | Sep 2025 3.7% | Dec 2025 9.2% | Mar 2026 5.9% | Jun 2026 —
- MEESHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -42% | Jun 2025 -62% | Sep 2025 -118% | Dec 2025 -265% | Mar 2026 -35% | Jun 2026 —
- HONASA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.7% | Dec 2022 — | Mar 2023 0.1% | Jun 2023 5.6% | Sep 2023 6.8% | Dec 2023 -5.5% | Mar 2024 8.8% | Jun 2024 18% | Sep 2024 3.5% | Dec 2024 11% | Mar 2025 1.8% | Jun 2025 8.3% | Sep 2025 7.1% | Dec 2025 17% | Mar 2026 13% | Jun 2026 —
- EBGNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 19% | Dec 2024 — | Mar 2025 35% | Jun 2025 41% | Sep 2025 19% | Dec 2025 33% | Mar 2026 24% | Jun 2026 —

### 20-quarter ROCE change history
- LENSKART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +3.8 pp | Jun 2026 —
- MEESHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +7.4 pp | Jun 2026 —
- HONASA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +6.1 pp | Dec 2023 — | Mar 2024 +8.7 pp | Jun 2024 +12.8 pp | Sep 2024 −3.3 pp | Dec 2024 +16.2 pp | Mar 2025 −7.0 pp | Jun 2025 −10.1 pp | Sep 2025 +3.6 pp | Dec 2025 +6.0 pp | Mar 2026 +10.8 pp | Jun 2026 —
- EBGNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −0.2 pp | Dec 2025 — | Mar 2026 −11.7 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Honasa Consumer Ltd has the lowest comparable Guarded PEG at 1.51×, 66.2% below Lenskart Solutions Ltd. Only 2 of 6 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Honasa Consumer Ltd · 1.51× | 66.2% versus #2 · Lenskart Solutions Ltd | 0/8 recent comparable periods | 2/6 companies · 2 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Honasa Consumer Ltd (HONASA): 1.5
2. Lenskart Solutions Ltd (LENSKART): 4.5

### P/E — lowest P/E
1. GNG Electronics Ltd (EBGNG): 49.4
2. Honasa Consumer Ltd (HONASA): 71.8
3. Lenskart Solutions Ltd (LENSKART): 192.0
4. FSN E-Commerce Ventures Ltd (NYKAA): 442.0

### 20-quarter Guarded PEG history
- HONASA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.5 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EBGNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- LENSKART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 140.8 | Mar 2026 156.0 | Jun 2026 —
- NYKAA: Sep 2021 — | Dec 2021 51.4 | Mar 2022 39.0 | Jun 2022 478.6 | Sep 2022 1,415.3 | Dec 2022 967.5 | Mar 2023 1,367.8 | Jun 2023 2,115.7 | Sep 2023 2,552.5 | Dec 2023 2,484.3 | Mar 2024 1,619.0 | Jun 2024 1,603.6 | Sep 2024 1,429.6 | Dec 2024 1,064.0 | Mar 2025 994.7 | Jun 2025 912.4 | Sep 2025 823.9 | Dec 2025 701.0 | Mar 2026 452.0 | Jun 2026 —
- HONASA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 304.0 | Mar 2024 277.5 | Jun 2024 74.5 | Sep 2024 88.7 | Dec 2024 102.5 | Mar 2025 96.2 | Jun 2025 138.6 | Sep 2025 125.3 | Dec 2025 66.3 | Mar 2026 60.9 | Jun 2026 —
- EBGNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.1 | Dec 2025 37.3 | Mar 2026 36.4 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: GNG Electronics Ltd leads ev/ebitda at 24.4×; Brainbees Solutions Ltd leads p/bv at 2.25×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: GNG Electronics Ltd · 24.4× | 20.8% versus #2 · Brainbees Solutions Ltd | 0/3 recent comparable periods | 5/6 companies · 39 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. GNG Electronics Ltd (EBGNG): 24.4
2. Brainbees Solutions Ltd (FIRSTCRY): 30.8
3. Honasa Consumer Ltd (HONASA): 35.5
4. Lenskart Solutions Ltd (LENSKART): 70.1
5. FSN E-Commerce Ventures Ltd (NYKAA): 100.4

### P/BV — lowest P/BV
1. Brainbees Solutions Ltd (FIRSTCRY): 2.3
2. GNG Electronics Ltd (EBGNG): 8.6
3. Honasa Consumer Ltd (HONASA): 10.3
4. Lenskart Solutions Ltd (LENSKART): 11.1
5. Meesho Ltd (MEESHO): 19.3

### 20-quarter EV/EBITDA history
- LENSKART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 63.3 | Mar 2026 70.1 | Jun 2026 —
- NYKAA: Sep 2021 — | Dec 2021 — | Mar 2022 445.8 | Jun 2022 358.4 | Sep 2022 287.3 | Dec 2022 181.9 | Mar 2023 138.7 | Jun 2023 148.7 | Sep 2023 142.1 | Dec 2023 151.3 | Mar 2024 132.1 | Jun 2024 135.7 | Sep 2024 145.1 | Dec 2024 111.5 | Mar 2025 113.9 | Jun 2025 121.2 | Sep 2025 122.5 | Dec 2025 124.6 | Mar 2026 100.4 | Jun 2026 —
- HONASA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 290.0 | Mar 2024 289.3 | Jun 2024 75.2 | Sep 2024 69.1 | Dec 2024 50.9 | Mar 2025 47.7 | Jun 2025 66.1 | Sep 2025 59.5 | Dec 2025 37.6 | Mar 2026 35.5 | Jun 2026 —
- FIRSTCRY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 201.8 | Dec 2024 201.7 | Mar 2025 52.7 | Jun 2025 55.6 | Sep 2025 48.7 | Dec 2025 38.9 | Mar 2026 30.8 | Jun 2026 —
- EBGNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 30.1 | Dec 2025 24.6 | Mar 2026 24.4 | Jun 2026 —

### 20-quarter P/BV history
- LENSKART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 12.1 | Mar 2026 13.6 | Jun 2026 —
- NYKAA: Sep 2021 — | Dec 2021 — | Mar 2022 120.8 | Jun 2022 50.8 | Sep 2022 44.4 | Dec 2022 32.4 | Mar 2023 22.2 | Jun 2023 26.7 | Sep 2023 31.7 | Dec 2023 35.6 | Mar 2024 33.2 | Jun 2024 36.5 | Sep 2024 45.3 | Dec 2024 34.9 | Mar 2025 39.3 | Jun 2025 47.5 | Sep 2025 50.7 | Dec 2025 53.5 | Mar 2026 49.4 | Jun 2026 —
- MEESHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 95.7 | Mar 2026 14.6 | Jun 2026 20.0
- HONASA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 21.2 | Mar 2024 19.4 | Jun 2024 12.8 | Sep 2024 13.5 | Dec 2024 7.1 | Mar 2025 6.7 | Jun 2025 9.2 | Sep 2025 7.8 | Dec 2025 6.9 | Mar 2026 7.6 | Jun 2026 —
- FIRSTCRY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 7.0 | Mar 2025 4.0 | Jun 2025 4.3 | Sep 2025 4.0 | Dec 2025 3.1 | Mar 2026 2.5 | Jun 2026 —
- EBGNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 5.9 | Dec 2025 5.2 | Mar 2026 6.0 | Jun 2026 —

## Market action

GNG Electronics Ltd has the strongest one-year price move in New age - Platform - E-Retail at +83.2%. It also leads on Mansfield relative strength against NIFTY at +52.5%. 3 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. GNG Electronics Ltd (EBGNG): 83%
2. Honasa Consumer Ltd (HONASA): 57%
3. FSN E-Commerce Ventures Ltd (NYKAA): 52%
4. Brainbees Solutions Ltd (FIRSTCRY): -45%

### Strongest relative strength versus NIFTY 500
1. GNG Electronics Ltd (EBGNG): 52%
2. Honasa Consumer Ltd (HONASA): 41%
3. FSN E-Commerce Ventures Ltd (NYKAA): 26%
4. Brainbees Solutions Ltd (FIRSTCRY): -26%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Lenskart Solutions Ltd (LENSKART) — market value ₹96.7K Cr; latest fundamentals Mar 2026
- FSN E-Commerce Ventures Ltd (NYKAA) — market value ₹92.4K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Meesho Ltd (MEESHO) — market value ₹85.6K Cr; latest fundamentals Jun 2026
- Honasa Consumer Ltd (HONASA) — market value ₹14.6K Cr; latest fundamentals Mar 2026
- Brainbees Solutions Ltd (FIRSTCRY) — market value ₹10.9K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- GNG Electronics Ltd (EBGNG) — market value ₹6.5K Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 4. Unverified: 0. Withheld: 2. Graded companies: 6.

2 of 6 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: FSN E-Commerce Ventures Ltd (NYKAA) — its two data sources disagree by up to 28% on reported income across 14 comparable periods, so its derived ratios are withheld; Brainbees Solutions Ltd (FIRSTCRY) — its two data sources disagree by up to 48% on reported income across 12 comparable periods, so its derived ratios are withheld.

- WITHHELD | NYKAA | FSN E-Commerce Ventures Ltd | diff_gt_2pct | disagreement up to 27.57% over 14 comparable periods
- WITHHELD | FIRSTCRY | Brainbees Solutions Ltd | diff_gt_2pct | disagreement up to 48.31% over 12 comparable periods

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty New age - Platform - E-Retail index?

The Nifty New age - Platform - E-Retail index tracks India's listed New age - Platform - E-Retail companies as a single basket. This page follows the same 6 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the New age - Platform - E-Retail sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best New age - Platform - E-Retail stocks in India?

Ranked by this page's four-factor score, Honasa Consumer Ltd places first among 6 listed New age - Platform - E-Retail companies, followed by GNG Electronics Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many New age - Platform - E-Retail stocks are listed in India?

This comparison covers 6 listed New age - Platform - E-Retail companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which New age - Platform - E-Retail company is the biggest?

Meesho Ltd is the largest, with trailing-twelve-month revenue of ₹13,836 crore, ahead of FSN E-Commerce Ventures Ltd at ₹10,022 crore. That covers 6 of 6 companies with comparable reporting through Jun 2026.

### Which New age - Platform - E-Retail company is growing fastest?

Meesho Ltd has the fastest revenue growth at 42.1% year on year, across 6 of 6 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which New age - Platform - E-Retail company has the best profit margins?

Lenskart Solutions Ltd has the highest operating margin at 21%, from 6 of 6 comparable companies. Honasa Consumer Ltd shows the biggest recent improvement, at +7 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which New age - Platform - E-Retail company makes the most profit?

Lenskart Solutions Ltd earns the most, at ₹501 crore of trailing-twelve-month net profit, from 6 of 6 comparable companies. Honasa Consumer Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which New age - Platform - E-Retail company earns the highest return on capital?

GNG Electronics Ltd leads on return on capital employed at 20.3%, across 6 of 6 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which New age - Platform - E-Retail stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Honasa Consumer Ltd screens cheapest at 1.51×. Only 2 of 6 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which New age - Platform - E-Retail company has the strongest balance sheet?

Meesho Ltd carries the lowest comparable gross debt at ₹63 crore, from 6 of 6 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which New age - Platform - E-Retail company is investing most in new capacity?

Lenskart Solutions Ltd reports the largest capital spending at ₹149 crore, across 3 of 6 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the New age - Platform - E-Retail sector beating the market?

New age - Platform - E-Retail has outperformed NIFTY 500 by 35.2% over the last 52 weeks and 13.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which New age - Platform - E-Retail stock has the strongest price momentum?

GNG Electronics Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which New age - Platform - E-Retail company scores highest for research priority?

Honasa Consumer Ltd scores 77.9 out of 100 with 92.6% evidence confidence, from 27.8 points on growth and earnings, 17.4 on capital efficiency, 12.7 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many New age - Platform - E-Retail companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 9 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the New age - Platform - E-Retail sector?

The 6 New age - Platform - E-Retail companies on this page carry ₹3,06,751 crore of combined market value. Lenskart Solutions Ltd is the largest at ₹96,655 crore, about 32% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the New age - Platform - E-Retail sector performing?

3 of the 4 covered New age - Platform - E-Retail companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 35.2% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/new-age-platform-e-retail