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FSN E-Commerce Ventures Ltd: Stock Analysis & Fundamentals

Updated this week

FSN E-Commerce Ventures Ltd (New age - Platform - E-Retail) — fundamental analysis, earnings data, and key metrics. PE: 455.0. ROE: 5.2%. This stock is not currently in the Nifty 500 momentum outperformers list.

What's Happening

🌐FII stake increased 2.4% this quarter
🏛️DII accumulation — stake up 3.2%

Earnings Acceleration Triggers

1. Beauty business at 10.1% EBITDA margin
Q3 FY26 achievedHIGH

Key Risks

1. Labor code implementation costs
LOW

Key Numbers

Current Price
₹241
Market Cap
68.9K Cr
Valuation
N/A

Why Are FSN E-Commerce Ventures Ltd's Earnings Accelerating?

Based on Q3 FY26 earnings • Updated Mar 21, 2026

Beauty business at 10.1% EBITDA margin

Expected: Q3 FY26 achievedHIGH confidence+₹1200 Cr revenue

What: Beauty segment now profitable with 10.1% EBITDA margin, highest ever

Impact: +₹1200 Cr revenue

“EBITDA of beauty business stands at 10.1% of net revenue (Vishal, CFO)”

What Are the Key Risks for FSN E-Commerce Ventures Ltd?

Earnings deceleration risks from management commentary

Labor code implementation costs

LOW

Trigger: Further labor code clarifications

Impact: -30 bps margin impact

Management view: Provision taken for new Labour Code impact (Vishal, CFO)

Monitor: One-time provisions

What Is FSN E-Commerce Ventures Ltd's Management Saying?

Key quotes from recent conference calls

“The EBITDA of the beauty business now stands at 10.1% of net revenue. On the fact that's for the quarter and for the nine month it stands at 9.4%. — Vishal, CFO”
“We've also been continuously fixing the underlying core platform... which has resulted in 340 basis points improvement in EBITDA margin also during the quarter. — Vishal, CFO”
“We have improved 574 bips of EBITDA margin coming out of fulfillment expenses, S&D cost and employee and other expenses. It's not only scale but even individually like packaging cost, cost, addressing leakages. — Vishal, CFO”

What Is FSN E-Commerce Ventures Ltd's Management Guidance?

Forward-looking targets from management for 2-4 quarters

Revenue Growth Target

25%

Implied PAT Growth

100%

OPM Guidance

8%

Management Tone: CAUTIOUS

Key Milestones

• Fashion business breakeven by Q1 FY27

• Sustain 8%+ EBITDA margins

The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Mar 21, 2026.

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Frequently Asked Questions: FSN E-Commerce Ventures Ltd

Based on publicly available financial data. This is educational research, not investment advice.

What were FSN E-Commerce Ventures Ltd's latest quarterly results?

FSN E-Commerce Ventures Ltd's latest quarterly results (Dec 2025) show

  • PAT Growth YoY: +161.5%
  • Revenue Growth YoY: +26.7%
  • Operating Margin: 8.0%

What is FSN E-Commerce Ventures Ltd's current PE ratio?

FSN E-Commerce Ventures Ltd's current PE ratio is 455.0x.

  • Current PE: 455.0x
  • Market Cap: 68.9K Cr

What is FSN E-Commerce Ventures Ltd's price-to-book ratio?

FSN E-Commerce Ventures Ltd's price-to-book ratio is 49.7x.

  • Price-to-Book (P/B): 49.7x
  • Book Value per Share: ₹5
  • Current Price: ₹241

Is FSN E-Commerce Ventures Ltd a fundamentally strong company?

FSN E-Commerce Ventures Ltd's fundamental strength based on key financial ratios

  • Return on Capital (ROCE): 10.0%

Is FSN E-Commerce Ventures Ltd debt free?

FSN E-Commerce Ventures Ltd has a debt-to-equity ratio of N/A.

  • Total Debt: ₹1,000 Cr

What is FSN E-Commerce Ventures Ltd's return on equity (ROE) and ROCE?

FSN E-Commerce Ventures Ltd's return ratios over recent years

  • FY2023: ROCE 6.0%
  • FY2024: ROCE 7.0%
  • FY2025: ROCE 10.0%

Is FSN E-Commerce Ventures Ltd's cash flow positive?

FSN E-Commerce Ventures Ltd's operating cash flow is positive (FY2025).

  • Cash from Operations (CFO): ₹467 Cr
  • Free Cash Flow (FCF): ₹262 Cr
  • CFO/PAT Ratio: 649% (strong cash conversion)

What is FSN E-Commerce Ventures Ltd's dividend yield?

FSN E-Commerce Ventures Ltd currently does not pay a significant dividend (yield 0.00%).

  • Dividend Yield: 0.00%
  • Current Price: ₹241

Who holds FSN E-Commerce Ventures Ltd shares — promoters, FII, DII?

FSN E-Commerce Ventures Ltd's shareholding pattern (Dec 2025)

  • Promoters: 52.1%
  • FII (Foreign): 12.2%
  • DII (Domestic): 25.4%
  • Public: 10.4%

Is promoter holding increasing or decreasing in FSN E-Commerce Ventures Ltd?

FSN E-Commerce Ventures Ltd's promoter holding has decreased recently.

  • Current Promoter Holding: 52.1% (Dec 2025)
  • Previous Quarter: 52.1% (Sep 2025)
  • Change: -0.02% (decreasing — worth monitoring)

Is FSN E-Commerce Ventures Ltd a new momentum entry or an established outperformer?

FSN E-Commerce Ventures Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.

What are the growth catalysts for FSN E-Commerce Ventures Ltd?

FSN E-Commerce Ventures Ltd has 1 key growth catalyst identified from recent earnings analysis

  • Beauty business at 10.1% EBITDA margin

What are the key risks in FSN E-Commerce Ventures Ltd?

FSN E-Commerce Ventures Ltd has 1 key risk worth monitoring

  • Labor code implementation costs

What did FSN E-Commerce Ventures Ltd's management say in the latest earnings call?

In Q3 FY26, FSN E-Commerce Ventures Ltd's management highlighted

  • "The EBITDA of the beauty business now stands at 10.1% of net revenue. On the fact that's for the quarter and for the nine month it stands at 9.4%. — V..."
  • "We've also been continuously fixing the underlying core platform... which has resulted in 340 basis points improvement in EBITDA margin also during th..."
  • "We have improved 574 bips of EBITDA margin coming out of fulfillment expenses, S&D cost and employee and other expenses. It's not only scale but even ..."

What is FSN E-Commerce Ventures Ltd's management guidance for growth?

FSN E-Commerce Ventures Ltd's management has provided the following forward guidance for 2-4 quarters

  • Revenue growth target: 25%
  • Implied PAT growth: 100%
  • OPM guidance: 8%
  • Management tone: cautious
  • Milestone: Fashion business breakeven by Q1 FY27
  • Milestone: Sustain 8%+ EBITDA margins

Is FSN E-Commerce Ventures Ltd worth studying for long term investment?

Based on quantitative research signals, here is why FSN E-Commerce Ventures Ltd may be worth studying

  • Cash flow is positive — CFO ₹467 Cr

What is the investment thesis for FSN E-Commerce Ventures Ltd?

FSN E-Commerce Ventures Ltd investment thesis summary:

Research Signals (Bull Case)

  • Growth catalyst: Beauty business at 10.1% EBITDA margin

Risk Factors (Bear Case)

  • Key risk: Labor code implementation costs

What is the future outlook for FSN E-Commerce Ventures Ltd?

FSN E-Commerce Ventures Ltd's forward outlook based on current data signals

  • Key Catalyst: Beauty business at 10.1% EBITDA margin
  • Key Risk: Labor code implementation costs

The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.