FSN E-Commerce Ventures Ltd (New age - Platform - E-Retail) — fundamental analysis, earnings data, and key metrics. PE: 501.0. ROE: 5.2%. This stock is not currently in the Nifty 500 momentum outperformers list.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: EBITDA Margin: 8.0%
Impact: 180 bps improvement
“overall, 574 bps improvement. So net-net, very encouraging quarter... driven by strong focus on driving efficiencies across the P&L.”
What: Brand Wins: Nike & H&M
“this quarter saw marquee brand wins like H&M, and also robust customer acquisition and strong festive sales.”
What: House of Brands GMV: $400 million annualized
Impact: 65% YoY growth in Beauty brands
“In Q3, on the beauty side of the business, the GMV is INR 775 crores. It is a 65% year-on-year growth.”
What: EBITDA Margin of 8.0%
“EBITDA margin coming in at 8.0% during the quarter, which is a 180-basis points improvement driven by strong focus on driving efficiencies across the P&L.”
What: 9% ballpark → 10.1% (Actual)
“EBITDA of the Beauty business now stands at 10.1% of net revenue. That's for the quarter. And for the 9 months, it stands at 9.4%.”
Earnings deceleration risks from management commentary
Trigger: Regulatory requirement to account for future labor cost changes.
Impact: PAT impact: ₹16 Cr
Management view: Provisioned in the current quarter; PAT margin remains healthy at 2.4% post-impact.
Monitor: labor
Trigger: Changes in tariffs for beauty products imported from the US, EU, and UK.
Management view: Monitoring guidance to rework agreements with brand partners to capture benefits.
Monitor: regulatory
Key quotes from recent conference calls
“historically, we've guided that given the investments we have been trying to make into this business that while giving a clear guidance sort of maintain that the margins will sort of remain at the 9% ballpark [Previous Beauty EBITDA Margin guidance]”
“We've entered into a deep strategic partnership with Nike to run Nike's official direct-to-customer, D2C digital commerce platforms in the country. [Initiative: Nike D2C Partnership]”
“average order values in these fragrance stores are already at 3x the average order value of our multi-brand specialty stores. [Initiative: Nykaa Perfumery]”
“We have taken a onetime provision of about INR 16 crores in quarter 3 to account for the new Labour Code impact. [Risk (labor): LOW]”
Headline numbers from the latest earnings call
Revenue
₹2,873 Cr
Why: Growth was driven by a seasonally strong December quarter and consistent mid-20s performance across both Beauty and Fashion verticals.
Revenue growth remained consistent with the company's long-term trajectory of mid-20s growth.
EBITDA
₹230 Cr
Why: Margin expansion was driven by strong focus on driving efficiencies across the P&L and scale-led improvements in unit economics.
The 8% margin represents a record high for the company since its IPO.
PAT
₹68 Cr
Why: Profitability improved due to higher operating leverage, though it was partially offset by a one-time ₹16 crore provision for a new labor code.
Adjusted for the labor code provision, PAT would have been ₹78 crore with a 2.7% margin.
Other Highlights
• GMV reached ₹5,795 Cr, growing 28% YoY, marking a seasonally strong performance.
• Beauty business EBITDA margin reached 10.1% of net revenue for the quarter.
• Fashion business losses narrowed to -2.0% EBITDA margin from -5.4% a year ago.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Gross Merchandise Value (GMV)
₹5,795 Cr
Why: Driven by seasonal strength in December and strong festive sales.
Total Store Count
276
Why: Continued expansion into new cities, reaching 94 cities total.
Annual Unique Transacting Customers
18.7 million
Why: Investments in customer acquisition and successful flagship sales.
Beauty EBITDA Margin
10.1%
Why: Improved unit economics in eB2B and higher contribution from owned brands.
Fashion EBITDA Margin
-2.0%
Why: Sharp improvement in profitability due to marquee brand wins and robust customer acquisition.
House of Brands Annualized GMV
$400 million
Why: Strong trajectory of brands like Dot & Key and Kay Beauty.
New Customer Acquisition Growth (Fashion)
45%
Why: Driven by the Pink Sale and onboarding of premium brands.
Working Capital Days
30 days
Why: Relentless focus on driving efficiency on the balance sheet.
Forward-looking targets from management for Sustainable long-term
mid-20s growth
Management believes EBITDA margins can sustainably improve going forward.
Guidance Changes
Beauty EBITDA Margin: 9% ballpark → 10.1% (Actual)
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
FSN E-Commerce Ventures Ltd's latest quarterly results (Dec 2025) show
FSN E-Commerce Ventures Ltd's current PE ratio is 501.0x.
FSN E-Commerce Ventures Ltd's price-to-book ratio is 54.6x.
FSN E-Commerce Ventures Ltd's fundamental strength based on key financial ratios
FSN E-Commerce Ventures Ltd has a debt-to-equity ratio of N/A.
FSN E-Commerce Ventures Ltd's return ratios over recent years
FSN E-Commerce Ventures Ltd's operating cash flow is positive (FY2025).
FSN E-Commerce Ventures Ltd currently does not pay a significant dividend (yield 0.00%).
FSN E-Commerce Ventures Ltd's shareholding pattern (Mar 2026)
FSN E-Commerce Ventures Ltd's promoter holding has decreased recently.
FSN E-Commerce Ventures Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.
FSN E-Commerce Ventures Ltd has 5 key growth catalysts identified from recent earnings analysis
FSN E-Commerce Ventures Ltd has 2 key risks worth monitoring
In Q3 FY26, FSN E-Commerce Ventures Ltd's management highlighted
FSN E-Commerce Ventures Ltd's management has provided the following forward guidance for Sustainable long-term
FSN E-Commerce Ventures Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why FSN E-Commerce Ventures Ltd may be worth studying
FSN E-Commerce Ventures Ltd investment thesis summary:
FSN E-Commerce Ventures Ltd's forward outlook based on current data signals
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.
