FSN E-Commerce Ventures Ltd: Fundamental Analysis, Share Price Insights & Intrinsic Value (2024)

Share Price and Basic Stock Data

Last Updated: December 21, 2024, 12:57 am

Market Cap	47,840 Cr.
Current Price	167
High / Low	230/140
Stock P/E	1,118
Book Value	4.57
Dividend Yield	0.00 %
ROCE	6.87 %
ROE	2.44 %
Face Value	1.00
PEG Ratio	-20.44

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

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Competitors of

Stock Name	Market Cap	Current Price	High / Low	Stock P/E	Book Value	Dividend Yield	ROCE	ROE	Face Value
FSN E-Commerce Ventures Ltd	47,840 Cr.	167	230/140	1,118	4.57	0.00 %	6.87 %	2.44 %	1.00
Fone4 Communications (India) Ltd	27.5 Cr.	16.2	16.2/3.70		3.34	0.00 %	48.6 %	62.7 %	10.0
Cartrade Tech Ltd	7,644 Cr.	1,616	1,650/622	82.3	450	0.00 %	4.20 %	0.42 %	10.0
Zomato Ltd	2,72,236 Cr.	282	305/121	367	24.1	0.00 %	1.14 %	1.12 %	1.00
Add-Shop E-Retail Ltd	43.6 Cr.	15.4	33.2/13.2		39.6	0.00 %	6.15 %	2.91 %	10.0
Industry Average	81,994.00 Cr	290.23		270.17	89.71	0.00%	10.76%	9.96%	7.75

All Competitor Stocks of

Quarterly Result

Month	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Sales	817	885	1,098	973	1,148	1,231	1,463	1,302	1,422	1,507	1,789	1,668	1,746
Expenses	790	856	1,029	935	1,102	1,170	1,385	1,231	1,348	1,426	1,690	1,575	1,650
Operating Profit	27	29	69	39	46	61	78	71	73	81	99	93	96
OPM %	3%	3%	6%	4%	4%	5%	5%	5%	5%	5%	6%	6%	6%
Other Income	5	5	6	11	8	6	6	10	7	9	8	7	7
Interest	9	11	13	13	15	20	20	19	19	21	22	21	21
Depreciation	20	21	25	30	31	38	51	53	52	55	58	60	60
Profit before tax	3	1	37	6	8	9	13	9	10	13	26	20	22
Tax %	-12%	15%	22%	-30%	32%	35%	27%	51%	34%	30%	31%	50%	36%
Net Profit	4	1	29	8	5	5	8	2	5	8	17	9	14
EPS in Rs	0.37	0.00	0.10	0.03	0.02	0.01	0.03	0.01	0.01	0.02	0.06	0.02	0.03

Last Updated: October 7, 2024, 8:02 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: September 23, 2024, 2:26 pm

Month	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	574	1,111	1,768	2,441	3,774	5,144	6,386	6,710
Expenses	601	1,091	1,685	2,283	3,610	4,887	6,039	6,341
Operating Profit	-27	21	83	158	164	257	347	369
OPM %	-5%	2%	5%	6%	4%	5%	5%	6%
Other Income	4	5	10	12	27	30	30	31
Interest	7	27	46	32	47	76	84	86
Depreciation	7	31	60	72	96	173	224	232
Profit before tax	-37	-32	-12	66	47	38	69	81
Tax %	-25%	-23%	31%	7%	13%	35%	37%
Net Profit	-28	-25	-16	62	41	21	40	48
EPS in Rs	-3.47	-2.87	-1.90	6.82	0.14	0.07	0.11	0.13
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	10.71%	36.00%	487.50%	-33.87%	-48.78%	90.48%
Change in YoY Net Profit Growth (%)	0.00%	25.29%	451.50%	-521.37%	-14.91%	139.26%

has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 6 years from 2018-2019 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	%
5 Years:	42%
3 Years:	38%
TTM:	24%

Compounded Profit Growth
10 Years:	%
5 Years:	27%
3 Years:	-19%
TTM:	118%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	-22%
1 Year:	-3%

Return on Equity
10 Years:	%
5 Years:	3%
3 Years:	3%
Last Year:	2%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 3:34 pm

Month	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	14	14	15	15	47	285	286	286
Reserves	108	216	307	475	1,292	1,093	977	1,019
Borrowings	83	310	413	333	593	798	969	1,306
Other Liabilities	148	235	390	479	714	773	1,169	1,112
Total Liabilities	353	776	1,124	1,302	2,646	2,950	3,401	3,723
Fixed Assets	34	140	227	231	483	699	668	714
CWIP	0	0	2	2	24	31	30	2
Investments	10	138	4	1	0	38	34	33
Other Assets	308	497	892	1,067	2,138	2,182	2,668	2,974
Total Assets	353	776	1,124	1,302	2,646	2,950	3,401	3,723

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	-79	-100	6	133	-354	-140	0
Cash from Investing Activity +	31	-162	15	-130	-603	140	-10
Cash from Financing Activity +	82	236	69	-38	927	5	44
Net Cash Flow	33	-26	90	-34	-30	4	34

Free Cash Flow

Month	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	-110.00	-289.00	-330.00	-175.00	-429.00	-541.00	-622.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	45	19	20	11	9	12	14
Inventory Days	114	135	160	122	150	128	119
Days Payable	123	100	113	77	62	34	39
Cash Conversion Cycle	35	54	68	56	97	106	94
Working Capital Days	53	61	53	37	105	81	56
ROCE %		-1%	5%	13%	7%	6%	7%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoters	52.56%	52.43%	52.41%	52.38%	52.34%	52.28%	52.28%	52.26%	52.24%	52.22%	52.20%	52.18%
FIIs	5.73%	5.98%	6.54%	6.57%	11.06%	12.26%	10.04%	9.84%	10.65%	10.32%	10.48%	10.13%
DIIs	3.42%	3.12%	2.95%	3.01%	6.35%	7.86%	11.58%	14.31%	15.25%	17.16%	18.29%	21.83%
Public	38.29%	38.47%	38.10%	38.03%	30.24%	27.62%	26.10%	23.60%	21.87%	20.31%	19.02%	15.86%
No. of Shareholders	2,53,666	3,24,164	3,12,204	3,21,121	5,66,282	5,77,953	5,85,698	5,65,191	5,08,936	5,20,788	4,79,394	4,73,213

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Mirae Asset Large Cap Fund	31,535,616	1.39	556.41	29,720,382	2024-12-20	6.11%
Mirae Asset Large & Midcap Fund	29,720,382	1.39	524.39	29,720,382	2024-12-20	0%
Mirae Asset ELSS Tax Saver Fund	23,019,632	1.67	406.16	29,720,382	2024-12-20	-22.55%
SBI Contra Fund	21,800,000	1.12	384.64	29,720,382	2024-12-20	-26.65%
Mirae Asset Midcap Fund	19,000,853	2.01	335.25	29,720,382	2024-12-20	-36.07%
Mirae Asset Focused Fund	18,237,754	3.9	321.79	29,720,382	2024-12-20	-38.64%
SBI Large & Midcap Fund	16,400,000	1.13	289.36	29,720,382	2024-12-20	-44.82%
Nippon India Focused Equity Fund	14,657,043	3.01	258.61	29,720,382	2024-12-20	-50.68%
Invesco India Contra Fund	13,626,355	1.49	240.42	29,720,382	2024-12-20	-54.15%
SBI Long Term Equity Fund	12,000,000	0.82	211.73	29,720,382	2024-12-20	-59.62%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	1.00	1.00	1.00	10.00	10.00
Basic EPS (Rs.)	0.11	0.07	0.88	1.39	-0.39
Diluted EPS (Rs.)	0.11	0.07	0.87	1.39	-0.39
Cash EPS (Rs.)	0.93	0.69	2.90	85.72	29.67
Book Value[Excl.RevalReserv]/Share (Rs.)	4.42	4.88	28.38	325.92	221.90
Book Value[Incl.RevalReserv]/Share (Rs.)	4.42	4.88	28.38	325.92	221.90
Revenue From Operations / Share (Rs.)	22.36	18.03	79.60	1621.00	1214.80
PBDIT / Share (Rs.)	1.32	1.00	4.01	115.00	62.80
PBIT / Share (Rs.)	0.53	0.39	1.98	70.42	21.90
PBT / Share (Rs.)	0.24	0.13	0.99	50.03	-8.54
Net Profit / Share (Rs.)	0.15	0.08	0.87	41.14	-11.23
NP After MI And SOA / Share (Rs.)	0.11	0.06	0.86	41.07	-11.41
PBDIT Margin (%)	5.88	5.56	5.04	7.09	5.16
PBIT Margin (%)	2.37	2.19	2.48	4.34	1.80
PBT Margin (%)	1.08	0.74	1.25	3.08	-0.70
Net Profit Margin (%)	0.68	0.48	1.09	2.53	-0.92
NP After MI And SOA Margin (%)	0.50	0.37	1.08	2.53	-0.93
Return on Networth / Equity (%)	2.55	1.39	3.06	12.62	-5.15
Return on Capital Employeed (%)	9.97	6.44	5.58	17.46	6.94
Return On Assets (%)	0.94	0.65	1.55	4.75	-1.47
Total Debt / Equity (X)	0.53	0.33	0.24	0.38	0.83
Asset Turnover Ratio (%)	2.01	0.09	0.12	0.16	0.29
Current Ratio (X)	1.22	1.59	2.00	1.39	1.22
Quick Ratio (X)	0.58	0.75	1.09	0.66	0.55
Inventory Turnover Ratio (X)	0.05	0.12	0.25	0.11	0.05
Interest Coverage Ratio (X)	4.54	3.84	4.09	5.64	2.06
Interest Coverage Ratio (Post Tax) (X)	1.53	1.33	1.89	3.02	0.63
Enterprise Value (Cr.)	46697.83	35439.43	80141.67	0.00	0.00
EV / Net Operating Revenue (X)	7.31	6.89	21.24	0.00	0.00
EV / EBITDA (X)	124.17	123.80	421.29	0.00	0.00
MarketCap / Net Operating Revenue (X)	7.24	6.83	21.22	0.00	0.00
Price / BV (X)	36.65	25.48	59.76	0.00	0.00
Price / Net Operating Revenue (X)	7.24	6.83	21.22	0.00	0.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of as of December 22, 2024 is: 127.16

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of December 22, 2024, is Overvalued by 23.86% compared to the current share price 167.00

Intrinsic Value of as of December 22, 2024 is: 57.59

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of December 22, 2024, is Overvalued by 65.51% compared to the current share price 167.00

Last 5 Year EPS CAGR: -54.71%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The company has higher reserves (685.88 cr) compared to borrowings (600.63 cr), indicating strong financial stability. The company has shown consistent growth in sales (74.75 cr) and profit (27.50 cr) over the years.	The stock has a low average ROCE of 5.29%, which may not be favorable. The stock has a high average Working Capital Days of 63.71, which may not be favorable. The stock has a high average Cash Conversion Cycle of 72.86, which may not be favorable.

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in :
1. Net Profit Margin: 0.68%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 9.97% (Industry Average ROCE: 10.76%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 2.55% (Industry Average ROE: 9.96%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 1.53
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 0.58
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 1 (Industry average Stock P/E: 202.63)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.53
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

FSN E-Commerce Ventures Ltd. is a Public Limited Listed company incorporated on 24/04/2012 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L52600MH2012PLC230136 and registration number is 230136. Currently company belongs to the Industry of E-Commerce - Electronics/Food/Others. Company’s Total Operating Revenue is Rs. 187.70 Cr. and Equity Capital is Rs. 47.41 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
E-Commerce - Electronics/Food/Others	104, Vasan Udyog Bhavan, Sun Mill Compound, Mumbai Maharashtra 400013	companysecretary@nykaa.com https://www.nykaa.com

Management
Name	Position Held
Mrs. Falguni Nayar	Executive Chairperson, MD & CEO
Ms. Adwaita Nayar	Executive Director
Mr. Anchit Nayar	Executive Director
Ms. Santosh Desai	Independent Director
Mr. Pradeep Parameswaran	Independent Director
Mr. Seshashayee Sridhara	Independent Director
Mr. Milind Sarwate	Independent Director
Mr. Sanjay Nayar	Non Exe.Non Ind.Director
Mr. Milan Khakhar	Non Exe.Non Ind.Director
Ms. Anita Ramachandran	Independent Director

FAQ

What is the latest intrinsic value of ?

The latest intrinsic value of as on 22 December 2024 is ₹127.16, which is 23.86% lower than the current market price of ₹167.00. The stock has a market capitalization of 47,840 Cr. and recorded a high/low of 230/140 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹1,019 Cr and total liabilities of ₹3,723 Cr.

What is the Market Cap of ?

The Market Cap of is 47,840 Cr..

What is the current Stock Price of as on 22 December 2024?

The current stock price of as on 22 December 2024 is 167.

What is the High / Low of stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of stocks is 230/140.

What is the Stock P/E of ?

The Stock P/E of is 1,118.

What is the Book Value of ?

The Book Value of is 4.57.

What is the Dividend Yield of ?

The Dividend Yield of is 0.00 %.

What is the ROCE of ?

The ROCE of is 6.87 %.

What is the ROE of ?

The ROE of is 2.44 %.

What is the Face Value of ?

The Face Value of is 1.00.