Revenue and Profitability Trends
FSN E-Commerce’s net sales have exhibited a strong upward momentum, rising from ₹1,767.53 crores in March 2020 to ₹7,949.82 crores by March 2025. This represents a compound growth that underscores the company’s expanding market presence and operational scale. Correspondingly, total operating income mirrored this growth, with no other operating income reported during this period.
Operating profit before depreciation, interest, and tax (PBDIT) excluding other income increased steadily from ₹81.05 crores in 2020 to ₹473.91 crores in 2025. Including other income, operating profit rose to ₹501.17 crores in the latest fiscal year. Despite this, the operating profit margin has fluctuated modestly, peaking at 6.42% in 2021 before settling at 5.96% in 2025, reflecting the competitive pressures and cost dynamics in the e-commerce sector.
Profit before tax showed a recovery from a loss of ₹12.43 crores in 2020 to a positive ₹127.45 crores in 2025. However, net profit after tax has been more volatile, with ₹66.08 crores recorded in 2025, down from ₹61.55 crores in 2021 but significantly improved from the negative ₹16.61 crores in 2020. Earnings per share (EPS) followed a similar pattern, indicating the company’s efforts to stabilise profitability amid growth.
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Cost Structure and Expenditure
The company’s expenditure profile reveals a significant portion allocated to the purchase of finished goods, which rose from ₹1,178.75 crores in 2020 to ₹4,683.07 crores in 2025, reflecting the scale of inventory turnover and sales volume. Other expenses also increased substantially, reaching ₹2,337.18 crores in 2025, indicating rising operational costs associated with expansion.
Employee costs have more than tripled over the five-year span, from ₹195.61 crores in 2020 to ₹666.07 crores in 2025, signalling investment in human capital to support growth. Meanwhile, raw material costs remained relatively low, consistent with the company’s business model focused on e-commerce rather than manufacturing.
Balance Sheet and Financial Position
FSN E-Commerce’s total assets have grown from ₹1,073.87 crores in 2020 to ₹3,721.58 crores in 2025, driven by increases in both current and non-current assets. Notably, inventories expanded significantly to ₹1,417.54 crores in 2025, aligning with the company’s sales growth. Net block of fixed assets also increased, reflecting capital investments in infrastructure and technology.
Shareholders’ funds have strengthened, rising to ₹1,301.28 crores in 2025 from ₹322.15 crores in 2020, supported by reserves accumulation. However, total debt has also increased, reaching ₹961.27 crores in 2025, up from ₹267.48 crores in 2020, indicating greater leverage to finance expansion. The company’s book value per share adjusted for changes stood at ₹4.55 in 2025, showing a decline from earlier years due to equity dilution and profit fluctuations.
Cash Flow and Liquidity
Cash flow from operating activities has improved markedly, with ₹466 crores generated in 2025 compared to a negative cash flow in 2023 and 2022. This turnaround reflects better working capital management and operational efficiency. Investing activities have generally been cash outflows, consistent with capital expenditure and asset development, while financing activities show mixed trends with repayments and borrowings fluctuating over the years.
Closing cash and cash equivalents increased to ₹124 crores in 2025 from ₹101 crores in 2020, indicating a stronger liquidity position despite the company’s aggressive growth strategy.
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Summary of Historical Performance
Over the last six fiscal years, FSN E-Commerce has demonstrated substantial revenue growth, expanding its market footprint and operational scale. While profitability has improved from losses in 2020 to positive net profits in recent years, margins remain modest, reflecting the competitive and capital-intensive nature of the e-commerce sector. The company has invested heavily in inventory, fixed assets, and human resources to support this growth, financed partly through increased debt levels.
Cash flow trends suggest improving operational efficiency and liquidity, although investing activities continue to require significant outlays. The balance sheet shows a stronger equity base but also higher leverage, which investors should monitor carefully. Overall, FSN E-Commerce’s historical performance reflects a company in growth mode, balancing expansion with the challenges of maintaining profitability and financial stability.
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