*FSN E-Commerce Ventures Ltd.* | *CMP* Rs. 203 | *M Cap* Rs. 58114 Cr | *52 W H/L* 230/150 (Nirmal Bang Retail Research) *Result is in-line with expectations* Revenue from Operations came at Rs. 2061.8 Cr (-9.1% QoQ, 23.6% YoY) vs expectation of Rs. 2084.6 Cr, QoQ Rs. 2267.2 Cr, YoY Rs. 1668 Cr EBIDTA came at Rs. 133.4 Cr (-5.3% QoQ, 43% YoY) vs expectation of Rs. 129.8 Cr, QoQ Rs. 140.8 Cr, YoY Rs. 93.3 Cr EBITDA Margin came at 6.5% vs expectation of 6.2%, QoQ 6.2%, YoY 5.6% Adj. PAT came at Rs. 20.3 Cr vs expectation of Rs. 30.9 Cr, QoQ Rs. 26.1 Cr, YoY Rs. 6.9 Cr Quarter EPS is Rs. 0.1 Stock is trading at P/E of 216.5x FY26E EPS