ONDOOR - On Door Concepts

📊 NSE: ONDOOR 🏢 Trading 📅 Last Updated: 12/14/2025 10:41

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 16.04% YoY in H1 FY25, reaching INR 121.34 Cr compared to INR 104.56 Cr in H1 FY24. Segment-specific splits are not disclosed, but the growth is driven by everyday essentials and groceries.

Geographic Revenue Split

The company primarily operates in Madhya Pradesh, with its headquarters and core store network located in Bhopal and surrounding residential areas.

Profitability Margins

Net Profit (PAT) margin improved significantly from 0.64% in H1 FY24 to 2.53% in H1 FY25. Absolute PAT grew 355.1% YoY to INR 3.07 Cr from INR 0.67 Cr.

EBITDA Margin

EBITDA margin expanded by 159.99 BPS from 2.54% in H1 FY24 to 4.14% in H1 FY25. Absolute EBITDA rose 89.06% YoY to INR 5.03 Cr.

Capital Expenditure

The company utilizes a FOCO (Franchise Owned, Company Operated) model to minimize capital expenditure and leverage local entrepreneurship for store expansion. Specific INR values for planned Capex are not disclosed.

Credit Rating & Borrowing

Debt-Equity ratio stood at 0.11 in FY25. Specific credit ratings and interest rate percentages are not disclosed in the available documents.

⚙️ Operational Drivers

Raw Materials

Everyday essentials, groceries, and private label products represent the primary inventory costs, accounting for 87.8% of total revenue (INR 106.55 Cr in H1 FY25).

Import Sources

Not disclosed in available documents; however, the company emphasizes a strong local supplier network for everyday essentials.

Capacity Expansion

Current capacity includes 60+ stores across Madhya Pradesh. Expansion is planned through strategic store acquisitions and the FOCO model to increase footprint in middle-income residential areas.

Raw Material Costs

Raw material costs (inventory procurement) were INR 106.55 Cr in H1 FY25, representing 87.8% of revenue, up from INR 92.24 Cr in H1 FY24.

Manufacturing Efficiency

Not applicable as the company is a retail entity; however, store productivity and footfall conversion are emphasized as key performance metrics.

📈 Strategic Growth

Expected Growth Rate

16.04%

Growth Strategy

Growth will be achieved through the FOCO model to reduce Capex, strategic store acquisitions, expansion of high-margin private label offerings, and data-driven pricing and procurement to improve store productivity.

Products & Services

Everyday essentials, groceries, and private label consumer goods sold through an omni-channel platform (stores, mobile apps, web portal, and telephone ordering).

Brand Portfolio

On Door

New Products/Services

Strengthening and expansion of private label offerings in selected product lines to capture higher margins.

Market Expansion

Targeting middle-income and aspiring upper-middle-class residential areas across Madhya Pradesh.

Strategic Alliances

Strategic partnerships with local entrepreneurs through the Franchise Owned, Company Operated (FOCO) model.

🌍 External Factors

Industry Trends

The retail industry is shifting toward omni-channel value-retail experiences, with a growing focus on Tier 2/3 cities and digital ordering platforms.

Competitive Landscape

Faces intense competition from both traditional local kirana stores and large national retail chains.

Competitive Moat

The FOCO model provides a durable cost advantage by reducing Capex, while local market insights in Madhya Pradesh create a competitive barrier against national chains.

Macro Economic Sensitivity

Sensitive to inflation and commodity price fluctuations, which directly impact the procurement cost of groceries (87.8% of revenue).

Consumer Behavior

Targeting middle-class consumers who prioritize a one-stop shopping experience for everyday needs at competitive prices.

⚖️ Regulatory & Governance

Industry Regulations

Subject to SME compliance and retail industry government policies; regulatory changes impacting SME compliance are listed as a major threat.

Legal Contingencies

The Secretarial Audit Report for FY25 confirms compliance with the Companies Act 2013 and SEBI regulations; no specific pending court case values are disclosed.