💰 Financial Performance

Revenue Growth by Segment

The company reported total revenue of INR 1,427.13 Cr for FY2025. Segment-specific growth percentages are not disclosed, but the company operates as a single organized retail segment under the Osia Hypermart brand.

Geographic Revenue Split

100% of operations are concentrated in Gujarat, India, with 15 stores located in Ahmedabad, Vadodara, Gandhinagar, and Dehgam.

Profitability Margins

For FY2025, the Net Profit Margin (NPM) was 1.37% (INR 19.52 Cr PAT). In Q4 FY25, the NPM significantly compressed to 0.16% (INR 0.53 Cr PAT) from the annual average.

EBITDA Margin

Operating Profit Margin (OPM) stood at 5.04% for FY2025, but declined to 3.61% in Q4 FY25, indicating rising operational costs or pricing pressures in the final quarter.

Capital Expenditure

The company invested INR 7.45 Cr in the purchase of fixed assets during FY2025 and INR 0.24 Cr during the half-year ended September 30, 2025.

Credit Rating & Borrowing

The company's credit facilities were downgraded to 'Crisil D Issuer Not Cooperating' in late 2025 due to delays in servicing vendor bill discounting facilities. Financial expenses for FY2025 were INR 41.07 Cr.

⚙️ Operational Drivers

Raw Materials

Retail merchandise including FMCG products, groceries, and apparel, which constitute the bulk of the inventory. Inventory increased by INR 189.13 Cr in FY2025, representing 13.2% of total revenue.

Import Sources

Primarily sourced from domestic distributors and manufacturers within India, specifically focused on supplying the Gujarat-based retail network.

Key Suppliers

Not specifically named in the documents, but the company utilizes vendor bill discounting facilities which faced repayment delays in FY2025.

Capacity Expansion

Currently operates 15 retail stores and one central stockyard in Rakhiyal, Ahmedabad. Expansion plans include enhancing visibility through the migration to the NSE Main Board (effective December 1, 2022).

Raw Material Costs

Not explicitly disclosed as a separate line item, but the company faced a massive cash outflow for inventory of INR 189.13 Cr in FY2025, up from previous periods, impacting liquidity.

Manufacturing Efficiency

As a retailer, efficiency is measured by inventory turnover; however, the company saw a significant increase in inventory (INR 189.13 Cr) and trade receivables (INR 89.43 Cr) in FY2025, suggesting slowing turnover.

Logistics & Distribution

Not disclosed as a specific percentage of revenue.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Growth is pursued through the 'Osia Hypermart' brand expansion in Gujarat, leveraging the migration to the NSE Main Board to enhance brand visibility. The company raised INR 88.06 Cr through a preferential issue, fully utilized by March 2025, and an additional INR 173.68 Cr through the issue of shares/warrants in FY2025 to fund operations.

Products & Services

Organized retail services selling FMCG, groceries, apparel, and household items through hypermarket stores.

Brand Portfolio

Osia Hypermart

New Products/Services

Not disclosed.

Market Expansion

Focus remains on the Gujarat region, specifically Ahmedabad, Vadodara, Gandhinagar, and Dehgam.

Market Share & Ranking

Not disclosed.

Strategic Alliances

Not disclosed.

🌍 External Factors

Industry Trends

The organized retail industry is growing but faces intense competition and regulatory changes. Osia is positioned as a regional player migrating from SME platforms to the Main Board to capture larger market visibility.

Competitive Landscape

Faces stiff competition from national organized retail chains and local unorganized markets.

Competitive Moat

The company's moat is its regional brand recognition in Gujarat and its 15-store network; however, this is currently threatened by severe liquidity issues and a default credit rating.

Macro Economic Sensitivity

Highly sensitive to consumer spending patterns in Gujarat and fluctuations in commodity prices which affect procurement costs.

Consumer Behavior

Shifting towards organized retail formats for convenience and variety, which Osia targets through its hypermarket model.

Geopolitical Risks

Limited direct impact as operations are localized in Gujarat, though global commodity price fluctuations affect retail margins.

⚖️ Regulatory & Governance

Industry Regulations

Complies with SEBI (LODR) Regulations and Companies Act 2013. The company has a CSR obligation of INR 0.23 Cr based on an average net profit of INR 12.28 Cr.

Environmental Compliance

Not disclosed.

Taxation Policy Impact

The company paid INR 1.84 lakhs in income tax during H1 FY2026. PBT for FY2025 was INR 25.62 Cr.

Legal Contingencies

The company disclosed pending litigations as Contingent Liabilities in Note No. 30 of its financial statements, though the specific INR value was not provided in the summary.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the company's ability to continue as a going concern given the default on vendor payments and the negative operating cash flow of INR 230.48 Cr in FY2025.

Geographic Concentration Risk

100% of revenue is derived from Gujarat, making the company highly vulnerable to regional economic downturns or policy changes in that state.

Third Party Dependencies

High dependency on vendors for bill discounting; the recent default indicates a breakdown in this third-party financial dependency.

Technology Obsolescence Risk

The company faces risk from the rise of e-commerce and quick-commerce platforms which could disrupt the traditional hypermarket model.

Credit & Counterparty Risk

Trade receivables increased by INR 89.43 Cr in FY2025, indicating a potential risk in the quality of receivables and collection efficiency.