WOMANCART - Womancart

📊 NSE: WOMANCART 🏢 Trading 📅 Last Updated: 12/14/2025 15:18

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations grew 126.8% YoY in H1FY26 to INR 49.80 Cr from INR 21.96 Cr in H1FY25, driven by expansion in both online and offline channels and the successful implementation of a 2-hour delivery model.

Geographic Revenue Split

Primary revenue is generated from Delhi NCR and Jaipur hubs; international expansion is underway via WomanCart Pty Ltd in Australia, which hosted its first exhibition and completed 6 months of operations in 2025.

Profitability Margins

Gross Profit Margin stood at 39.9% in H1FY26, while Net Profit Margin reached 10.6% (INR 5.30 Cr), showing healthy growth supported by better operating leverage and a higher share of own SKUs.

EBITDA Margin

EBITDA Margin improved to 22.2% in H1FY26 (INR 11.06 Cr) compared to 16.8% in FY25, reflecting cost optimization and high-margin contributions from 8 home-grown brands.

Capital Expenditure

The company invested INR 1.00 Cr in MSV Beautyy Shop and INR 3.97 Cr in Varadda Overseas (subsidiaries); additionally, INR 5.13 Cr was raised via warrants at INR 312 each for business expansion.

Credit Rating & Borrowing

Finance costs were INR 0.96 Cr in H1FY26; the company raised INR 7.94 Cr from borrowings during the period to support working capital and expansion.

⚙️ Operational Drivers

Raw Materials

Procurement categories include fashion accessories, jewelry, apparel, makeup, footwear, and home decor items (diffusers/bedsheets), representing 60.1% of total revenue as COGS.

Import Sources

Sourcing is primarily domestic from OEM brands and distributors; international sourcing and distribution are being established through the Australia-based associate, WomanCart Pty Ltd.

Key Suppliers

Procurement is managed through big OEM Brands, distributors, dealers, and CnF agents to maintain an inventory-led fulfillment model.

Capacity Expansion

Current infrastructure includes 9 retail points (3 WomanCart LUXE, 3 WomanCart, 1 Kiosk, 2 Blluex) and an 18,000 sq ft warehouse facility in Delhi NCR; expansion is targeted through a franchise model requiring INR 55-70 Lakhs investment per store.

Raw Material Costs

Cost of Goods Sold (COGS) was INR 29.91 Cr in H1FY26, accounting for 60.1% of revenue; procurement strategies focus on inventory-led fulfillment to ensure 2-hour delivery availability.

Manufacturing Efficiency

Efficiency is measured by the 2-hour delivery loop (Warehouse -> Store -> Customer) and maintaining a low damage rate of only 2-3% of total sales.

Logistics & Distribution

Logistics are optimized for express delivery; the 2-hour delivery model is currently operational across Delhi NCR and Jaipur to enhance customer convenience.

📈 Strategic Growth

Expected Growth Rate

127%

Growth Strategy

Growth will be achieved by scaling the 2-hour delivery model to new cities, expanding the franchise network (400-600 sq ft stores), increasing the mix of 8 high-margin home-grown brands, and growing the Australian e-commerce footprint.

Products & Services

Sells makeup, jewelry, apparel, lingerie, footwear, crockery, diffusers, and bedsheets through an omni-channel platform (website and physical stores).

Brand Portfolio

WomanCart, WomanCart LUXE, Blluex, and 8 home-grown brands in jewelry, lingerie, and clothing.

New Products/Services

Recently launched home brands for diffusers and bedsheets; own-brand jewelry and lingerie are expected to contribute higher margins than third-party OEM brands.

Market Expansion

Expanding domestically via franchise partners and internationally through WomanCart Pty Ltd in Australia; Jaipur facility was recently added to the 2-hour delivery network.

Market Share & Ranking

Positions itself as India's 1st 2-hour fashion delivery platform; industry ranking is not specifically disclosed but it is a first-mover in quick-commerce for fashion.

Strategic Alliances

Holds a 49% stake in WomanCart Pty Ltd (Australia associate) and has 100% ownership in subsidiaries MSV Beautyy Shop and Varadda Overseas.

🌍 External Factors

Industry Trends

The industry is shifting toward 'Quick Commerce' for fashion and lifestyle; WomanCart is positioned to lead this trend with its 2-hour delivery infrastructure and omni-channel strategy.

Competitive Landscape

Competes with traditional e-commerce platforms and niche fashion retailers; differentiates through speed of delivery and a curated woman-centric shopping experience.

Competitive Moat

Moat is built on a localized logistics backbone (18,000 sq ft warehouse + local stores) and a 2-hour delivery promise that is difficult for national e-commerce giants to replicate at a local level.

Macro Economic Sensitivity

Highly sensitive to consumer discretionary spending and wedding/festival season cycles in India, which dictate inventory stocking levels.

Consumer Behavior

Shift toward instant gratification and verified genuine brands; WomanCart addresses this with 12,000+ verified SKUs and express delivery.

Geopolitical Risks

International expansion into Australia faces regulatory risks related to e-commerce guidelines and local labor laws in foreign jurisdictions.

⚖️ Regulatory & Governance

Industry Regulations

Subject to evolving GST norms, e-commerce guidelines, and labor laws; secretarial audit confirmed compliance with the Companies Act 2013 and SEBI Listing Regulations.

Taxation Policy Impact

Effective tax rate was approximately 27.6% in H1FY26, with a current tax expense of INR 2.21 Cr on PBT of INR 8.01 Cr.

Legal Contingencies

Secretarial audit for FY25 reported compliance with statutory provisions; no specific pending high-value court cases or consumer disputes were detailed in the provided documents.

⚠️ Risk Analysis

Key Uncertainties

Inventory management for 12,000+ SKUs remains the primary uncertainty; a 10-12% return rate impacts logistics costs and working capital efficiency.

Geographic Concentration Risk

High revenue concentration in Delhi NCR and Jaipur; expansion to other Indian metros and Australia is required to diversify geographic risk.

Third Party Dependencies

Dependent on OEM brands and distributors for a significant portion of the 12,000+ SKUs, though own-brand mix is increasing to mitigate this.

Technology Obsolescence Risk

High dependency on digital infrastructure and AI-driven analytics for the 2-hour delivery model; requires continuous investment in cybersecurity and data privacy.