Company Overview

On Door Concepts Limited is an India-based electronic commerce (E-commerce) company, which provides food staples and household items. The Company is engaged in the business of retailing household and consumer products through e-commerce platforms and departmental stores. On Door Concepts Ltd (erstwhile On Door Concepts Private Limited) was incorporated as a Private Limited Company on December 15, 2014, at Gwalior. The Company converted into a Public Limited Company, and the name of the Company was changed to 'On Door Concepts Limited' through a fresh Certificate of Incorporation on May 01, 2023, issued by the Registrar of Companies, Gwalior.

Ondoor is a fast-upcoming regional omni-channel retailer of groceries and household essentials. The Company has the advantage of being one of the early entrants in the supermarket industry to offer the convenience of both colony stores as well as hyperlocal home delivery through online orders; most of the stores in respective areas fulfill on-line orders from their respective shelves. The company operates on a unique hybrid model where online orders allocated to a store are fulfilled completely by the store inventory, controlled by technology providing real-time visibility of store inventory.

Business Operations and Store Network

Out of 55 stores, 17 are Company Owned and Company Operated (COCO) stores, and the rest are operated through a franchisee model. The company has strategically positioned itself in the retail market with a focus on both physical stores and digital presence, making it accessible to customers through multiple channels.

The Company plans to expand its store network in Western, Northern, and Central India and extend the network to cover certain parts of Southern India in the next few years. For each of these regions, it opens and operates new stores on a cluster-based approach. It undertakes promotion of stores through print media, local radio, door-to-door campaigns, and billboards.

Product Categories and Offerings

It classifies its products under various categories: foods, non-foods, fast-moving consumer goods (FMCG), and general merchandise.

- Food Category: Includes staples, groceries, fruits, vegetables, snacks, processed foods, dairy, frozen products, beverages, and confectionery.

- FMCG Category: Includes home care products, personal care, toiletries, and other over-the-counter products.

- General Merchandise Category: Includes crockery, utensils, plastic goods, pooja items, etc.

Financial Performance and Market Position

On Door Concepts Ltd has a market capitalization of ₹101 Cr as on 07-May-2025. As per Value Research classification, it is a Small Cap company. The company has shown significant financial metrics in recent periods:

• Operating Revenue (TTM): Rs. 639.56 Cr.

• Profit After Tax (TTM): ₹6 Cr.

• Annual Revenue Growth: 30% (Outstanding)

• Pre-tax Margin: 2% (Needs improvement)

• Return on Equity (ROE): 6% (Fair, but needs improvement)

• Balance Sheet: The company is debt-free, with a strong balance sheet enabling it to report stable earnings growth across business cycles.

Valuation Metrics and Stock Performance

The stock's valuation metrics reflect its current market positioning:

- P/B Ratio: 1.10 times (as on 07-May-2025), a 59% discount to its peers' median range of 2.68 times.

- P/E Ratio: 16.74 times (as on 07-May-2025), a 3% discount to its peers' median range of 17.27 times.

The stock has experienced significant volatility over the past year. The On Door Concepts Ltd's 52-week high share price is ₹544.90, and the 52-week low share price is ₹134.00. On Door Concepts Ltd has given a return of -31.2% in the last 1 year.

Management and Corporate Structure

- Promoters: NSB BPO SOLUTIONS PRIVATE LIMITED and SWATI BAPNA collectively own 36.87% of the total equity.

- Chairman: Narendra Singh Bapna.

- Promoter Holding Trend: Promoter holding in On Door Concepts Ltd has gone down to 37.30% as of Mar 2025 from 38.14% as of Oct 2023.

- Promoter Pledging: There is no promoter pledging in On Door Concepts Ltd.

- Registered Office: Phoenix Corporate Park, 1st Flr, Opp Vrindawan Garden, Hoshan Rd, Bhopal, Madhya Pradesh, 462026.

- Industry: Trading.

- Auditor: B C P Jain & Co.

Technical Analysis and Investment Outlook

From a technical perspective, the stock is trading below its 200-day Moving Average (DMA) and close to its 50-day DMA. It needs to cross and stay above the 200-DMA levels to make any further meaningful upward move. From an O'Neil Methodology perspective, the stock has an EPS Rank of 0 (a POOR score indicating inconsistency in earnings) and an RS Rating of 4 (POOR, indicating underperformance compared to other stocks).

The company operates in the competitive retail sector, specifically classified under the Retail-Super/Mini Mkts industry group. While the business model shows promise with its omni-channel approach and debt-free status, investors should carefully consider the stock's recent performance volatility and technical indicators before making investment decisions.

On Door Concepts Ltd represents an interesting play in India's evolving retail landscape, combining traditional brick-and-mortar presence with modern e-commerce capabilities. The company's focus on grocery and household essentials positions it in a resilient market segment, though execution and market competition remain key factors to monitor.