On Door Concepts Ltd. (ONDOOR)
SME CapConsumer stocks · SME cap · NSE
Ondoor Concepts Limited is an omni-channel grocery retail e-commerce venture established in 2014, offering food staples, groceries, household items, personal care products. Headquartered in Madhya Pradesh, it operates 65 company-owned and franchised stores as of Sep 2025, focusing on smaller cities with a cluster approach.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 62/100Rev +43% YoY · PAT +40% YoY · +35% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹184 Cr | +42.6% | +35.3% |
| EBITDA | ₹9 Cr | +28.6% | +50.0% |
| Operating margin | 4.9% | +40 bps | +30 bps |
| PAT | ₹7 Cr | +40.0% | +75.0% |
| PAT margin | 3.8% | +51 bps | +86 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
On Door Concepts reported robust H1 FY26 results, with Total Income up 12.4% YoY to INR 136 Cr, driven by operational expansion. EBITDA grew 20% to INR 6 Cr, and PAT increased 33.3% to INR 4 Cr, maintaining stable margins at 4% and 3% respectively, reflecting efficient execution.
The company's omni-channel and FOCO franchise model appears to be driving consistent revenue and profit growth. Expansion into smaller cities with a cluster approach is a key strategy. Stable margins suggest operational efficiency, but continued execution of the expansion plan and effective utilization of potential fund-raising will be crucial.
Omni-channel Retail Model
Combines physical stores with online shopping, enhancing customer convenience and reach.
Scalable Franchise Model (FOCO)
Enables rapid expansion in Madhya Pradesh by leveraging local entrepreneurship and reducing capital expenditure.
Focus on Smaller Cities
Strategic focus on smaller cities through a franchise model allows efficient scaling in densely populated areas.
Competitive Pricing Strategy
Driven by local market insights, attracts cost-conscious consumers and maintains a loyal customer base.
Diverse Product Range
Offering a wide variety of products, including food staples, groceries, household items, and personal care products, ensuring steady demand.
Competitive Pricing Strategy
Focus on competitive pricing, driven by local market insights, attracts cost-conscious consumers and maintains a loyal customer base.
Omni-Channel Retail Model
Combines physical stores with online shopping, enhancing customer convenience.
Expansion Potential
With 65 stores and a strategic focus on smaller cities through a franchise model, Ondoor has significant growth potential.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The financial results are presented for H1 FY26 compared to H1 FY25 and H1 FY24, indicating a year-on-year comparison is most relevant for assessing performance trends over comparable periods.
Revenue Growth
Total Income grew 12.4% YoY to INR 136 Cr in H1 FY26 from INR 121 Cr in H1 FY25.
EBITDA Margin
EBITDA margin remained stable at 4% in H1 FY26, same as H1 FY25.
PAT Margin
PAT margin remained stable at 3% in H1 FY26, same as H1 FY25.
Distribution Expansion
Operates 65 stores (company-owned and franchised) as of September 2025, with a strategic focus on smaller cities.
Fund Raising Initiatives
Board has constituted a Fund Raising Committee to evaluate and undertake activities in relation to the proposed exploration of fund-raising initiatives.
Expansion Strategy
Aims to expand its footprint using a cluster approach, prioritizing densely populated residential areas with middle-class and aspiring upper-middle-class consumers.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | 12.4% YoY in H1 FY26. | Sustained double-digit revenue growth, indicating successful market penetration and customer acquisition. |
| EBITDA Margin | 4% in H1 FY26. | Maintenance or improvement of EBITDA margins, reflecting efficient operations and cost management amidst expansion. |
| Store Count Expansion | 65 operational stores as of Sep 2025. | Specific targets and progress on new store additions, particularly through the FOCO model in smaller cities. |
| Fund Raising Progress | Fund Raising Committee constituted. | Successful completion of fund-raising activities and deployment of capital for strategic expansion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
69Bullishfull bull SMA stack · SMA20 +13.0% / mo · MACD + · near 52W high
Technical chart
ONDOORdaily · 1Y · AUTO+88.9%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 62. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~11.5% over last month) — short-term momentum positive.
- RSI(14) at 62 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 15% off 52W high · 190% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 51 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 51 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 56.6%.
- Growth contributes 22/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Quality is weaker at 4/20; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -5 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 60th percentile within Consumer. Main check: cash conversion is weak at 55/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 8.6%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 60th pctile, median 66 · SME: 70th pctile, median 64
2 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.09.
- ▸OPM spread across recent quarters is 2.5%.
Trust risks
- ▸Promoter holding fell 8.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 15.90
- P/B
- 1.25
- EV/EBITDA
- 9.58
- Market Cap
- 172.00Cr
Profitability
- ROE
- 10.20%
- ROCE
- 10.10%
- ROA
- 7.86%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 32.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 80.00%
Balance Sheet
- Debt/Equity
- 0.09
- Interest Coverage
- 15.00×
- Altman Z
- 7.53
- Book Value
- 196.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 5.00 Cr
- EPS TTM
- 19.08
Shareholding
- Promoter Hold
- 28.67%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 78%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.