On Door Concepts Limited (ONDOOR)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, On Door's revenue was ₹184 Cr (+21.1% year on year, +35.3% on the previous half-year), and net profit ₹7.0 Cr (+40.0% year on year); the operating margin was 4.9%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹184 | +21.1% | +35.3% |
| Operating profit | ₹9.0 | +28.6% | +50.0% |
| Net profit | ₹7.0 | +40.0% | +75.0% |
| EPS (₹) | 12.14 | +45.6% | +74.9% |
| Operating margin | 4.9% | — | — |
📢 Recent Corporate Announcements
On Door Concepts Limited announced the completion and scrutinizer's report for its 12th Annual General Meeting held on September 29, 2026. All three resolutions were approved with 100% of polled votes in favour across each item. Key approvals included the adoption of FY26 financial statements, the reappointment of director Narendra Singh Bapna, and approval of material related-party transactions with NSB BPO Solutions Limited for FY27. Total shareholder participation stood at 28.9% of total outstanding equity shares for Resolution 1, with interested promoter votes excluded/invalidated for resolutions 2 and 3.
- All 3 resolutions passed with 100% votes cast in favour by voting shareholders
- Adoption of FY26 audited accounts approved with 20,23,024 votes polled (28.8982% of total shares)
- Approval of material related-party transactions with NSB BPO Solutions Ltd for FY26-27 passed with 2,59,347 valid votes polled
- Only 12 shareholders attended via video conference (3 promoter, 9 public) out of 711 total shareholders on the record date of September 22, 2026
On Door Concepts Limited has scheduled its 12th Annual General Meeting (AGM) for Tuesday, September 29, 2026. The company has fixed Tuesday, September 22, 2026, as the cut-off date to determine shareholder eligibility for e-voting and AGM attendance. E-voting will be open from September 26, 2026 (09:00 AM IST) to September 28, 2026 (05:00 PM IST). Share transfer books and the Register of Members will remain closed from September 23 to September 29, 2026.
- 12th Annual General Meeting scheduled for September 29, 2026
- Record/cut-off date for AGM voting set as September 22, 2026
- Remote e-voting window opens September 26, 2026, and closes September 28, 2026
- Register of Members closed from September 23 to September 29, 2026
On Door Concepts Limited has issued notice for its 12th Annual General Meeting scheduled for September 29, 2026, via video conferencing. Key ordinary business includes adopting FY26 audited financial statements and re-appointing Managing Director Narendra Singh Bapna upon retirement by rotation. The company is also seeking shareholder approval for material related party transactions with NSB BPO Solutions Limited up to an aggregate ceiling of ₹50 crore for FY 2026–27. This proposed limit represents approximately 15.60% of the company's FY26 consolidated revenue (₹320.46 crore).
- 12th AGM scheduled for September 29, 2026, with remote e-voting open from September 26 to September 28, 2026.
- Shareholder approval sought for material Related Party Transactions up to ₹50 crore with NSB BPO Solutions Limited for FY 2026–27.
- Proposed RPT ceiling represents approximately 15.60% of FY 2025–26 consolidated turnover (₹320.46 crore).
- Re-appointment of Chairman & MD Narendra Singh Bapna as Director liable to retire by rotation.
On Door Concepts Limited's Board met on September 1, 2026, approving the convening of its 12th Annual General Meeting on September 29, 2026. The Board approved the Director's Report for FY26 and recommended the re-appointment of director Narendra Singh Bapna. Crucially, the Board approved enhanced limits for Related Party Transactions with NSB BPO Solutions Limited, subject to shareholder approval at the AGM. Remote e-voting is scheduled from September 26 to September 28, 2026, with a cut-off date of September 22, 2026.
- 12th Annual General Meeting scheduled for September 29, 2026 via Video Conferencing
- Remote e-voting window open from September 26, 2026 (9:00 AM IST) to September 28, 2026 (5:00 PM IST)
- Cut-off date for remote e-voting entitlement fixed as September 22, 2026
- Register of members closed from September 23, 2026 to September 29, 2026
- Approval of enhanced limits for Related Party Transactions with NSB BPO Solutions Limited
On Door Concepts Limited responded to a surveillance query from the National Stock Exchange dated August 26, 2026, regarding significant price and volume movements in its scrip. The company confirmed that all requisite disclosures regarding its recent preferential issue of equity shares and convertible warrants have been duly filed. Management stated there is no undisclosed material event or impending announcement, attributing recent trading activity entirely to market-driven factors and investor perception.
- Responded to NSE surveillance communication NSE/CM/Surveillance/17412 dated August 26, 2026.
- Reiterated completion of preferential issue of equity shares and convertible warrants with all filings made.
- Confirmed zero undisclosed price-sensitive information or impending corporate announcements as of August 26, 2026.
- Company stock has seen a 104.9% price return over the past 6 months leading into the surveillance query.
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.
Risk Analysis
Key Uncertainties
Technology dependency and potential supply chain disruptions are key uncertainties that could impact the reliability of fulfillment operations.
Geographic Concentration Risk
High geographic concentration in Madhya Pradesh, making the company vulnerable to regional economic or regulatory shifts.
Third Party Dependencies
Significant dependency on a reliable supply chain network for everyday essentials procurement.
Technology Obsolescence Risk
The company is at risk if it fails to keep pace with emerging retail technologies and digital transformation trends.
Credit & Counterparty Risk
Trade Receivables Turnover Ratio was 16.87 in FY25, indicating stable receivables quality.
