October 23, 2023 - October 27, 2023

On Door Concepts IPO Review & Recommendations

Dilip Davda has given "May Apply" recommendation to On Door Concepts IPO.

On Door Concepts IPO Review Summary from brokers and analysts

Review By	Apply	May Apply	Neutral	Avoid	Not Rated
Count	0	1	0	0	0
%	0.00	100.00	0.00	0.00	0.00

On Door Concepts IPO Analysis By Brokers/Analysts

Reviewer	Recommendation	Past Reviews
Dilip Davda	May Apply

On Door Concepts IPO Review by Dilip Davda (May apply)

[Dilip Davda] The company posted losses for FY21 and FY22 which are still on the balance sheet. Hefty premiums collected for equity issues has helped it to post positive NAV. Based on annualized FY24 earnings, the issue appears greedily priced. The management is confident of improving numbers in coming years as it has become debt free. Well-informed/cash surplus investors may park funds for medium to long-term rewards. Read detail review...

Ondoor Concepts IPO Peer Comparison

Ondoor Concepts Limited peer comparison with similar listed entities. (Standalone) (As on March 31, 2023)

Company Name	EPS (Rs)		NAV (per share) (Rs)	P/E (x)	RoNW (%)
Company Name	EPS Basic	EPS Diluted	NAV (per share) (Rs)	P/E (x)	RoNW (%)
Ondoor Concepts Limited	56.77	56.77	132.50	4.56	25.51
Osia Hyper Retail	0.92	0.92	10.95	35.22	8.41

Notes:

Data for Osia Hyper Retail Limited is sourced from published financial statements based on Standalone financials for FY 2023.

RONW / EPS / NAV etc. is adjusted for face value

P/E Ratio is computed by dividing the closing market price on June 19, 2023, on NSE by EPS

On Door financials are based on March 31, 2023

On Door Concepts IPO Review by Members

On Door Concepts IPO Reviews, analysis and views by popular members. Read On Door Concepts Limited IPO reviews by retail investors to find recommended ipo to buy.

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On Door Concepts IPO Review Summary by Members

Review By	Apply	May Apply	Neutral	Avoid
Count	1	0	1	1
%	33.33	0.00	33.33	33.33

Member	Review
New Kid On The Block Top Contributor (300+ Posts, 100+ Likes)	Avoid Better opportunities available, scaling of business and competing with deep pocket players like Dmart, Reliance, BB etc etc Not possible. If Not today then tomorrow they will be swallowed up or fold up... Promoter holding below 40% is a BIG red-flag. Promoters are also facing many tax litigations etc. They have negative cash flow despite profit. Feedback I got from friends and relatives where this chain operates is VERY negative. October 14, 2023 3:02:15 AM
Deepakm	Neutral I live in Delhi and often use ondoor services as my parents live in Bhopal Excellent service and in Covid when all the other companies like big basket and blinket failed ondoor was the only dependable option I have come to know that this company has expanded in number of small cities Future of the company looks good October 15, 2023 6:48:59 PM
BearishViewsOnly	Apply for Long Term at Cut-off Price The company is debt free and is coming at an extremely attractive valuation which is ~0.5x Revenue, compared to the likes of Dmart and Trent which are trading at 5x Revenue today. Tier 3 and Tier 4 markets across central India seem fairly untapped and untouched by modern retail and their focus is on the rural and smaller towns. Unique proposition of franchisee model is a good blend of local entrepreneurship Marquee long only investors like Mr. Vallabh bhansali are investors in this company October 13, 2023 7:07:22 PM

Member

Review

New Kid On The Block

Top Contributor (300+ Posts, 100+ Likes)

Avoid

Better opportunities available, scaling of business and competing with deep pocket players like Dmart, Reliance, BB etc etc Not possible. If Not today then tomorrow they will be swallowed up or fold up...

Promoter holding below 40% is a BIG red-flag. Promoters are also facing many tax litigations etc.

They have negative cash flow despite profit.

Feedback I got from friends and relatives where this chain operates is VERY negative.

October 14, 2023 3:02:15 AM

Deepakm

Neutral

I live in Delhi and often use ondoor services as my parents live in Bhopal
Excellent service and in Covid when all the other companies like big basket and blinket failed ondoor was the only dependable option
I have come to know that this company has expanded in number of small cities
Future of the company looks good

October 15, 2023 6:48:59 PM

BearishViewsOnly

Apply for Long Term at Cut-off Price

The company is debt free and is coming at an extremely attractive valuation which is ~0.5x Revenue, compared to the likes of Dmart and Trent which are trading at 5x Revenue today.

Tier 3 and Tier 4 markets across central India seem fairly untapped and untouched by modern retail and their focus is on the rural and smaller towns.

Unique proposition of franchisee model is a good blend of local entrepreneurship

Marquee long only investors like Mr. Vallabh bhansali are investors in this company

October 13, 2023 7:07:22 PM

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