On Door Concepts Limited IPO Message Board (Page 3)

A V O I D

​@abhishekrla Sir can we apply or not ? Its very helpful to us ..

Hi Sunny, I believe this counter will give decent listing gains, considering the current Grey Market Premium but if you ask me on a pure fundamental basis, it will deliver super normal returns if your horizon is 6 months or more. It's a portfolio share.

very good nd important conversation 😊😊

like this👇

SELL & APPLY ONLY. MARKET IS DEEP RED.

@abhishekrla you have some good insight full comments, so you really message in other ipo. Would love to have your analysis.

Thank you Praveen, my forte is Retail but if you me to do analysis of any other IPO, do let me know the name of the company. I will do an in-dept analysis of it.

Almost 2cr per store for an online grocery company which has not gone for PE route?? I am skipping this one for sure....!!!! If MP becomes interesting market, Funded start ups would eat that margin, if MP is not interesting, 2 cr is way too high valuation for someone who went with convertible debt at the start!!!!

​@abhishekrla We will apply sir ji no need to convince any more

It seems Ashish invested hugely in chavda.... Chavda is on fire today...

I think it will give good return in short to mid term.

In 2023 Profit is only 6 lakh..
13 cr is extraordinary profit from forfeiture of CCD..
So, don't reply on 13 cr PAT..
It's an adjustment in profit

The Profit of Rs 13 crores are extraordinary on account of the write off of CCD which were held by the promoters. What i see here is that, if the promoters are taking hit on their books, its a good corporate governance practice. Otherwise they would have taken the additional shares of Rs 13 crores and further increased their stake.

Sometimes revenues, Business potential etc. Bhi consider kiya karo...

Aise to Tata motor hamesha nukshan hi karti hai.

बहुत महंगा शेयर वैल्यू है। आमदनी अठन्नी खर्चा रुपैया जैसा घाट होगा।

A query :

Wil lockin period apply to Aniket who converted debt of 78 crores into equity or are they free to dump their holding on the listing day...?

So, Anicut is a SEBI Category II fund. Any investment by SEBI Cat II fund will be locked in free if acquired 3 years back from the IPO date.
In this case, the shares issued from the debt conversion happened in this year only. Therefore the shares will be locked in for 1 year. I Hope this clears your doubts.

@Admin @ Chittorgarh.com
Dear Admin
As per some other website shows the Revenue & Profit details are as under.
Year Rev Expense PAT
2023 180.15 176.12 0.06
( ALL FIG IN Crores)
If we consider these figure, then
EPS : 0.11
&
P. E. : 1808
Correct me if I am wrong.
Please correct / modify it.

Some companies window dress financial results but this company being Door company, it has door dressed the results. Revenue stagnant but profit zooms from earlier loss. LM also not favourable. Better skip this ipo.

Hahaha!! Nice analogy, but this company is a grocery company and has a good presence in the state of Madhya Pradesh with a unique franchisee model, which i think no company is doing, all Big Daddies of grocery business have their own stores.
About your comment on window dressing of profitability, if you see company had losses of around 4-5 crores in FY21 and FY22 but in FY23 company made a profit of Rs 13 crores due to the write-off of long-term loans. but the operational profitability was only Rs 6 lakhs (even that's due to very low finance costs) and even in 5 months result of FY24, the company has shown some improvement in EBITDA margin with 0 finance cost and PAT positive of ~Rs 65 lakhs. I see this as a phoenix which has emerged from the ashes and is ready to fly high.

Revenue is stagnant and pricing of IPO skyhigh (PE 87). In addition, record of LM is also poor. I am not finding any reason to apply here.

IPO share ji,
Yes, not finding any valid reason to apply for the IPO. Thank you.

The revenue has been stagnant but if you see, in the last 3 years, the operational profitability (EBITDA) has been increasing by some small basis points. And PAT loss happened mainly on account of interest cost on NCD/CCD of Rs.110+ crores in the books. But as of today company is debt-free and there will be no interest to take a toll on profitability plus company has some old losses in the "Reserve and Surplus" section of the Balance Sheet, which means going ahead the taxability will be also NIL, which implies EBIT will be PAT in the years ahead.
Moreover, the company has plans to expand its presence in the neighbouring states, the effect of which will be in their revenue in FY24 and FY25. Plus when any grocery company grows its presence, the Private Label (Own Brand Goods) plays an astounding role in the overall profitability of the company.

I see this company doing wonders in times to come and can be a value multiplier, with the presence of marquee investors to back the company in times to come.

Will bigshare follow T+1 here so that funds are released and can apply in paragon.

its On (the) door, but don't open(your fund).
LM track record bad.

Revenue is almost constant from three year but profit change from -5 crore to 15 crore.
Is there some magic or something else????

​@abhishekrla Have you ever given any analysis on any kind of platform before about any company ?? Or is this your first ? Would like to read your previous analysis too.

15 crore profit would be financial jugglery. I have been closely following the operations of the company for past 5 years. They have bitten more than chew. For past 2 years, more than 70% of their stores have closed in Bhopal.

And whatever stores are still open, they never have stock of the required items. They have been billing the items at MRP.
Even if they raise money in this IPO, I will give them 1-2 years at max before they shut their shops.

upcaming sme ipo ondoor concepts allabh Bhansali invested in Pre-IPO at INR 259/- per share. Anicut Capital had given the company a loan of INR 73 crores in the form of Convertible Debentures which got converted.

IPO is coming at 208/-, at a discount to Pre-IPO and Debt Conversion price.

55 stores currently, with 17 being franchisee and 38 being company owned stores.

Owned products commands higher margin compared to branded products

"IPO is coming at 208/-, at a discount to Pre-IPO and Debt Conversion price."

Doesn't it show desperation for funds and survival from company?? Just wants to raise money Anyhow, earlier shareholders be damned.... how are they ok with this?

Usually value of company and its shares appreciate and IPO is priced at certain premium, "big" name Vallabh Bhansali already in loss.... but he is a big guy can take losses...

So many sudden new members coming and posting in favor of this IPO!

Hope members who read comments and views of this forum for analysis and applying will take it into consideration and do their own due diligence before applying.

This is a company which derives more than 90% of its revenues from Bhopal Only and despite being in operation since 2015 it has Not managed to scale up operations meaningfully to even neighboring big city like Indore, forget about other tier-II cities like Gwalior, Jabalpur where it has NO presence.... shows clear-cut concentration risk and management failure...

Just go to Google maps to see number of Dmart and Reliance stores in Bhopal and other major cities of Madhya Pradesh, not only the high numbers are worrying but what is More concerning is that Ondore stores are MOSTLY sandwiched between DMART and Reliance stores.

M.P is Not an urbanized and industrialized state like Gujarat and Maharashtra, beyond Bhopal and Indore and to some extend Jabalpur and Gwalior there is Not much scope to expand. No wonder promoter holding is below 40%...

Learned from friends and relatives in MP that Ondoor had fast mover advantage and good goodwill when it started out in 2015 but from 2018 onwards when BB, DMART and JioMart arrived and started price war people kind of forgotten Ondoor. It stores remain empty most of the time now, range is so poor you won't even find famous MDH masala on its app (I verified this myself).

Pandemic resuscitated and saved it but Bhopalites, I have learned, are in awe of DMART, even Reliance is losing to it.

ALL this is Not to suggest that stock won't pop at listing. It may make a great debut After All we are in mad, careless bull market.

Thought won't write about it as it does Not concern me as I am Not applying, but many new IDs trying to present a rosy picture provoked me to write as I CANNOT tolerate what I BELIEVE is misguidance.

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

​@Deepakm  And its ur first and last comment 😛

U insider 😑

Thanks @Deepakm !

We will surely APPLY, please tell your team not to send any further messages. I have pinned this message :)