On Door Concepts Ltd Management Discussions

Pursuant to regulation 34(2) (e) of the Securities Exchange Board of India (Listing Obligations & Disclosure requirements) Regulation,2015 the Board of Directors are pleased to present the Management Discussion and Analysis report for the financial year ended March 31, 2025.

1. BUSINESS OVERVIEW

On Door Concepts Limited is an emerging player in the organized grocery and household essentials retail market, steadily expanding its footprint with a combination of colony-based physical stores and a robust hyperlocal delivery network. As one of the early entrants in this segment to adopt an omni-channel model, Our Company offers its customers the dual convenience of walk-in shopping and online ordering with prompt home delivery.

Most of our stores are designed not just as retail outlets but also as fulfillment hubs for online orders, enabling faster delivery and enhanced inventory efficiency. Further, the company is currently engaged in B2B sales and is actively exploring growth opportunities within the B2B segment to expand market presence, deepen customer relationships, and increase revenue streams. This model allows the Company to offer a seamless shopping experience, supporting both modern consumer preferences and operational agility.

As of March 31, 2025, the company operates in the cities of Madhya Pradesh. The Company expects more contribution from smaller cities to grow rapidly as Company is focusing on smaller cities with Franchise Model.

The Company operates with the aim of delivering value to customers through a thoughtfully curated product assortment, competitive pricing, and reliable service ? all made possible through deep local market knowledge and efficient backend operations.

2. INDUSTRY STRUCTURE AND DEVELOPMENTS

Indias retail sector continues to be a significant driver of economic growth, accounting for over 10% of the countrys GDP. The Indian economy maintained its upward trajectory in FY 24-25, supported by a stable macroeconomic indicators, government-driven infrastructure development and increasing consumption across urban and semi-urban areas.

The organized retail segment, particularly in food and grocery, continued to evolve with a significant shift towards organized and technology-driven models and has witnessed steady expansion during financial year 2024-25, driven by rising disposable incomes, urbanization and increased customer preference for quality, accessibility and hygiene- factors that positioned omni-channels retailers at an advantage.

3. EXPANSION AND FUTURE PROPOSAL

Our core strategy is focused on profitable expansion, technology integration, and customer-centric retailing. The Company follows a cluster-based expansion model, opening new stores in adjacent or nearby areas to existing ones. This approach supports:

• Better supply chain efficiency

• Shared logistics and human resources

• Regional brand familiarity

• Improved inventory planning and replenishment

The target geographies include densely populated residential areas, especially those with a high concentration of middle-income and aspiring upper-middle-class consumers, who form the core of Ondoors customer base.

To remain competitive, Ondoor emphasizes:

• Expansion of high-margin product categories.

• Continuous improvement in store productivity and footfall conversion.

• Adoption of data-driven decision-making in pricing, procurement, and promotions.

• Strengthening of its private label offerings in selected product lines.

Our Management is hopeful that Company will register even higher growth rate in Future.

4. FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The financial performance of the Company for the year 2024-25 is described in the Directors Report under the head Financial Result.

5. OPPORTUNITIES AND THREATS:

OPPORTUNITIES:

Opportunities highlight the key short, medium and long-term objectives of a brand, based on a review of a companys sales force, market research and performance. Industry insights, the relationships between us and our suppliers, and seasonal events are all powerful sales drivers and form the basis for growth. Major opportunities for the Company are as follows:

• Rising demand for organized retail.

• Increased adoption of digital commerce

• Favorable demographic trends and disposable income growth

• Scope for brand-building through private label initiatives

• Long experience of the promoters in the industry;

• We follow the Quality standards which are followed by leading companies working in the same segment.

• Omni-channel and convenient purchase experience to urban consumers.

THREATS:

Threats can be both internal and external, and are classified as anything that might have an adverse effect on the revenue growth in store. Major Threats/Challenges to the Company are as follows:

• Technology dependency

• Competition from local kirana stores and national retail chains

• Dependence on supply chain reliability for fulfillment operations

• Regulatory changes impacting SME compliance

6. RISKS AND CONCERNS

Key factor in determining a companys performance is the companys ability to manage the risks in it business/environment effectively. Many risks exist in a companys operating environment and they emerge on a regular basis viz Currency Risk, Market risk, Credit risk, Liquidity risk, Commodity price Risk, Human Resource Risk, statutory approvals. Like any other industry, the retail industry is also exposed to risk of competition, government policies, fluctuation of commodity price, natural factor like change in climate etc.Risk management is embedded in operating framework of your Company. Your Company believes that managing risks helps in maximizing returns. Risk management framework is reviewed periodically by the Board and the Audit Committee.

7. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has instituted robust internal control mechanisms in place, commensurate with its size and nature of operations to ensure compliance with statutory obligations, reliability of financial reporting, and safeguarding of assets. These controls are periodically reviewed and tested by both internal and external auditors. The Audit Committee also supervises control effectiveness and ensures corrective actions where required.

8. CHANGES IN KEY FINANCIAL RATIOS:

Pursuant to provisions of Regulation 34 (3) of SEBI (LODR) Regulation, 2015 read with Schedule V part B (1) details of changes (i.e., change of 25% or more as compared to the immediately previous financial year) in Key Financial Ratios is given hereunder:

Ratio Analysis	F.Y 2024-25	F.Y 2023-24	Change %	Reason for change if +/- 25%
Return on Equity	0.08	0.07	14.28	NA
Inventory Turnover Ratio	6.07	6.09	-0.32	NA
Trade Receivables Turnover Ratio	16.87	17.00	-0.76	NA
Trade Payables Turnover Ratio	23.07	11.07	108.40	Increase in Trade Payable days is due to increase in Working Capital requirements.
Current Ratio	2.60	2.87	-9.40	NA
Debt Equity Ratio	0.11	NA	--	NA
Net Capital Turnover Ratio	2.85	3.26	-12.57	NA
Net Profit Ratio	2.85	2.59	10.03	NA
Return on capital Employed	7.39	2.47	199.19	Company is generating attractive returns by effectively using Capital.
Return on Investment	NA	NA	--	NA

9. MATERIAL DEVELOPMENT IN HUMAN RESOURCES AND INDUSTRIAL RELATION FRONT INCLUDING NUMBER OF PEOPLE EMPLOYED

Our Company believes that a good Human Resource Policies are very effective for supporting and building the desired organization culture and to maintain the same our company taking actions on the day-to-day problems of the organization. The Company recognizes the importance and strategic value of its human capital as well as the cultural diversity and dignity of all employees, regardless of their position. It prioritizes employee empowerment to achieve organizational effectiveness and fosters a corporate environment that promotes self-motivation and teamwork.

The Company continues to focus on creating strong and long-term relationship with all employees as employee retention and development area mong the highest priorities of the Company. The Company is working on enhancing its competencies to take care of current and future business. The industrial relations of the Company continue to remain harmonious and cordial with focus on improving productivity and quality.

10. DISCLOSURE OF ACCOUNTING TREATMENT

In the Preparation of Financial Statements, Company has followed accounting principles generally accepted in India.

11. CAUTIONARY STATEMENT

Statements in this Annual Report, particularly those which relate to Management Discussion and Analysis, describing the Companys objectives, projections, estimates and expectations may constitute ‘forward-looking statements within the meaning of applicable laws and regulations. Actual results may differ materially due to various factors beyond the Companys control including market conditions, regulatory changes, and economic developments.

ON BEHALF OF BOARD OF DIRECTORS ON DOOR CONCEPTS LIMITED

Mr. Narendra Singh Bapna	Mr. Pramod Ramdas Ingle
Chairman & Managing Director	Whole Time Director
DIN:03201953	DIN:03201939
Place: Bhopal
Date: 28.08.2025