Osia Hyper Retail Limited

Consumer Cyclical — Department Stores · NSE

₹1.72−₹0.03 (−1.71%)

DalalBaazaar Score

53 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:10 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of Osia Hyper Retail Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Osia Hyper Retail Limited operates a supermarket chain under the Osia Hypermart name in India.

IndustryDepartment Stores

SectorConsumer Cyclical

Employees1,236

Annual revenue₹1,427 Cr

How does it make money?

Turns over ₹1,427 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹5 left at the operating level before interest, tax and depreciation. Each of its 1,236 employees supports ₹1.15 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin4.7%

Net margin1.4%

Revenue / employee₹1.15 Cr

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

MARUTI SUZUKI INDIA LTD.P/E 25.2x · ROE 13.4%

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

TRENT LTDP/E 87.2x · ROE 25.9%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

What is its competitive advantage?Little sign of one

Returns on capital of 9.0% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE9.0%

ROE5.0%

Peer median ROE25.9%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +142% while net margin moved -11% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+142%

Margin effect-11%

DalalBaazaar Score

53/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 5.0% is weak
✗ ROE has fallen by 4.9 points over the period

Quality vs. Valuation

Company Quality

47/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

88/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

1.3x

4Y Median

5.9x

52 monthly readings · mean 7.8x · range 1.2x–30.3x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 79% below its 4y median of 5.9x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 98% below the peer median of 69.2x.

vs. its own history

Cheap

5.9x median over 52 months · -79%

vs. sector peers

Cheap

69.2x median of 4 peers · -98%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

1.3x

P/B

0.07x

EV/EBITDA

3.1x

PEG

0.04

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well2

Valuation below its historical average
At 1.3x the stock trades 79% below its own median of 5.9x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention4

Debt is rising
Total debt is up 144% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Return on equity is falling
ROE has dropped from 9.9% to 5.0% — each rupee of shareholder capital earns less than it did.
Receivables growing faster than sales
Receivables are up 274% against revenue growth of 142% — customers are taking longer to pay.

Red Flags

6 items require attention · 5 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 144% over 3 years, from ₹78 Cr to ₹191 Cr.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.8x — little room if earnings dip.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Receivables growing faster than salesFinancial
Receivables up 274% against revenue up 142% — sales are being booked faster than they are collected.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 73% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 79% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 98% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 274% against revenue up 142%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 9.9% to 5.0%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
5 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 26% a year✓ 34.3% CAGR
Latest reported year was -6.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 3%✓ 4.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✗ -₹238 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✗ 1.8x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

4 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 3 neutral · 4 weak

Market Cap

₹28 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

1.3x

Cheap

Cheap against the generic band

P/B Ratio

0.07x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.37

Profitable

Profitable on a per-share basis

ROE

5.0%

Weak

Weak capital efficiency

ROCE

9.0%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.40x

Low

Conservative leverage

Revenue Growth (YoY)

-6.1%

Shrinking

Sales are contracting

Profit Growth (YoY)

-64.7%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹238 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹1.72

Operating Margin

2.7%

Weak

Thin margins leave little room for error

Net Margin

1.3%

Weak

Very little revenue reaches the bottom line

Current Ratio

3.46

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.47

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

2.0 / 2.4

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

26.8

Oversold zone

Financial Trend (4-Year)

Metric	FY22	FY23	FY24	FY25	3Y CAGR
Revenue	₹590 Cr	₹739 Cr	₹1,144 Cr	₹1,427 Cr	+34.3%
EBITDA	₹26 Cr	₹40 Cr	₹69 Cr	₹67 Cr	+38.1%
EBITDA Margin	4.3%	5.4%	6.0%	4.7%	—
PAT (Net Profit)	₹9 Cr	₹10 Cr	₹18 Cr	₹20 Cr	+29.2%
EPS	₹15.19	₹6.78	₹1.6	₹1.46	-54.2%
ROE	9.9%	8.4%	9.2%	5.0%	—
ROCE	9.2%	12.4%	17.9%	9.0%	—
Total Debt	₹78 Cr	₹124 Cr	₹124 Cr	₹191 Cr	+34.6%
Free Cash Flow	-₹17 Cr	-₹20 Cr	-₹7 Cr	-₹238 Cr	—

🟢 Revenue has grown at 34.3% a year over 3 years.

🟢 EBITDA has grown at 38.1% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 4.7% over 3 years.

🟢 PAT (Net Profit) has grown at 29.2% a year over 3 years.

🔴 EPS has shrunk at 54.2% a year over 3 years.

🔴 ROE has fallen from 9.9% to 5.0% over 3 years (-4.9 pts).

🟡 ROCE has held roughly flat at 9.0% over 3 years.

🔴 Total Debt has grown at 34.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2025

Total Assets

₹839 Cr

Total Liabilities

₹447 Cr

Total Debt

₹191 Cr

Cash & Equivalents

₹7 Cr

Operating Cash Flow

-₹230 Cr

Capex

-₹7 Cr

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

1 mixed5 general

Osia Hyper Retail Limited (OSIAHYPER) Share Price NSE

TechGraph, 08 Oct

Is Osia Hyper Retail the Best Stock in Its Sector? A Look at the Numbers

Univest, 06 Oct

Osia Hyper Retail (OSIAHYPER.NS) Slips 2.58% to ₹2.27 as Stock Tests Support Near ₹2.16 - Quote Data

https://www.siam.in/, 30 Sept

The Market Doesn't Like What It Sees From Osia Hyper Retail Limited's (NSE:OSIAHYPER) Earnings Yet As Shares Tumble 26%

Simply Wall Street, 15 JanPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Osia Hyper Retail promoters report no encumbrance in FY26

scanx.trade, 07 Jul

Osia Hyper Mart shuts shop, company owes suppliers dues of ₹50 crore to ₹100 crore

GujaratSamachar English, 02 May

Watch Items

Revenue growth is negative (-6.1%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

🔴Business QualityWeak7.5/20

🟡Financial HealthAdequate10.1/20

🟡GrowthModest12.9/20

🔴ProfitabilityWeak4.6/15

🟢ValuationAttractive13.2/15

🔴RiskHigh4.4/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 5 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 26% a year34.3% CAGR
✓EBITDA margin holds above 3%4.7%
✗Debt / EBITDA stays below 2x2.8x
✗Free cash flow remains positive-₹238 Cr
✗Interest cover stays above 3x1.8x