Trading · Founded 2013 · www.addshop.co · BSE 541865 · · ISIN INE01B501018
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Business
Add-Shop E-Retail Ltd. (ASRL) is an Indian e-retail and multi-channel marketing company involved in the trading and distribution of various consumer products. Its core business model combines online sales through its e-commerce platform with a direct selling network of distributors and franchisees. The company focuses on a diverse product portfolio, including ayurvedic products, agricultural inputs, animal feed supplements, health and personal care products, and home care items, primarily targeting the Indian consumer market. It aims to provide products directly to consumers, often emphasizing affordability and quality.
Revenue Mix
ASRL's revenue is generated from the sale of its diversified product range. While specific percentage breakdowns by product category are not consistently detailed in public domain, its primary product segments include:
Health & Wellness Products: Ayurvedic medicines, health supplements, personal care items.
Agricultural & Animal Healthcare Products: Agro-based products like fertilizers, pesticides, seeds, and animal feed supplements.
Home Care & FMCG: Various household and fast-moving consumer goods.
This structure indicates a broad approach rather than reliance on a single product category.
Industry
ASRL operates within India's highly competitive and rapidly expanding retail and e-retail sector. The industry is characterized by increasing internet penetration, growing disposable incomes, and a strong preference for health and wellness products.
Industry Structure: The market is fragmented, with numerous players ranging from large e-commerce giants (Amazon, Flipkart), established FMCG companies, traditional retailers, and a multitude of smaller direct selling companies.
Positioning: ASRL positions itself as a player offering a diversified product basket, particularly focusing on "Made in India" and Ayurvedic/natural products. Its hybrid sales model, combining online presence with a direct selling network, aims to reach consumers in urban, semi-urban, and rural areas, carving a niche by emphasizing direct access and potentially competitive pricing.
MOAT
ASRL operates in a challenging market where strong competitive moats are difficult to establish.
Brand: While they market their own brands, they do not possess the widespread brand recognition or loyalty of major established consumer goods companies.
Scale: The company lacks the significant economies of scale in manufacturing, procurement, logistics, or marketing that larger conglomerates command.
Network: Their direct selling and franchisee network offers a distribution advantage, particularly for reaching remote or underserved markets. However, the effectiveness and stability of such networks require continuous investment and can face high churn.
Switching Costs: For most of their consumer products, switching costs for customers are generally low.
Proprietary Technology/IP: No apparent significant proprietary technology or intellectual property provides a durable advantage.
Overall, ASRL's competitive advantages appear relatively weak, relying more on market reach and product diversity than deep, structural moats.
Growth Drivers
1. Expanding E-commerce Market: Continued growth in internet and smartphone penetration across India, particularly in Tier 2/3 cities and rural areas, expands ASRL's potential online customer base.
2. Rising Health & Wellness Demand: Increasing consumer awareness and demand for natural, Ayurvedic, and health-conscious products, which form a significant part of ASRL's portfolio.
3. Network Expansion: Further strengthening and expanding its direct selling and franchisee network can enhance market reach and sales volumes.
4. Product Portfolio Diversification: Introduction of new products and categories to cater to evolving consumer preferences and capture a greater share of spending.
5. "Make in India" Initiative: Government focus on promoting local manufacturing and businesses could provide an indirect boost, aligning with their product sourcing.
Risks
1. Intense Competition: Significant competition from large e-commerce platforms, established FMCG companies, traditional retailers, and other direct selling players, leading to price wars and increased marketing costs.
2. Supply Chain Vulnerabilities: Dependence on third-party manufacturers and suppliers for products can lead to quality control issues, supply disruptions, and cost fluctuations.
3. Regulatory Changes: Evolving regulations concerning e-commerce, direct selling, and specific product categories (e.g., health supplements, agricultural inputs) in India could impact operations and compliance costs.
4. Brand Building Challenges: Difficulty in building strong brand recognition and customer loyalty in a crowded market without substantial marketing investment.
5. Dependence on Distributor Network: The direct selling model relies heavily on the performance, motivation, and retention of its distributor network, which can be prone to high churn and require constant management.
6. Economic Downturn: Reduced consumer discretionary spending during economic slowdowns could negatively impact sales, particularly for non-essential products.
Management & Ownership
Mr. Dharmesh Ratibhai Desai is a key promoter and holds the position of Managing Director, indicating a promoter-driven leadership. The company's management typically reflects the strategic vision of its founders. Promoters generally hold a significant ownership stake in the company, aligning their interests with long-term growth. The remaining shares are held by public shareholders, including retail and potentially institutional investors.
Outlook
Add-Shop E-Retail Ltd. operates in a dynamic and growing Indian market, with opportunities arising from increasing e-commerce penetration and rising demand for health, wellness, and agricultural products. Its diversified product range and hybrid online-cum-direct selling model provide potential avenues for market reach, especially in semi-urban and rural areas. However, the company faces substantial competitive headwinds from well-capitalized domestic and international players, which could pressure margins and market share. The ability to effectively scale its distribution network, maintain product quality, differentiate its offerings, and manage supply chain complexities will be critical. Given the absence of strong, enduring competitive advantages, its future performance will largely depend on agile execution, efficient capital allocation, and effective brand building in a highly competitive environment.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 58 | 40 | 31 | 34 | 50 | 29 | 33 | 35 | 57 | 46 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 58 | 40 | 31 | 34 | 50 | 29 | 33 | 35 | 57 | 46 |
| Total Expenditure | 68 | 38 | 30 | 32 | 49 | 29 | 33 | 34 | 56 | 45 |
| Operating Profit | -10 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -10 | 2 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 0 |
| Provision for Tax | -3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -7 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 |
| Profit After Adjustments | -7 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted Earnings Per Share | -2.5 | 0.4 | 0.3 | 0.3 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 2 | 5 | 13 | 23 | 37 | 79 | 160 | 200 | 203 | 155 | 171 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 2 | 5 | 13 | 23 | 37 | 79 | 160 | 200 | 203 | 155 | 171 |
| Total Expenditure | 0 | 2 | 4 | 12 | 21 | 35 | 67 | 135 | 171 | 195 | 149 | 168 |
| Operating Profit | 0 | 0 | 0 | 0 | 2 | 3 | 11 | 25 | 29 | 8 | 6 | 4 |
| Interest | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 0 | 0 | 0 | 1 | 2 | 10 | 23 | 27 | 6 | 5 | 1 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 1 | 3 | 4 | 8 | 3 | 1 | 0 |
| Profit After Tax | 0 | -0 | 0 | 0 | 1 | 1 | 8 | 19 | 19 | 3 | 3 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | -0 | 0 | 0 | 1 | 1 | 8 | 19 | 19 | 3 | 3 | 0 |
| Adjusted Earnings Per Share | 0 | -0 | 1.3 | 2 | 0.4 | 0.6 | 4 | 9.9 | 6.8 | 1.1 | 1.2 | 0.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -24% | -1% | 33% | 0% |
| Operating Profit CAGR | -25% | -38% | 15% | 0% |
| PAT CAGR | 0% | -46% | 25% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -35% | -46% | -41% | NA% |
| ROE Average | 3% | 11% | 29% | 36% |
| ROCE Average | 4% | 16% | 32% | 26% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 0 | 0 | 0 | 0 | 11 | 13 | 20 | 39 | 107 | 110 | 113 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 1 | 1 | 2 | 2 | 3 | 1 | 1 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 0 | 0 | 6 | 3 | 19 | 22 | 8 | 43 | 15 | 42 |
| Total Liabilities | 0 | 0 | 1 | 8 | 16 | 33 | 45 | 51 | 151 | 126 | 155 |
| Fixed Assets | 0 | 0 | 0 | 0 | 3 | 4 | 5 | 7 | 6 | 6 | 5 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15 | 6 | 21 |
| Total Current Assets | 0 | 0 | 1 | 7 | 12 | 29 | 40 | 44 | 129 | 114 | 129 |
| Total Assets | 0 | 0 | 1 | 8 | 16 | 33 | 45 | 51 | 151 | 126 | 155 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 |
| Cash Flow from Operating Activities | 0 | -0 | 0 | -0 | -2 | -3 | 1 | 9 | -45 | -19 | -10 |
| Cash Flow from Investing Activities | 0 | -0 | -0 | -0 | -4 | -0 | -1 | -3 | -1 | 9 | -15 |
| Cash Flow from Financing Activities | 0 | 0 | 0 | 1 | 6 | 3 | 1 | -5 | 45 | 11 | 24 |
| Net Cash Inflow / Outflow | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 1 | -1 | 1 | -1 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0 | -0.03 | 1.25 | 1.96 | 0.45 | 0.63 | 3.99 | 9.91 | 6.77 | 1.12 | 1.17 |
| CEPS(Rs) | 0 | 0.06 | 1.5 | 2.41 | 0.5 | 0.74 | 4.13 | 10.15 | 6.96 | 1.29 | 1.37 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0.09 | 0.05 | 1.31 | 3.27 | 5.83 | 6.45 | 10.54 | 20.45 | 37.75 | 38.86 | 39.86 |
| Core EBITDA Margin(%) | 0 | 1.21 | 4.89 | 3.17 | 7.88 | 6.93 | 14.61 | 15.6 | 14.52 | 3.74 | 4.05 |
| EBIT Margin(%) | 0 | 0.64 | 4.95 | 2.8 | 7.45 | 6.56 | 14.25 | 15.31 | 14.25 | 3.49 | 3.7 |
| Pre Tax Margin(%) | 0 | 0.36 | 4.75 | 2.56 | 5.19 | 4.59 | 13 | 14.69 | 13.75 | 2.99 | 2.91 |
| PAT Margin (%) | 0 | -0.2 | 3.23 | 1.83 | 3.81 | 3.22 | 9.77 | 11.96 | 9.59 | 1.55 | 2.14 |
| Cash Profit Margin (%) | 0 | 0.37 | 3.85 | 2.25 | 4.24 | 3.84 | 10.13 | 12.25 | 9.86 | 1.8 | 2.5 |
| ROA(%) | 0 | -1.78 | 23.43 | 5.46 | 7.39 | 4.9 | 19.67 | 39.96 | 19.02 | 2.28 | 2.36 |
| ROE(%) | 0 | -46.91 | 184.43 | 85.69 | 14.92 | 10.18 | 46.92 | 63.95 | 26.2 | 2.91 | 2.98 |
| ROCE(%) | 0 | 7.89 | 60.06 | 24.49 | 20.81 | 14.52 | 45.47 | 67.84 | 37.84 | 6.14 | 4.2 |
| Receivable days | 0 | 8.58 | 8.13 | 74.86 | 92.44 | 138.99 | 124.53 | 62.26 | 103.02 | 158.12 | 214.08 |
| Inventory Days | 0 | 46.58 | 21.17 | 31.71 | 58.67 | 61.27 | 34.74 | 31.21 | 43.4 | 48.41 | 68.02 |
| Payable days | 0 | 11.21 | 27.84 | 130.9 | 84.99 | 96.2 | 81.22 | 24.17 | 46.93 | 39.09 | 6.87 |
| PER(x) | 0 | 0 | 0 | 0 | 19.81 | 16.56 | 8.31 | 7.54 | 5.38 | 16.78 | 6.56 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 1.53 | 1.61 | 3.14 | 3.65 | 0.97 | 0.48 | 0.19 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0 | 0.15 | 0.04 | 0.14 | 0.86 | 0.73 | 0.92 | 1.17 | 0.52 | 0.32 | 0.38 |
| EV/Core EBITDA(x) | 0 | 12.05 | 0.69 | 4.27 | 10.9 | 10.12 | 6.3 | 7.47 | 3.57 | 8.51 | 9.41 |
| Net Sales Growth(%) | 0 | 0 | 136.37 | 175.55 | 81.24 | 64.17 | 110.43 | 103.2 | 25.2 | 1.59 | -23.61 |
| EBIT Growth(%) | 0 | 0 | 1731.71 | 56.15 | 381.84 | 44.47 | 357.07 | 118.4 | 16.5 | -75.13 | -19.02 |
| PAT Growth(%) | 0 | 0 | 3965.79 | 56.27 | 277.33 | 38.97 | 537.71 | 148.63 | 0.4 | -83.52 | 5.09 |
| EPS Growth(%) | 0 | 0 | 3965.79 | 56.27 | -77.05 | 38.98 | 537.71 | 148.68 | -31.72 | -83.52 | 5.09 |
| Debt/Equity(x) | 0 | 47.66 | 1.93 | 5.34 | 0.23 | 0.6 | 0.45 | 0.08 | 0.01 | 0.12 | 0.34 |
| Current Ratio(x) | 0 | 3.01 | 1.57 | 1.16 | 3.73 | 1.56 | 1.82 | 5.55 | 3.01 | 7.55 | 3.07 |
| Quick Ratio(x) | 0 | 0.67 | 0.79 | 0.86 | 2.08 | 1.18 | 1.46 | 3.08 | 2.36 | 5.84 | 2.31 |
| Interest Cover(x) | 0 | 2.28 | 25.6 | 11.46 | 3.29 | 3.32 | 11.38 | 24.58 | 28.54 | 6.93 | 4.71 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0.15 | 0.37 | 0.14 | 0.02 | 0.01 | 0.24 | 1.74 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 27.2 | 27.2 | 27.2 | 27.2 | 27.2 | 27.2 | 27.2 | 27.2 | 27.2 | 27.2 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 72.8 | 72.8 | 72.8 | 72.8 | 72.8 | 72.8 | 72.8 | 72.8 | 72.8 | 72.8 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 2.06 | 2.06 | 2.06 | 2.06 | 2.06 | 2.06 | 2.06 | 2.06 | 2.06 | 2.06 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.83 | 2.83 | 2.83 | 2.83 | 2.83 | 2.83 | 2.83 | 2.83 | 2.83 | 2.83 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -24% | -1% | +33% | — |
| Operating Profit CAGR | -25% | -38% | +15% | — |
| PAT CAGR | 0% | -46% | +25% | — |
| Share Price CAGR | -35% | -46% | -41% | — |
| ROE Average | +3% | +11% | +29% | +36% |
| ROCE Average | +4% | +16% | +32% | +26% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 27.2 | 27.2 | 27.2 | 27.2 | 27.2 | 27.2 | 27.2 | 27.2 | 27.2 | 27.2 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 72.8 | 72.8 | 72.8 | 72.8 | 72.8 | 72.8 | 72.8 | 72.8 | 72.8 | 72.8 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 2.06 | 2.06 | 2.06 | 2.06 | 2.06 | 2.06 | 2.06 | 2.06 | 2.06 | 2.06 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.83 | 2.83 | 2.83 | 2.83 | 2.83 | 2.83 | 2.83 | 2.83 | 2.83 | 2.83 |
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