Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹12 Cr.
Stock P/E
-5.7
P/B
3.7
Current Price
₹5.5
Book Value
₹ 1.5
Face Value
1
52W High
₹6.6
52W Low
₹ 3.1
Dividend Yield
0%

Net Avenue Tech. Overview

Business

Net Avenue Technologies Ltd. is an e-commerce company primarily engaged in the online retail of Indian ethnic wear and accessories. Operating primarily through its own e-commerce platforms like Cbazaar.com and Ethnovogue.com, the company offers a wide range of products for women, men, and kids, including sarees, lehengas, salwar kameez, kurtas, and custom-made apparel. Its core business model involves sourcing, designing (or partnering for design), manufacturing (or outsourcing production), and selling these products directly to consumers globally, with a significant focus on the Indian diaspora and domestic market. The company makes money through direct sales of its apparel and accessories via its online portals.

Revenue Mix

The company primarily operates within a single major segment: the online retail of ethnic Indian apparel and related accessories. While specific revenue contributions by product category (e.g., sarees vs. salwar kameez, or customized vs. ready-to-wear) are typically not detailed in public filings, the bulk of its revenue is derived from direct-to-consumer (D2C) sales of fashion goods. There is no publicly disclosed significant diversification into other distinct business segments.

Industry

Net Avenue Technologies operates within the competitive Indian e-commerce sector, specifically targeting the online ethnic wear market. This industry is characterized by strong growth driven by increasing internet penetration, rising disposable incomes, and a growing consumer preference for online shopping. The company positions itself as a specialized retailer offering a wide selection of ethnic wear, often with customization options. It competes with large horizontal e-commerce players (e.g., Myntra, Amazon India, Flipkart, Ajio that also sell ethnic wear) as well as other specialized online ethnic wear retailers and emerging D2C brands. Its long-standing presence potentially gives it some recognition within the niche.

MOAT

Net Avenue Technologies possesses some competitive advantages, though these may not be considered strong moats against larger, more diversified players. Its advantages include:

Niche Specialization: Focused expertise in Indian ethnic wear allows for deeper product catalogs and specific design capabilities.

Brand Recognition: Cbazaar has been operational for a significant period, potentially building a degree of brand recall and trust among its target demographic, particularly the Indian diaspora.

Customization Service: Offering made-to-measure and design customization for ethnic wear can create a sticky customer base and differentiate it from mass-market retailers.

Established Supply Chain: Years of operation likely mean established relationships with artisans, manufacturers, and logistics partners.

Growth Drivers

E-commerce Penetration: Continued growth in online shopping adoption in India and globally, especially post-pandemic.

Rising Disposable Incomes: Increased consumer spending on discretionary items like fashion and ethnic wear.

Global Indian Diaspora: Expanding reach and marketing efforts to the significant Indian population residing outside India.

Product Line Expansion: Introduction of new designs, categories, and fashion trends within ethnic wear to attract a broader customer base.

Digital Marketing & Brand Building: Effective use of online channels to acquire new customers and enhance brand visibility.

Personalization Trend: Leveraging its customization capabilities to cater to the increasing demand for unique and personalized fashion.

Risks

Intense Competition: High competition from well-funded horizontal e-commerce giants, other specialized online ethnic wear retailers, and traditional brick-and-mortar brands moving online.

Inventory Management & Fashion Trends: Risk of inventory obsolescence, markdown, and inability to quickly adapt to rapidly changing fashion trends, leading to financial losses.

Supply Chain Disruptions: Reliance on third-party manufacturers, logistics, and raw material suppliers, making it vulnerable to disruptions.

Customer Acquisition Costs (CAC): Escalating digital marketing costs can compress margins, especially for a niche player.

Returns & Quality Control: High return rates in online apparel can negatively impact profitability and logistics.

Cybersecurity & Data Privacy: Risks associated with managing customer data and online transactions.

Economic Downturns: Discretionary spending on ethnic fashion can be sensitive to economic slowdowns or reduced consumer confidence.

Management & Ownership

Net Avenue Technologies is promoted and managed by its founding family/individuals. Mr. Rajesh Nahar is typically associated with the company as a key promoter and Managing Director, bringing relevant experience in the e-commerce and fashion sectors. The ownership structure generally comprises a significant promoter holding, with the remaining shares held by institutional investors (if any) and the public. Details on specific institutional holdings and exact promoter percentages are available in the company's official exchange filings.

Outlook

Net Avenue Technologies operates in a growing but highly competitive segment of the e-commerce market. The company's focus on Indian ethnic wear and customization offers a unique value proposition, particularly for the global Indian diaspora and those seeking personalized attire. The overall growth in e-commerce adoption and rising disposable incomes present tailwinds for expansion. However, the company faces significant challenges from larger, diversified e-commerce players and the inherent risks of managing inventory, supply chains, and customer acquisition costs in the fast-paced fashion industry. Its ability to innovate, manage costs efficiently, and adapt to evolving customer preferences will be crucial for sustained growth and profitability amidst fierce competition.

Net Avenue Tech. Share Price

Live · NSE · Inception: 2001
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Net Avenue Tech. Quarterly Results

#(Fig in Cr.)
Net Sales
Other Income
Total Income
Total Expenditure
Operating Profit
Interest
Depreciation
Exceptional Income / Expenses
Profit Before Tax
Provision for Tax
Profit After Tax
Adjustments
Profit After Adjustments
Adjusted Earnings Per Share

Net Avenue Tech. Profit & Loss

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 14 31 33 27 27 25
Other Income 1 2 1 0 1 2
Total Income 14 33 35 27 28 27
Total Expenditure 14 29 32 29 32 28
Operating Profit 0 4 3 -2 -4 -2
Interest 0 1 1 0 0 0
Depreciation 0 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 1 0 -0
Profit Before Tax -0 3 2 -2 -4 -2
Provision for Tax -0 0 -0 0 0 0
Profit After Tax 0 3 2 -2 -4 -2
Adjustments -0 -0 -0 -0 0 0
Profit After Adjustments 0 3 2 -2 -4 -2
Adjusted Earnings Per Share 0.3 3.1 2.1 -0.7 -1.9 -1

Net Avenue Tech. Balance Sheet

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds -2 0 2 10 6 4
Minority's Interest 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0
Other Non-Current Liabilities 0 0 0 0 0 0
Total Current Liabilities 10 12 12 8 7 7
Total Liabilities 7 13 14 19 13 12
Fixed Assets 0 0 0 0 0 0
Other Non-Current Assets 1 1 1 1 1 0
Total Current Assets 6 11 12 17 12 11
Total Assets 7 13 14 19 13 12

Net Avenue Tech. Cash Flow

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 1 1 3 0 1 2
Cash Flow from Operating Activities -1 3 -3 -1 -0 -0
Cash Flow from Investing Activities 0 -0 -0 -6 2 -0
Cash Flow from Financing Activities 1 -1 2 8 -1 -0
Net Cash Inflow / Outflow 1 2 -1 1 1 -1
Closing Cash & Cash Equivalent 1 3 2 1 2 1

Net Avenue Tech. Ratios

# Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 0.28 3.11 2.1 -0.74 -1.94 -0.95
CEPS(Rs) 0.33 3.24 2.3 -0.67 -1.9 -0.92
DPS(Rs) 0 0 0 0 0 0
Book NAV/Share(Rs) -4.91 -1.65 0.45 4.46 2.39 1.46
Core EBITDA Margin(%) -1.43 6.76 5.02 -7.54 -17.01 -13.09
EBIT Margin(%) 3.16 11.33 7.75 -5.14 -15.04 -7.99
Pre Tax Margin(%) -0.23 8.69 5.25 -5.92 -15.36 -8.13
PAT Margin (%) 1.68 8.37 5.28 -5.92 -15.36 -8.13
Cash Profit Margin (%) 1.98 8.7 5.77 -5.39 -15.01 -7.88
ROA(%) 3.11 25.99 13.26 -9.53 -25.48 -16.15
ROE(%) 0 0 0 -31.82 -56.79 -49.5
ROCE(%) 0 790.39 81.41 -16.21 -43.6 -35.16
Receivable days 18.88 7.56 10.18 11.33 4.68 3.17
Inventory Days 71.12 48.93 70.48 87.03 56.53 34.44
Payable days 267.26 199.47 179.77 223.1 105.07 101.89
PER(x) 0 0 0 0 0 0
Price/Book(x) 0 0 0 4.58 2.68 3.42
Dividend Yield(%) 0 0 0 0 0 0
EV/Net Sales(x) 0.05 -0.07 0.03 1.57 0.39 0.3
EV/Core EBITDA(x) 1.57 -0.61 0.33 -24.06 -2.62 -4.23
Net Sales Growth(%) 0 126.33 7.05 -20.13 1.53 -7.5
EBIT Growth(%) 0 712.26 -26.77 -152.96 -197.32 50.87
PAT Growth(%) 0 1030.7 -32.54 -189.62 -163.37 51.04
EPS Growth(%) 0 1031.59 -32.55 -135.16 -163.35 51.04
Debt/Equity(x) -0.47 -0.66 5.74 0.14 0.14 0.18
Current Ratio(x) 0.64 0.92 1.06 2.07 1.79 1.5
Quick Ratio(x) 0.36 0.45 0.43 1.41 1.36 1.25
Interest Cover(x) 0.93 4.29 3.1 -6.56 -48.04 -57.58
Total Debt/Mcap(x) 0 0 0 0.03 0.05 0.05

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -7% -9% +12% —
Operating Profit CAGR — 0% — —
PAT CAGR — 0% — —
Share Price CAGR +40% — — —
ROE Average -50% -46% -28% -23%
ROCE Average -35% -32% +155% +129%

Net Avenue Tech. Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 38.61 %
FII 0 %
DII (MF + Insurance) 0 %
Public (retail) 61.39 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 33.2834.2333.2833.2833.2833.2833.2833.2837.5338.61
FII 0000000000
DII 20.3317.0412.8512.8512.8512.852.75000
Public 46.3948.7353.8753.8753.8753.8763.9766.7262.4761.39
Others 0000000000
Total 100100100100100100100100100100

Net Avenue Tech. Peer Comparison

e-Commerce Edit Columns

Net Avenue Tech. Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

See more…

Net Avenue Tech. Pros & Cons

Pros

  • Debtor days have improved from 105.07 to 101.89days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 38.61%.
  • Company has a low return on equity of -46% over the last 3 years.
  • Stock is trading at 3.7 times its book value.
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