BSE: 541865
Add-Shop E-Retail Limited
Distributes and sells consumer products across at least six categories — Ayurvedic products, animal food, sanitary pads, agriculture products, books and others — through an e-retail and distributor-led model registered in Rajkot, Gujarat. FY26 revenue from operations was ₹155.20 crore with net profit of ₹1.05 crore and an EBITDA margin of 2.13%. The cost shape is dominated by other operating expenses at 22.1% of revenue, with materials cost reported at 0.0% of revenue, consistent with a trading rather than manufacturing model. The statutory auditor flagged two operational concerns: trade receivables equal to 72.24% of annual revenue indicating very high debtor holding periods, and inability to verify one-to-one transactions for distribution commissions, incentives and bonuses totalling ₹23.23 crore. Outstanding borrowings stood at ₹1.17 crore. The single segment reported in the fact pack recorded ₹115.34 crore of revenue and ₹16.28 crore of EBIT. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Ayurvedic Products, Animal Food Products, Sanitary Pads, Agriculture Products, Books, Others. Thin-margin, distributor-led multi-category consumer retail
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 160 | 200 | 203 | 155 | 155 |
| EBITDA (ex other income) | 25 | 29 | 6 | 6 | 3 |
| margin % | 15.6 | 14.5 | 2.8 | 4.1 | 2.1 |
| Owners' profit | 19 | 19 | 3 | 3 | 1 |
| EPS, as reported (₹) | 9.91 | 7.86 | 1.12 | 1.17 | 0.37 |
| ROE % · ROCE % | 48.5 · 57.1 | 17.9 · 26.4 | 2.9 · 4.7 | 2.9 · 5.1 | 0.9 · 2.1 |
| Debt / equity (x) | 0.08 | 0.01 | 0.12 | 0.34 | 0.11 |
| Cash from operations | 9 | (45) | (29) | (10) | 8 |
| Capex | 0 | 0 | (0) | (0) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 31 | 34 | 50 | 29 | 33 | 35 | 57 | 46 |
| Profit before tax | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 0 |
| Net profit | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.31 | 0.32 | 0.13 | 0.07 | 0.08 | 0.09 | 0.13 | 0.09 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Ayurvadic Product | 7 | 12.0 |
| Animal Food | 44 | 77.2 |
| Sanitory Pad | 0 | 0.0 |
| Agriculture Product | 6 | 10.8 |
| Books and Others | 0 | 0.0 |
| Unallocable | 0 | 0.0 |
| Total, before eliminations | 57 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ETERNAL LIMITED | 3,02,088 | 697.9 | 9.75 | 115.6 | 1.2 | 1.8 | — | 4.8 |
| MEESHO LIMITED | 1,04,386 | — | 23.80 | — | (31.0) | (27.2) | — | (3.0) |
| FSN E COMMERCE VENTURES | 98,119 | 384.8 | 65.32 | 128.6 | 13.6 | 17.8 | — | 8.8 |
| SWIGGY LIMITED | 48,077 | — | 2.63 | — | (22.7) | (20.4) | — | (6.4) |
| URBAN COMPANY LIMITED | 21,338 | — | 9.95 | — | (11.0) | (6.3) | — | (11.4) |
| CARTRADE TECH LIMITED | 11,689 | 50.2 | 4.46 | 34.2 | 9.3 | 10.5 | — | 44.0 |
| BRAINBEES SOLUTIONS LTD | 8,677 | — | 1.62 | 22.8 | (3.8) | (2.4) | — | 4.2 |
| RATTANINDIA ENT LIMITED | 3,381 | — | 4.39 | — | (21.6) | — | 844.9 | 2.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.0 | 13.5 | 6 of 10 | 44% |
| P/B | 0.1 | 3.5 | 1 of 12 | 100% |
| ROCE | 1.2 | 1.8 | 9 of 15 | 43% |
| ROE | 0.9 | 1.1 | 7 of 12 | 46% |
| Debt / Equity | 0.1 | 0.0 | 8 of 11 | 30% |
| EBITDA margin | 1.9 | 4.0 | 9 of 12 | 27% |
| Revenue growth | 55.2 | 16.3 | 4 of 13 | 75% |
| Profit growth | 27.5 | 30.7 | 6 of 10 | 44% |
| Market cap | 15 | 2271 | 14 of 16 | 13% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to review September 2026 quarterly and half-year results | results | low | — | — |
| 14 Oct 2026 · Routine compliance certificate for dematerialisation filed with BSE | compliance | minimal | — | — |
| 30 Sept 2026 · Trading Window Closure Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 22 Sept 2026 · 13th AGM voting results: All 6 resolutions passed | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Scrutinizer Report: All 6 AGM Resolutions Passed by Shareholders | compliance | minimal | — | — |
| 19 Sept 2026 · 13th AGM held; financial statements adopted and related party deals approved | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Book Closure for 13th AGM from 12-19 September 2026 | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Add-Shop E-Retail files newspaper publication of 13th AGM notice | compliance | minimal | — | — |
| 27 Aug 2026 · Add-Shop E-Retail files FY26 Annual Report; AGM on 19 Sept via video call | compliance | low | — | — |
| 27 Aug 2026 · 13th AGM notice filed; votes on RPTs up to Rs 550 Crore and director re-appointment | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.