🧨 At a glance:
Osia Hyper Retail just dropped their audited FY25 results with a minor twist:
They revised their EPS, acknowledged an NBFC payment delay, and showed a balance sheet that looks more inflated than your neighborhood kirana shop’s “Buy 1 Get 5” offers.
🛍️ The Hypermart That Hyper-Grew
| Metric | FY25 | FY24 | YoY Growth |
|---|---|---|---|
| Revenue | ₹1,427 Cr | ₹1,144 Cr | 🔼 25% |
| Net Profit | ₹19.51 Cr | ₹18.29 Cr | 🔼 6.7% |
| EPS (Revised) | ₹1.46 | ₹1.42 | 🔼 |
| EBITDA | ~₹75 Cr est. | ~₹70 Cr est. | Slight jump |
| Operating Cash Flow | ₹(230 Cr) | ₹9 Cr | 🔽 Catastrophic |
Osia Hyper’s revenue growth is strong. But the cash flow looks like it tripped over its own inventory rack.
🧾 The Revised Result Bomb
They updated EPS after submitting results, citing:
- “Change in figures of Earnings per equity share for the current reporting period”
- EPS for FY25 adjusted to ₹1.46 (Basic & Diluted)
When companies refile results just to adjust EPS — either the CFO is too honest… or SEBI just called.
📊 Balance Sheet Breakdown (₹ in Cr)
| Particulars | FY25 | FY24 | % Change |
|---|---|---|---|
| Total Assets | ₹839.10 | ₹547.54 | 🔼 53% |
| Inventory | ₹471.09 | ₹281.96 | 🚨 67% ↑ |
| Trade Receivables | ₹157.35 | ₹67.77 | 🚨 132% ↑ |
| Loans Given | ₹104.93 | ₹54.04 | 🚨 94% ↑ |
| Equity | ₹392.53 | ₹199.33 | 💰 Doubled (via share issue) |
| Borrowings | ₹182.85 | ₹92.93 | 💸 Doubled too |
| Trade Payables | ₹83.98 | ₹96.28 | 🔽 Down |
Osia’s asset side looks like it’s on steroids:
- Huge spike in receivables (delayed payments?)
- Loan book ballooning (to whom?)
- Inventory pile-up like a D-Mart clearance sale that never cleared
🧾 Auditor Red Flag Alert 🚨
SPJV & Co. flagged:
“Delayed payment to NBFC in vendor financing arrangements… dues weren’t cleared on time.”
That’s serious. For a retail company sitting on ₹100+ Cr receivables, not paying NBFCs on time is a liquidity stress signal.
Auditor issued a qualified opinion — meaning, “Yes, results are OK… but also, something smells.”
🧮 Cash Flow Chaos
| FY25 | FY24 |
|---|---|
| Operating Cash Flow | ₹(230.48 Cr) |
| Investing Flow | ₹(7.45 Cr) |
| Financing Flow | ₹201.07 Cr |
| Net Cash | ₹(36.86 Cr) |
Operating cash is deeply negative, despite positive PAT. Classic working capital trap:
- Too much stock
- Too many people not paying on time
- Raising funds to fill holes
👑 EduInvesting Take
Osia’s financials look like a Diwali sale: flashy up top, but shaky behind the scenes.
Verdict:
- Revenue? ✅
- Profit? ✅
- Cash? ❌
- Liquidity? ❌
- Auditor’s smile? ❌
They’re growing fast — but need to fix receivables, debt servicing, and internal controls before this becomes the next retail implosion.
📉 Market Reaction
Currently listed on NSE SME (OSIAHYPER) — thin volume counter.
If this hits the mainboard, investor scrutiny will be as intense as their buy-one-get-four shelves.
📦 What’s Next?
| Event | Timeline |
|---|---|
| EPS Revision | Done ✅ |
| Auditor Qualification | Flagged, needs resolution by FY26 |
| Working Capital Plan? | TBA |
| Shareholder Q&A at AGM | Prepare for fireworks 🔥 |
🧨 Final Punchline
Osia is running a hypermart business with a hyper-aggressive balance sheet.
Until the cash flows catch up, and the NBFCs stop knocking…
It’s a retail growth story — but with a side of risk masala.
Author: Prashant Marathe
Date: 31 May 2025
Tags: Osia Hyper Retail FY25 Results, EPS Revision, NBFC Delay, Inventory Surge, Retail Audit, EduInvesting Forensic, SME Stock Audit
