Elevated receivables and working capital strain
Trade receivables rose to ₹71 crore (~100 days), driven by revenue concentration in month-end and B2B2C models. Management targets 60 days long-term but no timeline given.
THOMASSCOTT / bear-case history
Track the concerns that keep returning.
Thomas Scott · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Warehouse fire impact and insurance claim uncertainty
A fire at the Dandi warehouse caused inventory loss of ₹21.85 crore (fully insured). Management estimates 15-20% revenue loss but claim settlement timeline is unclear.
Inventory obsolescence risk from high SKU count
SKU count reached 31,216, raising concerns about slow-moving inventory. Management relies on test-and-scale and end-of-season sales, but tail inventory risk persists.