Altman Z″
Needs current assets and current liabilities.
RENTOMOJO · Not specified · INE08T701025
Analyst mean 0.00 · 0 analysts · 0% bullishThis company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Rentomojo Limited operates India's leading technology-driven, full-stack D2C online rental and subscription platform for home furniture and appliances. The company serves urban households, young working professionals, and mobile workers across 29 cities in India through an omnichannel setup combining digital platforms with 82 experience stores across 17 cities and 20 warehouses providing 538,933 sq. ft. of space. Its product portfolio spans 851,184 live items across furniture (beds, mattresses, sofas, wardrobes, study tables) and appliances (refrigerators, washing machines, televisions, air conditioners, water purifiers). Rentomojo also offers private-label appliances under 'Zenovi by Mojo', manufactured via strategic contract manufacturing partnerships with Dixon Technologies (for refrigerators and washing machines) and Sarjan Watertech (for water purifiers). Sourcing is supported by 252 suppliers across 29 cities. Scale is underpinned by an in-house refurbishment ecosystem with 1,688 technicians and workers that completed 617,525 refurbishments in Fiscal 2026, achieving an average delivery turnaround time of 2.35 days and maintaining an 83.34% asset occupancy rate.
Rentomojo holds market leadership in the organized home furniture and appliances rental market (excluding water purifiers), with a 42%–47% subscription revenue share and over 50%–55% of live subscribers in Fiscal 2025. Its moat is powered by an integrated multi-stack flywheel spanning e-commerce (shared route logistics), subscription (11-touchpoint lifecycle and ML credit underwriting achieving 99.00% revenue realization efficiency), and re-commerce (in-house refurbishment infrastructure extending asset useful life to 10 years, driving 4.49x–5.12x revenue multiples on 9+ year-old cohorts).
Rentomojo Limited operates a technology-driven, full-stack direct-to-consumer (D2C) online rental and subscription platform for home furniture and appliances in India. Operating across an omnichannel network of an online platform and 82 experience stores across 17 cities, the company offers flexible subscription plans for essential home products such as beds, washing machines, refrigerators, and water purifiers.
Source: p.176, 178, 188, 328
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Furniture rentals | 50.59 | p.42 |
| Appliances and other recurring subscription revenue | 47.31 | p.42 |
| Other operating revenue (Quality, inspection, damage waiver, delivery & installation) | 2.1 | p.442 |
The Indian home furniture and appliances rental market is a rapidly expanding sector with a Total Addressable Market (TAM) of ₹ 69,520.00 Crore (USD 8.2 billion) in CY2025, forecasted to reach ₹ 117,210.00 Crore (USD 13.8 billion) by CY2030 at an 11% CAGR. Growth is driven by rapid urban expansion (522 million urban residents in CY2025), rising nuclear households, a mobile formal workforce, and high upfront purchasing costs. The active rental market expanded at a 45% CAGR from ₹ 350.00 Crore in CY2021 to ₹ 1,550.00 Crore in CY2025, and is projected to reach ₹ 6,030.00 Crore by CY2030 at a 31% CAGR. Organized players account for 80%–85% of this market, with Rentomojo holding the dominant market leadership position.
Growth rate: 11% CAGR (CY2025 to CY2030P for TAM); 31% CAGR (CY2025 to CY2030P for active rental market)
Market size: ₹ 69,520.00 Crore (TAM in CY2025); ₹ 1,550.00 Crore (active rental market size in CY2025)
Sector slug: consumer-services
Source: p.233, 234, 236
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| consolidated | FY26 | 0.011 | 104.299 | 26.95% | 386.988 | yes | -4.199 |
| consolidated | FY25 | 0.009 | 43.106 | 16.21% | 265.959 | yes | -34.684 |
| standalone | FY24 | 0.009 | 22.412 | 11.63% | 192.701 | yes | 113.096 |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
How will the ₹ 150.00 Crore Fresh Issue proceeds be deployed?
The company will deploy ₹ 70.00 Crore for prepayment/repayment of outstanding borrowings, ₹ 42.50 Crore for lease rental and license fee payments for warehouses and experience stores, and the remainder for general corporate purposes.
p.142
What is the revenue mix between furniture and appliance rentals?
In Fiscal 2026, furniture rentals generated ₹ 195.79 Crore (50.59% of operational revenue), while appliances and other recurring subscriptions generated ₹ 183.08 Crore (47.31%).
p.42
What drove the sharp rise in FY26 Restated PAT to ₹ 104.30 Crore?
PAT expansion was driven by a 45.51% increase in operating revenue due to live subscriber growth, operating leverage, and a deferred tax credit of ₹ 36.64 Crore.
p.280, 420, 431
What are the key operational risks regarding promoter shareholding and workforce attrition?
Promoter Geetansh Bamania holds a low 14.69% pre-IPO equity stake, and workforce attrition remains high at 42.37% in Fiscal 2026, requiring ongoing recruitment and retention efforts.
p.50, 118
What the issue priced at, on the figures in the document.
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2012-04-16 | Geetansh Bamania and Jagdish Bamania | 10000 | 10 | Initial Subscription | p.117 |
| 2015-08-03 | Ajay Nain, Gaurav Bamania, Central Park Securities Holdings Private Limited | 10845 | 15 | Rights issue | p.117 |
| 2015-08-11 | Nitish Mittersain, Vishal Sampat, Central Park Securities Holdings Private Limited | 1330 | 4511.28 | Rights issue | p.117 |
| 2015-09-10 | Accel India IV (Mauritius) Limited, IDG Ventures India Fund II LLC | 200 | 92807.42 | Rights issue | p.117 |
| 2025-07-24 | Existing Shareholders | 5221640 | 0.01 | Rights issue | p.131 |
| 2026-03-07 | Geetansh Bamania, Gaurav Bamania, and other existing shareholders | 34238280 | 0 | Bonus issue (123:1) | p.117 |
| 2026-07-20 | Preference Shareholders (CCPS Holders) | 65013402 | CCPS Conversion to Equity Shares | p.117 |
Ceo: Geetansh Bamania
Pending litigation involving Company: 1 direct tax proceeding of ₹ 1.48 Crore (₹ 14.80 million) and 5 criminal proceedings with no quantifiable monetary liability. Pending litigation against Promoter Geetansh Bamania: 1 criminal proceeding (F.I.R. regarding customer stolen vehicle) with no quantifiable monetary liability.
Auditor name: Walker Chandiok & Co LLP, Chartered Accountants
Promoter Geetansh Bamania holds 43,450,470 Equity Shares representing 14.69% of the pre-Offer paid-up Equity Share capital. Entire Promoter Group holds 43,451,700 Equity Shares (14.69%).
The statutory auditor Walker Chandiok & Co LLP issued unmodified examination reports on the Restated Financial Information for Fiscal 2026, 2025, and 2024. CARO 2020 reports disclosed minor delays in statutory dues deposit (TDS and Provident Fund) and technical non-compliance in quarterly return filings with banks against working capital facilities.
Source: p.50, 118, 334, 335, 381
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Geetansh Bamania | 3.408 | Managerial Remuneration | Managing Director and Promoter | Executive leadership and strategy | p.294 |
| Gaurav Bamania | 1.121 | Remuneration | Promoter Group / Key Managerial Personnel | Operations management | p.294 |
CARO reports disclosed minor delays in depositing statutory dues including Income Tax TDS (₹ 0.12 Crore in FY26) and Provident Fund (₹ 0.04 Crore in FY26) with appropriate authorities, though no undisputed statutory dues were outstanding for more than six months at year-end.
Source: p.50, 334
A change between the two filings is a disclosure in itself.
Numbered markers are corporate actions and, once the filings are read, capital and governance events. Prices are split-adjusted so the series is continuous.
What the numbers mean when read together — computed from the filings, not a score.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Latest free cash flow ₹-4 cr, negative in 5 of 6 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Borrowings rose 58% over two years while the company also carries ₹6 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Borrowings moved to ₹234 cr from ₹148 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Operating cash is 166% of trailing profit — the earnings are converting to real cash, not just accruals.
Why this reading: A positive signal: cash conversion at or above ~0.9 means reported profit is showing up as actual cash.
Operating cash ₹173 cr against trailing net profit ₹104 cr. Consistent conversion near or above 1.0 is a hallmark of genuine earnings.
Debt rose over 3 years, and most of it (277%) has turned into fixed assets and projects under construction — the borrowing is building the business.
Why this reading: A positive signal: leverage taken on is visibly becoming productive capacity, not disappearing.
New borrowing ₹141 cr largely matched by an asset build of ₹391 cr. Debt that funds capacity is a different thing from debt that funds nothing.
Net margin improved from -14.1% to 26.9% year-on-year — the business is keeping more of each rupee.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Quarter net margin 26.9% vs -14.1% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are -12.6% of assets. Free cash flow negative in 5 of 6 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Capital is going in far faster than revenue is coming out. For a business mid-build that is expected — the test is whether it converts.
cumulative operating cash flow ÷ cumulative net profit
₹379 cr ÷ ₹86 cr, over 6 years
4.41×
Above 1.0 means cash exceeds reported profit — the healthier reading.(net profit − operating cash flow) ÷ average total assets
(₹104 − ₹173) cr ÷ average assets
-12.6%
Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.net margin × asset turnover × leverage
26.9% × 0.60 × 2.17
35.3%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹93 cr ÷ ₹25 cr
3.72×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹234 cr ÷ ₹295 cr
0.79×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +489% vs revenue +220%, FY2023 to FY2026
269pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Not specified). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 19.74% to 19.74% across these quarters.
FII held steady from 3.20% to 3.20% across these quarters.
MF held steady from 6.41% to 6.41% across these quarters.
Other held steady from 70.65% to 70.65% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 31 | 45 | 57 | 56 | 45 | 42 | 39 |
| Inventory days
How long stock sits before it sells | 108 | 81 | 44 | — | — | — | — |
| Payable days
How long the company takes to pay suppliers | 151 | 309 | 667 | — | — | — | — |
| Cash conversion cycle
Debtor + inventory − payable days | -12 | -184 | -565 | 56 | 45 | 42 | 39 |
| Working capital days | -118 | -129 | -67 | -159 | -188 | -164 | -122 |
| ROCE %
Return on capital employed | — | -126.0% | -12.0% | 21.0% | 22.0% | 20.0% | 22.0% |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 106 | 99 | 121 | 193 | 266 | 387 |
| Other income | -2 | -1 | 2 | 2 | 4 | 1 |
| Depreciation | 12 | 4 | 10 | 21 | 49 | 70 |
| Finance cost | 9 | 7 | 11 | 23 | 27 | 25 |
| Profit before tax | -75 | -14 | 6 | 22 | 43 | 68 |
| Net profit (owners) | -75 | -14 | 6 | 22 | 43 | 104 |
| EPS (₹) | -33,459.82 | -6,049.11 | 2,627.12 | 9,343.22 | 18,266.95 | 30.22 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 0 | 0 | 0 | 0 | 0 | 3 |
| Reserves | 6 | 5 | 27 | 146 | 183 | 292 |
| Borrowings | 50 | 32 | 93 | 148 | 193 | 234 |
| Net block | 16 | 16 | 80 | 164 | 328 | 470 |
| CWIP | 2 | 2 | 0 | 0 | 0 | 1 |
| Investments | 7 | 11 | 0 | 6 | 22 | 6 |
| Total Assets | 106 | 80 | 166 | 355 | 450 | 641 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | -43 | 21 | 30 | 82 | 116 | 173 |
| Cash from investing | -6 | -16 | -56 | -178 | -111 | -158 |
| Cash from financing | 47 | -14 | 64 | 123 | -35 | -4 |
| Free cash flow | -50 | 12 | -44 | -66 | -24 | -4 |
| Net change in cash | -2 | -9 | 38 | 27 | -30 | 10 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.