Patel Retail
Book Building issueMainboardBSE₹243 Cr issue
+19.61%
Listing gain over issue price
Issue size
₹243 Cr
1 lot at cut-off
₹14,790
Lot size
58shares
Open
19 Aug 2025
Close
21 Aug 2025
Allotment
22 Aug 2025
Listing
26 Aug 2025
Listing performance
Issue price
₹255
Listed at
₹305
Listing-day close
₹289.75
Latest price
₹224.72
Close on 23 Oct 2026
Listing gain
+19.61%
Return since issue
-11.87%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Aug 2025 – 21 Aug 2025
- Listing date
- 26 Aug 2025
- Face value
- ₹1 per share
- Issue price
- ₹255 per share
- Lot size
- 58 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹243 Cr
- Market cap at offer price
- ₹852 Cr
- Promoter holding
- 97.99% → 70.01% pre-issue → post-issue
- ISIN
- INE0R8B01010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Fedex Securities Pvt.Ltd.
- Registered office
- Plot No.M-2, Anand Nagar, Additional MIDC, Ambernath (East)-421506, Ambernath, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 17,04,388 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 58 shares per lot, in multiples, at ₹255
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 58 | ₹14,790 |
| Retail (max) | 13 | 754 | ₹1,92,270 |
| S-HNI (min) | 14 | 812 | ₹2,07,060 |
| S-HNI (max) | 67 | 3,886 | ₹9,90,930 |
| B-HNI (min) | 68 | 3,944 | ₹10,05,720 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
17,04,388
Anchor portion
₹43.46 Cr
at ₹255 per share
Valuation and performance
Valuation at offer price
₹255 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.16 | 7.57 |
| P/E (×) | 25.10 | 33.69 |
| Price to book (×) | 4.72 | — |
| Market cap | — | ₹852 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 19.02%
- ROCE
- 14.43%
- Debt / equity
- 1.34
- PAT margin
- 3.08%
- EBITDA margin
- 7.61%
- NAV per share
- ₹54.08
- Price to book
- 4.72
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Patel Retail
Patel Retail Limited, incorporated in 2007 and converted to a public company in 2023, operates as a retail supermarket chain focused on 'value retail' in Maharashtra's Thane and Raigad districts. The company operates 43 retail stores as of May 31, 2025, offering food, non-food (FMCG), general merchandise and apparel. It manufactures and sells private label products under brands including Patel Fresh, Patel Essentials, Blue Nation, and Indian Chaska. The company also operates food processing facilities in Gujarat (Facility 2 in Kutch since 2016 and an Agri-cluster since 2022) and engages in trading of agricultural produce. Revenue from operations was ₹82,069.29 lakhs in Fiscal 2025, with retail sales contributing 44.95% and non-retail business (processing and trading) contributing 54.14%.
Company Analysis
from RHPPatel Retail Limited is a retail supermarket chain and food processing company operating in Maharashtra, spanning retail grocery, food processing, and agricultural trading.
Patel Retail Limited, incorporated in 2007 and converted to a public company in 2023, operates as a retail supermarket chain focused on 'value retail' in Maharashtra's Thane and Raigad districts. The company operates 43 retail stores as of May 31, 2025, offering food, non-food (FMCG), general merchandise and apparel. It manufactures and sells private label products under brands including Patel Fresh, Patel Essentials, Blue Nation, and Indian Chaska. The company also operates food processing facilities in Gujarat (Facility 2 in Kutch since 2016 and an Agri-cluster since 2022) and engages in trading of agricultural produce. Revenue from operations was ₹82,069.29 lakhs in Fiscal 2025, with retail sales contributing 44.95% and non-retail business (processing and trading) contributing 54.14%.
Retail - Food & GroceryFood Processing - Spices, Wheat Flour, PeanutsAgricultural TradingFMCG Distribution
Objects of the Issue
- Repayment/prepayment, in full or part, of certain borrowings availed of by our Company ₹5,900.00 lakhs p.34
- Funding working capital requirements of our Company ₹11,500 lakhs p.34
- General Corporate Purposes p.34
- Repayment/prepayment, in full or part, of certain borrowings availed by our Company p.75
- Funding of working capital requirements of the Company Up to ₹ 10,900.02 Lakhs intended to be utilised towards funding working capital requirements in Fiscal 2026 p.77
- General Corporate Purposes p.75
- Repayment/prepayment, in full or part, of certain borrowings availed by our Company ₹5,900.00 Lakhs p.156
- Funding of working capital requirements of the Company ₹11,500.00 Lakhs (with ₹599.98 Lakhs already utilized from Pre-IPO Placement, leaving ₹10,900.02 Lakhs to be deployed in Fiscal 2026) p.161
- General corporate purposes [●] p.167
- Not specified in Part 4 - Objects of the Offer section not included in this document part
- Not disclosed in this section (pages 235-303)
- —
Issue Structure
- Total Issue
- Up to 95,20,000 Equity Shares of face value of ₹10 each, aggregating up to ₹ [●] Lakhs
- Fresh Issue
- Up to 85,18,000 Equity Shares of face value of ₹10 each, aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Up to 10,02,000 Equity Shares of face value of ₹10 each aggregating up to ₹ [●] Lakhs, comprising up to 7,68,000 Equity Shares by Dhanji Raghavji Patel and up to 2,34,000 Equity Shares by Bechar Raghavji Patel
- Price Band
- ₹ [●] to ₹ [●] per Equity Share (Floor Price to Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through three main verticals: (1) Retail Sales through 43 stores selling food, non-food, general merchandise and apparel (₹36,886.98 lakhs in FY2025, 44.95% of revenue); (2) Processing of spices, wheat flour, and peanuts through facilities in Gujarat (₹36,117.33 lakhs in FY2025, 44.01% of revenue); (3) Trading of agricultural produce including bulk sugar exports (₹8,317.62 lakhs in FY2025, 10.13% of revenue). The company operates a cluster-based store expansion strategy targeting lower-middle class and middle-class consumers.
Business Segments
Operation of 43 retail supermarket stores across Maharashtra offering food, non-food (FMCG), general merchandise and apparel to customers in Thane and Raigad districts, focused on value retail targeting lower-middle class and middle-class consumers.
Manufacturing and processing of spices (whole and ground), wheat flour, peanuts, and private label products under brands Patel Fresh, Patel Essentials, Blue Nation, and Indian Chaska. Operations at Facility 2 in Kutch, Gujarat (since 2016) and Agri-cluster in Kutch, Gujarat (since 2022).
Trading of agricultural produce including bulk trading of sugar and other commodities sourced from APMC markets and suppliers across Gujarat.
Sale of food products, groceries, cereals, pulses, spices, edible oils, biscuits, chocolates, dairy products, and other FMCG items through a network of retail stores. As of May 31, 2025, the company operates 43 stores in the central suburban areas of MMR in Thane and Raigad districts of Maharashtra, offering around 38 product categories with over 10,000 product SKUs.
Processing of whole spices, grounded spices, peanuts, wheat flour, and mango pulp at Manufacturing Facilities located at Ambernath, Maharashtra (Facility 1), Dudhai, Gujarat (Facility 2), and an Agri-cluster at Dudhai, Kutch, Gujarat (Facility 3).
Bulk trading of agricultural produce such as rice, sugar, pulses, and edible oil; wholesale supply of food grains like wheat, peanut, sesame seeds; and whole spices including coriander, cumin, ajwain, methi, mustard, and fennel in domestic and export markets.
Export of products to over 35 countries including Sri Lanka, UAE, UK, Saudi Arabia, Canada, USA, and others. The company exports bulk trading of agricultural produce and processed food items.
Operates physical retail stores offering over 10,000 SKUs across food, non-food FMCG, general merchandise and apparels, with deep local cluster and regional customization of product assortment
Manufactures, processes and trades spices, agro-commodities and food products for domestic and export customers. Procures raw materials seasonally from farmers, APMC markets, wholesalers and manufacturers, sells on CIF/FOB basis with various payment terms including D/P, CAD, D/A and advance payment
Operation of supermarkets in Thane and Raigad districts of Maharashtra, selling food (73.03% of retail sales), non-food FMCG (19.55%), and general merchandise and apparel (7.42%)
Manufacturing and processing of whole spices, pulses, powder spices, wheat flour, peanuts, sesame and related food products
Trading of food and non-food products for domestic and international markets
Operates supermarket stores under the 'Patel's R Mart' brand offering food, non-food (FMCG), general merchandise, and apparel to lower-middle, middle, and aspiring upper-middle class consumers in tier-III cities and suburban areas of Maharashtra
Processes and manufactures food products including peanuts, spices (coriander seed, cumin seeds, blended spices), pulses, and fruit pulp at three facilities (Ambernath, Kutch Facility 2, and Kutch Agri-cluster); produces private label products under brands 'Patel Fresh' and 'Indian Chaska'
Domestic and export trading of assorted/mix containers of food and non-food products from third-party brands, and bulk trading of agri-commodities such as rice, sugar, pulses, edible oil; exports to over 35 countries under company brands and customer brands
Operation of supermarket stores offering food, non-food FMCG, general merchandise and apparels at discount prices to end consumers in Thane and Raigad districts of Maharashtra
Manufacturing and processing of spices (whole and ground/blended), wheat flour, peanuts, sesame seeds and mango pulp sold as branded products to wholesalers, retailers, institutions and for export, as well as under customer brands
Export and domestic trading of assorted food and non-food products from reputed third-party brands and agri-commodities in bulk such as rice, sugar, pulses, edible oil to wholesalers, institutions, traders and re-packers
Operates a chain of retail supermarkets in tier-III cities and suburban areas offering food, FMCG, apparels, home improvement, small home appliances, over the counter products, personal care and general merchandise
Manufacturing and processing of whole spices, powder spices, wheat flour, peanuts, and blended spices under 'Indian Chaska' brand from facilities in Maharashtra and Kutch, Gujarat
The company undertakes trading activities
Operation of supermarket stores under 'Patel's R Mart' brand offering food, FMCG, general merchandise and apparel across 43 stores in Tier-III cities and suburban areas with approximately 1,78,946 sq.ft of retail business area
Manufacturing and processing of food products including pulses, spices, peanuts and ready-to-cook mixes under private labels 'Patel Fresh', 'Indian Chaska', 'Blue Nation' and 'Patel Essentials' at facilities in Ambernath and Kutch; also includes contract manufacturing and job work
Domestic and export trading of assorted food and non-food products including agricultural commodities such as rice, sugar, pulses, edible oil; FMCG goods, household items, kitchen appliances from third party vendors; export of products to over 35 countries
Supplies processed food products to customers across India and overseas
Operates 'Patel R Mart' stores selling spices, peanuts, flour, pulses, staples, groceries, and mango pulp directly to consumers
SWOT Analysis
Strengths
- • Growing retail presence in high-density suburban areas with cluster-based store strategy(p.47)
- • Expanding store network with strong sales growth from newly opened stores(p.49)
- • Diversified business model across retail, processing, and trading verticals(p.32)
- • Strong growth in retail sales revenue demonstrating business momentum(p.49)
- • Established long-standing relationships with customers in Non-Retail Business(p.66)
- • Ability to offer daily low prices through EDLP/EDLC pricing strategy(p.69)
- • Strategic distribution center and manufacturing facility backbone supporting retail network(p.80)
- • Established multi-format retail and non-retail operations across complementary product categories(p.162)
- • Integrated supply chain from raw material sourcing to processing and retail distribution(p.162)
- • Strong promoter ownership and long operational history since 2007(p.142)
- • Diversified customer base spanning domestic retail, domestic non-retail and export markets(p.162)
- • Deep knowledge of optimal product assortment and IT-enabled inventory management(p.173)
- • Distinct store acquisition strategy and ownership model enabling footprint expansion(p.173)
- • Established logistics and distribution network(p.173)
- • Diversified product portfolio spanning retail, processing, and trading(p.173)
- • Large-scale procurement and storage capabilities(p.173)
- • Long-standing customer relationships(p.173)
- • Strong promoter background and experienced, entrepreneurial management team with high employee ownership(p.173)
- • Strong track record of growth and profitability(p.173)
- • Established retail presence with 43 stores in key MMR markets(p.297)
- • Vertical integration through backward-integrated manufacturing facilities(p.298)
- • Private label products driving higher margins and brand loyalty(p.300)
- • Strong export presence across 35+ countries(p.298)
- • Effective cluster-based expansion strategy in underserved tier-III cities(p.300)
- • Growing revenue per store and consistent unit economics(p.301)
- • Advanced IT systems for real-time procurement, sales, and inventory management(p.313)
- • Cluster-based store expansion strategy with strong local market penetration(p.314)
- • Efficient logistics network with owned fleet reducing transportation costs(p.316)
- • Diversified product portfolio across retail, manufacturing, and trading verticals(p.316)
- • Strategically located manufacturing facilities close to raw material sources and export ports(p.321)
- • Large-scale procurement network of over 1500 farmers enabling cost efficiencies(p.321)
- • Strong EBITDA growth and profitability trajectory despite declining revenues(p.322)
- • Experienced promoter background and entrepreneurial management team with proven track record(p.322)
- • Diversified retail and manufacturing operations across geographies(p.462)
- • Significant state export recognition and international reach(p.412)
- • Growing retail footprint with 42 stores by FY2025(p.411)
- • Government support through MOFPI grants for agro-processing infrastructure(p.411)
- • Strong promoter backing and long operational history(p.445)
- • Integrated value retail model with private label manufacturing capabilities(p.493)
- • Established export presence across 35+ countries with diversified product portfolio(p.493)
- • Backward integration via multiple dedicated manufacturing facilities in Kutch(p.493)
- • Consistent revenue growth with retail sales CAGR of 17.64% (FY2023-FY2025)(p.494)
- • Expanding cluster-focused store network in underserved suburban markets(p.494)
- • Profitability improvement with PAT increasing from ₹1,637.97 Lakhs (FY2023) to ₹2,527.81 Lakhs (FY2025)(p.512)
- • Diversified raw material sourcing across regions ensures supply security(p.519)
- • Wide customer base with no material dependence on single suppliers(p.518)
- • Strong profitability growth with 37.57% increase in profit(p.514)
- • Improved operating efficiency with expense to income ratio declining(p.514)
Weaknesses
- • Geographic concentration of retail operations creating vulnerability to localized disruptions(p.46)
- • Declining same-store sales in mature stores indicating saturation(p.48)
- • High debt-to-equity ratio limiting financial flexibility(p.51)
- • Missing critical statutory licenses and approvals for operations(p.50)
- • Violation of maximum contract labor limits creating regulatory risk(p.50)
- • Concentrated supplier base with high dependence on few suppliers(p.51)
- • Negative cash flows in past fiscal years affecting liquidity(p.52)
- • Significant revenue concentration among limited customers in Non-Retail Business(p.66)
- • Top 10 customers represent 15.67% of Non-Retail revenue in Fiscal 2025, increasing concentration risk(p.66)
- • Significantly lower capacity utilization than installed capacity across multiple facilities(p.68)
- • Heavy dependence on third-party suppliers for agro-commodities without formal long-term arrangements(p.69)
- • Unsecured borrowings from Promoters repayable on demand(p.71)
- • Multiple trademark oppositions and copyright objections pending registration(p.54)
- • Project delays and incomplete grant realization under MOFPI scheme for Facility 3(p.73)
- • Negative cash flows from operations, particularly in Fiscal 2023(p.53)
- • Litigations and criminal proceedings against Promoters and Directors for product safety(p.75)
- • Outstanding unhedged foreign currency exposure(p.70)
- • High dependence on working capital financing from banks with significant short-term borrowing obligations(p.161)
- • Significant inventory concentration risk with high holding periods requiring substantial capital deployment(p.165)
- • Extended trade receivables cycle particularly from export customers affecting cash conversion(p.165)
- • Limited historical track record as a public company with regulatory compliance costs ahead(p.114)
- • High net debt-to-EBITDA ratio indicating significant leverage(p.177)
- • High debt-to-equity ratio showing dependence on debt financing(p.177)
- • Declining revenue from operations with negative growth in FY 2025(p.177)
- • Deteriorating return on equity declining from 24.24% to 19.02%(p.177)
- • Increasing working capital days indicating efficiency challenges(p.178)
- • Concentrated geographic presence limited to MMR region(p.297)
- • Small scale relative to organized retail peers(p.297)
- • Limited product category diversity in private labels(p.297)
- • Dependence on lease-based store model creating operational inflexibility(p.303)
- • High dependence on top customers with top 10 customers representing 15.67% of revenue(p.322)
- • Business is manpower intensive with high proportion of contract workers(p.362)
- • Concentrated store network limited to Thane and Raigad District in Maharashtra(p.314)
- • Low capacity utilization across multiple manufacturing facilities(p.334)
- • Significant decline in trading revenue reducing overall revenue from operations(p.312)
- • Trademark oppositions for key brands limiting brand portfolio expansion(p.368)
- • High dependence on key individuals and limited formal management qualifications(p.427)
- • Heavy reliance on unsecured promoter loans with repayment on demand(p.413)
- • Significant historical delays in RoC regulatory filings(p.415)
- • High short-term borrowing obligations(p.458)
- • Majority shareholding concentration among few promoters(p.446)
- • Heavy dependence on top customers for non-retail revenues (top 5 customers = 10.30% of revenue)(p.496)
- • High leverage with debt-to-equity ratio of 1.34x and net debt-to-EBITDA of 2.73x(p.507)
- • Material costs represent 80% of total income, creating vulnerability to input price volatility(p.495)
- • Low and declining monetary assets (₹282.20 Lakhs, only 2.16% of net tangible assets)(p.508)
- • Manufacturing facilities underutilized and yet to reach maximum production capacity(p.495)
- • Increasing working capital requirements and debt levels(p.514)
- • High finance costs driven by increased bank borrowings(p.514)
- • Multiple legal and regulatory compliance challenges(p.528)
- • Pending litigation involving Directors on food safety violations(p.527)
- • Litigation involving Director on property disputes(p.530)
Opportunities
- • Expanding organized retail sector in tier-2 and tier-3 cities with lower costs(p.33)
- • Growing branded spice market in India with strong export potential(p.33)
- • Growing organized retail market expected to expand significantly(p.33)
- • Growing branded wheat flour market with strong CAGR(p.33)
- • Store expansion potential in Maharashtra with growing tier-III cities(p.48)
- • Expansion strategy into western suburban MMR and Pune region(p.75)
- • Growing food processing and manufacturing operations across multiple verticals(p.75)
- • Ability to switch between agro-commodities based on market demand(p.69)
- • Retail Business revenue growth with increasing store network and sales(p.83)
- • Expected retail industry growth to USD 2 trillion by 2033 at 5.22% CAGR(p.106)
- • Expansion of retail footprint through additional store openings with scalable infrastructure(p.160)
- • Growth in branded non-retail business with processed goods and spices manufacturing(p.160)
- • Export market expansion for manufacturing and processed goods beyond bulk commodity trading(p.165)
- • Enhanced market visibility and access to capital markets through IPO listing(p.150)
- • India's retail market projected to grow from USD 1,300 Bn (CY 2025) to USD 2,000 Bn (CY 2033) at 5.27% CAGR(p.210)
- • Organized retail segment growing at 4.13% CAGR, from USD 186 Bn (CY 2024) to USD 267 Bn (CY 2033)(p.214)
- • Strong growth in tier 2 and tier 3 cities with expanding middle class and rising disposable incomes(p.213)
- • Spice production growing at 5% CAGR with branded segment transitioning to organized retail(p.232)
- • E-commerce market for groceries (e-grocery) projected to grow at 31.6% CAGR reaching USD 50.3 Bn by 2030(p.217)
- • Expanding omnichannel retail ecosystem leveraging both physical and digital platforms(p.216)
- • Government supportive policies including 100% FDI allowance in food retail and regulatory reforms(p.213)
- • Rising urbanization with urban population expected to reach 40% by 2030(p.218)
- • Expansion into growing western suburban markets of MMR and Pune(p.301)
- • Growth in branded and packaged food market in India(p.285)
- • Rising demand for branded spices with market growth to INR 50,000 crore by 2027(p.286)
- • Growing middle-class consumer base driving packaged food demand(p.284)
- • Expansion of food processing sector with government support(p.263)
- • Digital retail opportunity through mobile application(p.303)
- • Expansion of retail store network to western suburbs of MMR and Pune(p.323)
- • Increase private label penetration through new product development(p.324)
- • Launch new products including blended spices, ready-to-cook, and ready-to-eat ranges(p.325)
- • Expand market presence to other states and increase distribution reach(p.325)
- • Increase brand awareness through digital advertising and celebrity endorsements(p.325)
- • Leverage existing agri-cluster infrastructure for increased capacity utilization(p.306)
- • Expand e-commerce presence through mobile app and online channels(p.361)
- • Expansion of retail store network in underserved tier-3 markets(p.401)
- • Growth in direct manufacturing and processing with installed capacity(p.411)
- • Leveraging e-commerce and digital sales channels(p.410)
- • Export expansion to international markets(p.411)
- • Potential for further manufacturing capacity utilization and Unit V commissioning(p.411)
- • Significant expansion potential in suburban MMR and Pune markets with under-served demographics(p.494)
- • Growing domestic distribution network (234 wholesalers and 72 retailers across 9 states)(p.496)
- • Value retail segment growth in tier-3 cities with target demographics (lower-middle to aspiring upper-middle class)(p.492)
- • Private label brand extension opportunity with established processing infrastructure and brand recognition(p.493)
- • Government export support schemes (DDS and RODTEP) and beneficiary status under Ministry of Food Processing Industries(p.497)
- • Systematic seasonal product sourcing strategy to ensure year-round availability(p.519)
- • Unique business model penetrating niche market segments domestically and internationally(p.519)
- • Product portfolio expansion with natural, chemical-free food products(p.519)
Threats
- • Significant reduction in revenue from trading and export businesses due to government restrictions(p.49)
- • Intense competition from large organized retailers with superior resources(p.52)
- • Raw material price volatility and supply chain disruptions affecting operations(p.51)
- • Seasonal fluctuations in raw material availability impacting operational consistency(p.51)
- • Risk of increased local competition in concentrated store locations(p.48)
- • Dependence on continued favorable market conditions for debt refinancing(p.51)
- • Heavy export revenue concentration with declining export sales trend(p.66)
- • Significant geographic concentration in Sri Lanka for export sales(p.67)
- • Government restrictions on export of sugar affecting trading revenue(p.69)
- • Foreign exchange risks from significant export revenue exposure(p.70)
- • Regulatory changes and restrictions on procurement, import and export of agricultural produce(p.68)
- • Weather and crop yield volatility affecting agricultural commodities availability(p.69)
- • Seasonal variations affecting product sales and revenue(p.92)
- • Transportation disruptions and increased logistics costs(p.92)
- • Economic inflation impacting retail purchasing power(p.106)
- • Geopolitical and economic risks in export destination countries(p.84)
- • Limited availability of raw materials in surrounding markets affecting capacity utilization(p.68)
- • External macro risks including natural disasters, pandemics and civil unrest in India(p.109)
- • Political and social instability risks including farmer protests and civil unrest in operating regions(p.109)
- • Foreign investor restrictions and FDI policy constraints limiting capital raising and ownership flexibility(p.113)
- • Regulatory risks from India's credit rating downgrades affecting borrowing costs and market conditions(p.109)
- • Competition law restrictions on pricing and distribution arrangements affecting business operations(p.109)
- • Intense competition from established retailers like DMart, Reliance Retail, and others with significant scale advantages(p.228)
- • Unorganized retail still dominates with 85-88% market share and strong consumer loyalty(p.214)
- • Rising e-commerce and quick commerce disrupting traditional brick-and-mortar retail(p.217)
- • High inflation and food price volatility affecting consumer purchasing patterns(p.217)
- • Vulnerability to agricultural and monsoon-dependent spice production volatility(p.217)
- • Tariff-related uncertainty and global trade tensions impacting exports(p.201)
- • Moderation in India's GDP growth from 9.2% (FY 2023) to 6.5% (FY 2024) and projected 6.2% (FY 2025)(p.202)
- • Intense competition from large organized retail and e-commerce players(p.245)
- • Vulnerability to commodity price volatility and input cost inflation(p.238)
- • Government export restrictions impacting processing business(p.243)
- • Dependence on monsoon and seasonal agricultural patterns(p.267)
- • Price competition and margin pressure in commoditized categories(p.245)
- • Intense competition from organized and unorganized retail players(p.363)
- • Increasing competition from e-commerce and modern trade formats(p.363)
- • Fluctuating demand and supply conditions affecting procurement costs(p.321)
- • Export obligation compliance requirements with potential duty penalties(p.363)
- • Vulnerability to seasonal and cyclical variations in agricultural commodities(p.305)
- • Regulatory compliance risks across food safety and manufacturing standards(p.335)
- • Regulatory compliance risks and multiple sectoral regulations(p.403)
- • Complex food and retail safety compliance requirements with enforcement penalties(p.403)
- • Dependence on lease agreements with multiple non-related parties for store locations(p.396)
- • Exposure to macroeconomic and industry cyclicality(p.453)
- • FDI policy limitations on multi-brand retail operations(p.408)
- • Government-imposed export restrictions on agricultural commodities impacting export revenues(p.511)
- • Raw material supply constraints affecting production volumes and margins(p.511)
- • Intense competition from larger players with greater financial and brand resources(p.496)
- • Foreign exchange volatility impacting export profitability (exports = 33.33% of revenue)(p.495)
- • Real estate price inflation and limited commercial availability affecting store expansion economics(p.494)
- • Regulatory compliance risk requiring statutory approvals transfer post-IPO name change(p.497)
- • Operations dependent on availability and price fluctuations of raw materials(p.519)
- • Exposure to commodity price volatility and climate risks(p.518)
- • Highly competitive industry with intensifying competition(p.519)
- • Foreign currency exchange rate exposure from international operations(p.518)
- • Interest rate risk from floating rate debt obligations(p.517)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dhanji Raghavji Patel | Promoter and Promoter Selling Shareholder | 65.45% | — |
| Bechar Raghavji Patel | Promoter and Promoter Selling Shareholder | 18.78% | — |
| Hiren Bechar Patel | Promoter | 2.57% | — |
| Rahul Dhanji Patel | Promoter | 2.57% | — |
| Dhanji Raghavji Patel | Promoter | 65.45% | — |
| Bechar Raghavji Patel | Promoter | 18.78% | — |
| Hiren Bechar Patel | Promoter | — | — |
| Dhanji Raghavji Patel | Promoter | 65.45% | [●] |
| Bechar Raghavji Patel | Promoter | 18.78% | [●] |
| Hiren Bechar Patel | Promoter | 2.57% | [●] |
| Rahul Dhanji Patel | Promoter | 2.57% | [●] |
| Not detailed in this document section | Promoter details not provided in Part 4 | — | — |
| Not disclosed in this section | — | — | — |
| Dhanji Raghavji Patel | Promoter/Chairman and Managing Director | — | — |
| Bechar Raghavji Patel | Promoter | — | — |
| Dhanji Raghavji Patel | Promoter | 65.45% | — |
| Bechar Raghavji Patel | Promoter | 18.78% | — |
| Hiren Bechar Patel | Promoter | 2.57% | — |
| Rahul Dhanji Patel | Promoter | 2.57% | — |
| Dhanji R. Patel | Promoter | 65.45% | — |
| Bechar R. Patel | Promoter | 18.78% | — |
| Hiren B. Patel | Promoter | 2.57% | — |
| Rahul D. Patel | Promoter | 2.57% | — |
| Dhanji Raghavji Patel | Promoter | — | — |
| Bechar Raghavji Patel | Promoter | — | — |
Leadership
Dhanji Raghavji Patel · Chairman and Managing Director
Bechar Raghavji Patel · Whole-time Director and Executive Director
Rahul Dhanji Patel · Chief Executive Officer
Manish Rambabu Agarwal · Chief Financial Officer
Prasad R Khopkar · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Patel Retail IPO FAQs
What is the lot size of Patel Retail IPO?
The minimum lot size of Patel Retail IPO is 58 shares. One lot costs ₹14,790 at the cut-off price.
When does Patel Retail IPO open and close?
Patel Retail IPO opened for subscription on 19 Aug 2025 and closed on 21 Aug 2025.
What is the listing date of Patel Retail IPO?
Patel Retail IPO listed on 26 Aug 2025.