Riddhi Display Equipments
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 15 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹100 | ₹0 |
| 14 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹100 | ₹0 |
| 13 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹100 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 08 Dec 2025 – 10 Dec 2025
- Listing date
- 15 Dec 2025
- Face value
- ₹1 per share
- Issue price
- ₹100 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹24.68 Cr
- Market cap at offer price
- ₹86.40 Cr
- Promoter holding
- 99.99% → 71.43% pre-issue → post-issue
- ISIN
- INE1DKT01011
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Jawa Capital Services Pvt.Ltd.
- Registered office
- Plot No.1, Survey No.2/1 P4/P2, National Highway-27 Gondal Highway, Village Bhojpara, Gondal, Gujarat
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 | 0 | — | — |
| Market maker | 1,23,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹100
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,20,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,40,000 |
| S-HNI (max) | 8 | 9,600 | ₹9,60,000 |
| B-HNI (min) | 9 | 10,800 | ₹10,80,000 |
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.
Valuation and performance
Valuation at offer price
₹100 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.71 | 6.95 |
| P/E (×) | 14.90 | 14.39 |
| Price to book (×) | 6.08 | — |
| Market cap | — | ₹86.40 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 39.94%
- ROCE
- 58.40%
- Debt / equity
- 1.04
- PAT margin
- 16.53%
- EBITDA margin
- 27.68%
- NAV per share
- ₹16.45
- Price to book
- 6.08
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Riddhi Display Equipments
Riddhi Display Equipments Limited (formerly Riddhi Display Equipments Private Limited), incorporated on January 12, 2006, is a company engaged in creating innovative and tailormade solutions for commercial kitchen and bakery setup requirements. The company operates three main business verticals: Display Counters (including bakery, chat, fast food, ice cream, namkeen, restaurant, sweet, and refrigerated display counters), Commercial Kitchen Equipments (bulk & canteen equipment, catering & fast-food equipment, cooking range, dish wash & pot wash equipment, exhaust hood, preparation & bakery equipment, work table and trolley), and Commercial Refrigeration Equipments supplied to restaurants, bakeries, sweet shops, ice cream/dairy industry. The company's manufacturing facility is located in Rajkot, Gujarat, and is ISO 9001:2015 certified. The company has reported revenues of Rs. 1,123.21 lakhs for the period April 01, 2025 to July 31, 2025, with a profit after tax of Rs. 200.04 lakhs for the same period.
Company Analysis
from RHPRiddhi Display Equipments Limited manufactures customized display counters, commercial kitchen equipment, and commercial refrigeration equipment for the food service, retail, and hospitality industries.
Riddhi Display Equipments Limited (formerly Riddhi Display Equipments Private Limited), incorporated on January 12, 2006, is a company engaged in creating innovative and tailormade solutions for commercial kitchen and bakery setup requirements. The company operates three main business verticals: Display Counters (including bakery, chat, fast food, ice cream, namkeen, restaurant, sweet, and refrigerated display counters), Commercial Kitchen Equipments (bulk & canteen equipment, catering & fast-food equipment, cooking range, dish wash & pot wash equipment, exhaust hood, preparation & bakery equipment, work table and trolley), and Commercial Refrigeration Equipments supplied to restaurants, bakeries, sweet shops, ice cream/dairy industry. The company's manufacturing facility is located in Rajkot, Gujarat, and is ISO 9001:2015 certified. The company has reported revenues of Rs. 1,123.21 lakhs for the period April 01, 2025 to July 31, 2025, with a profit after tax of Rs. 200.04 lakhs for the same period.
Objects of the Issue
- Capital expenditure towards interior work and for purchase of new equipment/machineries for setting up of Manufacturing cum assembly Unit at Lucknow, Uttar Pradesh 436.51 lakhs p.24
- Capital expenditure towards purchase of new equipment/machineries/software etc. for upgradation of existing Manufacturing Unit of the Company located at Gondal, Rajkot 356.03 lakhs p.24
- Capital expenditure towards setting up of Showroom at Gondal, Rajkot 142.66 lakhs p.24
- Funding working capital requirements Upto 973.70 lakhs p.24
- General Corporate Purpose p.24
- Capital expenditure towards interior work and for purchase of new equipment/machineries for setting up of Manufacturing cum assembly Unit at Lucknow, Uttar Pradesh ₹436.51 lakhs (to be financed from net proceeds) p.105
- Capital expenditure towards purchase of new equipment/machineries/software etc. for upgradation of existing Manufacturing Unit of the Company located at Gondal, Rajkot ₹356.03 lakhs (to be financed from net proceeds) p.105
- Capital expenditure towards setting up of Showroom at Gondal, Rajkot ₹142.66 lakhs p.105
- Funding working capital requirements Up to ₹973.70 lakhs p.105
- General Corporate Purpose [●] (not exceeding 15% of gross proceeds) p.105
- Purchase of machinery to be installed at the existing manufacturing unit at Gondal, Rajkot Rs. 356.03 Lakhs (net of internal accruals funding of Rs. 23.07 Lakhs) p.147
- Setting up proposed showroom at existing manufacturing unit and adjacent land in Gondal, Rajkot Rs. 183.86 Lakhs p.147
- Setting up new manufacturing cum assembly unit at Lucknow, Uttar Pradesh Rs. 395.40 Lakhs (net of internal accruals funding of Rs. 60.00 Lakhs) p.147
Issue Structure
- Total Issue
- Upto 24,68,400 Equity Shares aggregating upto Rs. [●] Lakhs
- Fresh Issue
- Upto 24,68,400 Equity Shares aggregating upto Rs. [●] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹ 95 (Floor Price) to ₹ 100 (Cap Price) per Equity Share
- Lot Size
- 1200 Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
The company manufactures customized display equipment and commercial kitchen equipment to suit specific needs of clients including restaurants, food courts, cafes, retail shops, supermarkets, ice cream parlours, cake & pastry shops. The equipment is available in different temperature variants (refrigerated, heated and ambient). The company designs tailor-made layouts based on client requirements, equipment design, shape, pattern, space planning, internal temperature maintenance or external sturdiness. Revenue is generated through sales to the food service, retail, and hospitality sectors, with the company maintaining a dealer and distributor network for B2C operations.
Business Segments
SWOT Analysis
- • ISO 9001:2015 certified with international quality compliance(p.23)
- • Diversified product portfolio across three business verticals(p.23)
- • Strong PAT growth to Rs. 413.88 Lakhs in FY 2024-25(p.26)
- • Growing market position in expanding commercial refrigeration sector(p.24)
- • Wide product range in display, kitchen, and refrigeration equipment(p.123)
- • Established manufacturing facilities with operational track record(p.123)
- • Strong revenue growth trajectory(p.131)
- • Experienced promoter team with technical expertise(p.123)
- • Customized solutions with after-sales service focus(p.123)
- • Diversified customer base across sectors(p.123)
- • Improving profitability margins(p.127)
- • Experienced promoters with deep industry expertise and 36+ years of combined experience(p.168)
- • Consistent delivery of high-quality products with ISO 9001:2015 certification and compliance certifications(p.143)
- • Customized solutions with strong after-sales service building customer loyalty(p.168)
- • Well-established manufacturing facilities equipped with advanced machinery and skilled technical team(p.168)
- • Diverse customer base across multiple industries including dairy, food processing, hospitality, and retail(p.168)
- • Strong dedicated marketing team with presence across 7 states in India(p.167)
- • Experienced promoters with significant industry tenure(p.212)
- • ISO 9001:2015 and CE certification for quality(p.263)
- • Established manufacturing facilities in Rajkot(p.263)
- • Diversified product portfolio across display, kitchen and refrigeration equipment(p.263)
- • Strong financial performance with improving profitability(p.263)
- • Compliant with SME Exchange eligibility criteria with positive track record(p.293)
- • Healthy leverage ratio well below regulatory maximum(p.293)
- • Strong net tangible assets exceeding regulatory requirements(p.292)
- • No regulatory action or disciplinary issues in past three years(p.295)
- • Heavy dependence on top 5 customers (60.23% of July 2025 revenue)(p.36)
- • No long-term contracts with most customers(p.36)
- • Single manufacturing facility concentration in Rajkot(p.34)
- • High inventory days (156 days as of July 2025) requiring significant working capital(p.50)
- • High trade receivables (Rs. 1,202.96 Lakhs as of July 31, 2025)(p.42)
- • Promoters lack formal higher educational qualifications(p.49)
- • History of GST and EPF filing delays with penalties(p.43)
- • Unsecured loans from promoters repayable on demand (Rs. 189.74 Lakhs as of July 31, 2025)(p.52)
- • Negative operating cash flows in FY 2024-25 (Rs. -104.45 Lakhs)(p.39)
- • High dependence on a small customer base(p.128)
- • Significant leverage in capital structure(p.66)
- • Working capital intensive business model(p.114)
- • Single manufacturing facility concentration(p.111)
- • Declining export revenue in recent period(p.128)
- • High concentration of revenue in top 10 customers representing 75.42% of sales in recent period(p.167)
- • Limited experience in export markets with nascent stage international operations(p.167)
- • Single manufacturing facility location concentration at Gondal, Rajkot(p.169)
- • Commercial refrigeration equipment vertical still in early stage with minimal revenue contribution(p.158)
- • Significant dependence on limited customer base(p.274)
- • High leverage ratio with debt-to-equity of 0.70(p.277)
- • Reliance on small number of suppliers(p.274)
- • Substantial inventory holding with 8+ months stock duration(p.219)
- • Outstanding GST and income tax notices with pending liabilities(p.281)
- • No prior public market experience - first IPO(p.301)
- • Recently converted from private to public company(p.295)
- • India is fastest growing regional market in Asia Pacific for commercial refrigeration(p.24)
- • Market projected to grow from $1,226.4 million (2023) to $2,110 million (2030)(p.24)
- • Expansion through new manufacturing unit at Lucknow(p.24)
- • Expansion of existing manufacturing facility at Gondal(p.24)
- • Opportunity to service North India market through Lucknow facility(p.56)
- • Expansion into new geography through Lucknow manufacturing facility(p.107)
- • Capacity expansion at Gondal facility through equipment upgradation(p.111)
- • Enhanced market reach through showroom establishment(p.113)
- • Growing demand reflected in strong order book(p.115)
- • ERP implementation for multi-location operations(p.113)
- • Significant market growth in commercial refrigeration with market projected to double from Rs 4,500-5,000 crore to Rs 10,000 crore by FY28(p.141)
- • Expansion into Lucknow, Uttar Pradesh to serve UP-based customers and nearby regions(p.169)
- • Strong domestic economy with 6.4% GDP growth and rising consumer demand in retail and organized sector(p.137)
- • Rising demand for organized retail chains and supermarkets driving commercial refrigeration adoption(p.141)
- • Product innovation and energy-efficient solutions as customer willingness to pay premium for advanced technology(p.169)
- • Expansion of after-sales services as profitable growth avenue with premium pricing capability(p.169)
- • India positioned as fastest growing market in Asia Pacific for commercial refrigeration(p.141)
- • Export market expansion with strong recent growth(p.267)
- • Domestic market growth through enhanced marketing(p.267)
- • Product portfolio expansion and customization capabilities(p.264)
- • Facility upgradation and expansion plans(p.264)
- • New manufacturing unit setup in Lucknow to expand geographic reach(p.286)
- • Potential migration to main board upon meeting increased eligibility criteria(p.312)
- • Access to capital markets for growth and expansion funding(p.306)
- • Pending government approvals and licenses (Fire NOC, Consent to Establish, etc.)(p.33)
- • Lease dependency for Lucknow manufacturing facility (10-year lease from Jan 2025)(p.34)
- • High geographical concentration (40.24% revenue from Gujarat in July 2025)(p.38)
- • Raw material procurement concentrated in Gujarat (98.68% as of July 2025)(p.41)
- • Raw material price volatility (steel, glass, compressor, etc.)(p.40)
- • Intense competition in commercial refrigeration and display equipment sectors(p.53)
- • Exchange rate fluctuations affecting export revenue(p.52)
- • Risk of product recalls and regulatory action on safety issues(p.42)
- • Outstanding tax litigation (6 cases, Rs. 54.15 Lakhs involved)(p.45)
- • Regulatory changes affecting environmental and safety compliance(p.35)
- • Regulatory changes and compliance complexity(p.60)
- • Tax and levies impact on business costs and demand(p.61)
- • Infrastructure quality and reliability issues(p.61)
- • Political instability and policy changes(p.61)
- • Economic slowdown impact on consumer demand(p.61)
- • Natural disasters and external shocks(p.63)
- • Regional hostilities and security concerns(p.63)
- • Foreign investment restrictions limiting investor base(p.62)
- • Highly competitive industry with competition from both organized manufacturers and unorganized sector(p.167)
- • Global economic slowdown and trade policy uncertainty impacting manufacturing and exports(p.136)
- • Manufacturing sector facing headwinds from slowing export demand and supply chain disruptions(p.138)
- • Dependence on raw materials sourced from limited suppliers with potential price volatility(p.151)
- • Monsoon and weather-related disruptions affecting production and demand in certain sectors(p.138)
- • Competitive pressure from organized and unorganized sectors(p.274)
- • Volatility in raw material and input costs(p.264)
- • Regulatory and compliance risks from multiple jurisdictions(p.264)
- • Exposure to economic cycles and inflation(p.264)
- • Dependency on skilled workforce and talent retention(p.264)
- • Dependent on SME Platform listing with uncertain market liquidity(p.300)
- • Limited publicly available price performance data for recent SME issues(p.302)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Shaileshbhai Ratibhai Pipaliya | Promoter | 45.21% | 32.30% |
| Hansaben Shaileshbhai Pipaliya | Promoter | 49.40% | 35.29% |
| Jay Shaileshkumar Pipaliya | Promoter | 5.35% | 3.82% |
| Shaileshbhai Ratibhai Pipaliya | Promoter | 45.21% | 32.30% |
| Hansaben Shaileshbhai Pipaliya | Promoter | 49.40% | 35.29% |
| Jay Shaileshkumar Pipaliya | Promoter | 5.35% | 3.82% |
| Dineshbhai Ratibhai Pipaliya | Promoter Group | 0.01% | — |
| Jigneshbhai Ratibhai Pipaliya | Promoter Group | 0.01% | — |
| Pipaliya Priya Jay | Promoter Group | 0.01% | — |
| Shaileshbhai Ratibhai Pipaliya | Promoter | 45.21% | — |
| Hansaben Shaileshbhai Pipaliya | Promoter | 49.39% | — |
| Jay Shaileshkumar Pipaliya | Promoter | 5.35% | — |
| Shaileshbhai Ratibhai Pipaliya | Promoter | 45.21% | 32.30% |
| Hansaben Shaileshbhai Pipaliya | Promoter | 49.40% | 35.29% |
| Jay Shaileshkumar Pipaliya | Promoter | 5.35% | 3.82% |
Leadership
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.