Riddhi Display Equipments Limited IPO

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Riddhi Display Equipments Limited, originally incorporated as Riddhi Display Equipments Private Limited on January 12, 2006, is a Gujarat-based manufacturer of premium display counters, kitchen equipment, and commercial refrigeration systems. The company was converted into a public limited entity on November 21, 2024.

Product Customization

A core strength of the company is its tailor-made solutions—designing equipment layouts based on customer needs, space availability, project specifications, temperature requirements, and aesthetic preferences.

Business Segments

The company offers a comprehensive portfolio across three primary verticals:

1. Display Counters

Customized solutions for Sweets, Bakery, Namkeen, Snacks, Fast Food, Chat, Ice Cream, Shrikhand, Restaurant & Supermarket counters available in refrigerated, heated, and ambient variants.

2. Commercial Kitchen Equipment

Wide range including Bulk & Canteen Equipment, Cooking Ranges, Bain-maries, Dish & Pot Wash Systems, Work Tables, Racks, Trolleys and Bakery Preparation Equipment

3. Commercial Refrigeration Equipment

Products for restaurants, cafés, bakeries, and dairy/ice-cream industry, including Refrigerators, Freezers and Cooling units and custom refrigeration setups

Domestic & International Presence

Domestic Market: Strong presence in Gujarat and growing footprint across India. Riddhi Display caters to a wide range of clients, including Restaurants, hotels, cafés, Sweet and ice-cream shops, Supermarkets & retail chains, Bakeries, pastry shops and Industrial food courts and catering businesses.

International Market: Supplies products directly to Dubai, Nepal, Australia, USA, and through merchant exporters to other regions. The company aims to further expand its global distribution base.

Objects of the Riddhi Display Equipments Limited IPO:

Company proposes to utilise the Net Proceeds from the Issue towards the following objects: 1. New Manufacturing Unit, Lucknow, UP (₹4.96 cr) 2. Upgradation of Existing Unit, Gondal, Rajkot (₹3.79) 3. Showroom Setup, Gondal, Rajkot (₹1.43 cr) 4. Working Capital Requirements (₹9.74 cr) 5. General Corporate Purposes
DRHP of Riddhi Display Equipments Limited IPO
RHP of Riddhi Display Equipments Limited IPO

Riddhi Display Equipments Limited IPO Details:

Open Date: Dec 08 2025
Close Date: Dec 10 2025
Total Shares: 24,68,400
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 24.68 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 95-100 Per Equity Share
Listing At: BSE SME
Listing Date: Dec 15 2025

Promoters And Management:

1. Mr. Shaileshbhai Ratibhai Pipaliya – Chairman & Managing Director: A founding promoter, aged 55, with over 36 years of industry experience. Appointed MD on December 16, 2024, he oversees company operations, leads the management team, and represents the company to investors, clients, and regulators. 2. Mrs. Hansaben Shaileshbhai Pipaliya – Executive Director: A founding promoter, aged 56, with 18+ years of leadership experience. She manages financial operations, contributes to profitability, and plays an active role in sales and marketing to expand market presence. 3. Mr. Jay Shaileshkumar Pipaliya – Executive Director: A promoter and director since July 23, 2024, aged 30, with a B.Tech in Mechanical Engineering. He oversees technical operations, product development, quality control, and drives sales and marketing initiatives to grow the company’s market reach.

Financials of Riddhi Display Equipments Limited IPO:

Particulars 4M FY2025-2026 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 11.22 25.03 18.86 17.52
EBITDA (Cr) 3.19 6.92 3.76 1.08
EBITDA Margins 28.46% 27.68% 19.98% 6.18%
PAT (Cr) 2 4.13 2.01 0.2
PAT Margins 17.82% 16.53% 10.69% 1.18%
ROCE 17.50% 58.40% 56.15% 11.26%
Debt to Equity Ratio(In Times) 0.7 1.04 1.04 2.4
Operating Cash Flows 2.53 -1.04 -0.27 1.15

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Riddhi Display equipments Limited 25.03 27.68% 16.53% 58.40% 1.04 86.39 20.9
Ice Make Refrigeration Limited 472 9% 3.81% 20.60% 0.64 1,200 66.8
NOTE: Forward P/E is 14.39 according to FY26 PAT

Lead Manager of Riddhi Display Equipments Limited IPO:

  1. Jawa Capital Services Private Limited

Registrar of Riddhi Display Equipments Limited IPO:

  1. Maashitla Securities Pvt. Limited.

Discussion on Riddhi Display Equipments Limited IPO:

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