Updated on 15.12.2025 @ 12:03 PM
Riddhi Display Equipments Limited is launching its Initial Public Offering (IPO) on the BSE SME platform. Check all upcoming and live issues in our IPO Calendar-upcoming and live IPOs.
It is a Gujarat-based manufacturer of commercial kitchen and refrigeration equipment.
The subscription for this public issue will open on December 8, 2025, and close on December 10, 2025.
The company aims to raise up to ₹24.68 crores through a 100% fresh issue of shares.
The price band has been fixed at ₹95 to ₹100 per share, with a minimum lot size of 1,200 shares.
Riddhi Display has shown impressive profit growth and improving margins, but investors should consider the risks associated with its customer concentration and negative operating cash flows. If you're exploring safer long-term investment options, visit our Mutual Fund Learning Hub
In this article, you will find Riddhi Display Equipments IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review to help you make an informed decision.You can also estimate long-term returns using our SIP Calculator
Briefs of Riddhi Display Equipments IPO Details
- Price Band: ₹95 to ₹100 per share
- IPO Open / Close Dates: December 8, 2025 – December 10, 2025
- Lot Size: 1,200 Shares
- Issue Size: 24,68,400 shares (aggregating up to ₹24.68 Crores)
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Maashitla Securities Pvt.Ltd.
- Listing Exchange: BSE SME
What is The Riddhi Display Equipments IPO GMP Today?
Check the grey market premium of this and other IPOs at our Grey Market Premium hub page. (The Grey Market Premium (GMP) is an unofficial indicator).
Listing updates:
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 100 | 80 | -20.0 |
Source: BSE
What Are the Riddhi Display Equipments IPO Dates & Allotment Schedule?
- IPO Open & Close Date: December 8, 2025 – December 10, 2025
- Basis of Allotment Date: December 11, 2025
- Refund Initiation Date: December 12, 2025
- Credit of Shares: December 12, 2025
- Listing Date: December 15, 2025
What Are The Objectives of Riddhi Display Equipments IPO?
The company intends to utilise the net proceeds from the fresh issue for the following purposes:
- Funding Working Capital (₹9.74 Crores): A significant portion is allocated to meet operational requirements and support business growth over the next two fiscal years.
- Capital Expenditure (Total ~₹9.35 Crores):
- New Unit in Lucknow: ₹4.37 Crores for setting up a manufacturing and assembly unit to expand reach in North India.
- Upgradation in Gondal: ₹3.56 Crores for modernising machinery and equipment at the existing facility.
- New Showroom: ₹1.43 Crores for establishing a display center in Gondal, Rajkot.
- General Corporate Purposes: The remaining funds will be used for strategic initiatives and general business expenses.
How is the Financial Performance of Riddhi Display Equipments?
The following table summarizes the company's financial performance based on restated data.
(Amounts in ₹ Crores)
| Particulars | Period Ended 31 Jul 2025 | Year Ended 31 Mar 2025 | Year Ended 31 Mar 2024 | Year Ended 31 Mar 2023 |
Total Income | 11.23 | 25.09 | 18.90 | 17.54 |
Profit After Tax (PAT) | 2.00 | 4.14 | 2.02 | 0.21 |
EBITDA | 3.19 | 6.93 | 3.77 | 1.08 |
Net Worth | 12.36 | 10.36 | 3.37 | 1.35 |
Reserves and Surplus | 6.19 | 4.19 | 2.92 | 0.90 |
Total Borrowing | 8.64 | 10.79 | 8.10 | 6.65 |
Assets | 36.63 | 32.34 | 19.15 | 17.01 |
Source: RHP
Key Financial Observations:
Profit After Tax (PAT):
The company's PAT has surged dramatically, growing from just ₹0.21 Crores in FY23 to ₹4.14 Crores in FY25. This growth is driven by a sharp increase in export sales, which command better margins, and lower raw material costs.
Total Income:
Revenue grew by over 32% in FY25 to ₹25.09 Crores, fueled by aggressive marketing and a massive jump in export turnover. The momentum continues with ₹11.23 Crores revenue in the first four months of the current fiscal.
EBITDA:
Operational efficiency has improved significantly, with EBITDA margins expanding from 6.18% in FY23 to nearly 28% in FY25. This reflects the benefits of scaling up and better absorption of fixed costs.
Net Worth:
Net Worth witnessed a substantial increase in FY 2025, rising to ₹10.36 Crores from ₹3.37 Crores in FY 2024, primarily driven by strong retained earnings and the strategic conversion of promoter loans into equity. This growth trajectory continued through July 2025, reaching ₹12.36 Crores, which has significantly strengthened the company's financial position by reducing its leverage ratio.
Reserves and Surplus:
Despite utilizing significant amounts from the General Reserve and Securities Premium to fund a bonus issue in October 2024, Reserves and Surplus grew robustly to ₹4.19.Crores in FY 2025.
Total Borrowings:
While total debt stood at ₹10.79 Crores in March 2025, it has reduced to ₹8.64 Crores by July 2025. The debt-to-equity ratio has improved to 1.04x in FY25 due to a stronger equity base from profits and promoter loan conversions.
Assets:
Total assets have more than doubled since FY23 to ₹36.63 Crores, driven by investments in new machinery and working capital to support the company's expansion into new geographies like Lucknow.
P/E Ratio & Peer Comparison
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹6.84, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 14.6x at the upper end of the price band (₹100).
P/E Ratio = ₹100 (Price) / ₹6.84(Earnings Per Share)
P/E Ratio ≈ 14.6x
This valuation appears attractive when compared to its listed industry peer.
| Company Name | P/E Ratio | RoNW (%) (FY25) | EPS (₹) |
Riddhi Display (at IPO price) | ~14.6x | 39.94% | 6.84 |
| Ice Make Refrigeration Ltd | 48.14x | 18.09% | 14.72 |
Source: RHP
Analysis for Investors:
Riddhi Display is being offered at a significant discount to Ice Make Refrigeration, which trades at a P/E of over 48x. Furthermore, Riddhi's Return on Net Worth (RoNW) of nearly 40% is more than double that of its peer, indicating superior efficiency in generating returns for shareholders. This combination of low valuation and high profitability makes it a compelling value proposition.
Industry Outlook
- Riddhi Display operates in the commercial kitchen and refrigeration equipment market, catering to the HORECA (Hotels, Restaurants, Catering) sector.
- The demand for customized display counters and kitchen setups is growing, driven by the expansion of food courts, cafes, and retail chains in India.
- The company's focus on exports and its planned expansion into North India (Lucknow) position it well to capture a larger share of this fragmented but growing market.
What Are The Strengths and Risks of Riddhi Display Equipments IPO?
Strengths:
- Strong Financial Turnaround: Explosive growth in profits and margins over the last two years.
- Attractive Valuation: Priced significantly lower than its listed peer despite better return ratios.
- Expansion Plans: A clear strategy to set up new manufacturing and assembly units to cater to new markets.
- Experienced Management: Promoters have nearly five decades of combined experience in the industry.
Risks:
- High Customer Concentration: The top 10 customers contribute over 75% of revenue, a major risk if key accounts are lost.
- Negative Operating Cash Flow: The company has reported negative cash flows from operations in FY24 and FY25, indicating working capital pressure.
- Geographical Concentration: Currently, operations are heavily concentrated in Gujarat, exposing the company to regional risks.
- SME Segment Risks: The stock will be listed on the BSE SME platform, which typically has lower liquidity.
What Are the Expert Recommendations – Should You Apply?
Subscribe with Caution
The Riddhi Display Equipments IPO offers an opportunity to invest in a high-growth, profitable manufacturing company at a reasonable price.
- For Value Investors: The P/E of ~14.6x is a steal compared to the industry peer, making it an attractive value buy.
- For Growth Investors: The rapid profit growth and expansion plans offer significant upside potential.
- Our View: The financials are strong, and the valuation is compelling. However, the negative cash flow and high customer concentration are red flags. We recommend a "Subscribe with Caution" rating, suitable for investors who can tolerate the risks associated with a small-cap SME stock.
Key Takeaways
- IPO Price Band: ₹95 to ₹100 per share
- Lot Size: 1,200 Shares (Minimum Investment: ₹1,14,000 at lower band). Note: Minimum investment is ₹2,40,000 for retail as per lot size table (2 lots).
- GMP Today: ₹0 (Not trading)
- Allotment & Listing Dates: Tentative listing on December 15, 2025.
- Recommendations of experts: A "Subscribe with Caution" recommendation. A financially strong company with high margins and an attractive valuation, but with cash flow and concentration risks.
FAQs on Riddhi Display Equipments IPO
What is Riddhi Display Equipments IPO price band?
The price band for the IPO is set at ₹95 to ₹100 per equity share.
What is Riddhi Display Equipments IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Thursday, December 11, 2025.
How to check Riddhi Display Equipments IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalized. Check IPO allotment status for this and other IPOs at our IPO allotment status hub page.
What is Riddhi Display Equipments IPO listing date?
The company's shares are tentatively scheduled to be listed on the BSE SME platform on Monday, December 15, 2025.
Should I apply for Riddhi Display Equipments IPO?
Yes, this is a recommended IPO for investors with a higher risk appetite. The company has demonstrated strong financial performance and is offered at a valuation significantly lower than its listed peer. However, investors should be mindful of the negative operating cash flow and customer concentration.
Disclaimer:
This article is for informational purposes only and is not investment advice. IPOs are subject to market risks. Please consult your financial advisor before making any investment decisions.
