From gondolas in Gondal to display counters in your neighborhood mithai shop, Riddhi Display Equipments is going from dhokla counters to Dalal Street counters. With FY25 revenue of ₹25 Cr and PAT more than doubling to ₹4.1 Cr, this SME is packaging refrigeration like it’s Tesla tech. The IPO is a ₹24.7 Cr book-build at ₹95–100/share, valuing them at ~₹86 Cr. P/E at 14x is cheaper than your restaurant bill in Mumbai – but remember, this is a kitchen equipment company, not a SaaS unicorn.
2. Introduction
Everyone in India has stared at a mithai counter deciding between kaju katli and rasgulla. Chances are, Riddhi Display made that counter. Incorporated in 2006, this Rajkot-based company manufactures display counters, commercial kitchen gear, and refrigeration equipment. Their clients? Restaurants, cafes, supermarkets, hotels, hospitals – basically everyone who needs to flaunt food while keeping it cold.
The IPO is raising money for a new Lucknow unit, upgrading Gondal plant, setting up a showroom, and working capital. Translation: they want to sell more fridges in North India, not build AI robots. Promoter family Pipaliya will dilute from 99.9% to 71.4% – still keeping control tighter than a Gujarati shopkeeper at Navratri mela.
Question: Are we investing in an SME growth story, or just funding more mithai counters in UP?
3. Business Model – WTF Do They Even Do?
Riddhi is a B2B equipment manufacturer with three verticals:
Display Counters – Glass cases for sweets, bakeries, supermarkets. Their biggest revenue driver.
Commercial Kitchen Equipment – Ovens, grills, cooking ranges. Basically the backstage of hotels.
Commercial Refrigeration – Freezers, chillers, coolers – the cold storage behind your ice cream cravings.
USP? They customize products, provide after-sales service, and target SMEs in F&B and retail who can’t afford imported Italian equipment.
Roast: They’re basically the IKEA of commercial kitchens, minus the meatballs.
4. Financials Overview
Source table
Metric
Latest Qtr (Q1 FY26 est*)
YoY Qtr (Q1 FY25 est*)
Prev Qtr (Q4 FY25)
YoY %
QoQ %
Revenue
6.5
4.9
6.2
32.7%
4.8%
EBITDA
0.9
0.7
0.8
28.6%
12.5%
PAT
0.9
0.5
0.8
80.0%
12.5%
EPS (₹)
1.05
0.60
0.95
75.0%
10.5%
*Extrapolated from FY25 trends.
Commentary: EPS rose faster than Amul’s butter prices, but the revenue base is still SME-sized.
