Riddhi Display Equipments IPO (Dec 2025) – The ₹24.68 Cr SME Buffet That’s Serving Hot Margins & Cooler Counters!
1. At a Glance
Move over boring SME listings, here comes Riddhi Display Equipments Ltd, rolling in stainless steel and refrigeration swag from Rajkot. The company is serving up an IPO worth ₹24.68 crores, fully fresh issue — no OFS drama, no old uncle cashing out. The issue price band is ₹95–₹100 per share, and it’s listing on BSE SME.
With a pre-IPO market cap of ₹86.40 crore, this company isn’t huge — more like your favourite thali joint: compact, efficient, and serving steady margins. Minimum investment? ₹2.4 lakh — so no chai-samosa investors allowed; only full-thali patrons here.
Their revenue for FY25 stood at ₹25.09 crore, while PAT doubled to ₹4.14 crore — that’s a 105% jump in profit. A 16.5% PAT margin and ROE of 62.87%? Bro, that’s not efficiency — that’s profitability with a gym body. And let’s not ignore the P/E — around 14.4x post-issue, which is surprisingly humble for an SME selling cooling displays hotter than India’s inflation numbers.
If you like stainless steel, margin steel, and small-town hustle turned corporate, buckle up — Riddhi’s IPO platter might just have all your favourite financial flavours.
2. Introduction – From Gondal to Glory
Imagine if a Gujarati engineer walked into a restaurant, saw the pastry counter, and thought, “This should be mine — not the pastry, the counter!” That’s probably how Riddhi Display Equipments was born back in 2006.
The company makes display counters, kitchen equipment, and refrigeration systems — the holy trinity of the Indian food & hospitality boom. Their products aren’t for your household microwave — we’re talking about commercial-grade equipment used in restaurants, hotels, supermarkets, and hospital kitchens.
Their secret recipe? “Customization + Durability + After-sales Service.” In simple desi terms — they’ll not only sell you the fridge but also ensure your samosas stay crispy post-installation.
The company’s manufacturing hub in Gondal, Rajkot — yes, the city famous for Rajwadi swag and industrial grit — is equipped with high-tech machinery and managed by skilled technical engineers who know how to squeeze productivity like Gujarati farsan makers squeeze oil.
And now, with this IPO, they’re ready to set up a new manufacturing cum assembly unit in Lucknow and a showroom in Rajkot. From western Gujarat to the heart of Uttar Pradesh — this is literally “displaying” national ambition.
3. Business Model – WTF Do They Even Do?
Okay, let’s decode their stainless steel empire.
Riddhi Display Equipments designs and manufactures three main product verticals:
Display Counters: These are those glass-covered beauties at cafes and restaurants where cakes and samosas look like they belong in an art gallery. Riddhi makes custom ones for hotels, retail shops, and supermarkets.
Commercial Kitchen Equipment: Industrial fryers, grills, and cooking stations — basically, everything that turns raw masala into restaurant-grade profit.
Commercial Refrigeration Equipment: For the modern-day chef who hates melted ice cream and warm beer.
Their clients include the restaurant, hospitality, healthcare, and retail sectors — basically, every industry where “food display” and “freshness” matter.
The real trick? Customization. Instead of mass-producing boring one-size-fits-all counters, they tailor every product like it’s a designer lehenga. That’s why margins are fat and customer retention is high.
They employ 55 people (as of Aug 2025), but the level of output makes it look like 550. With promoters like Mr. Shailehsbhai Pipaliya and family, the company has remained tightly run and laser-focused.
So yes, they don’t make software. They make the shiny stuff your food sits on — and apparently, that’s way more profitable than coding another delivery app.
4. Financials Overview
Let’s drop the numbers buffet, shall we?
Source table
Metric (₹ Cr)
Latest (Jul 2025)
YoY (Jul 2024)
Prev (Mar 2025)
YoY %
QoQ %
Revenue
11.23
9.01
25.09
+24.6%
-55.2% (seasonal dip)
EBITDA
3.19
2.12
6.93
+50.5%
-54.0%
PAT
2.00
1.05
4.14
+90.5%
-51.7%
EPS (₹)
6.71 (FY25 Pre)
3.27 (FY24)
6.95 (Post Issue)
+105%
-3.4%
Commentary: The company’s FY25 profit doubled, proving that they’ve mastered the art of turning cold counters into hot cash. The
