Riddhi Display Equipments Limited is engaged in the business of manufacturing and supply of Display Counter, Kitchen Equipments and Refrigeration Equipments. The Company carries its operations from its manufacturing facility located at Plot No.1, Survey No.2/1 P4/P2, National Highway-27 Gondal Highway, Village Bhojpara, Rajkot, Gondal, Gujarat 360311. The Company is primarily engaged in creating innovative and tailormade solutions for commercial kitchen and bakery setup requirements. They offer customized display equipment for Sweet, Bakery, Namkeen, Fast-food, Chat, Dry Fruit, Snacks, Panipuri (Gol Gappa), Sweet Corn, Ice-cream and Shrikhand. The products manufacture by them are supplied to Restaurants, Food Courts, Cafes, RetailShops, Super Markets, Ice Cream Parlours, Cake & Pastry Shops, etc The Company supplies its Products in domestic as well as international markets. As at 31.07.25, revenue from domestic clients and export were Rs 10.09 Cr and Rs 1.12 Cr, respectively. The Total order book value as on November 27, 2025 is Rs 12.85 Cr. As per financial performance, Riddhi Display Equipments Limited has posted total income / net profits of Rs 17.54 / 0.20 Cr (FY23), Rs 18.89 / Rs 2.01 Cr (FY24), Rs 25.08 Cr / 4.13 Cr (FY25) and Rs 11.23 Cr / 2.00 Cr (upto 31.07.25 FY26). So as per previous financials data, company has shown good growth, but sudden rise in net-profit just before IPO raises doubts. Also value of trade receivables is around 41% and inventory is around 53%, of total revenue of FY25. Company has an average EPS of Rs 4.62 and average RoNW of 42.41% for last three fiscals. Issue is priced at a P/BV of 2.33 as per NAV of Rs 42.88/- as on post issue. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 42.86, 20.88 and 14.40 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Jawa Capital Services Private Limited is associated with this IPOs, and has handled 7 IPOs in last three fiscal years. From last 7 IPOs, five opened below issue price and remaining all above issue price or at par, on the day of listing. As of now, from last 7 IPOs, five are trading below issue price and remaining all are trading above issue price or at par. ( As on 02.12.25 ) As per financials, Riddhi Display Equipments Limited has shown good growth, RoNW is 39.94% and P/E is 42.86, 20.88 and 14.40 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. Sudden rise in net-profit just before IPO, higher trade receivables value and higher inventory value raises doubts. Company is engaged in the business of manufacturing and supply of Display Counter, Kitchen Equipments and Refrigeration Equipments, which is competitive business segment. Performance of BRLM is poor. So, we give AVOID rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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