Riyaasat LifestyleIPO Review — Financials, Valuation & Peers
A data-only look at the Riyaasat Lifestyle IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2023 | 20.94 | 1.32 | 1.7 | 2.15 | 8.79 | 1.02 | — |
| FY 2024 | 23.34 | 4.08 | 5.14 | 6.23 | 17.75 | 4.74 | — |
| FY 2025 | 25.19 | 4.87 | 6.25 | 13.1 | 33.91 | 8.87 | — |
| Jan 2026 (interim) | 28.13 | 4.29 | 7.28 | 17.39 | 76.15 | 38.97 | 6.16 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 17.2x
- P/E (post-issue)
- 22.12x
- RoNW
- 24.67%
- RoE
- 28.15%
- RoCE
- 17.34%
- Debt / Equity
- 2.24
- EPS (pre-issue)
- ₹6.16
- EPS (post-issue)
- ₹4.79
- EBITDA Margin
- 26.13%
- PAT Margin
- 15.4%
- P/BV
- 6.39x
- NAV / share
- ₹22.03
- Market Cap
- ₹113.89 Cr
As of 31 Jan 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW |
|---|---|---|---|---|
| Riyaasat Lifestyle | — | 8.11 | — | 65.52% |
| Bizotic Commercial Ltd | — | 68.1 | 26.46x | 5.63% |
| Vedant Fashions Limited | — | 65.77 | 45.36x | 25.96% |
Peer group as disclosed in the offer document, figures as of 28 Mar 2024. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Gaurang Ramanbhai Galiya, Ramanbhai Nanubhai Galiya and Sobhanaben R Galiya
- Holding (pre-issue)
- 99.87%
- Holding (post-issue)
- 73.4%
- Dilution
- 26.47%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Riyaasat Lifestyle operates at an EBITDA margin of 26.13% and a net (PAT) margin of 15.4% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 17.34% and a return on equity (RoE) of 28.15%. At the upper band, the post-issue market capitalisation works out to about ₹113.89 crore. These are offer-document figures for the latest reported period (as of 31 Jan 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward capital expenditure towards setting up of 4 new stores (showrooms) (₹12.47 crore), alongside working capital requirements (₹9.5 crore). In all, 4 objects are disclosed.
Financials
In FY2026, Riyaasat Lifestyle reported revenue of ₹28.13 crore and a net profit of ₹4.29 crore. Revenue grew from ₹20.94 crore in FY2023 to ₹28.13 crore in FY2026 (+34.0%). Net worth stood at ₹17.39 crore at the end of FY2026. At the upper band, that puts the issue at roughly 17.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 22.12× post-issue earnings and 6.39× book value, against a return on net worth of 24.67% and a debt-to-equity ratio of 2.24. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Bizotic Commercial Ltd and Vedant Fashions Limited, with a median peer P/E of about 35.9×. The issue's own post-issue P/E works out to 22.12×.
Promoters
The promoters of the company are Gaurang Ramanbhai Galiya, Ramanbhai Nanubhai Galiya and Sobhanaben R Galiya. Promoter holding stands at 99.87% before the issue and comes down to 73.4% after listing.
Frequently asked questions
- What is the reservation split in the Riyaasat Lifestyle IPO?
- Of the total shares offered, retail investors get 59.24%, QIBs 5.06%, non-institutional investors 35.7%.
- Who are the promoters of Riyaasat Lifestyle and what is their holding?
- The promoters are Gaurang Ramanbhai Galiya, Ramanbhai Nanubhai Galiya and Sobhanaben R Galiya. Promoter holding is 99.87% before the issue and 73.4% after listing.
- What is the P/E ratio of the Riyaasat Lifestyle IPO?
- At the upper price band, the Riyaasat Lifestyle IPO is valued at 17.2× pre-issue earnings and 22.12× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Riyaasat Lifestyle IPO?
- The net proceeds go primarily toward capital expenditure towards setting up of 4 new stores (showrooms), among 4 disclosed objects.