Ratnadeep Retail IPO

About Ratnadeep Retail IPO

The public issue of the Ratnadeep Retail IPO, a Mainboard IPO, opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA. The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include [TBA] shares (aggregating up to ₹400 crores). The offer for sale portion includes 1,48,60,000 shares of ₹1 (aggregating up to ₹[TBA] crores). The total number of shares and aggregate amount are yet to be finalised.

Ratnadeep Retail IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) based on upper price). The minimum lot size investment for HNI is TBA.

Ratnadeep Retail is a market-leading organised retailer focused on food, grocery and fashion consumption, catering to the daily needs of customers across South India, with a presence across the states of Andhra Pradesh, Telangana and Karnataka, in terms of gross margins in Fiscal 2026, which is the highest among organised peers primarily anchored in the food and grocery segment in India. (Source: 1Lattice Report).

Objectives of Ratnadeep Retail IPO

• Repayment/prepayment, in part or full of certain loan facilities availed by the company.
  
• Setting up new stores under the formats of Ratnadeep and National Mart (together store Formats).
  
• General corporate purposes.
  

Industry Outlook

India's retail market stood at ₹ 101.9 trillion in Fiscal 2026 and is projected to grow to ₹ 168.5 trillion by Fiscal 2031P at a CAGR of 10.7% over Fiscal 2026 to Fiscal 2031P. Driven by steady consumption and expansion of organised retail formats, the India retail market grew from ₹ 61.8 trillion in Fiscal 2020 to ₹ 101.9 trillion in Fiscal 2026, registering a CAGR of 8.7%. The retail market is diversified across key categories, including food & grocery, apparel and general merchandise (including consumer electronics, home décor, and beauty and personal care (BPC)), with food & grocery accounting for the largest share. Retail consumption accounted for 69% to 71% of India’s total consumption expenditure in Fiscal 2026, highlighting the sector’s central role in the country’s consumption-led economic structure.

This is supported by an increase in gross national income from approximately ₹ 326 trillion in Fiscal 2025 to approximately ₹ 352 trillion in Fiscal 2026, according to the National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI), reflecting continued economic expansion.

About Ratnadeep Retail

Ratnadeep Retail is a market-leading organised retailer focused on food, grocery and fashion consumption, catering to the daily needs of customers across South India, with a presence across the states of Andhra Pradesh, Telangana and Karnataka. Their product portfolio comprises more than 30,000 stock keeping units (SKUs) across fresh produce (such as vegetables, fruits, dairy and perishable products), staples, fast-moving consumer goods (FMCG), general merchandise and apparel as of March 31, 2026, enabling them to serve both essential consumption and discretionary spending categories.

Strengths of Ratnadeep Retail

• Market leading organised food and grocery retailer in south India, with strong brand equity and established presence in a large addressable market.
  
• Integrated dual-format retail model driving market coverage, customer reach and operating leverage.
  
• Wide product assortment addressing the full spectrum of customer demand with cluster-based and store-level customisation.
  
• Strong execution capabilities across sourcing, supply chain and merchandising.
  
• Cluster-based store network expansion driving operating leverage, supported by proven store rollout and scaling capabilities.
  
• Experienced promoters and senior management team with strong retail industry expertise.
  

Risks of Ratnadeep Retail

• They derive a significant portion of their revenue from operations from the state of Telangana.
  
• They derived a major portion of their revenue from operations from the sale of products in the FMCG and staples product categories collectively in Fiscals 2026, 2025 and 2024.
  
• The strength and reputation of their retail stores under two formats ‘Ratnadeep’ and the ‘National Mart’, are critical to their business and prospects.
  
• If they are unable to accurately anticipate customer demand and maintain optimal inventory levels, their business, results of operations, financial condition and cash flows may be adversely affected.
  
• They reported a loss of ₹ 26.69 crores in Fiscal 2025 and may not be able to increase their profits or effectively execute their growth strategies in the future.
  
• They do not manufacture their products in-house and rely on third-party suppliers.
  
• An inability to expand, manage and optimise the location of their retail network, or any adverse development affecting the viability or performance of their stores, may adversely impact their business, and more.
  
• They derived 28.23%, 28.79% and 27.07% of their revenue from operations from the sale of products under their private label brands in Fiscals 2026, 2025 and 2024, respectively.
  

Notes: (1) All the financial information for listed industry peers mentioned above is on an audited consolidated basis and sourced from the results and audited financial statements of the relevant companies for the financial year ended March 31 2026.

(2) Closing market price of equity shares on BSE as on June 16, 2026.

(3) Net Asset value (NAV) per share is calculated as Net Worth of the company divided by No. of shares outstanding as on March 31, 2026.

(4) Basic and diluted EPS refers to the Basic and diluted EPS for listed industry peers sourced from the publicly available consolidated financial results of the respective companies for the period ended March 31, 2026.

(5) P/E Ratio has been computed based on closing market price of equity shares on BSE on June 16, 2026 divided by diluted Earnings Per Share (EPS).

(6) Return on net worth has been computed by dividing the Profit/Loss by the corresponding net worth for and as at the end of the period March 31, 2026.

(7) NAV and Return on net worth for Spencers Retail Limited is Not Meaningful (N.M) due to Loss After tax for the period ended March 31, 2026.

Note: () denotes negative

Anchor Investor Bidding Date: TBA

Registrar Details
Kfin Technologies Ltd.
Email: ratnadeepretail.ipo@kfintech.com
Tel: 040-79615565

Book Running Lead Managers
Motilal Oswal Investment Advisors Ltd.
Axis Capital Ltd.
Dam Capital Advisors Ltd.

Ratnadeep Retail Contact Details
Meghna Plaza, 1 st Floor, D-18, Vikrampuri, Picket, Hyderabad,
Secunderabad, Telangana, 500009
Email: compliance@ratnadeepretail.com
Phone: 98495 04555

Ratnadeep Retail Business Model

The company earns its revenue as a market-leading organised retailer focused on food, grocery and fashion consumption, catering to the daily needs of customers across South India, with a presence across the states of Andhra Pradesh, Telangana and Karnataka.

Ratnadeep Retail Growth Trajectory

Ratnadeep Retail’s Total Income for FY26 was ₹2227.00 crores, whereas in FY25 and FY24 it was ₹1990.86 crores and ₹1681.79 crores, respectively.

The Profit After Tax for FY26 was ₹36.70 crores, whereas in FY25 and FY24 it was ₹(26.69) crores and ₹15.84 crores, respectively.

Their EBITDA for FY26 was ₹111.33 crores, whereas in FY25 and FY24 it was ₹41.89 crores and ₹58.71 crores, respectively.

Ratnadeep Retail Market Position

Over the years, the company has expanded into a diversified, dual-format retail network comprising 190 stores, with an aggregate retail business area of 1.21 million square feet across 20 cities in the states of Andhra Pradesh, Telangana and Karnataka as of March 31, 2026.

As of March 31, 2026, they had more than 335 SKUs across fresh produce, more than 2,318 SKUs across staples, more than 14,109 SKUs across FMCG, more than 11,807 SKUs across general merchandise and more than 1,921 SKUs across apparels.

As of 31 March 2026, the company’s Total Income, Profit After Tax, and EBITDA were ₹2227.00 crores, ₹36.70 crores, and ₹111.33 crores, respectively.

How to apply for Ratnadeep Retail IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.