Riddhi Display Equipments Ltd. is engaged in manufacturing commercial refrigeration systems and food-service equipment used across restaurants, cafés, QSR chains and hotels. The company earns revenue through the sale of refrigeration display counters, cold rooms, kitchen preparation equipment and customized cooling solutions. These products are widely used in food retail, hospitality and industrial catering environments.

Its key clients include Havmor Ice Cream, Vadilal Industries, TGB Banquets & Hotels, and The Fern Hotels. The company operates a major manufacturing facility at Kheda (near Ahmedabad), Gujarat, spread across 43,733 sq. ft. within the GIDC estate. The facility is equipped with fabrication, refrigeration assembly and quality testing infrastructure supporting end-to-end production .

The company's product portfolio includes display counters, cold rooms, vertical chillers, preparation counters and custom refrigeration systems. These products lie at the consumption and display stage of the customer’s product lifecycle, enabling effective storage and retail presentation. The order book includes supplies for ice-cream chains, hotel chains and food outlets, with execution generally aligned to customer roll-out schedules for new stores and refurbishments .

Employees & Bankers

As of July 31, 2025, the company had 50 employees. The Banker to the Company is DBS Bank India Limited.

Management & Vision

The management team aims to strengthen the company’s presence in the commercial refrigeration and food-display equipment industry by focusing on consistent quality, innovation and client servicing. Their short-term vision is to expand market reach among QSRs, confectionery chains and hotel groups. Long-term targets include scaling manufacturing capacity and boosting export potential. Funding for future expansion and capex is expected to be arranged through IPO proceeds, internal accruals and optimized working-capital management.

Industry Overview

The company operates within the commercial refrigeration and food-service equipment industry, driven by growth in India’s QSR, restaurant, bakery, dairy and hotel sectors. The industry benefits from rising disposable income, urbanization and increasing preference for organized food retail. India's commercial refrigeration market is growing steadily, supported by expansion in ice-cream parlours, cafés and hotel chains. Globally, the commercial refrigeration market continues to expand due to food retail modernization, cold-chain expansion and rising hospitality investments, with healthy mid-single-digit growth projections.

Major Risk Factors

1. Raw Material Price Volatility
   The company depends heavily on metals, compressors and insulation materials. Any sharp fluctuation in raw material prices can impact cost structures and margins, especially as fixed-price contracts may limit immediate price pass-through.
2. Customer Concentration Risk
   A considerable part of the company’s business is concentrated within the food retail and hospitality segments. Reduced orders, slower store expansion or strategic changes by key clients may directly impact revenue visibility and order flow.
3. Competitive Industry Structure
   The commercial refrigeration market includes numerous domestic and international players. High competition may require aggressive pricing, continuous product upgrades and service enhancement, putting pressure on profitability and capacity utilization.
4. Dependence on Industry Cycles
   The company’s performance is closely linked to the expansion cycles of QSR chains, ice-cream brands and hotel groups. Any economic slowdown, lower discretionary spending or delayed store rollouts can reduce equipment demand.
5. Execution & Capacity Constraints
   Timely execution of large orders and maintaining consistent product quality rely on efficient manufacturing operations. Any disruption in procurement, manpower or production may affect delivery schedules and client relationships.
6. Technology Upgradation Risk
   Commercial refrigeration products require continuous innovation in energy efficiency and cooling performance. Failure to adopt new technologies in line with global standards may weaken the company’s competitive positioning.
7. Working Capital Intensity
   The business requires maintaining inventory, receivables and production cycles aligned with customer timelines. High working-capital requirements may strain liquidity, especially during rapid expansion or volatile demand phases.

Key Strengths & Opportunities

1. Established Industry Presence
   The company has long-standing expertise in customized refrigeration and food-display solutions, which strengthens customer trust and repeat business across QSRs, hotels, bakeries and ice-cream chains.
2. Strong & Diverse Client Base
   Relationships with brands such as Havmor and Vadilal enhance business stability. These clients operate extensive retail networks, creating recurring demand for refrigeration and display equipment as they expand geographically.
3. Integrated Manufacturing Facility
   The large GIDC-based manufacturing facility with fabrication, assembly and quality-testing infrastructure enables end-to-end production. This offers better control over quality, cost efficiency and timely delivery of custom equipment.
4. Product Customisation Capability
   The company’s strength lies in designing tailor-made cooling and display solutions for diverse customer requirements. This capability creates a competitive moat and helps maintain premium positioning in the commercial refrigeration market.
5. Rising Food Retail & Hospitality Growth
   Rapid expansion of QSRs, cafés, confectionery chains and modern hotels provides strong opportunity for sustained order growth. The company is positioned to benefit from new store additions and renovation cycles across India.
6. Planned Capacity Expansion
   Future capex aimed at enhancing productivity and operational scale will allow the company to serve larger order volumes. This opens potential for entering new segments and improving market share in organized food-service equipment.