Riyaasat Lifestyle IPO – Examine Subscription Standing, Worth Band & Final Date

The firm affords customisation past commonplace measurement alterations, permitting prospects to change garment kinds, designs, and embroidery primarily based on their preferences. It additionally offers coordinated outfits for complete households, together with youngsters, which differentiates it from many ethnic put on retailers that primarily supply standardised collections.

Riyaasat Lifestyle operates via a mixture of producing, buying and selling, and retailing actions. The firm generated manufacturing income of Rs 7.13 crore and buying and selling income of Rs 20.74 crore through the 10 months ended January 31, 2026, giving it a diversified working mannequin throughout the ethnic put on phase.

As of January 31, 2026, the corporate operated six unique model shops throughout Ahmedabad, Vadodara, and Mumbai. Its retail footprint features a company-owned showroom in Santacruz, Mumbai, alongside a number of leased shops in key business places in Gujarat.

The firm claims to have a workshop outfitted with automated and semi-automated equipment that helps garment manufacturing and customisation. According to the prospectus, the power is designed to enhance manufacturing effectivity and precision whereas supporting altering vogue necessities.

The firm sources materials and different supplies from a broad provider community unfold throughout Gujarat, Uttar Pradesh, Maharashtra, Karnataka, Delhi, West Bengal, and Haryana. This sourcing community contains weavers, merchants, and material suppliers, serving to the corporate entry a wide range of supplies utilized in ethnic and Indo-Western attire.

The firm’s product portfolio spans a number of classes throughout males’s and ladies’s ethnic put on. Its main revenue-generating merchandise embody sherwanis, lehenga cholis, Indo-Western outfits, kurta units, jodhpuris, sarees, robes, and fits, permitting it to cater to wedding ceremony, festive, and ceremonial put on segments.

The firm has expanded its bodily retail community from its first unique model outlet launched in October 2021 to 6 shops by January 2026. During the 9 months ended January 31, 2026, its two highest-performing shops in Ahmedabad and Mumbai collectively contributed roughly 54.76% of income from operations.

The firm’s income has grown during the last three monetary years. Revenue from operations elevated from Rs 20.93 crore in FY23 to Rs 22.87 crore in FY24 and Rs 24.80 crore in FY25, whereas revenue after tax elevated from Rs 1.32 crore to Rs 4.08 crore and Rs 4.87 crore throughout the identical interval.

The firm’s income is considerably depending on a couple of product classes. Its prime 4 merchandise are lehenga choli, sherwani, Indo-Western put on, and kurta units, which contributed Rs 16.77 crore (60.18%), Rs 16.67 crore (67.18%), Rs 14.69 crore (64.20%), and Rs 13.27 crore (63.39%) of income from operations within the interval ended January 31, 2026, and FY25, FY24, and FY23, respectively. Should the demand for these merchandise decline, vogue tendencies change, or client preferences shift, it might adversely have an effect on the corporate’s enterprise, monetary situation, and outcomes of operations.

The firm depends on third-party job staff for key manufacturing actions comparable to slicing, embroidery, stitching, and ending of clothes. Job work bills amounted to Rs 2.53 crore (11.01% of whole bills), Rs 2.06 crore (10.66%), Rs 2.22 crore (12.15%), and Rs 0.26 crore (1.36%) within the interval ended January 31, 2026, and FY25, FY24, and FY23, respectively. If the corporate is unable to retain these staff, interact further staff during times of excessive demand, or keep constant manufacturing high quality and effectivity, it might adversely have an effect on the corporate’s operations and monetary efficiency.

The firm depends upon third-party suppliers and distributors for sourcing uncooked supplies and finishing up numerous production-related actions. Its prime 10 suppliers accounted for purchases price Rs 6.15 crore (28.32%), Rs 4.45 crore (37.23%), Rs 5.10 crore (32.90%), and Rs 7.70 crore (50.68%) within the interval ended January 31, 2026, and FY25, FY24, and FY23, respectively. Any failure to keep up relationships with these suppliers, disruptions in provide, deterioration in product high quality, or will increase in procurement prices might adversely have an effect on the corporate’s operations, revenue margins, and monetary situation.

The firm’s income is closely concentrated in western India, significantly Gujarat. Gujarat contributed Rs 18.71 crore (67.13%), Rs 23.96 crore (96.59%), Rs 22.40 crore (97.90%), and Rs 20.93 crore (100.00%) of income from operations within the interval ended January 31, 2026, and FY25, FY24, and FY23, respectively. Any hostile financial, social, political, or regulatory developments in Gujarat or the western area might adversely have an effect on the corporate’s enterprise, operations, and monetary efficiency.

The firm’s enterprise is topic to seasonal fluctuations, with demand for its ethnic put on merchandise being considerably increased throughout festive events and wedding ceremony seasons. As a consequence, a considerable portion of its income is generated throughout particular durations of the 12 months, making its monetary efficiency depending on client spending throughout these peak seasons. Any disruption to wedding ceremony or festive demand resulting from financial slowdowns, modifications in client spending patterns, hostile climate circumstances, or regulatory restrictions might adversely have an effect on the corporate’s income, money flows, and monetary situation.

The firm has reported unfavourable money flows from working actions of Rs 2.73 crore, Rs 2.73 crore, and Rs 1.12 crore within the interval ended January 31, 2026, FY24, and FY23, respectively, primarily resulting from increased stock ranges and a rise in short-term loans and advances. It additionally reported unfavourable money flows from investing actions of Rs 25.26 crore, Rs 6.50 crore, Rs 0.41 crore, and Rs 0.39 crore through the interval ended January 31, 2026, and FY25, FY24, and FY23, respectively, largely on account of investments in mounted property and different non-current property. The growing working capital necessities related to enterprise development have made stock funding and credit score services extra essential for the corporate’s operations. Investors ought to control this metric. If money outflows proceed to exceed inflows or working capital necessities rise sooner than anticipated, the corporate could face liquidity pressures that might adversely have an effect on its enterprise, development plans, and monetary situation.

The firm, its administrators, promoters, key managerial personnel, and senior administration are concerned in sure ongoing authorized proceedings. Any hostile consequence in these issues might lead to monetary liabilities, reputational harm, or regulatory actions, which can adversely have an effect on the corporate’s enterprise, outcomes of operations, and monetary situation.

The firm operates within the extremely aggressive ethnic put on market, the place it faces competitors from established nationwide manufacturers, regional gamers, and unorganised retailers. If the corporate is unable to distinguish its merchandise, keep pricing competitiveness, or adapt to altering client preferences, it might damage its market place, income, and profitability.

As of January 31, 2026, the corporate had whole excellent borrowings of Rs 38.97 crore, comprising secured borrowings of Rs 33.37 crore and unsecured borrowings of Rs 5.60 crore. A good portion of those borrowings has been availed for working capital necessities and enterprise enlargement. Any failure to service or repay these loans on time, adjust to financing covenants, or safe further funding when required might adversely have an effect on the corporate’s enterprise, money flows, and monetary situation.