Ratnadeep Retail IPO: Date, SEBI Approval, ₹400 Crore Fresh Issue and Review
Food, grocery and value-fashion retailer running 190 Ratnadeep and National Mart stores in Telangana, Andhra Pradesh and Karnataka.
Quick verdict: Ratnadeep Retail IPO has SEBI’s observation letter (27 Oct 2026) but no dates. Fresh issue: ₹400 cr, plus an OFS of 1.49 cr shares. FY26 net profit: ₹36.7 cr, after a ₹26.7 cr loss in FY25. Price band: not announced. No Scouter Reading before a price band.
Back in profit with strong cash flow, but its older supermarkets are selling less each year and growth now leans on the National Mart format. Thin margins leave little room for error.
Based on the DRHP and public reports as of 9 November 2026. Not investment advice. Issues without a price band are not given a Scouter Reading.
Where the IPO stands
No IPO date, price band or lot size has been announced as of 9 November 2026.
Data as of 9 November 2026, 01:00 IST. Confirmed = DRHP or SEBI records. Reported = media summaries of the DRHP. Calculated = our arithmetic.
The Ratnadeep Retail IPO is cleared but not yet dated. SEBI issued its observations on 27 October 2026 on the draft papers that Ratnadeep Retail filed on 1 July (Confirmed, SEBI update reported by Deccan Chronicle and IndMoney). The Secunderabad-based supermarket chain plans a fresh issue of up to ₹400 crore plus an offer for sale of up to 1.49 crore shares by its promoters. Price band, lot size and dates will come in the red herring prospectus (RHP).
Ratnadeep Retail IPO details
| Fresh issue | Up to ₹400 crore |
| Offer for sale | Up to 1,48,60,000 shares by promoters Sandeep Agarwal, Manish Bhartiya and Mitesh Bhartiya |
| Pre-IPO placement | Up to ₹80 crore; would reduce the fresh issue |
| Face value | ₹1 per share |
| Shares before the issue | 10,92,43,500 |
| Lead managers | Axis Capital, Motilal Oswal Investment Advisors, DAM Capital Advisors |
| Registrar | KFin Technologies |
| Price band, lot size, dates | Not announced as of 9 November 2026 |
The promoter OFS equals about 13.6% of the company’s shares before the issue (Calculated).
Where the fresh money goes
| Object | ₹ crore |
|---|---|
| New Ratnadeep and National Mart stores (FY28 to FY30) | About 260 |
| Repayment of borrowings | 40 |
| General corporate purposes | Balance |
What Ratnadeep Retail does
Ratnadeep is a household name in Hyderabad. As of 31 March 2026 it ran 190 stores in 20 cities with 1.21 million sq ft of retail space: 173 Ratnadeep supermarkets and premium stores, and 17 larger National Mart hypermarkets (Reported). It stocks more than 30,000 products, including 2,321 private-label lines, and runs the RD Click delivery service in eight cities. The DRHP names Avenue Supermarts (DMart), Vishal Mega Mart, Trent and Spencer’s Retail as listed peers.
Ratnadeep Retail financials
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 1,680.04 | 1,987.72 | 2,223.14 |
| EBITDA | 58.71 | 41.89 | 111.33 |
| EBITDA margin | 3.5% | 2.1% | 5.0% |
| Net profit / (loss) | 15.84 | (26.69) | 36.70 |
| Cash from operations | 26.85 | 30.56 | 107.44 |
FY26 was a clear turnaround. EBITDA more than doubled, the company swung back to profit, and operating cash flow rose three and a half times. Borrowings stood at about ₹168.8 crore at the year end (Reported), so the ₹40 crore repayment would cut debt by roughly a quarter.
Ratnadeep balance sheet and debt
The balance sheet improved in FY26, but debt is still higher than equity. Net worth rose to ₹136.50 crore, while borrowings fell to ₹168.83 crore from ₹201.01 crore a year earlier (Reported, from the DRHP).
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net worth | 126.49 | 99.80 | 136.50 |
| Total borrowings | 127.69 | 201.01 | 168.83 |
| Borrowings / net worth (Calculated) | 1.01x | 2.01x | 1.24x |
| Net profit margin (Calculated) | 0.9% | –1.3% | 1.7% |
Thin margins are the main point to keep in mind. In FY26, Ratnadeep kept only about ₹1.65 of every ₹100 of sales as profit. Consequently, small changes in discounts, rent or staff costs can swing the bottom line, as FY25 showed.
The weak spot: older stores selling less
Growth came from new space, not from existing stores. Same-store sales, which compare stores open at least two years, fell 4.13% in FY25 and 4.56% in FY26 (Reported, IndMoney). The split by format is sharper:
| Format | FY25 revenue | FY26 revenue | FY26 same-store sales |
|---|---|---|---|
| Ratnadeep supermarkets and premium | ₹1,563 cr | ₹1,507 cr | –7.92% |
| National Mart hypermarkets | ₹425 cr | ₹717 cr | +12.26% |
The core Ratnadeep brand shrank by about 3.6% in revenue, while National Mart grew by 69% (Calculated). Average bill value still rose from ₹448 to ₹482, which suggests fewer visits or smaller baskets rather than lower prices. Quick-commerce apps such as Blinkit, Zepto and Swiggy Instamart are strong in Hyderabad, although the DRHP does not show that they alone caused the decline.
Ratnadeep Retail IPO valuation and GMP
No price band, valuation or GMP exists yet. When the RHP arrives, the key comparison is price-to-sales and EV/EBITDA against DMart and Vishal Mega Mart, adjusted for Ratnadeep’s smaller size and regional focus. A grey-market quote before the price band is not tied to a real offer; see what IPO GMP means.
Ratnadeep Retail IPO review: strengths and risks
Strengths
- Strong regional brand with deep roots in Hyderabad.
- Return to profit and healthy operating cash flow in FY26.
- National Mart format is growing fast, with positive same-store sales.
Risks
- Falling same-store sales at the main Ratnadeep format for two years running.
- Concentration: Telangana supplied 90.78% of FY26 revenue (Reported).
- Thin margins: a 1.65% net margin means small cost or discount changes can erase profit.
- Execution: new stores take time to build footfall, and the plan runs to FY30.
What happens next
- Any pre-IPO placement of up to ₹80 crore.
- The RHP, with price band, lot size, anchor date and per-promoter OFS split. We will update this page then.
- Meanwhile, see IPOs with confirmed dates and our IPO pipeline.
Ratnadeep Retail IPO: frequently asked questions
When is the Ratnadeep Retail IPO date?
Not announced as of 9 November 2026. SEBI cleared the issue on 27 October 2026; the dates will come with the red herring prospectus.
What is the Ratnadeep Retail IPO size?
A fresh issue of up to ₹400 crore plus an offer for sale of up to 1.49 crore shares by the promoters. The total rupee size depends on the price band.
Who owns Ratnadeep supermarket?
Ratnadeep Retail is promoted by Sandeep Agarwal, Manish Bhartiya and Mitesh Bhartiya, who are also the selling shareholders in the IPO.
How many stores does Ratnadeep have?
190 stores in 20 cities as of 31 March 2026: 173 Ratnadeep-format stores and 17 National Mart hypermarkets.
Who is the registrar for the Ratnadeep Retail IPO?
KFin Technologies. Axis Capital, Motilal Oswal Investment Advisors and DAM Capital Advisors are the lead managers.
How much debt does Ratnadeep Retail have?
Total borrowings were ₹168.83 crore at 31 March 2026, down from ₹201.01 crore a year earlier, against a net worth of ₹136.50 crore (Reported, from the DRHP).
What are the main risks in the Ratnadeep Retail IPO?
A large share of revenue comes from Telangana, older stores have been selling less (same-store sales fell in FY25 and FY26), and grocery net margins are thin, at about 1.65% in FY26.
How many stores does Ratnadeep Retail run?
About 190 stores across Telangana, Andhra Pradesh and Karnataka, under the Ratnadeep supermarket and National Mart formats (Reported, from the DRHP).
Sources: SEBI public issue filings (Ratnadeep Retail DRHP) · IndMoney · Kotak Neo · Groww · Deccan Chronicle
Disclaimer: This article is for information and education only and is not investment advice. Draft terms can change in the red herring prospectus.
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