Ajay Poly Ltd. IPO

Riyaasat Lifestyle

• Riyaasat Lifestyle is coming out with an initial public offering (IPO) of 28,48,800 shares in a price band of Rs 102-108 per equity share. 
• The issue will open on June 18, 2026 and will close on June 22, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 10.20 times of its face value on the lower side and 10.80 times on the higher side.
• Book running lead manager to the issue is Mark Corporate Advisors.
• Compliance officer for the issue is Mansi Pratik Patel.

Profile of the company

Riyaasat Lifestyle is an ethnic wear company. It blends traditional craftsmanship with contemporary design majorly for men's and women's collections. One of its unique advantages lies in customization - where not just sizes, but style, design, and embroidery can be tailored to each customer’s preference, ensuring a perfect fit for every occasion. It is a one stop destination for family attire, embracing the latest trend of matching outfits for all members, including kids. As trendsetters, it crafts clothing that resonates with its customers' desires and exceeds their expectations. Every piece in its collection is meticulously crafted from the finest fabrics, ensuring a perfect balance of comfort and elegance. Its dedication to quality and precision has made the company a favoured choice for those who seek to make a distinctive style statement. True to its name, ‘Riyaasat’ embodies heritage, luxury, and cultural richness, aligning with its vision of delivering grandeur and exclusivity to its discerning clientele.

It maintains its presence at high street fashion in both offline and online mode of selling. Presently, its exclusive Stores (Showrooms) are strategically located in Ahmedabad and Vadodara, with four such Stores across Ahmedabad and one in Vadodara. It is committed to expanding its reach throughout India, with the aim of providing the finest and most stylish Indian ethnic wear. Its collections are designed to celebrate and resonate with the rich tapestry of Indian culture. Its workshop facility is well-equipped with a range of automated and semi-automated equipment’s, ensuring high efficiency and precision. Its designers not only stay attuned to the evolving needs of customers but also customize designs to meet specific requirements. In an industry where designs change with the seasons, it is crucial to stay ahead of trends. It dedicated team consistently monitors market styles, developing new designs and styles accordingly. Every season, it creates product catalogue/ look book, reflecting its commitment to innovation and excellence.

It sources its raw materials, fabrics, and finished materials from a diverse network of suppliers, weavers, and traders located across Gujarat, Uttar Pradesh, Maharashtra, and Karnataka. To maintain the quality of its products, it has implemented several quality control mechanisms in its sourcing process. Leveraging the expertise and experience of its management team, it is able to assess and select the quality of raw materials that meet its production standards. It offers a wide range of Indian ethnic wear, along with fusion and Indo-Western styles. Its product categories for men’s wear include ‘Sherwani’, ‘Kurta Pyjama’, ‘Jodhpuri’s’, and Koti- sets, among others. Its womenswear collection includes Sarees, Lehengas, Gown, Indo-Western, Suits among others. Its collection embodies the richness of Indian tradition while seamlessly blending contemporary fashion trends. 

Proceed is being used for:

• Capital expenditure towards setting-up of 4 new stores (Showrooms) 
• Working capital requirements 
• General corporate purpose 

Industry overview

India is the world’s second-largest producer of textiles and garments. It is also the sixth-largest exporter of textiles spanning apparel, home and technical products. India has a 4.6% share of the global trade in textiles and apparel. In FY25, the textiles and apparel industry contribute 2.3% to the country’s GDP, 13% to industrial production and 12% to exports. The domestic textile and apparel market size is estimated at $225 billion in 2025, growing at a pace of about 10-12% CAGR. The market for Indian textiles and apparel is projected to grow at a 11.98% CAGR to reach $646.96 billion by 2033. India has emerged as the second largest manufacturer of Personal Protective Equipment (PPE) globally. It is expected to reach a projected revenue of $4.83 billion by 2033 with a CAGR of 10.4% from 2025-33. India’s textile exports have already reached Rs 3 lakh crore ($35.14 billion), and the goal is to triple this to Rs 9 lakh crore ($105.42 billion) by 2030 by strengthening domestic manufacturing and expanding global reach. Exports from FY26 (April-June 2025) reached $9 billion, with apparel exports seeing an 8.91% increase compared to the same period last year. 

Technical textiles are revolutionizing the textile industry in India by offering innovative solutions across various sectors. These specialized fabrics are designed for specific performance attributes and applications, ranging from automotive and aerospace to healthcare and construction. With a growing emphasis on technology and research, India is positioning itself as a global leader in this field, leveraging its strong textile heritage and advanced manufacturing capabilities. The Indian Technical Textiles market is the fifth largest in the world. The technical textiles industry was valued at $29 billion in 2024 and is projected to grow to $45 billion by 2026, $123 billion by 2035, and $309 billion by 2047. Technical textiles have been grouped into 12 categories: Agrotech, Meditech, Mobiltech, Packtech, Sportech, Buildtech, Clothtech, Hometech, Protech, Geotech, Oekotech and Indutech. Technical textile industries’ major service offerings include thermal protection and blood-absorbing materials, seatbelts and adhesive tapes. Healthcare and infrastructure sectors are two major drivers of the technical textile industry.

The Union Budget 2025-26 introduced a five-year Cotton Mission to enhance cotton productivity, especially extra-long staple varieties, with Science & Technology support for farmers. This initiative aligns with the 5F principle, aiming to boost farmer income, ensure quality cotton supply, reduce imports, and strengthen MSME driven textile competitiveness. MoU signed at Bharat Tex 2024 between Textiles Committee, Government e-Marketplace and Standing Conference of Public Enterprises to promote upcycled products made from textiles waste and scrap. National Technical Textiles Mission (NTTM) has been approved with an outlay of Rs 1,564 crore ($178.74 million); from FY21 and valid upto March 2026. As of February 2024, 137 research projects have been approved under NTTM. The total cost approved of the said projects by the Government is Rs 502 crore ($57.33 million). Through the Digital India Corporation and the Ministry of Electronics and Information Technology, the Ministry of Textiles is creating an ecommerce platform to offer direct marketing opportunities to the handicraft artists and weavers. In the first phase, artisans/weavers from 205 handicrafts/handlooms clusters are being selected throughout the country for uploading their handicrafts/handlooms products on the portal.

Pros and strengths

Customization: At the company, customization is one of its key strengths, allowing customers to personalize their clothing to suit their unique preferences. It goes beyond just altering sizes and indeed customers can modify styles, designs, and even embroidery to align with their specific requirements or special occasions. This service extends to entire families, offering coordinated outfits for all members, including kids. Whether it's matching family clothing for a celebration or a personalized design for an event, it ensures that every detail is tailored to perfection, making each piece truly one-of-a-kind.

Quality style at affordable price: In a fast-growing fashion industry where prices continue to rise, the company stands committed to delivering exceptional quality and style at an affordable price. It understands the importance of making luxury fashion accessible without compromising on craftsmanship or design. Its collections are thoughtfully created to offer the finest fabrics, intricate details, and contemporary styles while ensuring they remain within reach. By balancing affordability with elegance, it gives its customers the opportunity to experience premium ethnic fashion that fits both their style and budget. 

Timeless tradition, ever-evolving style: It embraces the timeless beauty of tradition while continuously evolving its designs to keep pace with modern fashion trends. Each season, it introduces a new collection that reflects the latest in ethnic fashion, ensuring its customers a fresh, contemporary styles without losing the essence of cultural heritage. Its collections are thoughtfully curated to offer a blend of classic elegance and modern flair, with designs that resonate across generations. Whether it’s a festive occasion or a wedding, its seasonal collections are designed to make every moment unforgettable.

Risks and concerns

Dependence on seasonal demand: The company primarily caters to the demand for ethnic men's wear and the demand for its products is high during festive occasions and wedding seasons. A significant portion of its revenue is being generated during these occasions/seasons. Hence, it is impacted by seasonal variations, which may cause its revenues to vary between different periods in a financial year. This variation in demand can lead to uneven cash flows, which may occasionally make it challenging to manage ongoing operational expenses such as payroll, rent, and inventory costs. Additionally, the business may face challenges in optimizing production schedules and inventory management, as anticipating the exact levels of demand during peak seasons is difficult.

Reliance on third-party suppliers and service providers: Its business relies heavily on the expertise and reliability of third-party suppliers and vendors for various critical stages of its production and procurement processes. These partners are responsible for key functions such as sourcing raw materials, production activities like dyeing, printing, embroidery, and finishing, as well as logistics and distribution. Maintaining stable, long-term relationships with these skilled third parties is crucial to the seamless operation of its supply chain and product delivery. However, textile particularly ethnic wear’s market for suppliers and other vendors is competitive, and it does not have exclusivity arrangements with any of its suppliers. If it is unable to retain these Suppliers due to factors such as better opportunities for them elsewhere, changes in their operational capacity, or increasing costs that make their services unaffordable, it could lead to significant disruptions in its operations. 

Derives majority of revenue from Western Region: Its business has derived 100% of revenue from the Western Region in India only out of which Gujarat where all are stores are located accounted for 67.13% and 96.59% of its total revenue for the period ended as on January 31, 2026 and financial year ended March 31, 2025 respectively. Due to its ability to understand local consumer preferences. It offers a wide variety of products that meet current market demands. By bringing choices from across India, it has successfully catered to a diverse customer base and maintained strong brand loyalty. However, as it looks to grow into other regions, it faces the risk that consumer preferences, tastes, and cultural demands may differ from what it is accustomed to in the western market. Adapting to the unique characteristics of new regions may require modifications to its product range, marketing strategies, and operations. If it is unable to meet the specific needs and tastes of consumers in these new regions, it could lead to reduced brand acceptance and lower sales. Furthermore, any failure to establish the same level of brand recognition and market presence could harm its brand goodwill and reputation.

Outlook

Riyaasat Lifestyle is engaged in the business of manufacturing, trading, (wholesale and retail), exporting, importing, buying, selling, dealing and as an agent, stockiest, distributor and supplier of all kind of ethnic wear for men and women within India. Its customer-centric approach prioritizes providing an inspiring and seamless shopping experience from discovery to delivery, ensuring a loyal customer base. Its strategic presence at high street fashion and online enhances accessibility for its customers. On the concern side, its products are positioned as high-end due to the use of raw materials sourced from the available suppliers in the market. Maintaining this level of quality is integral to its brand image and customer satisfaction. However, the procurement of such high-quality materials comes with the inherent risk of price fluctuations, which could significantly affect its cost structure. If it is unable to secure these raw materials at prices that are acceptable to it, or if market conditions cause a spike in the cost of these materials, it may face challenges in maintaining its current production levels and margins.

The company is coming out with a maiden IPO of 28,48,800 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 102-108 per equity share. The aggregate size of the offer is around Rs 29.06 crore to Rs 30.77 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for fiscal year 2025 was Rs 2,480.46 lakh as against Rs 2,287.52 lakh for fiscal year 2024, an increase of 8.43%. Profit after tax for the fiscal 2025 was at Rs 587.69 lakh against profit after tax of Rs 505.01 lakh in fiscal 2024, an increase of 16.37%.

It intends to focus its expansion efforts on markets with increasing demand for its products, leveraging its existing presence to capture a larger market share. Its cluster-based expansion strategy involves identifying key cities and towns within its current geographies for growth, supported by ongoing in-depth market research and analysis. Further, in line with its commitment to innovation and customer centricity, it is poised to strengthen its e-commerce offerings. Its strategy involves leveraging its website and social media platforms to introduce online sales of carefully selected products from its extensive range. By integrating e-commerce into its business model, it aims to bridge geographical gaps and expand its reach to regions where it currently lacks showrooms or dealer presence.