Ratnadeep Retail files DRHP for Rs 400 cr IPO to fund South India store expansion
Hyderabad-based Ratnadeep Retail, which runs 190 supermarket/hypermarket outlets under Ratnadeep and National Mart, filed its DRHP for a Rs 400 crore fresh issue, earmarking Rs 260 crore for new stores. FY26 revenue stood at Rs 2,223 crore with PAT of Rs 36.7 crore. Diaper contract maker Swara Baby also filed for a Rs 1,000 crore IPO.
What happened
Ratnadeep Retail filed DRHP for Rs 400 crore fresh-issue IPO to open new Ratnadeep/National Mart stores; runs 190 supermarket/hypermarket outlets across South
Key facts
- Ratnadeep fresh issue Rs 400 crore
- Rs 260 crore for new stores
- 190 stores
- FY26 revenue Rs 2,223 crore
- PAT Rs 36.7 crore
- Swara Baby IPO Rs 1,000 crore
- Swara Baby FY26 revenue Rs 1,163.9 crore
Why this matters
A Hyderabad-anchored regional grocer going public to fund expansion creates both a consolidation target and a competitive marker for anyone eyeing South India supermarket footprint.
What to watch
- SEBI DRHP approval timeline and any resubmission
- Quick-commerce grocery penetration in Hyderabad/Bengaluru
- Same-store sales growth and new-store maturity disclosures in RHP
- Peer IPO reception (Swara Baby) as sentiment proxy
- Rental and wage inflation impacting store-level unit economics
- SEBI observations and price band finalization before launch
- Anchor-book roadshows targeting valuation vs DMart benchmark multiples
- Site acquisitions and lease signings across South India tier-2 cities
- Private-label and National Mart format scaling to lift gross margins