Riyaasat Lifestyle IPO

Riyaasat Lifestyle is an Ahmedabad-based ethnic wear company which manufactures and sells various Indian ethnic & fusion wear apparel collections. The categories offered for men's include sherwani, kurta pyjama, jodhpuri, koti sets, suits, blazers, & accessories and for women's include lehenga choli, sarees, anarkali, gowns, Indo-western, salwar suits & accessories.

The top five revenue contributing products of the company for 10MFY26 were lehenga choli (21.09%), sherwani (16.31%), Indo-western (11.47%), kurta set (11.31%) and suit/tuxedo/W-coat (6.20%) cumulatively contribute 66.38% to the total revenue from operations of ₹27.86 crore.

The revenue from operations includes both manufacturing and trading revenue. For the period ended January 31, 2026, trading revenue stood at 74.4% of the total revenue compared to manufacturing revenue which contributed 25.5%. The company sells apparel through its Exclusive Brand Outlets (EBOs), online marketplaces and through its website. It set up its first EBO on October 23, 2021, in Ahmedabad. Currently, it owns six EBOs located across Gujarat & Maharashtra and ranging between 1,790 sqft to 9,419 sqft. as on March 31, 2026.

The top two EBOs contribute significantly to the total revenue. The EBOs like Time Square, Ahmedabad and Santacruz West, Mumbai together contributes 54.7% of the revenue from operations for the period ended January 31, 2026 and in FY24, the EBOs like Time Square & Sindhubhavan contributed as high as 39.27% to revenue.

Riyaasat initiated online sales in November 2023 from its own website and third-party marketplace under two selling formats namely Outright Sales (OS) and Pure Play Marketplace (MP). Online revenue increased from ₹1.47 lakhs (0.06% of revenue) for FY24 to ₹45.91 lakhs (1.85% of revenue) for FY25 and ₹80.78 lakhs (2.90% of revenue) for the stub period ended January 31, 2026. However, the online revenue contribution is in its nascent stages of development. As on January 31, 2026, there were approximately 177 employees working for Riyaasat across management, executive, workshop, warehouse, trainee and support departments.