BSE: 540590
Riddhi Corporate Services Limi
Operates IT-enabled services across third-party logistics (3PL), transportation, field operations, HR, and digitisation, based in Ahmedabad. The business is labour-driven, with employee costs at 64.7% of FY26 revenue, other operating expenses at 15.8%, and depreciation at 2.5%, producing an EBITDA margin of 5.75%. Capital intensity is minimal, with no capex or material costs reported. In March 2026, shareholders approved reallocating ₹1,179.59 lakhs of unused 2017 IPO proceeds from their original acquisition and capex objects toward operational expenditure including employee salaries across these verticals. A 2023 Preferential Issue of ₹703.56 lakhs has been fully utilised. The company is listed on BSE. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Third-Party Logistics (3PL), Transportation, Field operations, HR services, Digitisation. Labour-intensive, low-capital IT-enabled services in logistics, transportation, field operations and HR
Exhibit 1: Financial summary, FY19–FY20 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 |
|---|---|---|
| Revenue | 60 | 81 |
| EBITDA (ex other income) | — | 3 |
| margin % | — | 3.9 |
| Owners' profit | — | 2 |
| EPS, as reported (₹) | 0.47 | 1.27 |
| ROE % · ROCE % | — · 6.0 | 5.8 · 15.2 |
| Debt / equity (x) | — | 0.19 |
| Cash from operations | — | — |
| Capex | — | — |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q4 FY19 | Q3 FY20 | Q4 FY20 |
|---|---|---|---|
| Revenue | 0 | 22 | 21 |
| Profit before tax | 0 | 2 | (0) |
| Net profit | — | 2 | (1) |
| EPS (₹) | 0.00 | 1.55 | (1.29) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 43,370 | 32.9 | 6.68 | 20.0 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 28,839 | 37.0 | 10.30 | 26.2 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,430 | 47.4 | 6.74 | 28.7 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 25,071 | 95.9 | 34.66 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,192 | 21.4 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,968 | 41.7 | 5.47 | 27.3 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,418 | 61.8 | 11.20 | 28.7 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 12,888 | 33.8 | 2.09 | 11.7 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 225.8 | 17.9 | 73 of 76 | 4% |
| P/B | 2.8 | 2.2 | 46 of 70 | 33% |
| ROCE | 13.2 | 9.6 | 31 of 86 | 65% |
| ROE | 5.8 | 9.2 | 43 of 70 | 39% |
| Debt / Equity | 0.2 | 0.0 | 52 of 70 | 26% |
| EBITDA margin | (0.5) | 13.0 | 63 of 69 | 9% |
| Market cap | 70 | 325 | 62 of 87 | 29% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Riddhi Corporate Services appoints new statutory auditor, calls EGM on Nov 10 | management changes | medium | — | — |
| 19 Oct 2026 · EGM on Nov 10 to appoint new statutory auditor and other items | management changes | medium | — | — |
| 19 Oct 2026 · EGM notice: approval to appoint new statutory auditor | management changes | medium | — | — |
| 19 Oct 2026 · Board appoints new statutory auditor, EGM on Nov 10 | management changes | medium | — | — |
| 9 Oct 2026 · RTA compliance certificate for Q2 FY26 with no dematerialisations | compliance | minimal | — | — |
| 29 Sept 2026 · 16th AGM results: all resolutions passed unanimously, final dividend approved | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading Window Closure from 1 Oct 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · 16th AGM held; final dividend and director reappointments on agenda | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Record date set at 21 Sept 2026 for AGM e-voting and dividend | corporate actions | medium | — | — |
| 7 Sept 2026 · Riddhi Corporate Services files FY26 Annual Report, proposes Rs 0.49 dividend | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.