About S D Retail Limited
Data last updated:
S D Retail Limited is a public limited company based in Ahmedabad, Gujarat, India. It operates in the leather segment of the apparel and fashion sector. It was incorporated on 14 May 2004 and has been in existence for over 22 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN L52520GJ2004PLC056076. Its GSTIN is 24AAICS8200M1Z7 (Gujarat). The company holds 6 GST registrations, of which 4 are active. It is a listed company.
The company has an authorised share capital of ₹20 Cr and a paid-up capital of ₹18.72 Cr. It is led by directors including Utpalbhai Pravinchandra Ruparelia (Managing Director) and Hitesh Pravinchandra Ruparelia (Managing Director).
Its last annual general meeting (AGM) was held on 25 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Ahmedabad, Gujarat.
As per the latest standalone financials for FY 2025-26, the company reported a revenue of ₹195.98 Cr, a growth of 13.3% compared to the previous year. For the same year it recorded a net profit of ₹10.69 Cr (net margin 5.5%) and EBITDA of ₹15.35 Cr (EBITDA margin 7.8%). The net worth stands at ₹120.21 Cr (up 8.9% YoY). Total assets are valued at ₹137.53 Cr (down 4.4% YoY).
The company has about 131 employees on its provident fund (EPFO) records.
As per MCA filings, the company has open charges of ₹59.18 Cr on record. Court records list 15 cases involving the company, including 8 filed by the company and 7 filed against it; 8 cases are pending. The company has 8 deals on record (4 funding rounds, 3 secondary share transfers, 1 ipo), with disclosed funding of ₹13.95 Cr; the latest was in September 2024. Its 10 peer companies in the Apparel industry (Apparel Retail and Distribution) are compared by revenue, 5 larger and 5 smaller; the largest is Mr Garments Private Limited with revenue of ₹186.29 Cr.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website sweetdreamsindia.com.
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- Registered AddressC – 929 Stratum At Venus Ground, Nr. Jhansi Ki Rani Statue Nehrunagar, Ahmedabad, Gujarat, India – 380006
- IndustryAppreal & Fashion, Leather, Apparel, Textile
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
- One PDF report, delivered after checkout
Business Activity of S D Retail Limited
The main business activities of S D Retail are manufacturing and trade. In detail, this covers other manufacturing including jewellery, musical instruments, medical instruments, sports goods, etc. activities and retail trading. 2 activity segments are registered with the MCA.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| C | Manufacturing | C13 | Other manufacturing including jewellery, musical instruments, medical instruments, sports goods, etc. activities | Locked |
| G | Trade | G2 | Retail Trading | Locked |
Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
- Filing-level activity changes
Verified entity values are shown only after access is granted.
Financials of S D Retail Limited FY 2025-26 filings available
S D Retail Limited reported revenue of ₹195.98 Cr (up 13.3% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · StandaloneRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | 196 | 173 | 163 | 135 | 129 | 96.23 |
| Revenue growth | +13.3% | +6.5% | +20.3% | +5.1% | +33.6% | - |
| EBITDA | 15.35 | 14.30 | 13.80 | 7.95 | 13.89 | 3.04 |
| EBITDA margin | +7.8% | +8.3% | +8.5% | +5.9% | +10.8% | +3.2% |
| Profit before tax | 13.27 | 10.74 | 10.22 | 5.83 | 11.63 | 0.28 |
| Net profit | 10.69 | 8.58 | 7.51 | 4.30 | 10.10 | 0.34 |
| Net profit margin | +5.5% | +5.0% | +4.6% | +3.2% | +7.9% | +0.4% |
| EPS (₹) | 5.22 | 4.57 | 61.48 | 68.76 | 161.61 | 5.95 |
| Balance sheet | ||||||
| Total assets | 138 | 144 | 85.55 | 55.06 | 48.40 | 33.51 |
| Net worth | 120 | 110 | 41.46 | 34.21 | 29.90 | 19.79 |
| Total debt | 16.26 | 33.06 | 43.56 | 20.51 | 18.44 | 13.66 |
| Cash & bank | 2.43 | 49.58 | 4.02 | 0.70 | 0.51 | 0.84 |
| Net working capital | 97.30 | 129 | 77.10 | 50.52 | 44.55 | 29.88 |
| Cash flow | ||||||
| Cash from operations | (5.87) | 1.55 | (13.63) | 1.12 | (2.52) | 8.43 |
| Cash from investing | 24.13 | (48.79) | (3.04) | (1.33) | (0.88) | 0.89 |
| Cash from financing | (19.43) | 46.74 | 19.98 | 0.38 | 3.04 | (9.44) |
Financial Statements
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|---|
| Revenue | 196 | 173 | 163 | 135 | 129 | 96.23 |
| Revenue growth | +13.3% | +6.5% | +20.3% | +5.1% | +33.6% | - |
| Other income | 2.35 | 2.14 | 0.77 | 0.60 | 0.21 | 0.30 |
| Total expenses | 181 | 159 | 149 | 127 | 115 | 93.19 |
| Employee cost | 18.38 | 16.07 | 14.88 | 14.86 | 12.93 | 10.03 |
| EBITDA | 15.35 | 14.30 | 13.80 | 7.95 | 13.89 | 3.04 |
| EBITDA margin | +7.8% | +8.3% | +8.5% | +5.9% | +10.8% | +3.2% |
| Depreciation | 1.79 | 2.52 | 1.29 | 0.76 | 0.76 | 0.70 |
| Interest | 2.64 | 3.18 | 3.06 | 1.96 | 1.71 | 2.36 |
| Profit before tax | 13.27 | 10.74 | 10.22 | 5.83 | 11.63 | 0.28 |
| Tax | 3.48 | 2.18 | 2.53 | 1.53 | 1.53 | (0.08) |
| Net profit | 10.69 | 8.58 | 7.51 | 4.30 | 10.10 | 0.34 |
| Net profit margin | +5.5% | +5.0% | +4.6% | +3.2% | +7.9% | +0.4% |
| EPS (₹) | 5.22 | 4.57 | 61.48 | 68.76 | 161.61 | 5.95 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|---|
| Equity & liabilities | ||||||
| Share capital | 18.72 | 18.72 | 1.25 | 0.63 | 0.63 | 0.63 |
| Reserves & surplus | 101 | 91.71 | 40.21 | 33.58 | 29.27 | 19.16 |
| Shareholders' funds (net worth) | 120 | 110 | 41.46 | 34.21 | 29.90 | 19.79 |
| Secured loans | 12.73 | 29.21 | 37.80 | 14.76 | 18.44 | 13.66 |
| Unsecured loans | 3.53 | 3.85 | 5.76 | 5.75 | 0.00 | 0.00 |
| Total debt | 16.26 | 33.06 | 43.56 | 20.51 | 18.44 | 13.66 |
| Total liabilities | 138 | 144 | 85.55 | 55.06 | 48.40 | 33.51 |
| Assets | ||||||
| Gross block | 21.91 | 16.32 | 12.56 | 10.46 | 9.54 | 8.64 |
| Net block | 11.03 | 7.18 | 4.95 | 2.99 | 2.83 | 2.69 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Inventories | 44.06 | 30.16 | 25.86 | 25.85 | 23.17 | 15.63 |
| Sundry debtors | 81.53 | 79.71 | 81.32 | 52.22 | 47.65 | 38.01 |
| Cash & bank balances | 2.43 | 49.58 | 4.02 | 0.70 | 0.51 | 0.84 |
| Loans & advances | 5.26 | 1.45 | 2.53 | 5.05 | 2.41 | 2.45 |
| Total current assets | 133 | 161 | 114 | 83.82 | 73.74 | 56.93 |
| Total current liabilities | 35.98 | 31.85 | 36.63 | 33.30 | 29.19 | 27.05 |
| Net working capital | 97.30 | 129 | 77.10 | 50.52 | 44.55 | 29.88 |
| Total assets | 138 | 144 | 85.55 | 55.06 | 48.40 | 33.51 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|---|
| Opening cash | 3.22 | 3.72 | 0.41 | 0.21 | 0.56 | 0.69 |
| Net cash from operating activities | (5.87) | 1.55 | (13.63) | 1.12 | (2.52) | 8.43 |
| Net cash from investing activities | 24.13 | (48.79) | (3.04) | (1.33) | (0.88) | 0.89 |
| Net cash from financing activities | (19.43) | 46.74 | 19.98 | 0.38 | 3.04 | (9.44) |
| Net change in cash | (1.18) | (0.49) | 3.30 | 0.17 | (0.35) | (0.13) |
| Closing cash | 2.43 | 49.58 | 4.02 | 0.70 | 0.51 | 0.84 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|---|
| Growth | ||||||
| Sales growth | +13.3% | +6.5% | +20.3% | +5.1% | +33.6% | - |
| EBITDA growth | +7.3% | +3.6% | +73.6% | -42.8% | +356.9% | - |
| PBT growth | +23.6% | +5.1% | +75.3% | -49.9% | +4053.6% | +9997.0% |
| Net income growth | +24.6% | +14.3% | +74.7% | -57.4% | +2870.6% | - |
| Revenue CAGR (3Y) | +13.2% | +10.4% | +19.1% | - | - | - |
| EBITDA CAGR (3Y) | +24.5% | +1.0% | +65.6% | - | - | - |
| Profitability & leverage | ||||||
| Net income margin | +5.0% | +5.0% | +4.7% | +3.2% | +7.9% | +0.4% |
| Return on capital employed | +11.3% | +12.1% | +18.9% | +15.1% | +32.6% | +7.9% |
| Return on net worth | +8.5% | +11.3% | +20.3% | +13.4% | +40.7% | +1.9% |
| Debt / equity | 0.21 | 0.50 | 0.85 | 0.61 | 0.65 | 0.69 |
| Long-term debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest cover | 19.47 | 26.99 | 24.46 | 27.26 | 13.02 | 100.85 |
| Efficiency & per share | ||||||
| Fixed asset turnover | 10.25 | 11.98 | 14.12 | 13.51 | 14.14 | 11.14 |
| Inventory turnover | 5.28 | 6.18 | 6.29 | 5.51 | 6.63 | 6.16 |
| Debtors turnover | 2.43 | 2.15 | 2.43 | 2.71 | 3.00 | 2.53 |
| EPS (₹) | 5.22 | 4.57 | 61.48 | 68.76 | 161.61 | 5.95 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 64.21 | 58.98 | 331.37 | 546.71 | 477.95 | 316.33 |
Peer Comparison of S D Retail Limited
S D Retail Limited is compared with the companies closest to it by revenue in the Apparel industry (Apparel Retail and Distribution). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| S D Retail Limited this company | ₹195.98 Cr (FY 2026) | •••• | •••• | 13.3% | •••• | Ahmedabad, Gujarat, India |
| Mr Garments Private Limited | ₹186.29 Cr (FY 2025) | •••• | •••• | 10.0% | •••• | Kolkata, West Bengal, India |
| Theni Anantham Silks and Readymades Private Limited | ₹185.58 Cr (FY 2025) | •••• | •••• | 8.0% | •••• | Madurai, Tamil Nadu, India |
| Cravatex Limited Listed | ₹183.71 Cr (FY 2025) | •••• | •••• | -16.0% | •••• | Mumbai, Maharashtra, India |
| Fraicheur Retail Private Limited | ₹183.47 Cr (FY 2025) | •••• | •••• | 269.0% | •••• | Bangalore, Karnataka, India |
| Rajmahal Retail Private Limited | ₹180.32 Cr (FY 2023) | •••• | •••• | 8.0% | •••• | Madurai, Tamil Nadu, India |
| Shivani Trendz Private Limited | ₹174.01 Cr (FY 2018) | •••• | •••• | 36.0% | •••• | Mumbai, Maharashtra, India |
| Odhni Heritage Private Limited | ₹170.49 Cr (FY 2025) | •••• | •••• | 20.0% | •••• | Delhi, India |
| Basic Clothing Private Limited | ₹170.34 Cr (FY 2024) | •••• | •••• | -7.0% | •••• | New Delhi, Delhi, India |
| H P Lifestyle Private Limited | ₹169.62 Cr (FY 2025) | •••• | •••• | 25.0% | •••• | Ahmedabad, Gujarat, India |
| Kasam Fashions Private Limited | ₹165.73 Cr (FY 2025) | •••• | •••• | 73.0% | •••• | Warangal, Telangana, India |
Peers are the five companies nearest above and the five nearest below S D Retail by revenue in the Apparel industry (Apparel Retail and Distribution), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Board of Directors of S D Retail Limited
S D Retail has 6 current directors and 5 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Utpalbhai Pravinchandra Ruparelia | Managing Director | 14 May 2004 | 22 Years 4 Months | Current |
| Hitesh Pravinchandra Ruparelia | Managing Director | 14 May 2004 | 22 Years 4 Months | Current |
| Vishesh Jailesh Dalal Also directs: Relativity Investment Advisors LLP, Aspentree Advisors LLP, Goldenpi Technologies Private Limited and 1 more | Director | 01 Oct 2022 | 4 Years 0 Months | Current |
| Jaydeep Jagannath Shetty Also directs: Mineral Fashions Limited | Director | 21 Mar 2025 | 1 Years 6 Months | Current |
| Simeran Bhasin Also directs: Ragtagger Lifestyle Private Limited | Director | 01 Dec 2023 | 2 Years 10 Months | Current |
| Harshil Rajendrabhai Patel Also directs: TMC Transformers (India) Limited | Director | 11 May 2024 | 2 Years 5 Months | Current |
Charges & Borrowings of S D Retail Limited
| Date | Lender | Amount | Status |
|---|---|---|---|
| 17 Mar 2026 | Hdfc Bank Limited | ₹16.55 Lakh | Open |
| 19 Feb 2025 | Hdfc Bank Limited | ₹11.78 Lakh | Open |
| 21 Jun 2021 | Hdfc Bank Limited | ₹20 Cr | Open |
| 21 Jan 2014 | Hdfc Bank Limited | ₹14.9 Cr | Open |
| 28 Feb 2007 | Hdfc Bank Limited | ₹24 Cr | Open |
Total charge records: 5 View all charges
Deals & Funding of S D Retail Limited
S D Retail Limited has 8 deals on record (4 funding rounds, 3 secondary share transfers, 1 ipo), with disclosed funding of ₹13.95 Cr; the latest was in September 2024.
Deals on record (5 of 8)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Sep 2024 | IPO | ₹64.98 Cr | Investors: IPO Shareholders - S D Retail Limited, North Star Opportunities Fund Vcc-bull Value Incorporated Vcc Sub-fund, Nav Capital Vcc - Nav Capital Emerging Star Fund |
| Dec 2017 | Funding round | ₹10.01 Cr | Investors: Chanakya Corporate Services Private Limited , an individual |
| Mar 2014 | Funding round | ₹2.29 Cr | Investors: Grace Garments Ltd , Shaligram Apparels Pvt. Ltd. , S. D Fashion LLP |
| Mar 2012 | Funding round | ₹1.3 Cr | Investors: Sweet Dreams Loungewear (India) Private Limited |
| Jun 2010 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
Full deal history
All 8 deals with amounts, valuations, instruments and every party are in the company report.
- Every funding round and share transfer
- Amounts and valuations
- Investors, buyers and sellers
- Instruments and deal dates
Verified entity values are shown only after access is granted.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal Cases of S D Retail Limited
S D Retail Limited has 15 court cases on record: 8 filed by S D Retail, 7 filed against it. 8 cases are pending and 7 are disposed. Status as checked between 21 Sep 2026 and 04 Oct 2026.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 9 | 2 | 3 |
| NCLAT | 5 | 5 | 4 |
| High courts | 1 | 0 | 1 |
Cases on record (5 of 15)
| Court | Type of case | Party | Status |
|---|---|---|---|
| NCLAT, New Delhi | Interim or miscellaneous application | Filed against the company by Fashion Pvt Ltd | Disposed |
| High Court of Punjab and Haryana | Appeal | Filed by the company against N.S. International | Pending |
| NCLAT, New Delhi | Interim or miscellaneous application | Filed against the company by Royale King Fashion Pvt. Ltd | Pending |
| NCLAT, New Delhi | Insolvency matter | Filed against the company by Royale King Fashion Pvt. Ltd | Pending |
| NCLAT, New Delhi | Court case (Caveat) | Filed against the company by Royale King Fashion Pvt. Ltd | Pending |
Full case history
All 15 cases with case numbers, court, year-wise trend, opposite parties and decision dates are in the company report.
- Every case with its case number
- Year-wise trend
- Opposite parties
- Decision dates and orders
Verified entity values are shown only after access is granted.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Employees and EPFO Compliance at S D Retail Limited
Employment history and EPFO contributions of people linked to S D Retail.
Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
- Monthly headcount
- PF contributions
- ECR filing status
- Establishment history
Verified entity values are shown only after access is granted.
CIN History of S D Retail Limited
S D Retail has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L52520GJ2004PLC056076, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L52520GJ2004PLC056076 | Current |
| U52520MH2004PTC146313 | Previous |
| U52520GJ2004PTC056076 | Previous |
Recent Activity on S D Retail Limited
S D Retail Limited has 16 board changes on record since 2004: 11 appointments and 5 cessations. The latest: Jaydeep Jagannath Shetty was appointed as Director on 21 Mar 2025.
15 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts for S D Retail Limited
Credit ratings, litigation, and regulatory alerts
Credit ratings, court records and regulatory alerts are in the company report.
- Rating history
- Court and tribunal cases
- Regulatory alerts
- Director-linked violations
Verified entity values are shown only after access is granted.
MSME Payment Delays by S D Retail Limited
MSME payment history
Amounts due to small suppliers, the reasons given and MSME-1 filings are in the company report.
- Outstanding amounts
- Delay periods and reasons
- MSME-1 filing history
- Vendor payment signals
Verified entity values are shown only after access is granted.
Subsidiaries & Group Companies of S D Retail Limited
Corporate group structure
Parent, subsidiary, associate and joint venture records with holdings are in the company report.
- Parent company
- Subsidiaries and ownership
- Associates and joint ventures
- Entity investments
Verified entity values are shown only after access is granted.
GST Compliance of S D Retail Limited
S D Retail has 6 GST registrations: 4 active and 2 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAICS8200M1Z7 | Gujarat | Active | 01 Jul 2017 |
| 03AAICS8200M1ZB | Punjab | Active | 01 Jul 2017 |
| 33AAICS8200M2Z7 | Tamil Nadu | Active | 01 Jul 2017 |
| 27AAICS8200M2Z0 | Maharashtra | Active | 13 Aug 2019 |
GST registrations and filing compliance
State-wise GST registrations, return filing status and HSN or SAC codes are in the company report.
- GSTIN registrations
- State-wise filing status
- HSN and SAC details
- Tax jurisdiction records
Verified entity values are shown only after access is granted.
MCA Filings & Documents of S D Retail Limited
MCA filings and documents
Filed forms, annual returns, financial statements and charge filings with their dates are in the company report.
- Incorporation documents
- Annual returns and statements
- Charge filings
- Complete filing index
Verified entity values are shown only after access is granted.
Frequently Asked Questions about S D Retail Limited
S D Retail is an active public limited company based in Ahmedabad, Gujarat, India. The company works in leather, within the apparel and fashion industry. It was incorporated on 14 May 2004 (22+ years old) and is registered under CIN L52520GJ2004PLC056076.
S D Retail reported revenue of ₹195.98 Cr for FY 2025-26 (up 13.3% YoY) based on standalone financials.
S D Retail has 6 current directors:
- Utpalbhai Pravinchandra Ruparelia - Managing Director
- Hitesh Pravinchandra Ruparelia - Managing Director
- Vishesh Jailesh Dalal - Director
- Jaydeep Jagannath Shetty - Director
- Simeran Bhasin - Director
- Harshil Rajendrabhai Patel - Director
The GSTIN of S D Retail is 24AAICS8200M1Z7, registered in Gujarat. The company has 6 GST registrations in all, of which 4 are active and 2 are cancelled or inactive. Other active GSTINs include 03AAICS8200M1ZB (Punjab), 33AAICS8200M2Z7 (Tamil Nadu), 27AAICS8200M2Z0 (Maharashtra).
The CIN (Corporate Identification Number) of S D Retail is L52520GJ2004PLC056076. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes, S D Retail is a listed company.
S D Retail has 15 court cases on record: 8 filed by the company and 7 filed against it. 8 are pending. Most are in the district courts.
S D Retail was incorporated on 14 May 2004, making it 22+ years old. It is registered with the Registrar of Companies, Ahmedabad.
S D Retail has 8 deals on record (4 funding rounds, 3 secondary share transfers, 1 ipo), with disclosed funding of ₹13.95 Cr; the latest was in September 2024.
The peers of S D Retail by revenue are Mr Garments Private Limited, Theni Anantham Silks and Readymades Private Limited, Cravatex Limited, Fraicheur Retail Private Limited, Rajmahal Retail Private Limited and 5 more, all in the Apparel industry (Apparel Retail and Distribution).
Jaydeep Jagannath Shetty was appointed as Director on 21 Mar 2025. Manish Kapoor ceased to be Director on 21 Mar 2025. Harshil Rajendrabhai Patel was appointed as Director on 11 May 2024. S D Retail has 16 board changes on record in total.