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M. K. Sons Fine Jewels Ltd IPO
M. K. Sons Fine Jewels Ltd
₹13,923 /91 sharesMinimum investment
IPO details
Minimum investment
₹13,923
Price range
₹153 - ₹162
Lot size
91
Issue size
275.40 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
28 Oct 2026
IPO open date
30 Oct 2026
IPO close date
2 Nov 2026
Allotment date
2 Nov 2026
Funds unblock or debit
4 Nov 2026
Tentative listing date
About
Founded in
2012
MD/CEO
Mr Ramchand Murlidhar Raimalani
Parent organisation
M. K. Sons Fine Jewels Ltd
M. K. Sons Fine Jewels Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company offers jewellery across 11 distinct collections, covering gold, diamond and cubic zirconia (CZ) jewellery. Its collections include traditional bridal jewellery, everyday wear, men's jewellery, religious jewellery and customised designs, with approximate prices ranging from Rs 11,000 to Rs 85 lakh.
The company has recorded consistent growth in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 217.32 crore in FY24 to Rs 351.28 crore in FY25 and Rs 538.74 crore in FY26, while PAT increased from Rs 8.17 crore to Rs 23.26 crore and Rs 51.80 crore, respectively.
The company has expanded its customer base, with the number of unique customers increasing from 12,042 in FY24 to 18,000 in FY25 and 24,274 in FY26. The number of new customers also increased from 11,787 to 15,821 and 21,952, respectively.
The company has established a presence across digital platforms, with over 5.91 lakh followers on Instagram, 76,800 subscribers on YouTube and 43,000 followers on Pinterest as of the RHP date. It also participated in 16 exhibitions during FY26 and undertakes advertising campaigns targeting customers across more than 18 Indian states.
The company claims to have an internal inventory management system that enables real-time stock monitoring, barcode tracking, inter-branch transfers, and stock reconciliation across its showrooms. It also uses Tally ERP to record purchases, sales, stock movements, and inventory valuations.
The company deals in gold jewellery certified under the Bureau of Indian Standards (BIS) hallmarking requirements. It also states that its diamond jewellery is accompanied by certifications from gemological laboratories such as the International Gemological Institute (IGI) and/or the Gemological Institute of America (GIA).
The company's revenue from its Gujarat showrooms stood at Rs 162.54 crore, Rs 271.10 crore, and Rs 366.16 crore, accounting for 74.79%, 77.17%, and 67.97% of total revenue from operations in FY24, FY25, and FY26, respectively. Its C.G. Road showroom in Ahmedabad alone generated Rs 307.95 crore in FY26, accounting for 57.16% of total revenue. Any adverse developments affecting Gujarat or the C.G. Road showroom could significantly impact the company's revenue, profitability, and overall financial performance.
The company generated its entire revenue from operations of Rs 217.32 crore, Rs 351.28 crore, and Rs 538.74 crore in FY24, FY25, and FY26, respectively, through five physical showrooms. With no revenue from online sales or alternative distribution channels, any decline in customer footfall or disruption to showroom operations could directly affect its financial performance.
The company relies entirely on third-party manufacturers and Karigars for jewellery production, without long-term contractual arrangements or exclusive manufacturing relationships. Any supply disruption, production delays, or unauthorised disclosure of jewellery designs could adversely affect its operations, profitability, and financial performance.
The company recorded negative cash flows from operating activities amounting to Rs 23.55 crore and Rs 9.53 crore in FY24 and FY25, respectively, primarily due to increased inventory and working capital requirements. It also recorded negative cash flows from investing activities of Rs 0.87 crore, Rs 2.34 crore, and Rs 2.93 crore in FY24, FY25, and FY26, respectively, primarily due to capital expenditure on the purchase of property, plant and equipment and intangible assets; and negative cash flows from financing activities of Rs 9.77 crore in FY26, primarily due to lease principal repayments and finance costs. Sustained cash outflows exceeding inflows could adversely affect the company's liquidity and financial position.
The company's working capital gap increased from Rs 60.49 crore in FY24 to Rs 183.15 crore in FY25 and Rs 240.49 crore in FY26. As of June 30, 2026, its outstanding borrowings stood at Rs 70.52 crore, while its working capital gap reached Rs 266.38 crore. Any inability to secure additional financing on favourable terms could affect its operations and expansion plans.
The company had a portfolio of over 19,442 jewellery SKUs as of June 30, 2026, but its designs were not registered under the Designs Act, 2000. This could limit its ability to prevent competitors from replicating its designs or pursuing legal remedies against unauthorised copying.
The company's inventories increased from Rs 87.48 crore in FY24 to Rs 205.70 crore in FY25 and Rs 256.43 crore in FY26, reaching Rs 275.23 crore as of June 30, 2026. Its inventory holding period increased from 122 days in FY24 to 178 days in FY25 and 193 days in FY26, reaching 333 days for the three months ended June 30, 2026, on a non-annualised basis. High inventory levels and long inventory holding periods could increase working capital requirements and financing costs.
The company's revenue during the third and fourth quarters collectively stood at Rs 173.95 crore, Rs 205.86 crore, and Rs 357.07 crore, accounting for 80.04%, 58.61%, and 66.28% of annual revenue in FY24, FY25, and FY26, respectively. A decline in jewellery demand during weddings and festive seasons could disproportionately affect its annual financial performance.
Revenue from gold jewellery stood at Rs 194.35 crore, Rs 298.39 crore, and Rs 471.08 crore, contributing 89.43%, 84.94%, and 87.44% of revenue from operations in FY24, FY25, and FY26, respectively. Since gold jewellery generally carries lower margins than diamond-studded and designer jewellery, continued dependence on gold sales could constrain the company's profitability.
Application details
For M. K. Sons Fine Jewels IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹153 - ₹162 | Upto ₹2 Lakhs | 91 |
| High Networth Individual | ₹153 - ₹162 | ₹2 - ₹5 Lakhs | 91 |