R.K.Fashion Accessories IPO

SME • NSE SME • Fresh capital only

LISTEDSMENSE SME

R.K.Fashion Accessories

Price band

₹77 – ₹82

Lot size

1600 shares

Min investment

₹1,31,200

Issue size

₹34.99 Cr

About the company

R.K. Fashion Accessories Limited was incorporated in March 2010. It sells handcrafted imitation jewellery, which it does not make itself but has made by contract manufacturers, and also trades branded cosmetics. The jewellery combines traditional designs with contemporary styles. Most sales are wholesale to business customers, and the company is adding direct sales to individual buyers through a multi-platform e-commerce presence and corporate tie-ups. It runs multi-stage inspection and quality checks on what the contract manufacturers deliver. It has bought a property on Rash Behari Avenue in Kolkata, still under construction, to add retail space and reach consumers in parts of the city where it has fewer business customers. Issue money is also going into a new plating facility at Baruipur in West Bengal, a new business-to-business showroom in Kolkata, completion of consumer stores and stock for them. As on 30 June 2026 it had 50 permanent employees, with contract labour taken on for large orders.

R.K. Fashion Accessories Limited sells handcrafted imitation jewellery made by contract manufacturers and also trades branded cosmetics. It supplies wholesalers and retailers, sells direct to consumers through e-commerce and corporate tie-ups, and is building a retail property on Rash Behari Avenue in Kolkata.

IPO details

Issue price: ₹82
Price band: ₹77 – ₹82
Face value: ₹10
Lot size: 1600
Min investment: ₹1,31,200
Issue size: ₹34.99 Cr
Sale type: Fresh capital only
Listing on: NSE SME
BSE scrip code: RKFAL
NSE symbol: RKFAL-SM.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,600	₹1,31,200
Retail (Max)	1	1,600	₹1,31,200
HNI (Min)	2	3,200	₹2,62,400

Investor reservation

CATEGORY	RESERVED
QIB	43,200 shares (1.07% of the Offer)
NII	16,06,400 shares (39.64% of the Offer)
Retail	24,03,200 shares (59.30% of the Offer)

Objects of the issue

1To meet the working capital requirements5.21

2To Finance Establishment of-New plating facility at Baruipur, Kolkata West Bengal8.80

3To Finance Establishment of-Proposed new B2B showroom in Kolkata5.37

4To Finance Establishment of-Completion of B2C Stores in Kolkata2.48

5To Finance Establishment of-Inventory cost for the proposed new showroom and stores5.60

6General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	30 Jun 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	28.32	23.88	16.88	11.70
Total Income	7.49	31.54	17.82	14.46
Profit After Tax	1.83	6.29	2.00	0.95
EBITDA	2.55	7.34	2.98	0.11
NET Worth	17.99	16.16	9.81	7.82
Reserves and Surplus	6.74	4.91	9.16	7.16
Total Borrowing	3.06	1.70	0.61	0.61

Key performance indicators

P/E Ratio

17.41

EPS (₹)

4.71

RoE

10.71%

RoCE

12.56%

RoNW

40.66%

PAT Margin

24.40%

EBITDA Margin

34.08%

Debt / Equity

0.17

NAV (₹)

15.99

✓ Strengths

• Revenue grew 77% in FY2026, from Rs 17.82 crore to Rs 31.54 crore, after Rs 14.46 crore in FY2024.

• Profit after tax grew from Rs 0.95 crore in FY2024 to Rs 2.00 crore in FY2025 and Rs 6.29 crore in FY2026.

• Margins are high for a trading business, with a PAT margin of 24.40% and an EBITDA margin of 34.08%.

• Debt is very low at Rs 1.70 crore as on 31 March 2026 against a net worth of Rs 16.16 crore, a debt to equity ratio of 0.17.

• The whole Rs 34.99 crore issue is fresh capital with no offer for sale.

• Most of the money builds capacity and reach: Rs 8.80 crore for a new plating facility at Baruipur, Rs 5.37 crore for a B2B showroom in Kolkata, Rs 2.48 crore to complete consumer stores, Rs 5.60 crore for their stock and Rs 5.21 crore for working capital.

• Net worth has grown from Rs 7.82 crore in FY2024 to Rs 17.99 crore by 30 June 2026.

• It sells through wholesale, retail and online channels, and has corporate tie-ups alongside its B2B customer base.

⚠ Risks

• The FY2024 figures cannot all be right. EBITDA is shown as Rs 0.11 crore while profit after tax for the same year is Rs 0.95 crore, and profit cannot exceed EBITDA.

• The two return figures are far apart. Return on equity is shown as 10.71% while return on net worth is shown as 40.66%, and return on capital employed as 12.56%, so the profitability of the business cannot be pinned down from the published set.

• The reserves row does not fit either, falling from Rs 9.16 crore in FY2025 to Rs 4.91 crore in FY2026 while net worth rose from Rs 9.81 crore to Rs 16.16 crore.

• The latest column is a three month stub to 30 June 2026 showing income of Rs 7.49 crore, which cannot be compared with a full year.

• The growth comes off a very small base. Revenue was Rs 14.46 crore in FY2024 and profit Rs 0.95 crore, so one good year lifts the percentages a long way.

• A PAT margin of 24.40% is unusually high for imitation jewellery wholesaling and cosmetics trading, where goods are bought in and resold.

• The company manufactures nothing itself. All jewellery is made by contract manufacturers, so quality, cost and delivery sit with third parties.

• The Rash Behari Avenue property is still under construction, so the retail expansion the issue is funding has not started trading.

• Imitation jewellery is a crowded trade with low entry barriers, and designs are copied quickly.

• Promoter holding falls from 99.67% to 72.26% after the issue.

• This is an SME issue. One lot is 1,600 shares, which is about Rs 1.31 lakh at the upper band of Rs 82, and SME shares usually trade in low volume after listing.

Promoters & holding

Md.Qasim, Mohammed Usman, Mohammed Imran and Md.Aurangzeb

Pre-issue promoter holding

99.67%

Post-issue promoter holding

72.26%

Promoters hold 99.67% before the issue and will hold 72.26% after it.

Data refreshed 09 Nov 2026, 05:00 am IST. GMP is unofficial market sentiment, not investment advice.