M.K.Sons Fine Jewels IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

M.K.Sons Fine Jewels

Price band

₹153 – ₹162

Lot size

91 shares

Min investment

₹14,742

Issue size

₹275.4 Cr

About the company

M. K. Sons Fine Jewels Limited was incorporated in 2012. It sells gold, diamond and CZ jewellery through its own retail showrooms in Mumbai and Ahmedabad. The company runs 5 showrooms across Maharashtra and Gujarat, in places such as Bandra, Andheri, Zaveri Bazaar, C.G. Road and Sindhu Bhavan Road. It does not make the jewellery itself. It buys finished pieces from third-party vendors across Western India. The range covers rings, necklaces, bangles, earrings, bracelets, mangalsutras, solitaires, bridal jewellery and customised jewellery. It is sold under 11 collections, including Pavitra, Rivaaz, Sitaare, NAQSH, Sunhere and One & Only. On 30 June 2026 the company offered over 19,442 designs, of which 14,582 were gold jewellery and 4,860 were diamond and precious stone jewellery. Its customers are bridal, festive, daily wear and premium buyers. The jewellery is BIS Hallmark certified. The company follows a cluster-based showroom plan, where new showrooms are opened close to existing ones in the same city. The company is promoted by Ramchand Murlidhar Raimalani, Neelam Ramchand Raimalani and Kush Ramchand Raimalani. The registered office is in Bandra West, Mumbai. The offer is a fresh issue plus an offer for sale of 34,00,000 shares by Ramchand Murlidhar Raimalani, and Aryaman Financial Services Limited is the lead manager.

M.K.Sons Fine Jewels sells gold, diamond and CZ jewellery through 5 showrooms in Mumbai and Ahmedabad. Total income grew from Rs 217.40 crore in FY2024 to Rs 538.86 crore in FY2026.

IPO details

Issue price: ₹162
Price band: ₹153 – ₹162
Face value: ₹10
Lot size: 91
Min investment: ₹14,742
Issue size: ₹275.4 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 8062
NSE symbol: MKJEWELS.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	91	₹14,742
Retail (Max)	13	1,183	₹1,91,646
S-HNI (Min)	14	1,274	₹2,06,388
B-HNI (Min)	68	6,188	₹10,02,456

Investor reservation

CATEGORY	RESERVED
QIB	51,00,000 shares

Objects of the issue

1Funding expenditure towards setting up of 1 new showroom in Maharashtra (“New Showroom”) and expansion of existing showroom in Gujarat (“Expansion”)152.84

2Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company30.00

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	30 Jun 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	305.68	283.21	219.64	95.21
Total Income	101.45	538.86	351.32	217.40
Profit After Tax	15.02	51.80	23.26	8.17
EBITDA	23.42	82.94	38.57	12.87
NET Worth	183.04	168.01	116.21	22.27
Reserves and Surplus	140.35	125.32	107.70	17.79
Total Borrowing	70.52	68.44	68.93	38.64

Key performance indicators

P/E Ratio

16.1

EPS (₹)

10.06

RoE

8.20%

RoCE

10.26%

RoNW

8.20%

PAT Margin

14.80%

EBITDA Margin

23.09%

Debt / Equity

0.39

NAV (₹)

42.88

✓ Strengths

• Total income rose from Rs 217.40 crore in FY2024 to Rs 351.32 crore in FY2025 and Rs 538.86 crore in FY2026.

• Profit after tax grew from Rs 8.17 crore in FY2024 to Rs 23.26 crore in FY2025 and Rs 51.80 crore in FY2026, up 123% in the last year.

• EBITDA rose from Rs 12.87 crore in FY2024 to Rs 82.94 crore in FY2026. The EBITDA margin was 15.39% and the PAT margin 9.61% in FY2026.

• Return on equity was 30.83% and return on capital employed 39.88% in FY2026, as per the source.

• Debt to equity was 0.41 on 31 March 2026 and 0.39 on 30 June 2026, with net worth of Rs 183.04 crore on 30 June 2026.

• The upper band of Rs 162 is 16.1 times post-issue EPS of Rs 10.06, which uses annualised earnings of the quarter ended 30 June 2026, and 13.36 times pre-issue EPS of Rs 12.13.

• The company offers over 19,442 designs under 11 collections across 5 showrooms, all with BIS Hallmark certified jewellery.

• Rs 152.84 crore of the net proceeds goes to a new showroom in Maharashtra and the expansion of an existing showroom in Gujarat, so the money is tied to the retail network.

⚠ Risks

• Profit has risen very fast. PAT was Rs 8.17 crore in FY2024 and Rs 51.80 crore in FY2026, so the earnings base is recent and short.

• Return on equity was 30.83% in FY2026 but 8.20% for the quarter ended 30 June 2026. The quarterly figure is not annualised, and the net worth rose from Rs 168.01 crore to Rs 183.04 crore in that quarter.

• The whole business sits in 5 showrooms in Mumbai and Ahmedabad, so a problem in either city hits most of the sales.

• The company does not make its own jewellery. It buys finished pieces from third-party vendors in Western India, so supply and price depend on them.

• About 75% of the designs (14,582 of 19,442) are gold jewellery, so the business is exposed to gold price swings.

• Promoter Ramchand Murlidhar Raimalani is selling 34,00,000 shares worth Rs 55.08 crore, which is 20% of the Rs 275.40 crore issue. This money does not go to the company.

• Rs 30.00 crore of the net proceeds repays borrowings, and the general corporate purposes amount is not fixed. Total borrowings were Rs 68.44 crore on 31 March 2026.

• Promoters hold 100% before the issue, so they keep control after it. The source shows their post-issue holding as 69.8%, and the source has shown a different figure for it earlier.

• The issue is managed by a single lead manager, Aryaman Financial Services Limited.

Promoters & holding

Ramchand Murlidhar Raimalani, Neelam Ramchand Raimalani and Kush Ramchand Raimalani

Pre-issue promoter holding

100%

Post-issue promoter holding

69.8%

Promoters hold 100% before the issue, and the source shows them holding 69.8% after it. Promoter Ramchand Murlidhar Raimalani is selling 34,00,000 shares in the offer for sale.

Data refreshed 09 Nov 2026, 01:30 pm IST. GMP is unofficial market sentiment, not investment advice.