The Royal Chain IPO is now with SEBI. The Mumbai based jewellery manufacturer has filed its DRHP, the draft prospectus a company files with the regulator before an IPO, for an issue of ₹1,000 crore. Of that, ₹850 crore is fresh money for the company, and ₹650 crore of the fresh money is meant to repay debt.
You have probably worn its work without knowing the name. Royal Chain makes gold chains and jewellery for retailers, not for you. Its customer list includes Titan Company, Kalyan Jewellers India, Senco Gold, P N Gadgil Jewellers, Thangamayil Jewellery, Kalamandir Jewellers and D P Abhushan. The shops you buy from are the shops it supplies.
What is in the filing
| Item | Detail |
|---|---|
| Total issue | ₹1,000 crore |
| Fresh issue | ₹850 crore |
| Offer for sale | ₹150 crore, by the promoters |
| Towards repaying debt | ₹650 crore |
| Outstanding borrowings | ₹820.4 crore, standalone |
| FY2026 revenue | ₹4,732.5 crore, up 30.8% |
| FY2026 profit | ₹173.3 crore, from ₹63.3 crore |
| Manufacturing capacity | 12,000 kg a year |
| Book running lead managers | JM Financial, 360 ONE WAM |
| Status | DRHP filed, reported 29 September 2026 |
A fresh issue means new shares, and that money goes into the company. An offer for sale means existing shareholders selling their own shares, and that money goes to them. Here the split is 85 per cent fresh and 15 per cent OFS, so most of the ₹1,000 crore reaches the business.
What the numbers say
Revenue rose 30.8 per cent in FY2026 to ₹4,732.5 crore, from ₹3,617.2 crore the year before. Profit after tax went from ₹63.3 crore to ₹173.3 crore, close to a tripling.
Now do the division. ₹173.3 crore on ₹4,732.5 crore of revenue is a net margin of about 3.7 per cent. That sounds thin until you remember what the revenue is made of. In gold jewellery manufacturing, most of the top line is the price of the metal passing through. The maker earns on the making charge, not on the gold.
The debt line is worth reading carefully too. Royal Chain had ₹820.4 crore of borrowings on a standalone basis and plans to put ₹650 crore of the fresh issue against them. That clears most of the debt, not all of it. What is left of the ₹850 crore after that, roughly ₹200 crore before issue expenses, is marked for general corporate purposes rather than a named new plant or product.
What happens next
SEBI now reviews the draft. That review usually runs one to three months, and it can come back with questions. An approval, when it comes, stays valid for 12 months, which is the window the company gets to launch. Nothing about the actual issue is fixed yet: no price band, no lot size, no dates. Those arrive later, in the red herring prospectus.
Royal Chain is the second DRHP this week worth your attention after EverBrands, the company that runs Subway in India. When the Royal Chain dates are out they will show on our upcoming mainboard IPO page, alongside every other issue in the SEBI queue, and the live issues sit on the mainboard IPO list.
