Arjun Jewellers IPO
Arjun Jewellers IPO — date, issue size, SEBI status & DRHP details 2026
Arjun Jewellers filed its draft red herring prospectus (DRHP) with SEBI on 10 Aug 2026 for an IPO of a fresh issue of up to ₹200 crore. The draft is under SEBI review. The price band, lot size and IPO dates are not announced yet.
Arjun Jewellers sells gold, silver, platinum and diamond jewellery through 4 retail showrooms in Rajkot and Jamnagar in Gujarat. Revenue from operations grew from Rs 280.32 crore in FY2024 to Rs 595.46 crore in FY2026.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Arjun Jewellers IPO stands
From draft to listing. Today is 6 November 2026.
- DRHP filed 10 Aug 2026
- SEBI observations TBA
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 10 Aug 2026 |
|---|---|
| SEBI status | Under SEBI review · 30 Oct 2026 |
| Last SEBI communication | 30 Oct 2026 |
| Coordinating lead manager | Saffron Capital Advisors Private Limited |
| RHP, price band & dates | Not announced |
Arjun Jewellers IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue only |
|---|---|
| Fresh issue | Up to ₹200 Cr |
| Offer for sale | None |
| Total issue size | ₹200 Cr |
| Face value | ₹10 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | Saffron Capital Advisors Private Limited |
| Registrar | MUFG Intime India Private Limited |
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 7
- 01Revenue from operations grew from Rs 280.32 crore in FY2024 to Rs 383.34 crore in FY2025 and Rs 595.46 crore in FY2026.
- 02EBITDA margin rose from 4.28% in FY2024 to 6.38% in FY2025 and 7.49% in FY2026.
- 03Restated profit grew from Rs 6.17 crore in FY2024 to Rs 27.20 crore in FY2026, and PAT margin rose from 2.20% to 4.57%.
- 04Debt-equity ratio fell from 5.19 in FY2024 to 2.65 in FY2025 and 1.44 in FY2026 as net worth rose to Rs 68.36 crore.
- 05Return on capital employed improved from 15.17% in FY2024 to 25.67% in FY2026.
- 06The company moved from 2 stores in FY2024 to 3 in FY2026 and has a fourth store opened on 19 June 2026, all in one cluster of Saurashtra.
- 07Both promoters work in the business as Chairman and Managing Director and Whole Time Director, and the promoter group holds 96.28% before the issue.
Risks · 10
- 01All showrooms are in the Saurashtra region of Gujarat, so a local slowdown would hit all of the revenue.
- 02Gold jewellery gave 96.00% of FY2026 revenue, so gold price swings and supply issues affect the whole business.
- 03Operating cash flow was negative in all three years: Rs -34.43 crore in FY2026, Rs -5.14 crore in FY2025 and Rs -23.84 crore in FY2024, even as profit rose.
- 04Total borrowings were Rs 98.34 crore at the end of FY2026, against net worth of Rs 68.36 crore.
- 05Working capital days were 99 in FY2026, and the business needs a large stock of inventory.
- 06Rs 160.00 crore of the Rs 200.00 crore fresh issue goes to working capital, mainly inventory, and the rest is general corporate purposes, which is not yet specified.
- 07The company has ongoing Income Tax Department proceedings. Litigation against the company is Rs 160.74 crore in aggregate across 2 tax and 1 regulatory matters.
- 08The company filed a compounding application for audit trail non-compliance under the Companies Act and received a penalty order. The FY2025 auditor's report also has qualifications.
- 09All products come from third-party suppliers with no long-term contracts.
- 10Promoters acquired shares at a weighted average cost of Rs 2.00 per share, and bonus shares at a 4:1 ratio were allotted on 18 August 2025.
Arjun Jewellers financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue from Operations | 595.46 | 383.34 | 280.32 |
| EBITDA | 44.58 | 24.44 | 11.99 |
| Profit After Tax | 27.20 | 15.07 | 6.17 |
| Net Worth | 68.36 | 26.79 | 11.74 |
| Total Borrowing | 98.34 | 71.03 | 60.87 |
Key ratios (FY26)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹160 crore of the fresh issue is earmarked to named objects.
About Arjun Jewellers
The company works on a B2C model. It reports one segment only, which is the sale of finished jewellery through its own showrooms. Gold jewellery made up 96.00% of revenue from operations in FY2026, 97.98% in FY2025 and 96.47% in FY2024.
As of 30 June 2026, the company runs four showrooms, three in Rajkot and one in Jamnagar, with an operational area of 787.23 square metre. Showroom 4 started business on 19 June 2026. The company plans to open a fifth showroom in the coming month. The number of stores was 2 in FY2024 and FY2025 and 3 in FY2026.
All products come from third-party suppliers, mainly located in Maharashtra and Gujarat, and there are no long-term contracts with them. The company says it plans to add stores in existing clusters and new areas of Saurashtra, widen its product range and use gold recycling to improve procurement.
The company was incorporated in 2020. Promoter Manishbhai Nathubhai Ghadiya is Chairman and Managing Director and has over 8 years of experience in jewellery. Promoter Ghadiya Raswanti Manish is a Whole Time Director. The company was earlier run as a partnership firm, Arjun Jewellers, in which Manishbhai was a partner since 2017.
The industry
The industry report by D&B says the gems and jewellery sector contributes about 7% of India's GDP and employs over 4.5-5 million people across the value chain. The Saurashtra region, which includes Rajkot, Jamnagar, Bhavnagar, Junagadh and Porbandar, is a large market for gold jewellery, with demand tied to weddings, festivals and religious occasions. The report also points to volatile global demand, changing precious-metal prices and dependence on imported gold as challenges.
Customer concentration: The company sells to retail customers through its showrooms, so top-5 customer concentration is not applicable.
Promoters & management
Promoters hold 88.64% (57.81% and 30.83%) and the promoter group holds 7.64% before the issue.
| Name | Role |
|---|---|
| Manishbhai Nathubhai Ghadiya | Chairman and Managing Director |
| Ghadiya Raswanti Manish | Whole Time Director |
| Hitesh B Vasoya | Executive Director |
| Patel Ishankumar Kamleshbhai | Chief Financial Officer |
| Limbasiya Pradip Mansukhbhai | Company Secretary and Compliance Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Arjun Jewellers IPO: frequently asked
When will the Arjun Jewellers IPO open?
The Arjun Jewellers IPO dates are not announced yet. The draft is under SEBI review. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Arjun Jewellers IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹10 per share.
How big is the Arjun Jewellers IPO?
Arjun Jewellers filed its draft red herring prospectus (DRHP) with SEBI on 10 Aug 2026 for an IPO of a fresh issue of up to ₹200 crore. The DRHP puts the total at about ₹200 crore.
Has SEBI approved the Arjun Jewellers IPO?
The draft is under SEBI review. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Arjun Jewellers IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Arjun Jewellers IPO GMP once the RHP and price band are out.
What will Arjun Jewellers do with the IPO money?
As per the DRHP: Fund incremental working capital, mainly inventory for existing and new retail showrooms in Saurashtra (₹160 crore); General corporate purposes.
Who are the lead managers of the Arjun Jewellers IPO?
The book running lead managers are Saffron Capital Advisors Private Limited. MUFG Intime India Private Limited is the registrar.
Is Arjun Jewellers profitable?
Yes. Restated profit was Rs 27.20 crore in FY2026, Rs 15.07 crore in FY2025 and Rs 6.17 crore in FY2024.
How many showrooms does Arjun Jewellers have?
It runs four showrooms as of 30 June 2026, three in Rajkot and one in Jamnagar, with 787.23 square metre of operational area. A fifth showroom is planned in the coming month.
Who owns Arjun Jewellers?
Promoters Manishbhai Nathubhai Ghadiya and Ghadiya Raswanti Manish hold 88.64% before the issue, and the promoter group holds another 7.64%.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Arjun Jewellers files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
