Kataria Dhulchand Pannalal Jewellers IPO

Strengths · 7

• 01Revenue from operations rose from Rs 152.93 crore in FY2024 to Rs 320.46 crore in FY2025 and Rs 477.87 crore in FY2026.
• 02EBITDA margin moved from 4.94% in FY2024 to 7.62% in FY2025 and 14.43% in FY2026.
• 03Profit after tax grew from Rs 2.36 crore in FY2024 to Rs 13.11 crore in FY2025 and Rs 44.55 crore in FY2026.
• 04Restated net worth stood at Rs 121.48 crore on 31 March 2026, against Rs 20.49 crore a year earlier.
• 05The product range had 220 SKUs on 30 June 2026, with make-to-order options for bridal and occasion jewellery.
• 06Return on net worth was 36.67% and return on capital employed was 25.32% in FY2026.
• 07Revenue per square foot of showroom area rose from Rs 0.11 million in FY2024 to Rs 0.27 million in FY2026.

Risks · 9

• 01All revenue comes from stores in Madhya Pradesh, and a substantial portion comes from one store, Ratlam Store-I.
• 02Operating cash flow was negative in all three years: Rs -58.19 crore in FY2026, Rs -13.31 crore in FY2025 and Rs -9.68 crore in FY2024, while profit rose.
• 03Total borrowings rose from Rs 48.90 crore in FY2024 to Rs 95.76 crore in FY2026.
• 04Gold and silver bullion, described as a low-margin business, grew to 23.58% of FY2026 revenue from operations, so revenue growth may not be comparable across years.
• 05The largest supplier gave 36.55% of purchases in FY2026, and the top 5 suppliers gave 55.73%.
• 06The company does not own a registered trademark. It uses the Kataria Jewellers brand under a no objection certificate and licence from one of its promoters.
• 07The company has a limited operating history in organised retail jewellery, with the first store opened in FY2023.
• 08Gold jewellery gave 75.70% of FY2026 revenue from operations, so a fall in gold jewellery demand would hit the business directly.
• 09General corporate purposes can take up to 25% of the gross proceeds, and its amount is not yet fixed.

Kataria Dhulchand Pannalal Jewellers Limited sells jewellery under the brand name Kataria Jewellers. Its operations are concentrated in Madhya Pradesh. The company sells jewellery made of gold, platinum and silver, with precious and semi-precious stones, including diamonds and polki (uncut) diamonds. The registered office is at Panna Mahal, Sagod Road, Ratlam.

As on 30 June 2026 the company had 220 SKUs across rings, earrings, necklaces, bangles, complete sets and other ornaments. It sells at price points from entry-level to premium, for weddings, festivals, gifting and daily wear. It also takes make-to-order requests where the customer picks the design, size, polish and weight. Besides retail, it supplies jewellery to other jewellery retailers.

The company runs 3 stores, all owned and operated by it. The first store opened in Ratlam in FY2023 with a showroom area of 12,400 square feet. A second Ratlam store of 1,770 square feet opened in FY2024. A third store of 3,800 square feet opened in Indore in FY2026. Total retail showroom area was 17,970 square feet in FY2026.

Gold jewellery gave Rs 361.72 crore, or 75.70% of revenue from operations, in FY2026. Gold bullion gave Rs 96.27 crore, or 20.14%, up from 7.97% in FY2024. The company buys ready-made jewellery from vendors in Maharashtra, Madhya Pradesh, Gujarat, Rajasthan and Tamil Nadu. Maharashtra supplied 64.84% of purchases in FY2026.

The brand has grown over generations of the Kataria family. The company says it plans to open two new stores, in Kota in Rajasthan and Ujjain in Madhya Pradesh, and to move into in-house manufacturing. The promoters are Sunil Kataria, Ravi Kataria, Harsh Kataria, Yash Kataria and Sunil Anokhilal Kataria HUF.

The industry

The CARE industry report says the Indian gems and jewellery industry contributes about 7% of GDP and around 15% of total merchandise exports. India accounts for over 90% of global polished diamond production. Gold jewellery dominates the domestic market because of its cultural and religious role, and the report names gold price volatility, import dependence and competition from synthetic diamonds as challenges. The document does not give a rupee market size for the industry in this summary.

Customer concentration: The company sells to many individual retail customers and says its top five customers are not material. On the supply side, the largest supplier gave 36.55% of FY2026 purchases and the top 5 gave 55.73%.