Momai Art IPO
Momai Art IPO — date, issue size, SEBI status & DRHP details 2026
Momai Art filed its draft red herring prospectus (DRHP) with SEBI on 30 Sep 2026 for an IPO of a fresh issue of up to 1,95,50,000 shares and an offer for sale of up to 45,00,000 shares. The draft is under SEBI review. The price band, lot size and IPO dates are not announced yet.
Momai Art is a Mumbai-based B2B manufacturer of lightweight daily-wear and contemporary gold jewellery, sold to wholesalers and jewellers such as Malabar Gold and Diamonds and Kalyan Jewellers. Revenue from operations grew from Rs 320.13 crore in FY2024 to Rs 662.23 crore in FY2026.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Momai Art IPO stands
From draft to listing. Today is 9 October 2026.
- DRHP filed 30 Sep 2026
- SEBI observations TBA
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 30 Sep 2026 |
|---|---|
| SEBI status | Under SEBI review · 30 Sep 2026 |
| Last SEBI communication | 30 Sep 2026 |
| Coordinating lead manager | Marwadi Chandarana Intermediaries Brokers Private Limited |
| RHP, price band & dates | Not announced |
Momai Art IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue and offer for sale |
|---|---|
| Fresh issue | Up to 1,95,50,000 shares |
| Offer for sale | Up to 45,00,000 shares |
| Total issue size | Depends on the price band |
| 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 | Marwadi Chandarana Intermediaries Brokers Private Limited |
| Registrar | Bigshare Services Private Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Nikhil Tulsidas Vaya | Promoter | Up to 15,00,000 shares | Rs 1.67 |
| Rahul Tulsibhai Vaya | Promoter | Up to 15,00,000 shares | Rs 1.67 |
| Atul Jentilal Patt | Promoter | Up to 15,00,000 shares | Rs 1.67 |
Each of the three promoter sellers holds 2,40,00,000 shares at an average cost of Rs 1.67 per share, and the weighted average cost of all shares transacted in the last year was Rs 4.46.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 6
- 01Revenue from operations grew from Rs 320.13 crore in FY2024 to Rs 556.87 crore in FY2025 and Rs 662.23 crore in FY2026.
- 02Profit after tax rose from Rs 5.83 crore in FY2024 to Rs 39.01 crore in FY2026, and EBITDA margin rose from 4.14% to 9.09% in the same period.
- 03The company has over 14,000 jewellery designs across 22, 21, 20 and 18 karat gold, with Meenakari and CNC detailing on very small gold components.
- 04Contemporary jewellery sales grew from Rs 13.73 crore in FY2024 to Rs 83.39 crore in FY2026, which is 12.59% of revenue.
- 05Installed capacity was raised from 2,400 kg to 3,000 kg in FY2026.
- 06Trade receivable days were only 11 days in FY2026, as sales are made to wholesalers and traders on short credit terms.
Risks · 9
- 01The top 10 customers gave 60.77% of revenue in FY2026 and 70.50% in FY2025. Customer 1 alone gave 23.90% of FY2026 revenue.
- 02Lightweight jewellery gave 98.33% of revenue from operations in FY2026, so the business depends on one product type.
- 03Operating cash flow was negative in all three years: Rs -21.77 crore in FY2026, Rs -2.45 crore in FY2025 and Rs -9.00 crore in FY2024, while profit rose.
- 04Total borrowings were Rs 88.27 crore as at 31 March 2026 and the debt to equity ratio was 1.74 times. Rs 19.83 crore of this is unsecured loans from promoters and their relatives, repayable on demand.
- 05Inventories rose from Rs 39.02 crore as at 31 March 2024 to Rs 114.38 crore as at 31 March 2026, and working capital days rose from 34 in FY2025 to 58 in FY2026.
- 06All manufacturing is at one facility in Mumbai, and 175 Karigars do the manual stages of production.
- 07Rs 143.16 crore of the net proceeds is for working capital, and the general corporate purposes amount is not yet stated.
- 08Promoters sell up to 45,00,000 shares in the offer for sale at an average cost of Rs 1.67 per share. The company gets no money from this part.
- 09Capacity utilisation fell as annual production dropped from 1,292.26 kg in FY2024 to 809.35 kg in FY2026 against installed capacity of 3,000 kg.
Momai Art financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue from Operations | 662.23 | 556.87 | 320.13 |
| Total Income | 663.53 | 557.31 | 320.54 |
| EBITDA | 60.21 | 20.73 | 13.26 |
| Profit After Tax | 39.01 | 9.17 | 5.83 |
| Net Worth | 50.81 | 11.79 | 18.68 |
| Total Borrowing | 88.27 | 54.34 | 25.86 |
| Total Assets | 147.77 | 67.93 | 53.43 |
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
₹143.16 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About Momai Art
The company works on a B2B model. It makes jewellery to customer designs and specifications, and also makes stock based on expected demand. It sells to wholesalers, traders and jewellery chains. The draft names Malabar Gold and Diamonds Limited and Kalyan Jewellers India Limited among its top 10 customers. Gold bullion is the main raw material, and the cost of goods sold was 88.97% of revenue in FY2026.
In FY2026, daily-wear jewellery gave Rs 567.79 crore, or 85.74% of revenue from operations. Contemporary jewellery gave Rs 83.39 crore, or 12.59%. Gold bars and job work made up the rest. Domestic sales were 99.36% of revenue and exports were 0.64%.
All manufacturing happens at a single facility in Mumbai on about 16,000 sq. ft. of land. Installed capacity was 3,000 kg in FY2026, up from 2,400 kg in FY2025 and FY2024. Annual production was 809.35 kg in FY2026. As of 31 August 2026, the company had about 205 employees, including 175 Karigars (skilled craftsmen).
The business began as the partnership firm M/s Momai Art, formed on 6 April 2017 by Nikhil Tulsidas Vaya, Rahul Tulsibhai Vaya and Atul Jentilal Patt. It was converted into Momai Art Private Limited on 21 March 2025 and became a public limited company in July 2026. The three founders are the promoters.
The industry
The industry report by CAREEdge, commissioned by the company, puts the Indian gems and jewellery industry at around Rs 9,998.17 billion in CY25, with a CAGR of 11.21% during CY20 to CY25. It expects a CAGR of 12.82% between CY25 and CY30P. The Indian gold jewellery market rose from Rs 7,104.88 billion in CY24 to Rs 7,907.74 billion in CY25, helped by higher gold prices even as volumes fell. The report projects gold jewellery to grow at a CAGR of 11.41% between CY25 and CY30P, reaching Rs 13,575.75 billion.
Customer concentration: Top 5 customers gave 47.18% of FY2026 revenue (53.97% in FY2025), and the top 10 gave 60.77% (70.50% in FY2025).
Promoters & management
The three promoters hold 7,20,00,000 shares, or 93.99% of the company before the issue, with 31.33% each. Promoter group members hold no shares.
| Name | Role |
|---|---|
| Nikhil Tulsidas Vaya | Chairman and Managing Director |
| Rahul Tulsibhai Vaya | Whole-time Director |
| Atul Jentilal Patt | Whole-time Director |
| Preeti Nitin Jain | Chief Financial Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Marwadi Chandarana Intermediaries Pvt.Ltd.
4 issues handledBest listing: Vahh Chemicals (+16.7%). Weakest: PAN HR Solutions (+0.4%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Momai Art IPO: frequently asked
When will the Momai Art IPO open?
The Momai Art 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 Momai Art 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 Momai Art IPO?
Momai Art filed its draft red herring prospectus (DRHP) with SEBI on 30 Sep 2026 for an IPO of a fresh issue of up to 1,95,50,000 shares and an offer for sale of up to 45,00,000 shares. The final size in rupees depends on the price band.
Has SEBI approved the Momai Art 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 Momai Art IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Momai Art IPO GMP once the RHP and price band are out.
What will Momai Art do with the IPO money?
As per the DRHP: Fund the working capital requirements of the company (₹143.16 crore); General corporate purposes.
Who are the lead managers of the Momai Art IPO?
The book running lead managers are Marwadi Chandarana Intermediaries Brokers Private Limited. Bigshare Services Private Limited is the registrar.
Is Momai Art profitable?
Yes. Profit after tax was Rs 39.01 crore in FY2026, against Rs 9.17 crore in FY2025 and Rs 5.83 crore in FY2024. Operating cash flow was negative in all three years.
What does Momai Art make?
It makes lightweight gold jewellery such as Dokiya chains, bracelets, rings, earrings, pendants and necklace sets, mainly for wholesalers and jewellery chains. Daily-wear jewellery gave 85.74% of FY2026 revenue.
Who are the promoters of Momai Art?
Nikhil Tulsidas Vaya, Rahul Tulsibhai Vaya and Atul Jentilal Patt. Each holds 31.33% and together they hold 93.99% before the issue.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Momai Art 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.
