Rathod Jewellery Manufacturing IPO
Rathod Jewellery Manufacturing IPO — date, issue size, SEBI status & DRHP details 2026
Rathod Jewellery Manufacturing filed its draft red herring prospectus (DRHP) with SEBI on 5 Oct 2026 for an IPO of a fresh issue of up to 1,03,60,000 shares. The draft is under SEBI review. The price band, lot size and IPO dates are not announced yet.
Rathod Jewellery Manufacturing makes handcrafted gold jewellery with uncut diamonds (chakri) and polki for jewellery chains and wholesalers, at plants in Kolhapur and Jaipur. Revenue from operations grew from Rs 345.38 crore in FY2024 to Rs 667.33 crore in FY2026.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Rathod Jewellery Manufacturing IPO stands
From draft to listing. Today is 20 October 2026.
- DRHP filed 05 Oct 2026
- SEBI observations TBA
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 5 Oct 2026 |
|---|---|
| SEBI status | Under SEBI review · 5 Oct 2026 |
| Last SEBI communication | 5 Oct 2026 |
| Coordinating lead manager | Hem Securities Ltd |
| RHP, price band & dates | Not announced |
Rathod Jewellery Manufacturing IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue only |
|---|---|
| Fresh issue | Up to 1,03,60,000 shares |
| Offer for sale | None |
| 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 | Hem Securities Limited |
| Registrar | MUFG Intime India Private Limited |
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 6
- 01Revenue from operations rose from Rs 345.38 crore in FY2024 to Rs 507.90 crore in FY2025 and Rs 667.33 crore in FY2026.
- 02EBITDA margin improved from 6.76% in FY2024 to 9.41% in FY2025 and 10.76% in FY2026.
- 03Profit after tax grew from Rs 16.79 crore in FY2024 to Rs 50.47 crore in FY2026, and ROCE rose from 11.05% to 29.32% over the same years.
- 04The ICRA report puts the company at about 13.3% of the West India uncut diamond (chakri) jewellery market in FY2026.
- 05Inventory holding days fell from 153 in FY2024 to 80 in FY2026.
- 06Debt to equity eased from 0.95 times in FY2025 to 0.62 times in FY2026, and operating cash flow was positive at Rs 24.03 crore in FY2026.
Risks · 10
- 01The top 10 customers gave 98.14% of revenue from operations in FY2026, and the largest one alone gave 40.36% (Rs 269.36 crore). The company has no long-term supply contracts with them.
- 02The top 5 customers gave 92.76% of FY2026 revenue, up from 80.05% in FY2024, and the customer count fell from 60 in FY2025 to 43 in FY2026.
- 03Chakri jewellery gave 80.81% of revenue in FY2026 (90.34% in FY2025), so a fall in demand for one product line would hit sales.
- 04Gold made up 84.64% of raw material purchases in FY2026 and the top 10 suppliers gave 89.91% of purchases.
- 05Both factories are in two places, Kolhapur and Jaipur. Customers in Maharashtra gave 48.85% of FY2026 revenue and customers in UAE gave 32.09%.
- 06The business needs a lot of working capital. The requirement rose from Rs 193.28 crore in FY2024 to Rs 201.71 crore in FY2026, and sanctioned working capital limits were Rs 121.73 crore as on 31 August 2026.
- 07Operating cash flow was negative at Rs 0.75 crore in FY2025 while profit was Rs 33.97 crore.
- 08Net worth fell from Rs 139.21 crore in FY2024 to Rs 107.14 crore in FY2025 before rising to Rs 158.01 crore in FY2026.
- 09The previous statutory auditors included qualifications and adverse remarks in the audit reports for FY2025 and FY2024.
- 10Of the net proceeds, Rs 90.00 crore goes to repay borrowings and the general corporate purposes amount is not yet fixed. The promoters will hold 99.99% before the issue.
Rathod Jewellery Manufacturing financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue from Operations | 667.33 | 507.90 | 345.38 |
| EBITDA | 71.81 | 47.77 | 23.34 |
| Profit After Tax | 50.47 | 33.97 | 16.79 |
| Net Worth | 158.01 | 107.14 | 139.21 |
| Total Borrowing | 97.92 | 102.01 | 88.86 |
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
₹205 crore of the fresh issue is earmarked to named objects.
About Rathod Jewellery Manufacturing
Its buyers are organised jewellery retail chains, retailers and wholesalers. It sold to 43 customers in FY2026, down from 60 in FY2025 and 52 in FY2024. Customers sit in 15 states and union territories in India, and in 3 countries abroad: UAE, Qatar and USA. Export revenue was 32.46% of revenue in FY2026, against 42.06% in FY2024.
The company runs 2 manufacturing facilities, at MIDC Shiroli in Kolhapur, Maharashtra and at the RIICO Industrial Area, Sitapura in Jaipur, Rajasthan. Together they cover about 48,868.15 square feet and have an installed capacity of 3,100 kg a year. It processed 597 kg of gold in FY2026 and offered 4,456 active SKUs.
As per the ICRA report quoted in the document, the company has about 3.7% of the Indian uncut diamond (chakri) jewellery market and 13.3% of the West India market in FY2026. Chakri jewellery gave 80.81% of revenue from operations in FY2026.
The promoters are Chandrakant Hanjarimal Rathod, Rupali Chandrakant Rathod, Reeva Chandrakant Rathod and Hridhay Chandrakant Rathod. Chandrakant Rathod has over 34 years of experience in the gems and jewellery industry. All four promoters are on the board.
The industry
As per the ICRA report in the document, the jewellery segment of the India gems and jewellery market was Rs 6,836 billion in FY2026 and grew at a CAGR of 8.6% during FY2019 to FY2026. It is projected to reach Rs 10,936 billion by FY2030, a CAGR of 12.2% over FY2027 to FY2030. India held 21.2% of the global gems and jewellery market, valued at US$ 76.8 billion in CY2025. The report expects India's market to grow at a CAGR of 11.9% during CY2025 to CY2031 and reach 25.3% of the global market.
Customer concentration: Top 5 customers gave 92.76% of FY2026 revenue (86.67% in FY2025 and 80.05% in FY2024). The top customer gave 40.36% in FY2026.
Promoters & management
The four promoters hold 3,09,99,070 shares, or 99.99%, before the issue, and promoter group entities hold 620 shares.
| Name | Role |
|---|---|
| Chandrakant Hanjarimal Rathod | Chairman and Managing Director |
| Rupali Chandrakant Rathod | Whole-time Director |
| Reeva Chandrakant Rathod | Whole-time Director |
| Hridhay Chandrakant Rathod | Whole-time Director |
| Arvind Kumar Jain | Chief Financial Officer |
| Poorva Hemant Garware | Company Secretary and Compliance 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.
Hem Securities Ltd.
16 issues handledBest listing: Credent Connect N Care (+90.0%). Weakest: E to E Transportation Infrastructure (0.0%).
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.
Rathod Jewellery Manufacturing IPO: frequently asked
When will the Rathod Jewellery Manufacturing IPO open?
The Rathod Jewellery Manufacturing 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 Rathod Jewellery Manufacturing 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 Rathod Jewellery Manufacturing IPO?
Rathod Jewellery Manufacturing filed its draft red herring prospectus (DRHP) with SEBI on 5 Oct 2026 for an IPO of a fresh issue of up to 1,03,60,000 shares. The final size in rupees depends on the price band.
Has SEBI approved the Rathod Jewellery Manufacturing 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 Rathod Jewellery Manufacturing IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Rathod Jewellery Manufacturing IPO GMP once the RHP and price band are out.
What will Rathod Jewellery Manufacturing do with the IPO money?
As per the DRHP: Fund incremental working capital requirements of the company (₹115 crore); Repay or pre-pay, in full or in part, borrowings availed by the company (₹90 crore); General corporate purposes.
Who are the lead managers of the Rathod Jewellery Manufacturing IPO?
The book running lead managers are Hem Securities Limited. MUFG Intime India Private Limited is the registrar.
Who owns Rathod Jewellery Manufacturing?
The four promoters, Chandrakant, Rupali, Reeva and Hridhay Rathod, hold 99.99% before the issue. Chandrakant and Rupali hold 35.00% each, Hridhay 19.99% and Reeva 10.00%.
Is Rathod Jewellery Manufacturing profitable?
Yes. Profit after tax was Rs 50.47 crore in FY2026, up from Rs 33.97 crore in FY2025 and Rs 16.79 crore in FY2024.
Does Rathod Jewellery Manufacturing export?
Yes. It sells to UAE, Qatar and USA. Export revenue was 32.46% of revenue in FY2026 and 42.06% in FY2024.
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 Rathod Jewellery Manufacturing 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.
