Baanganga Gold & Diamond (I) IPO

Baanganga Gold & Diamond (I) Limited Initial Public Offering is a Book Building Issue of ₹720 crores, consisting of a fresh issue of shares worth ₹540 crores and an Offer for Sale of ₹180 crores.

The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited. DAM Capital Advisors Limited is the Book Running Lead Manager, and KFin Technologies Limited is the Registrar to the Issue. Key details such as Initial Public Offering dates, Initial Public Offering price bands, and lot size are yet to be announced.

About Baanganga Gold & Diamond (I) Limited

Baanganga Gold & Diamond (I) Limited was originally established as a sole proprietorship business under the name Baanganga Jewellers in Mumbai and was subsequently converted into a partnership firm in 1997, a private limited company in 2022, and finally a public limited company in January 2026. Over the years, the business has evolved into an organised, fully integrated manufacturer of gold and diamond jewellery, covering the complete value chain from design and production to quality control and supply to retailers.

The company is engaged in the manufacturing and supply of plain gold, studded gold, and diamond jewellery, primarily under a business-to-business model. Its product portfolio includes necklaces, bangles, rings, earrings, pendants, mangalsutra, bracelets, and chains, with products primarily crafted in 18-carat and 22-carat gold. The company caters to different age groups, genders, price ranges, and occasions, including bridal and wedding jewellery, festive and occasional wear, as well as daily-wear jewellery. Its design portfolio comprised more than 500,000 designs as of July 31, 2026, covering categories such as antique, temple, heritage-divine, Turkish, CNC, and diamond jewellery.

Baanganga Gold & Diamond operates three fully integrated manufacturing facilities in Mumbai, Maharashtra, spread across approximately 23,994 sq. ft. The facilities have an aggregate installed capacity of 7,500 kg per annum, with actual production of 3,629.42 kg and capacity utilisation of 48.39% in Fiscal 2026. The facilities are supported by an in-house design team comprising 91 designers and 402 karigars and use computer-aided design and computer numerical control technologies to improve design precision, prototyping, material utilisation, and production efficiency. The company has developed an integrated manufacturing workflow covering procurement, production planning, material movement, quality assurance, and distribution, reducing its dependence on third-party job workers.

The company primarily follows a B2B model, supplying organised and reputed corporate jewellery retail chains, wholesalers, and distributors across India and international markets. As of July 31, 2026, it had 604 clients, comprising 579 domestic clients across 18 states and four union territories and 25 international clients.

Baanganga Gold & Diamond has established a market presence in the Indian gold jewellery manufacturing industry, with an estimated 1.9% share of the Indian gold jewellery manufacturing (wholesale) market in Fiscal 2026. The Indian wholesale gold jewellery market was valued at approximately ₹2,176.1 billion in CY2025 and is expected to reach approximately ₹4,024.7 billion by CY2030, representing a projected CAGR of 13.1%. The company itself recorded approximately 60% CAGR in revenue between Fiscal 2024 and Fiscal 2026, reaching ₹39,278.67 million on a pro-forma combined basis in Fiscal 2026.

The company is led by promoters with over 35 years of collective experience in the gold and diamond jewellery manufacturing industry. Its integrated manufacturing capabilities, large design bank, in-house karigars and designers, long-standing relationships with organised jewellery retailers, and use of computer-aided design and computer numerical control technologies support its ability to manufacture and supply a broad range of jewellery products at scale.

Industry Outlook

• India’s domestic gems and jewellery market stood at approximately ₹9,998.2 billion in CY25, growing at 11.2% CAGR during CY20–CY25. It is projected to grow at 12.8% CAGR through CY30P, supported by rising incomes, a growing working population, easier credit, and improving living standards.
• The Indian wholesale gold jewellery market reached ₹2,176.1 billion in CY25, registering 11.3% CAGR during CY20–CY25. It is projected to reach ₹4,024.7 billion by CY30P, implying a faster 13.1% CAGR and providing significant headroom for organised jewellery manufacturers.
• The organised segment accounted for 36.7% of India’s retail gems and jewellery market in CY25, compared with 63.3% for the unorganised segment. Its share is projected to rise to 41.1% by CY30, driven by hallmarking, greater transparency, and increasing consumer preference for branded and certified jewellery.
• Major jewellery retailers are expanding across Tier I, Tier II, and Tier III cities and select international markets. This expansion is expected to increase demand for scalable manufacturing, wider product ranges, and consistent-quality suppliers, creating a structural opportunity for organised B2B jewellery manufacturers.
• India remained the world’s largest consumer of gold jewellery by volume in CY25. Total domestic gold demand stood at 721.1 tonnes, with jewellery accounting for 61.1% of demand. However, jewellery demand declined 21.8% year-on-year in CY25 in volume terms, primarily due to higher gold prices.
• Consumer preferences are increasingly shifting towards lightweight, contemporary, and design-led jewellery, particularly among younger consumers seeking affordability and style. This trend favours manufacturers with large design portfolios and flexible production capabilities that can support frequent collection changes.
• Jewellery demand remains closely linked to India’s wedding and festive calendar, with October–March typically witnessing stronger demand. India recorded approximately 48 lakh weddings in CY24, while wedding-related expenditure reached around ₹5.90 lakh crore, highlighting the significant underlying demand base for jewellery.
• The long-term industry outlook remains positive, although near-term challenges persist. Organised retail expansion, wedding demand, supportive policies, and emerging opportunities such as lab-grown diamonds support growth, while high gold prices, price volatility, muted exports, and global uncertainties may constrain consumption and increase working-capital requirements.

Baanganga Gold & Diamond (I) IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• Funding the working capital requirements of the Company.
• Towards general corporate purposes.

Financial Performance of Baanganga Gold & Diamond (I) Limited

Baanganga Gold & Diamond (I) Limited Peer Details Comparison 

Strengths and Opportunities of Baanganga Gold & Diamond (I) IPO

1. The company offers 500,000+ jewellery designs, covering plain gold, studded gold, and diamond jewellery across multiple categories, price points, and occasions.
2. Baanganga operates 3 manufacturing facilities in Mumbai with an installed capacity of around 7,500 kg per year, supported by in-house karigars and designers.
3. As of July 31, 2026, the company had 604 clients, including 579 domestic clients across 18 states and 4 Union Territories, providing a broad customer base.
4. The company has established relationships with marquee jewellery retailers such as Malabar Gold & Diamonds, Joyalukkas, Kalyan Jewellers, P N Gadgil, and Novel Jewels.
5. Revenue from operations increased from ₹1,348.52 crore in FY24 to ₹3,626.29 crore in FY26, while PAT increased from ₹24.58 crore to ₹111.78 crore during the same period.
6. Manufacturing capacity provides significant room for growth, with capacity utilisation at only 48.39% in FY26, leaving substantial headroom to increase production and sales.
7. The IPO proposes ₹405 crore towards incremental working capital, which is expected to support higher order volumes, customer onboarding, and expansion alongside existing customers.
8. The company has an opportunity to increase its focus on studded jewellery and lightweight, daily-wear, occasion-wear, and regional bridal collections, potentially improving its product mix.
9. Baanganga already serves 25 international clients across 7 countries, providing an opportunity to expand exports further while also broadening its product portfolio, including 9kt and 14kt gold jewellery.

Risks and Threats of Baanganga Gold & Diamond (I) IPO

1. The company is highly dependent on gold jewellery, which contributed 99.67% of revenue in FY26; any adverse movement in gold prices, procurement, or demand could materially impact its financial performance.
2. Customer concentration remains significant, with the top 10 clients contributing 59.92% of FY26 revenue, while the company does not have long-term or exclusivity agreements with them.
3. The company is dependent on a limited supplier base, with its top 3 suppliers accounting for 57.25% of raw-material costs in FY26 and no long-term supply agreements or exclusivity arrangements.
4. Working-capital intensity is a key risk, with ₹214.14 crore of outstanding borrowings as of March 31, 2026, used for working-capital requirements; higher gold prices could further increase funding needs.
5. Manufacturing operations depend heavily on skilled karigars, with 402 karigars as of July 31, 2026, and attrition rising to 22.41% in FY26 from 12.14% in FY24.
6. All three manufacturing facilities are located in Mumbai, creating geographical concentration; any disruption at these facilities could affect production, deliveries, and business continuity.
7. The jewellery industry is highly competitive, with both organised and unorganised players; increasing expansion by major retailers and new entrants could create pricing pressure and negatively impact operating margins.
8. Jewellery demand is seasonal, with stronger sales generally during festive and wedding periods; weaker-than-expected demand during peak seasons could disproportionately affect revenue, margins, and cash flows.
9. Changing customer preferences and fashion trends create the risk of inventory obsolescence; failure to develop fashionable and commercially successful designs could reduce demand and adversely affect profitability.

Baanganga Gold & Diamond (I) IPO Reservation