R.K. Fashion Accessories IPO

R.K. Fashion Accessories IPO is a book-built issue of ₹34.99 crores. The issue is entirely a fresh issue of 42.67 lakh shares of ₹34.99 crore.

R.K. Fashion Accessories IPO has set the issue price band at ₹77 to ₹82 per share. The lot size for an application is 1,600 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,62,400 (3,200 shares) (based on the upper price). The minimum lot size for investment by a High Net-worth Individual is 3 lots (4,800 shares), amounting to ₹3,93,600.

Affinity Global Capital Market Private Limited is the book-running lead manager, and Cameo Corporate Services Limited is the registrar of the issue.

About R.K. Fashion Accessories Limited

R.K. Fashion Accessories Limited was originally incorporated on March 23, 2010, as Satabadi Distributor Private Limited under the Companies Act, 1956, with the Registrar of Companies, Kolkata. The company subsequently changed its name to R.K. Fashion Accessories Private Limited in February 2011 and was converted into a public limited company pursuant to a special resolution passed on February 4, 2026.

The company is primarily engaged in the fashion and imitation jewellery business, with its operations involving the design, contract manufacturing, wholesale distribution, and retailing of imitation jewellery. It also undertakes the trading of branded cosmetics. The company operates through a network of contract manufacturers and artisans, primarily in Kolkata, rather than maintaining an in-house manufacturing facility. Its business model covers both Business-to-Business and Business-to-Consumer channels, with wholesale operations, Shop-in-Shop counters, and e-commerce platforms forming key distribution channels. In Fiscal 2026, B2B revenue accounted for 95.16% of total revenue, while B2C revenue contributed 4.84%.

The company's product portfolio includes wedding jewellery, regular-wear jewellery, Cubic Zirconia and American Diamond jewellery, bangles, bracelets and kadas, chains and malas, earrings, finger rings, mangal sutras, imitation jewellery sets, tika and tikli, and tops. Its jewellery is offered under brands including City Girl, which focuses on gold wedding and daily-wear jewellery, and Manikya, which offers Cubic Zirconia and American Diamond jewellery. In Fiscal 2026, imitation jewellery contributed ₹2,485.72 lakh, or 81.88% of total revenue, followed by cosmetics at ₹490.26 lakh, or 16.15%, while rental and commission income contributed ₹59.73 lakh, or 1.97%.

The company follows a multi-channel distribution model, with wholesale operations accounting for 82.53% of revenue in Fiscal 2026, followed by Shop-in-Shop counters at 10.66% and e-commerce at 4.84%. It operates through physical wholesale locations and Shop-in-Shop counters in Kolkata, while its online presence includes its own e-commerce platforms and major e-commerce marketplaces.

The company uses an asset-light contract manufacturing model, wherein jewellery designs are developed based on market insights and customer preferences, and production is undertaken by contract manufacturers. As of March 31, 2026, the company had 50 permanent employees, including directors and key managerial personnel.

Industry Outlook

• The global jewellery market is expanding steadily, with the market valued at USD 288.68 billion in 2025 and projected to reach nearly USD 413.85 billion by 2032, representing a CAGR of 5.28% during 2026–2032.
• The global artificial jewellery market is expected to grow at a faster pace, from approximately USD 29.16 billion in 2026 to USD 58.32 billion by 2035, translating into a CAGR of 8%. Demand is being supported by affordable pricing, greater design variety, and fast-changing fashion trends.
• Asia-Pacific represents the largest regional market for artificial jewellery, accounting for approximately 47% of the global market, supported by its large consumer base, established manufacturing ecosystem, and growing adoption of fast-fashion products.
• India's jewellery market has significant growth potential, with the industry valued at approximately USD 90–91 billion in 2025 and projected to reach USD 150 billion by 2033, implying a CAGR of approximately 5.2%–6.3%. The sector also contributes around 7% of India's GDP and 15% of merchandise exports.
• Non-gold jewellery is emerging as a high-growth segment in India. The DRHP states that the non-gold category is projected to expand at a CAGR of 18.8% between FY2023 and FY2028, reaching approximately USD 19 billion, indicating increasing scope for affordable and fashion-oriented jewellery.
• The Indian jewellery industry is undergoing a shift from unorganized to organized retail. Organized players' market share increased from ₹1,895 billion in FY2023 to ₹2,250 billion in FY2024, representing 19% year-on-year growth, although unorganized players still account for approximately 62%–65% of the market.

R.K. Fashion Accessories IPO Objectives

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

• To meet the working capital requirements
• To finance establishment of:
  • New plating facility at Baruipur, Kolkata, West Bengal
  • Funding of the company’s capital expenditure requirements for the purchase of machinery at existing facilities.
  • Proposed new B2B showroom in Kolkata
  • Completion of B2C stores in Kolkata
  • Inventory cost for the proposed new showroom and stores
  • Towards general corporate expenses.

Financial Performance of R.K. Fashion Accessories Limited

R.K. Fashion Accessories Limited Peer Details Comparison