Rathod Jewellery Manufacturing IPO

Rathod Jewellery Manufacturing Limited Initial Public Offering is a Book Building Issue consisting solely of a fresh issue of up to 1.04 crore equity shares. The equity shares are proposed to be listed on the NSE and BSE.

Hem Securities Limited is the Book Running Lead Manager, and MUFG Intime India Private Limited is the Registrar to the Issue. Key details such as the Initial Public Offering dates, Initial Public Offering price band, and lot size are yet to be announced.

About Rathod Jewellery Manufacturing Limited

Rathod Jewellery Manufacturing Limited was incorporated in 2012, with its family’s association with the jewellery business tracing back to 1980. The company initially operated as a manufacturer of plain gold jewellery and studded gold jewellery and, pursuant to a Scheme of Arrangement effective April 1, 2024, its plain gold jewellery division was demerged into Avichandra Enterprises Private Limited. Following the demerger, the company continues to focus on the design and manufacture of studded gold jewellery through its integrated manufacturing facilities in Kolhapur, Maharashtra, and Jaipur, Rajasthan.

The company operates as a business-to-business jewellery manufacturer engaged in the design, manufacture, and sale of handcrafted gold jewellery studded with diamonds and other precious and semi-precious stones for domestic and international markets. Its product portfolio spans four core categories: uncut diamond (chakri) jewellery, Polki jewellery, Kundan jewellery, and diamond jewellery. The company offers jewellery across 14 karat, 18 karat, and 22 karat gold, covering traditional, contemporary, bridal, and daily-wear products such as bangles, bracelets, earrings, mangalsutras, necklaces, nosepins, pendants, rings, tikkas, and other designs. As of March 31, 2026, its portfolio comprised more than 4,456 active stock-keeping units, with uncut diamond (chakri) jewellery representing the largest category at 3,272 stock-keeping units, followed by Polki jewellery at 1,141 stock-keeping units.

Rathod Jewellery operates two integrated manufacturing facilities located in Kolhapur, Maharashtra, and Jaipur, Rajasthan, with an aggregate area of approximately 48,868 square feet. The Kolhapur facility primarily manufactures jewellery studded with uncut diamonds (chakri) and colour stones, while the Jaipur facility focuses on Polki, Kundan, and diamond jewellery. The company undertakes an integrated manufacturing process covering product conceptualisation and computer-aided design, prototyping and mould preparation, investment casting, fabrication and assembly, stone setting, polishing, finishing, quality inspection, hallmarking, packaging, and dispatch. As of August 31, 2026, the company had a team of 49 design personnel and had engaged more than 195 skilled artisans, or Karigars, on a job-work basis. As of the date of the DRHP, the combined installed capacity of its two manufacturing facilities stood at approximately 3,100 kilograms per annum.

The company follows a predominantly B2B business model and serves organised jewellery retail chains and other jewellery customers in India and overseas. As of March 31, 2026, it had catered to more than 43 customers and had a customer network spanning 15 states and union territories in India, while also serving customers in the United Arab Emirates, Qatar, and the United States. Its marquee customers include Titan Company Limited, Joyalukkas India Limited, Malabar Gold and Diamonds Limited, Kalyan Jewellers India Limited, and Regal Jewellers Private Limited, along with international customers such as Damas Jewellery LLC, Joyalukkas Jewellery LLC, Kalyan Jewellers LLC, Malabar Gold & Diamonds FZCO, and Sparkle Imports LLC. Jewellery retail chains contributed 99.00% of revenue from operations in Fiscal 2026, compared with 96.75% in Fiscal 2025 and 96.21% in Fiscal 2024. Revenue from the top five customers accounted for 92.76% of revenue from operations in Fiscal 2026.

Industry Outlook

• India’s B2B jewellery manufacturing market stood at approximately ₹5,349 billion in FY2026, providing a large addressable market for organised jewellery manufacturers.
• The Indian B2B jewellery manufacturing market is projected to grow at a CAGR of 11.1% between FY2027 and FY2030, reaching approximately ₹8,266 billion by FY2030, indicating sustained medium-term industry growth.
• The uncut diamond (chakri) jewellery segment was valued at approximately ₹147 billion in FY2026. Rathod Jewellery had an estimated 3.7% share of the Indian chakri jewellery market, indicating a meaningful position in its core segment.
• Rathod Jewellery’s share of the West India chakri jewellery market was approximately 13.3% in FY2026, substantially higher than its pan-India share of 3.7%, highlighting its strong regional positioning.
• Organised players accounted for approximately 39.5% of India’s gems and jewellery retail market in 2026, while the unorganised segment accounted for 60.5%. Increasing formalisation provides an opportunity for organised retailers and specialised B2B manufacturers.

Rathod Jewellery Manufacturing IPO Objectives

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

• Funding incremental working capital requirements for the company.
• Repayment and/or pre-payment, in full or in part, of borrowing availed by the company.
• Towards general corporate purposes.

Financial Performance of Rathod Jewellery Manufacturing Limited

Rathod Jewellery Manufacturing Limited Peer Details Comparison 

Strengths and Opportunities of Rathod Jewellery Manufacturing IPO

1. Rathod has built a strong base of recurring B2B customers, with 96.42% of FY26 revenue coming from repeat customers, compared with 94.64% in FY25 and 88.31% in FY24. The company has established relationships with major jewellery retailers including Titan, Joyalukkas, Malabar Gold & Diamonds, and Kalyan Jewellers.
2. Rathod had an estimated 3.7% share of the Indian uncut diamond (Chakri) jewellery market and a 13.3% share of the West India market in FY2026. The Indian Chakri jewellery market was valued at approximately ₹14,700 crore in FY2026 and grew at a 13.3% CAGR between FY2019 and FY2026.
3. The company has delivered strong financial growth, with revenue from operations increasing from ₹34,538.11 lakh in FY24 to ₹66,733.37 lakh in FY26, representing approximately 39% CAGR over the two years. EBITDA increased from ₹2,334.46 lakh to ₹7,181.27 lakh, while EBITDA margin improved from 6.76% to 10.76%.
4. Rathod has integrated jewellery manufacturing capabilities across facilities in Kolhapur and Jaipur, covering casting, assembly, stone setting, polishing, finishing, quality inspection, and packaging. Its operations are supported by specialised equipment including casting, laser cutting, laser soldering, and 3D-printing technologies, along with 195 karigars engaged on a job-work basis as of August 31, 2026.
5. The company has a diversified and expanding product portfolio covering uncut diamond (Chakri), Polki, Kundan, and diamond jewellery across 14KT, 18KT, and 22KT gold. Its active SKU count increased from 3,844 in FY24 to 4,456 in FY26, while Chakri jewellery SKUs increased from 2,458 to 3,272 during the same period.
6. Rathod is positioned to benefit from the continued shift from unorganised to organised jewellery retail in India. Increasing consumer preference for BIS-hallmarked jewellery, certified diamonds, transparent pricing, and reliable after-sales service is supporting the growth of organised jewellery chains, creating additional sourcing opportunities for specialised B2B jewellery manufacturers.
7. The company has an opportunity to expand into polished diamond and lightweight jewellery, including 9KT and 14KT studded gold jewellery. The Indian diamond jewellery market was valued at approximately ₹1,04,000 crore in FY2026 and is projected to grow at a 14.9% CAGR between FY2027 and FY2030, reaching approximately ₹1,82,700 crore by FY2030.
8. Rathod has significant scope to deepen business with its existing customers. Its top five customers contributed 92.76% of FY26 revenue, while its largest customer relationship has continued for more than 10 years and its second-largest customer relationship for more than five years, providing an opportunity to increase product penetration and order volumes within established accounts.
9. The company has an established international customer base, with relationships with jewellery retailers in the UAE and USA. Exports contributed 32.46% of FY26 revenue, providing an opportunity to further expand overseas sales and diversify its customer base geographically.

Risks and Threats of Rathod Jewellery Manufacturing IPO

1. High customer concentration creates a significant revenue risk. The top 10 customers contributed 98.14% of revenue from operations in FY26, compared with 96.48% in FY25 and 94.25% in FY24. Any loss, reduction in orders, or adverse change in relationships with major customers could materially affect revenue and profitability.
2. Heavy dependence on uncut diamond (Chakri) jewellery increases product concentration risk. Chakri jewellery accounted for 80.81% of revenue from operations in FY26, 90.34% in FY25, and 81.55% in FY24. A decline in demand or cancellation of purchase orders for this category could have a significant impact on business performance.
3. The company is exposed to geographical concentration, particularly Maharashtra and the UAE. The DRHP identifies Maharashtra and the UAE as significant sources of revenue. Adverse economic, regulatory, or other developments in these markets, combined with slower expansion into new geographies, could affect growth.
4. Gold supply and supplier concentration pose a major procurement risk. Gold accounted for 84.74% of total raw-material purchases in FY26, while the top 10 suppliers represented 89.91% of total purchases. Any disruption in gold availability, pricing, or relationships with key suppliers could adversely affect production and margins.
5. The business is working-capital intensive, creating liquidity and financing risk. Working-capital requirements increased from ₹19,328.08 lakh in FY24 to ₹20,171.41 lakh in FY26. The company's ability to maintain adequate inventory and fund receivables depends on continued access to working capital on commercially acceptable terms.
6. Dependence on skilled karigars creates a manufacturing risk. Jewellery production requires specialised craftsmanship and skilled workers, and any shortage, unavailability, or disruption in the services of karigars could adversely affect manufacturing capacity, delivery schedules, revenue, and profitability.
7. Theft, fraud, and employee-related incidents could result in significant losses. The company's business involves handling high-value gold, diamonds, and finished jewellery. Fraud, theft of raw materials or jewellery, employee negligence, or similar incidents could result in financial losses and disruption to operations.

Rathod Jewellery Manufacturing IPO Reservation