Sunil Gold India IPO

Sunil Gold India Limited IPO was a book-built issue of 2.65 crore equity shares, comprising a fresh issue of up to 2.00 crore equity shares and an Offer for Sale (OFS) of up to 0.65 crore equity shares.

The equity shares were proposed to be listed on the NSE and BSE.

Unistone Capital Private Limited was the book running lead manager, while KFin Technologies Limited was the registrar to the issue.

Industry Outlook

Indian Gems & Jewellery Market

• Gems & Jewellery Market: The Indian gems and jewellery market grew from ₹3,280 billion in FY19 to ₹8,283 billion in FY25 and is projected to reach ₹15,100-15,500 billion by FY30, growing at a CAGR of 12-14%.
• Market Composition: Gold jewellery accounts for 82-87% of the domestic gems and jewellery market, followed by studded jewellery at 10-15% and other categories, including silver and platinum, at 2-4%.

Indian Gold Retail Market Dynamics

• Retail Market Growth: The Indian gold retail market increased from ₹4,280 billion in FY22 to ₹6,875 billion in FY25.
• Future Growth: The market is projected to reach ₹12,000-12,400 billion by FY30, growing at a CAGR of 12-14%.
• Demand Composition: Jewellery accounts for 65-75% of India's total gold demand by volume, while bars and coins account for the remaining share.
• Gold Investment Demand: Physical gold investment through bars and coins increased from 164 tonnes in FY19 to 243 tonnes in FY25.
• Household Gold Holdings: Indian households held an estimated 26,500-27,000 tonnes of gold in FY25, which is projected to increase to 30,100-30,600 tonnes by FY30.

Product Segments & Regional Demand

• Bridal Wear: Accounts for 50-55% of gold jewellery demand and remains the largest product segment.
• Daily Wear: Represents 35-40% of demand, mainly comprising lightweight 22K and 18K gold products such as rings, chains, and earrings.
• Fashion Wear: Accounts for 5-10% of demand, with a focus on lighter 18K and 14K designs.
• Southern India: Represents the largest regional market, accounting for 38-43% of India's gold jewellery demand.
• Western India: Accounts for 22-27% of demand, supported by major jewellery and trading hubs such as Mumbai's Zaveri Bazaar.
• Northern India: Contributes 18-23% of domestic gold jewellery demand.
• Eastern India: Accounts for 13-17% of demand, with traditional preference for high-purity gold.

B2B Wholesale & Jewellery Manufacturing

• B2B Market Growth: The Indian B2B gems and jewellery wholesale market increased from ₹2,144 billion in FY19 to ₹4,769 billion in FY25, representing a CAGR of around 14.2%.
• Future B2B Market Size: The market is projected to reach ₹7,700-8,000 billion by FY30, growing at a CAGR of 10-11%.
• Organised B2B Players: The share of organised B2B players is projected to increase from 8-12% in FY25 to 14-18% by FY30.
• Fragmented Manufacturing: India's jewellery manufacturing sector remains fragmented, with more than 20,000-30,000 manufacturing units.
• Outsourced Production: More than 50% of jewellery is handmade, resulting in organised B2B and B2C players outsourcing around 70-75% of production to specialised artisans or karigars.

Shift Towards Organised Retail

• Organised Retail Growth: The organised share of India's jewellery retail market increased from 10-15% in FY01 to 38-42% in FY25 and is projected to reach 46-50% by FY30.
• Jewellery Retail Chains: Retail chains increased their market share from 30-35% in FY19 to 38-42% in FY25, gaining share from traditional standalone stores.
• Formalisation Drivers: Mandatory BIS hallmarking, Goods and Services Tax (GST), standardised purity, transparent pricing, and expansion of organised store networks are supporting the shift towards organised retail.

Key Industry Dynamics

• Gold Price and Demand: Domestic gold prices increased by around 15% in FY24 and 25% in FY25, contributing to moderation in gold demand by volume, while increasing overall market value.
• E-commerce Growth: Online jewellery sales increased from 1-3% of the retail market in FY19 to 4-6% in FY25, supporting the adoption of omnichannel retail models.

Sunil Gold India IPO Objectives

The company plans to utilise the net proceeds from the IPO for the following purposes:

• Funding of Working Capital Requirements: ₹200 million is proposed to be utilised towards funding the company's working capital requirements.
• General Corporate Purposes: A portion of the Net Proceeds is proposed to be utilised for general corporate purposes, with the amount yet to be determined.

About Sunil Gold India Limited

Sunil Gold India Limited was originally incorporated as Sunil Gold India Private Limited on June 18, 2012, in Mumbai, Maharashtra.

Sunil Gold India Limited operates on a business-to-business (B2B) model, focusing on the design, development, and supply of handcrafted 22-karat gold jewellery to organised retail chains across India.

The company has a portfolio of more than 80,000 designs covering contemporary, heritage, and temple-inspired jewellery. Its product range includes bridal sets, necklaces, chokers, bangles, rings, chains, earrings, armlets, and maang-tikkas across different weight categories and price points.

The company recorded a turnover of over ₹1,000 million in 2019, crossed ₹3,000 million in 2024, and exceeded ₹5,000 million in 2025.

The company's operations are supported by an in-house design and quality control team of 13 full-time employees using Computer-Aided Design (CAD) software. Manufacturing is carried out through an outsourced model involving skilled artisans, or karigars, under the company's supervision and quality control processes. The company is also in the process of establishing an in-house manufacturing facility.

As of September 30, 2025, the company supplied its products across 8 states and 1 union territory in India, with revenue primarily concentrated in Southern and Western India, particularly Maharashtra.

On August 19, 2025, it acquired a 99% partnership interest in Bengaluru-based M/s. Ratnaakar Gold for a capital contribution of ₹9.9 million to expand its presence in South India. In addition to its domestic operations, the company exports gold jewellery to customers in the United Arab Emirates (UAE) and Singapore.

The company is promoted by Prem Mohanlal Jain, Chairman and Managing Director; Shrenik Mohanlal Jain, Whole-Time Director; and Anil Mohanlal Jain, Executive Director.

The promoters have more than 60 years of collective experience in gold jewellery manufacturing and supply, with approximately 20 years of experience each. Viraaj Kirti Shah serves as the Chief Financial Officer, while Swapnali Borhade is the Company Secretary and Compliance Officer.

Financial Performance of Sunil Gold India Limited