Arjun Jewellers IPO
Arjun Jewellers Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue only. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue only of up to ₹200 crore, with no offer for sale. In FY26 the company made a profit of ₹27.20 crore on revenue of ₹595.46 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 1 Aug 2026
- Type of issue
- Fresh issue only
- Lead manager
- Saffron Capital Advisors Private Limited
- Last SEBI contact
- 30 Oct 2026
- Price band and dates
- Not announced
Where it stands
Arjun Jewellers IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI1 Aug 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 1 August 2026, 97 days ago, and its last communication on the draft was on 30 October 2026 (day count is our calculation).
DRHP at a glance
Arjun Jewellers DRHP at a glance
Draft red herring prospectus, 1 Aug 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 205 to 206) and Risk Factors (p. 24 to 27)Arjun Jewellers sells gold, silver, platinum and diamond jewellery through its own showrooms in the Saurashtra region of Gujarat. All its revenue comes from these retail stores, and gold jewellery gave 96.00% of FY26 revenue.
It buys all its products from outside suppliers, mainly in Maharashtra and Gujarat, without long-term contracts. It began as a partnership firm in 2017, became a company in January 2020, and is based in Rajkot.
The offer
DRHP cover page and The Issue (p. 68)| Fresh issue | Up to ₹200 croreMoney goes to the company |
| Shares before the IPO | 2,59,46,240 |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Saffron Capital Advisors Private Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Manishbhai Nathubhai Ghadiya and Ghadiya Raswanti Manish |
What the company plans to do with the money
DRHP, Objects of the Issue (p. 119 to 120)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Working capital, mainly to buy inventory for its showrooms | 160.00 | 80.0% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹200 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts.
Financials
DRHP, Summary of Restated Financial Information (p. 71 to 73) and Basis for Issue Price, KPIs (p. 130 to 135), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 280.32 | 383.34 | 595.46 |
| EBITDA | 11.99 | 24.44 | 44.58 |
| EBITDA margin | 4.28% | 6.38% | 7.49% |
| Profit after tax | 6.17 | 15.07 | 27.20 |
| Diluted EPS (₹) | 4.47 | 6.03 | 10.57 |
| Net worth | 11.74 | 26.79 | 68.36 |
| Cash from operations | -23.84 | -5.14 | -34.43 |
| Return on equity | 86.27% | 78.23% | 57.18% |
| Debt to equity | 5.19 | 2.65 | 1.44 |
Restated figures. Net worth is total equity. Return on equity uses average equity. Revenue grew about 45.7% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Issue Price (p. 131 to 132). Peer prices as of 10 Jul 2026.The P/E for Arjun Jewellers is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Arjun Jewellers (FY26) | 10.57 | Set with the price band | 57.18% |
| Motisons Jewellers | 0.65 | 21.89x | 13.96% |
| Thangamayil Jewellery | 113.14 | 57.79x | 27.93% |
| Senco Gold | 35.06 | 10.34x | 25.62% |
| Radhika Jeweltech | 6.34 | 9.86x | 20.76% |
| Tribhovandas Bhimji Zaveri | 30.32 | 7.55x | 27.06% |
Risks the draft lists first
DRHP, Risk Factors (p. 23 to 28)- Tax proceedingsThe Income Tax Department has ongoing proceedings against the company. (Risk factor 1, p. 23)
- One regionAll its showrooms are in the Saurashtra region of Gujarat. (Risk factor 2, p. 24)
- SuppliersIt depends on outside suppliers for all products, with no long-term contracts. (Risk factor 3, p. 25)
- InventoryMisjudging demand or stock levels would hurt results. (Risk factor 4, p. 26)
- Gold jewelleryGold jewellery gave 96.00% of FY26 revenue. (Risk factor 5, p. 27)
- Audit trail penaltyIt has filed to compound audit trail non-compliance and received a penalty order. (Risk factor 6, p. 28)
Documents
Arjun Jewellers DRHP and documents
SEBI filings- Draft red herring prospectus, dated 1 Aug 2026, on SEBI since 6 Oct 2025
- Draft red herring prospectus, dated 1 Aug 2026, on SEBI since 10 Aug 2026
The DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Arjun Jewellers IPO FAQs
When will the Arjun Jewellers IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 97 days ago (our calculation).
Has SEBI approved the Arjun Jewellers IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the Arjun Jewellers IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Arjun Jewellers IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Arjun Jewellers IPO?
Saffron Capital Advisors Private Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Arjun Jewellers do with the IPO money?
According to the DRHP, the fresh issue money goes to working capital, mainly to buy inventory for its showrooms (₹160.00 crore), and the rest to general corporate purposes.
What does Arjun Jewellers do?
Arjun Jewellers sells gold, silver, platinum and diamond jewellery through its own showrooms in the Saurashtra region of Gujarat. All its revenue comes from these retail stores, and gold jewellery gave 96.00% of FY26 revenue.
Where can I read the Arjun Jewellers DRHP?
On SEBI's website, where the draft red herring prospectus was published on 6 October 2025. The draft is dated 1 August 2026 and runs to 450 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 1 August 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.