Kataria Dhulchand Pannalal Jewellers IPO
Kataria Dhulchand Pannalal 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 1,60,00,000 shares, with no offer for sale. In FY26 the company made a profit of ₹44.55 crore on revenue of ₹477.87 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 Sep 2026
- Type of issue
- Fresh issue only
- Lead manager
- Smart Horizon Capital Advisors Private Limited
- Last SEBI contact
- 15 Oct 2026
- Price band and dates
- Not announced
Where it stands
Kataria Dhulchand Pannalal Jewellers IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI1 Sep 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 September 2026, 66 days ago, and its last communication on the draft was on 15 October 2026 (day count is our calculation).
DRHP at a glance
Kataria Dhulchand Pannalal Jewellers DRHP at a glance
Draft red herring prospectus, 26 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. 232 to 233) and Basis for the Issue Price, KPIs (p. 168)Kataria Dhulchand Pannalal Jewellers is an organised jewellery retailer trading as Kataria Jewellers, with operations in Madhya Pradesh. It sells gold, platinum, diamond and silver jewellery, including bridal collections, along with gold and silver bullion and silver articles, across price points from entry level to premium. It also supplies jewellery to other retailers. The draft traces the family business to the late Dhulchand Kataria; the company does not own the brand and uses it under a no objection certificate and a trademark licence agreement with Ravi Kataria, one of the promoters.
The company runs three stores, all in Madhya Pradesh: Ratlam Store I, opened in FY23 with 12,400 square feet; Ratlam Store II, opened in FY24 with 1,770 square feet; and the Indore store, opened in FY26 with 3,800 square feet. Total retail showroom area was 17,970 square feet in FY26, against 14,170 square feet in FY24. All stores are run by the company itself. The registered and corporate office is at Sagod Road, Ratlam, Madhya Pradesh. The draft puts revenue growth from FY24 to FY26 at a compound annual rate of 76.77%.
Revenue from operations by product, FY26
- Gold jewellery: 75.70%
- Gold bullion: 20.14%
- Silver bullion: 3.44%
- Silver jewellery: 0.51%
- Silver articles: 0.13%
- Platinum jewellery: 0.06%
- Precious and semi-precious stones: 0.03%
The offer
DRHP cover pages, The Issue (p. 57) and Capital Structure (p. 77)| Fresh issue | Up to 1,60,00,000 sharesFace value ₹10 each. Money goes to the company |
| Shares before the IPO | 4,75,36,850The fresh issue is about 33.7% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Smart Horizon Capital Advisors Private Limited |
| Registrar | Bigshare Services Private Limited |
| Promoters | Sunil Kataria, Ravi Kataria, Harsh Kataria, Yash Kataria and Sunil Anokhilal Kataria HUF |
What the company plans to do with the money
DRHP, Objects of the Issue (p. 126 to 127)| Object | ₹ crore |
|---|---|
| Two new stores, one at Kota, Rajasthan and one at Ujjain, Madhya Pradesh | 154.93 |
| Repayment or prepayment of certain outstanding borrowings | 50.00 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
The fresh issue size in rupees and the general corporate purposes amount are both left blank in the draft, to be set with the issue price, so no total is shown. Issue expenses are deducted before these amounts. The store spending is scheduled across FY27 and FY28.
Financials
DRHP, Summary Financial Information (p. 60 to 62) and Basis for the Issue Price, KPIs (p. 165 to 168), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 152.93 | 320.46 | 477.87 |
| EBITDA | 7.56 | 24.43 | 68.98 |
| EBITDA margin | 4.94% | 7.62% | 14.43% |
| Profit after tax | 2.36 | 13.11 | 44.55 |
| Net profit margin | 1.54% | 4.09% | 9.32% |
| Diluted EPS (₹) | 0.83 | 4.17 | 11.88 |
| Net worth | 55.38 | 68.49 | 169.49 |
| Cash from operations | -9.68 | -13.31 | -58.19 |
| Total debt | 48.94 | 73.34 | 95.76 |
| Return on equity | 4.36% | 21.17% | 37.44% |
| Return on capital employed | 7.27% | 16.31% | 25.32% |
| Inventory turnover ratio | 1.82 | 2.63 | 2.14 |
| Number of stores | 2 | 2 | 3 |
| Retail showroom area (sq ft) | 14,170 | 14,170 | 17,970 |
Restated standalone figures. Cash from operations was negative in all three years and the outflow grew, while profit rose; total debt also rose over the three years. Net worth is total equity, which is equity share capital plus other equity. Basic and diluted earnings per share are the same in all three years as printed. Net asset value a share was ₹40.47 as of 31 March 2026.
Listed peers named in the draft
DRHP, Basis for the Issue Price (p. 166 to 167). Peer prices as of 24 August 2026 on NSE, and peer figures for the year ended 31 March 2026 on a standalone basis.The document puts the peer group P/E high at 25.32 times for Motisons Jewellers, the low at 10.61 times for Radhika Jeweltech and the average at 18.30 times. The P/E for Kataria Dhulchand Pannalal Jewellers is not given until the issue price is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Kataria Dhulchand Pannalal Jewellers (FY26) | 11.88 | Set with the issue price | 36.67% |
| Radhika Jeweltech | 6.34 | 10.61x | 18.79% |
| D P Abhushan | 92.84 | 16.52x | 33.49% |
| P N Gadgil Jewellers | 29.55 | 20.76x | 20.34% |
| Motisons Jewellers | 0.65 | 25.32x | 12.77% |
Risks the draft lists first
DRHP, Risk Factors (p. 23 to 28)- BrandThe business is tied to the strength and reputation of the Kataria Jewellers brand and the Kataria family's standing in central India. (Risk factor 1, p. 23)
- One stateAll revenue comes from stores in Madhya Pradesh, and most ready-made jewellery is bought from vendors in Maharashtra and Madhya Pradesh. (Risk factor 2, p. 24)
- One storeA large part of revenue from operations comes from a single store, Ratlam Store I. (Risk factor 3, p. 25)
- TrademarkThe company owns no registered trademark and uses the Kataria Jewellers brand under a no objection certificate and a trademark licence agreement from one of the promoters. (Risk factor 4, p. 26)
- Bullion salesA growing share of revenue comes from gold and silver bullion, which the draft describes as a low margin business, so revenue growth may not be comparable across periods. (Risk factor 6, p. 27)
- Short recordThe company has a limited operating history in organised retail jewellery, and the draft says past growth rates should not be relied on. (Risk factor 8, p. 28)
Documents
Kataria Dhulchand Pannalal Jewellers DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Kataria Dhulchand Pannalal Jewellers IPO FAQs
When will the Kataria Dhulchand Pannalal 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 66 days ago (our calculation).
Has SEBI approved the Kataria Dhulchand Pannalal 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 Kataria Dhulchand Pannalal 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 Kataria Dhulchand Pannalal 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 Kataria Dhulchand Pannalal Jewellers IPO?
Smart Horizon 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 Kataria Dhulchand Pannalal Jewellers do with the IPO money?
According to the DRHP, the fresh issue money goes to two new stores, one at Kota, Rajasthan and one at Ujjain, Madhya Pradesh (₹154.93 crore), repayment or prepayment of certain outstanding borrowings (₹50.00 crore), and the rest to general corporate purposes.
What does Kataria Dhulchand Pannalal Jewellers do?
Kataria Dhulchand Pannalal Jewellers is an organised jewellery retailer trading as Kataria Jewellers, with operations in Madhya Pradesh. It sells gold, platinum, diamond and silver jewellery, including bridal collections, along with gold and silver bullion and silver articles, across price points from entry level to premium. It also supplies jewellery to other retailers. The draft traces the family business to the late Dhulchand Kataria; the company does not own the brand and uses it under a no objection certificate and a trademark licence agreement with Ravi Kataria, one of the promoters.
Where can I read the Kataria Dhulchand Pannalal Jewellers DRHP?
On SEBI's website, where the draft red herring prospectus was published on 1 September 2026. The draft is dated 26 August 2026 and runs to 507 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 26 August 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.