M. K. Sons Fine Jewels IPO
M. K. Sons Fine Jewels shares listed on BSE and NSE on 4 November 2026 after an IPO priced at ₹153 to ₹162, an issue of ₹275.40 crore.
- Minimum investment
- ₹14,7421 lot of 91 shares, at the upper price
- Price band
- ₹153 to ₹162
- Lot size
- 91 shares
- Issue size
- ₹275.40 croreFresh issue and offer for sale
- Bidding
- 28 Oct to 30 Oct
- Listing
- 4 NovBSE, NSE
Dates
M. K. Sons Fine Jewels IPO dates
RHP cover page and Terms of the Offer (p. 369); listing date from NSE circular NSE/CML/77257, 3 Nov 2026- 27 OctAnchor bidding
- 28 OctBidding opens
- 30 OctBidding closes, UPI by 5 pm
- 2 NovAllotment (expected)
- 2 NovRefunds and demat credit (expected)
- 4 NovListing
- Today6 Nov
Dates after closing are the indicative timetable in the RHP and can move by a day or two.
Read before you apply
M. K. Sons Fine Jewels IPO review: read before you apply
Worth checking
- SeriousOne showroom and one state drive sales
The C. G. Road showroom in Ahmedabad gave 57.16% of FY26 revenue, and Gujarat showrooms together gave 67.97%. All sales are made in its five physical showrooms, with no online revenue (Risk factors 1 and 3).
- SeriousLarge inventory and weak operating cash flow
Inventory was ₹275.23 crore in June 2026, or 90.04% of total assets, and the inventory holding period was 193 days in FY26. Cash from operations was negative in FY24, FY25 and Q1 FY27 (Risk factors 8 and 22).
- Business bought from the promoter
In March 2025 the company took over the promoter's proprietorship firm, M. K. Sons Jewellers, by issuing him 40,38,152 shares at ₹176 each, about ₹71.07 crore (our calculation). The selling promoter's average cost is ₹18.31 a share after two bonus issues (RHP cover page and Capital Structure).
- Tax cases
The company is appealing a ₹4.29 crore tax demand that treats ₹5.00 crore of cash deposits made during demonetisation as unexplained money. The promoters face 11 tax cases, some linked to income tax search operations (Risk factor 29; Outstanding Litigation).
- Past compliance gaps
GST and TDS payments were delayed in FY24 to Q1 FY27, and the FY24 audit report was qualified over employee benefit provisions. A promoter, Neelam Raimalani, paid a ₹1 lakh SEBI penalty in 2009 (Risk factors 11, 34 and 35).
- Margins rose fast
Gross margin went from 9.19% in FY24 to 18.81% in FY26 and 28.48% in April to June 2026. The RHP says part of recent revenue growth came from higher gold prices (Basis for Offer Price, KPIs; MD&A).
Strengths
- Revenue growing fast
Revenue grew 57.4% a year from FY24 to FY26 to ₹538.74 crore (our calculation from the restated financial information).
- Profit rising
Profit after tax rose from ₹8.17 crore in FY24 to ₹51.80 crore in FY26, and PAT margin from 3.76% to 9.61% (RHP, Basis for Offer Price, KPIs).
- Lower debt
Debt to equity fell from 1.73 in FY24 to 0.41 in FY26 and 0.39 in June 2026 (RHP, Basis for Offer Price, KPIs).
- High return on equity
Return on equity was 30.83% in FY26, against 12.55% to 24.14% for the four listed peers in the RHP (RHP, Basis for Offer Price).
- Wide product range
It had 19,442 SKUs across 11 collections in June 2026, up from 11,230 SKUs in FY24, with BIS hallmarked jewellery (RHP, Our Business).
What M. K. Sons Fine Jewels does
M. K. Sons Fine Jewels sells gold, diamond and cubic zirconia jewellery through its own showrooms. It buys mostly finished jewellery from outside makers and karigars, and has a small in-house design team. Gold jewellery was 87.44% of FY26 revenue.
The company was set up in Mumbai in 2012. Promoter Ramchand Murlidhar Raimalani has run a jewellery business since 1999, which the company took over in March 2025. It has three showrooms in Mumbai and two in Ahmedabad. Its promoters are Ramchand Murlidhar Raimalani, Neelam Ramchand Raimalani and Kush Ramchand Raimalani.
Listing and subscription
M. K. Sons Fine Jewels IPO subscription status
NSE IPO details, final figuresListing day
Our calculation: gain vs upper price- Issue price
- ₹162
- Listing price
- ₹171
- Gain at open
- +5.6%
- Day close
- ₹162.2
Subscription
- Total
- 5.09x
- Retail
- 3.08x
- Updated
- 30 Oct 2026, 5:00 pm IST
- QIB50% of offer1.84x
- NII15% of offer14.12x
- Big NII15.33x
- Small NII11.71x
- Retail35% of offer3.08x
- Total5.09x
As of 30 Oct 2026, 5:00 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
M. K. Sons Fine Jewels IPO price band, lot size and issue size
RHP cover page and The Offer (p. 60). Shares after the IPO is our calculation (pre-IPO shares plus fresh shares). Rupee amounts are our calculation at the top of the price band, ₹162.| Price band | ₹153 to ₹162 |
| Lot size | 91 shares |
| Issue size | ₹275.40 crore at the upper price, 1,70,00,000 shares |
| Fresh issue | ₹220.32 crore |
| Offer for sale | ₹55.08 crore by promoter Ramchand Murlidhar Raimalani (weighted average cost ₹18.31 a share) |
| Face value | ₹10 per share |
| Issue type | Book built, fresh issue and offer for sale |
Where the money goes
Percentages are our calculation.
Who gets how much of the net offer
What the company will do with the money
RHP, Objects of the Offer (p. 95 to 96)| Object of the issue | ₹ crore |
|---|---|
| Inventory for 1 new showroom in Maharashtra (Ulhasnagar, Thane) and expansion of the C. G. Road showroom, Ahmedabad | 152.84 |
| Repayment or prepayment of certain borrowings | 30.00 |
| General corporate purposes (amount set after pricing; up to 25% of gross fresh issue proceeds) | |
| Offer for sale by promoter Ramchand Murlidhar Raimalani. The company receives none of this money |
Minimum and maximum investment
Our calculation: at ₹162 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min)Minimum application | 1 | 91 | ₹14,742 |
| Retail (max) | 13 | 1,183 | ₹1,91,646 |
| Small NII (min) | 14 | 1,274 | ₹2,06,388 |
| Small NII (max) | 67 | 6,097 | ₹9,87,714 |
| Big NII (min) | 68 | 6,188 | ₹10,02,456 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
Valuation calculator
Our calculation: inputs from RHP, Restated Financial Statements and Basis for Offer Price (p. 106 to 108)Set to the upper end of the band, ₹162. Change it to see what you would be paying for.
- Market cap
- ₹912 cr
- P/E (FY26, diluted)
- 13.4x
- Price to book
- 5.0x
- Market cap to sales
- 1.7x
- Peer average P/E
- 20.29x
Based on FY26, diluted EPS of ₹12.13, 5.63 crore shares, net worth of ₹183.04 crore (June 2026) and revenue of ₹538.74 crore. Shares are the count after the IPO, our calculation (4,26,90,760 before plus 1,36,00,000 fresh shares). The peer average P/E of 20.29x is from the RHP (p. 108), across Motisons Jewellers, Tribhovandas Bhimji Zaveri, Senco Gold and PNGS Reva Diamond Jewellery, at closing prices of 9 Oct 2026.
Financials
M. K. Sons Fine Jewels financials
RHP, Restated Financial Statements and KPIs (p. 63 to 64, 109), ₹ croreRevenue and EBITDA
Revenue grew 57.4% a year from FY24 to FY26 (our calculation).
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 217.32 | 351.28+61.6% | 538.74+53.4% | 101.44 |
| EBITDA | 12.87 | 38.57 | 82.94 | 23.42 |
| EBITDA margin | 5.92% | 10.98% | 15.39% | 23.09% |
| Profit after tax | 8.17 | 23.26+184.7% | 51.80+122.7% | 15.02 |
| Diluted EPS (₹) | 3.63 | 10.26 | 12.13 | 3.52 |
| Total equity | 22.29 | 116.24 | 168.01 | 183.04 |
| Inventories | 87.48 | 205.70 | 256.43 | 275.23 |
| Cash from operations | -23.56 | -9.53 | 15.40 | -2.84 |
Standalone restated figures. Q1 FY27 is April to June 2026 and is not annualised. FY25 equity includes shares issued to the promoter for his proprietorship business in March 2025.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Offer Price (p. 108). Peer prices as of 9 Oct 2026. Peer figures are consolidated for FY26.| Company | Revenue (₹ crore) | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| M. K. Sons Fine Jewels | 538.74 | 12.13 | 13.36x at ₹162 (ours) | 30.83% |
| Motisons Jewellers | 489.55 | 0.65 | 27.78x | 12.77% |
| Tribhovandas Bhimji Zaveri | 3,202.95 | 30.32 | 19.62x | 24.14% |
| Senco Gold | 8,430.03 | 35.06 | 9.55x | 22.85% |
| PNGS Reva Diamond Jewellery | 439.03 | 28.41 | 24.21x | 12.55% |
The peer average P/E of 20.29x is our calculation, a simple average of the peers listed.
Key performance indicatorsGross profit margin, PAT margin, Return on equity and more
| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Gross profit margin | 9.19% | 14.51% | 18.81% | 28.48% |
| PAT margin | 3.76% | 6.62% | 9.61% | 14.80% |
| Return on equity | 36.63% | 20.01% | 30.83% | 8.20% |
| Return on capital employed | 40.62% | 27.24% | 39.88% | 10.26% |
| Debt to equity | 1.73 | 0.59 | 0.41 | 0.39 |
| Inventory holding days | 122 | 178 | 193 | 333 |
| Net operating cycle (days) | 85 | 152 | 180 | 321 |
| Stores | 5 | 5 | 5 | 5 |
Q1 FY27 returns are for three months and are not annualised.
RHP, Basis for Offer Price, KPIs (p. 109)
Company
About M. K. Sons Fine Jewels
Business
RHP, Our Business (p. 168 to 170) and Risk factors 1 and 19Gujarat's share of revenue was 77.17% in FY25 and 67.97% in FY26, as the Mumbai showrooms grew. The company plans a sixth showroom at Ulhasnagar, Thane, in FY27. Jewellery prices start at about ₹11,000.
Revenue by product, FY26
- Showrooms
- 5
- Showroom area, June 2026
- 6,513 sq ft
- SKUs, June 2026
- 19,442
- Inventory holding days, FY26
- 193
Key risks
RHP, Risk Factors- Regional concentrationAbout two-thirds of revenue comes from two Ahmedabad showrooms.
- Store-only salesAll sales are made in its showrooms, with no online channel.
- Gold pricesSwings in gold and diamond prices affect costs and demand.
- Outside suppliersIt relies fully on outside makers and karigars for its jewellery.
- Working capitalIt needs large inventory and has had negative operating cash flow.
- Leased premisesAll offices and showrooms are on lease or leave and licence.
- Related party dealingsIt has transactions with and loans from promoters and related parties.
- Theft and fraudHigh-value stock is exposed to theft, fraud and staff misconduct.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingAfter-IPO figures are our calculation.
The promoter family owns almost all the shares before the IPO. Ramchand Murlidhar Raimalani alone holds 96.25%. After-IPO figures are our calculation.
| Shareholder | Before IPO | Selling (shares) | After IPO (ours) |
|---|---|---|---|
| Ramchand Murlidhar Raimalani (promoter) | 96.25% | 34,00,000 | 66.96% |
| Neelam Ramchand Raimalani (promoter) | 3.75% | Nil | 2.84% |
| Kush Ramchand Raimalani (promoter) | 100 shares | Nil | Negligible |
| Other promoter group members | 300 shares | Nil | Negligible |
| Public (IPO investors) | Nil | Nil | 30.20% |
RHP, Capital Structure and cover page
IndustryIndia retail gems and jewellery market CY25: ₹7,20,400 crore
- India retail gems and jewellery market CY25
- ₹7,20,400 crore
- Expected growth CY25 to CY30
- 12.2% a year
- India gold jewellery retail market CY25
- ₹5,73,160 crore
- Gold jewellery expected by CY30
- ₹9,55,110 crore (10.8% a year)
Gold jewellery was 87.44% of the company's FY26 revenue, so the gold jewellery figures are the closer comparison. The report gives these in ₹ billion; ₹ crore is our conversion.
CareEdge Research industry report in the RHP, commissioned and paid for by the company (p. 133 and p. 145)
LitigationBy the company: tax: 1 · Against the company: tax: 5 · By promoters: tax and other: 8
| Type | Cases | Amount |
|---|---|---|
| By the company: tax | 1 | ₹3.74 crore |
| Against the company: tax | 5 | ₹1.26 crore |
| By promoters: tax and other | 8 | Not ascertainable |
| Against promoters: tax | 11 | ₹0.34 crore |
| By group company: tax | 4 | ₹0.11 crore |
| Against group company: tax | 4 | ₹0.02 crore |
RHP, Risk factor 29 (summary of outstanding litigation, p. 41 to 42)
Company detailsLegal name, registered office, CIN and website
| Legal name | M. K. Sons Fine Jewels Limited |
| Incorporated | 12 January 2012, Mumbai |
| Promoters | Ramchand Murlidhar Raimalani, Neelam Ramchand Raimalani, Kush Ramchand Raimalani |
| Showrooms | 5 (3 in Mumbai, 2 in Ahmedabad) |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
M. K. Sons Fine Jewels IPO allotment status
Out from 2 Nov 2026- Open the registrar's pageBigshare Services Private Limited is the registrar. Open its allotment page.
- Select M. K. Sons Fine Jewels LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
M. K. Sons Fine Jewels IPO FAQs
When does the M. K. Sons Fine Jewels IPO open and close?
The M. K. Sons Fine Jewels IPO opens on Wednesday, 28 October 2026 and closes on Friday, 30 October 2026. Anchor bidding is on 27 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the M. K. Sons Fine Jewels IPO price band and lot size?
The price band is ₹153 to ₹162 per share. The lot size is 91 shares, so the minimum bid is 91 shares, or ₹14,742 at the upper price.
What is the M. K. Sons Fine Jewels IPO size?
The M. K. Sons Fine Jewels IPO is of ₹275.40 crore at the upper end of the price band. It is a fresh issue and offer for sale by promoter Ramchand Murlidhar Raimalani (weighted average cost ₹18.31 a share).
What is the M. K. Sons Fine Jewels IPO allotment date?
Allotment is (expected) on Monday, 2 November 2026. Refunds and demat credit are expected on 2 November 2026.
What is the M. K. Sons Fine Jewels IPO listing date?
M. K. Sons Fine Jewels shares are due to list on BSE and NSE on Wednesday, 4 November 2026.
Who is the registrar of the M. K. Sons Fine Jewels IPO?
Bigshare Services Private Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does M. K. Sons Fine Jewels do?
M. K. Sons Fine Jewels is a Mumbai-based jewellery retailer selling gold, diamond and cubic zirconia jewellery through five showrooms in Mumbai and Ahmedabad.
Did the M. K. Sons Fine Jewels IPO have anchor investors?
Yes. Anchor bidding was on 27 Oct 2026, the working day before the issue opened, and NSE has published the anchor allocation file (linked under documents). It lists each anchor investor and the shares allotted. Up to 60% of the QIB portion can go to anchor investors.
What is the M. K. Sons Fine Jewels IPO price band and lot size?
The price band is ₹153 to ₹162 and one lot is 91 shares, so one lot costs ₹14,742 at the top of the band (our calculation; NSE issue details).
When is the M. K. Sons Fine Jewels IPO open?
Bidding was from 28 October to 30 October 2026. The shares listed on BSE and NSE on 4 November 2026.
What does M. K. Sons Fine Jewels do?
It sells gold, diamond and cubic zirconia jewellery through five showrooms in Mumbai and Ahmedabad. Gold jewellery was 87.44% of FY26 revenue.
How will the company use the IPO money?
Fresh issue money will fund ₹152.84 crore of inventory for a new Thane showroom and an Ahmedabad expansion, ₹30 crore of debt repayment, and general corporate purposes.
Who is selling shares in the offer for sale?
Promoter Ramchand Murlidhar Raimalani is selling up to 34,00,000 shares. The company gets no money from this part.
Is M. K. Sons Fine Jewels profitable?
Yes. Profit after tax was ₹8.17 crore in FY24, ₹23.26 crore in FY25 and ₹51.80 crore in FY26 (RHP, Restated Financial Statements).
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