Master Chains N Jewels IPO
Master Chains N Jewels Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, SEBI has asked the lead manager for clarifications. The draft proposes a fresh issue of up to ₹400.00 crore and an offer for sale of up to 59,06,250 shares by promoter Taruna Madan Kothari. In FY26 the company made a profit of ₹97.27 crore on revenue of ₹1,680.59 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI has asked questionsSEBI report, 30 Oct 2026
- SEBI received draft
- 31 Jul 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Systematix Corporate Services Limited
- Last SEBI contact
- 29 Oct 2026
- Price band and dates
- Not announced
Where it stands
Master Chains N Jewels IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI31 Jul 2026
- SEBI reviewSEBI has asked questions
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has sought clarifications and is waiting for the lead manager to reply.
SEBI received the draft on 31 July 2026, 98 days ago, and its last communication on the draft was on 29 October 2026 (day count is our calculation).
DRHP at a glance
Master Chains N Jewels DRHP at a glance
Draft red herring prospectus, 25 Jul 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. 206 to 211) and Basis for Offer Price, KPIs (p. 135 to 136)Master Chains N Jewels designs, manufactures and sells gold jewellery, including lightweight jewellery, and takes job work. It works in the organised gold jewellery manufacturing and wholesale distribution segment, selling in bulk directly to other wholesalers and to single-store and multi-store retailers rather than to consumers. Products run across 14, 18 and 22 karat gold and include chains, earrings, bracelets, necklaces, chokers, rings, mangalsutras, pendant sets, daily wear and children's jewellery, in yellow gold, rhodium and rose gold. The CARE report commissioned for the draft calls it one of the leading gold chain manufacturers in India. All revenue is from domestic sales.
Manufacturing runs from two units at Bombay Cotton Mill Estate, Kalachowki, Mumbai, together about 6,870 square feet: Unit I for cast jewellery and jewellery studded with cubic zirconia, and Unit II for stamped and machine made jewellery. Capacity utilisation was about 49.80% in FY26. Sales run through the head office in Mumbai and branch offices in Delhi, Hyderabad and Bengaluru. Jewellery is made by karigars on the company's own payroll rather than outsourced, and design work by an in-house team of 22 CAD designers; the design database held about 80,666 designs as of 30 June 2026, and the company employed about 196 people on payroll.
The offer
DRHP cover pages, The Offer (p. 75) and Capital Structure (p. 95)| Fresh issue | Up to ₹400.00 croreMoney goes to the company |
| Offer for sale | Up to 59,06,250 sharesBy promoter selling shareholder Taruna Madan Kothari, whose weighted average cost of acquisition is ₹0.07 a share. The company receives no proceeds from the offer for sale |
| Shares before the IPO | 9,45,00,000Face value ₹10 each. The offer for sale is about 6.3% of them (ours) |
| Pre-IPO placement | Up to ₹80.00 croreOptional; would reduce the fresh issue, and will not exceed 20% of its size |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Systematix Corporate Services Limited |
| Registrar | Bigshare Services Private Limited |
| Promoters | Madan Sardarmal Kothari, Raj Madan Kothari, Khushbu Raj Kothari and Taruna Madan Kothari |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 120 to 121)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Working capital | 350.00 | 87.5% |
| General corporate purposes (set later) |
The total shown is the fresh issue size of ₹400.00 crore. Offer expenses are deducted before these amounts. Any pre-IPO placement proceeds may be used towards the same objects and would reduce the fresh issue.
Financials
DRHP, Summary of Restated Financial Information (p. 78 to 81) and Basis for Offer Price, KPIs (p. 132 to 136), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 1,272.64 | 1,512.20 | 1,680.59 |
| EBITDA | 40.40 | 61.64 | 145.92 |
| EBITDA margin | 3.17% | 4.08% | 8.68% |
| Profit after tax | 22.04 | 37.12 | 97.27 |
| Profit after tax margin | 1.73% | 2.45% | 5.79% |
| Diluted EPS (₹) | 2.33 | 3.93 | 10.29 |
| Net worth | 97.52 | 134.65 | 231.96 |
| Cash from operations | 1.91 | 1.17 | -73.65 |
| Return on net worth | 22.60% | 27.57% | 41.93% |
| Return on equity | 25.51% | 31.98% | 53.06% |
| Return on capital employed | 42.30% | 50.54% | 77.09% |
| Working cycle (days) | 50 | 53 | 76 |
| Debtor (days) | 10 | 13 | 33 |
| Inventory (days) | 42 | 43 | 45 |
| Inventory turnover ratio (times) | 8.77 | 8.45 | 8.18 |
| Total sales volume (kg) | 2,807.01 | 2,551.68 | 2,369.91 |
Restated standalone figures. Revenue, profit and margins rose across the three years while total sales volume fell, and cash from operations turned sharply negative in FY26 as the working cycle lengthened from 50 days to 76 days. Net worth is total equity, which is equity share capital plus other equity. Earnings per share and net asset value a share are adjusted for the bonus issue of 20 shares for every one held. Net asset value a share was ₹24.55 as of 31 March 2026.
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 133 to 134). Peer prices as of 22 July 2026 on NSE, and peer figures for the year ended 31 March 2026.The document puts the peer group P/E high at 37.17 times for Sky Gold & Diamonds, the low at 9.75 times for Shanti Gold International and the average at 21.05 times. The P/E for Master Chains N Jewels is not given until the offer price is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Master Chains N Jewels (FY26) | 10.29 | Set with the offer price | 41.93% |
| Shanti Gold International | 21.22 | 9.75x | 37.34% |
| Shringar House of Mangalsutra | 13.55 | 16.25x | 26.29% |
| Sky Gold & Diamonds | 18.06 | 37.17x | 29.83% |
Risks the draft lists first
DRHP, Risk Factors (p. 25 to 34)- Top customersThe top ten customers gave 28.79% of FY26 revenue from operations, and there are no long term contracts with them. (Risk factor 1, p. 25)
- West and south IndiaWestern and southern India gave 77.94% of FY26 revenue from operations, against 67.81% in FY24. (Risk factor 2, p. 26)
- Gold bullion suppliersThe top ten suppliers accounted for 67.60% of total purchases in FY26, and there are no long term arrangements with them for gold bullion, the key raw material. (Risk factor 5, p. 29)
- Gold pricesThe business depends on the availability and price of gold, and swings in gold prices affect demand, working capital, margins and operations. (Risk factor 6, p. 31)
- Working capitalThe business is working capital intensive, and failure to obtain or renew working capital facilities on acceptable terms would affect liquidity and cash flows. (Risk factor 7, p. 32)
- InventoryThe business depends on accurate demand forecasting and inventory management, and holds significant inventory on its premises. (Risk factor 9, p. 34)
Documents
Master Chains N Jewels 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
Master Chains N Jewels IPO FAQs
When will the Master Chains N Jewels 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 98 days ago (our calculation).
Has SEBI approved the Master Chains N Jewels IPO?
SEBI has sought clarifications and is waiting for the lead manager to reply. Source: SEBI processing status as on 30 October 2026.
What is the Master Chains N Jewels 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 Master Chains N Jewels 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 Master Chains N Jewels IPO?
Systematix Corporate Services 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 Master Chains N Jewels do with the IPO money?
According to the DRHP, the fresh issue money goes to working capital (₹350.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Master Chains N Jewels do?
Master Chains N Jewels designs, manufactures and sells gold jewellery, including lightweight jewellery, and takes job work. It works in the organised gold jewellery manufacturing and wholesale distribution segment, selling in bulk directly to other wholesalers and to single-store and multi-store retailers rather than to consumers. Products run across 14, 18 and 22 karat gold and include chains, earrings, bracelets, necklaces, chokers, rings, mangalsutras, pendant sets, daily wear and children's jewellery, in yellow gold, rhodium and rose gold. The CARE report commissioned for the draft calls it one of the leading gold chain manufacturers in India. All revenue is from domestic sales.
Where can I read the Master Chains N Jewels DRHP?
On SEBI's website, where the draft red herring prospectus was published on 31 July 2026. The draft is dated 25 July 2026 and runs to 480 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 25 July 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.