Rathod Jewellery Manufacturing IPO
Rathod Jewellery Manufacturing 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 1,03,60,000 shares, with no offer for sale. In FY26 the company made a profit of ₹50.47 crore on revenue of ₹667.33 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 5 Oct 2026
- Type of issue
- Fresh issue only
- Lead manager
- Hem Securities Ltd
- Last SEBI contact
- 30 Oct 2026
- Price band and dates
- Not announced
Where it stands
Rathod Jewellery Manufacturing IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI5 Oct 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 5 October 2026, 32 days ago, and its last communication on the draft was on 30 October 2026 (day count is our calculation).
DRHP at a glance
Rathod Jewellery Manufacturing DRHP at a glance
Draft red herring prospectus, 30 Sep 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. 284) and Risk Factors (p. 23 to 29)Rathod Jewellery Manufacturing designs and makes handcrafted gold jewellery studded with uncut diamonds such as chakri and polki, diamonds and coloured stones, and sells it to other jewellers (B2B). Uncut diamond (chakri) jewellery gave 80.81% of FY26 revenue.
It has two plants, at Kolhapur in Maharashtra and Jaipur in Rajasthan, and customers in Maharashtra gave 48.85% of FY26 revenue. The top 10 customers gave 98.14%.
The offer
DRHP cover page and The Issue (p. 70)| Fresh issue | Up to 1,03,60,000 shares₹ amount set with the price; money goes to the company |
| Shares before the IPO | 3,10,00,000The fresh issue equals about 33.4% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Hem Securities Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Chandrakant Hanjarimal Rathod, Rupali Chandrakant Rathod, Reeva Chandrakant Rathod and Hridhay Chandrakant Rathod |
What the company plans to do with the money
DRHP, Objects of the Issue (p. 112 to 113)| Object | ₹ crore |
|---|---|
| Working capital | 115.00 |
| Repaying or prepaying certain borrowings | 90.00 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
Amounts are what the net proceeds will fund. The named objects add to ₹205 crore (our sum). The fresh issue size in ₹ is set with the price, so each object's share is not shown yet.
Financials
DRHP, Summary of Restated Financial Information (p. 72 to 76) and Basis for Issue Price, KPIs (p. 126 onwards), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 345.38 | 507.90 | 667.33 |
| EBITDA | 23.34 | 47.77 | 71.81 |
| EBITDA margin | 6.76% | 9.41% | 10.76% |
| Profit after tax (continuing) | 16.79 | 33.97 | 50.47 |
| Diluted EPS (₹) | 5.41 | 10.96 | 16.28 |
| Total equity | 139.21 | 107.14 | 158.01 |
| Cash from operations | 44.91 | -0.75 | 24.03 |
| Return on equity | 14.03% | 27.82% | 38.07% |
| Debt to equity | 0.64 | 0.95 | 0.62 |
Restated figures. FY24 profit including a discontinued business was ₹36.28 crore. Revenue grew about 39.0% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Issue Price.The P/E for Rathod is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Rathod Jewellery Manufacturing (FY26) | 16.28 | Set with the price band | 38.07% |
| Sky Gold and Diamonds | 13.96 | 57.49x | 22.97% |
| Priority Jewels | 14.03 | 15.93x | 12.73% |
Risks the draft lists first
DRHP, Risk Factors (p. 23 to 29)- Key customersThe top 10 customers gave 98.14% of FY26 revenue. (Risk factor 1, p. 23)
- Two plantsIt depends on its two plants at Kolhapur and Jaipur. (Risk factor 2, p. 25)
- MaharashtraCustomers in Maharashtra gave 48.85% of FY26 revenue. (Risk factor 3, p. 26)
- Uncut diamond jewelleryUncut diamond (chakri) jewellery gave 80.81% of FY26 revenue. (Risk factor 4, p. 27)
- Gold supplyGold was 84.64% of FY26 raw material purchases. (Risk factor 5, p. 27)
- Working capitalThe business needs a lot of working capital. (Risk factor 6, p. 29)
Documents
Rathod Jewellery Manufacturing 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
Rathod Jewellery Manufacturing IPO FAQs
When will the Rathod Jewellery Manufacturing 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 32 days ago (our calculation).
Has SEBI approved the Rathod Jewellery Manufacturing 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 Rathod Jewellery Manufacturing 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 Rathod Jewellery Manufacturing 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 Rathod Jewellery Manufacturing IPO?
Hem Securities Ltd 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 Rathod Jewellery Manufacturing do with the IPO money?
According to the DRHP, the fresh issue money goes to working capital (₹115.00 crore), repaying or prepaying certain borrowings (₹90.00 crore), and the rest to general corporate purposes.
What does Rathod Jewellery Manufacturing do?
Rathod Jewellery Manufacturing designs and makes handcrafted gold jewellery studded with uncut diamonds such as chakri and polki, diamonds and coloured stones, and sells it to other jewellers (B2B). Uncut diamond (chakri) jewellery gave 80.81% of FY26 revenue.
Where can I read the Rathod Jewellery Manufacturing DRHP?
On SEBI's website, where the draft red herring prospectus was published on 5 October 2026. The draft is dated 30 September 2026 and runs to 590 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 30 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.