Royal Chain IPO
Royal Chain 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, the draft is under SEBI review. The draft proposes a fresh issue of up to ₹850 crore and an offer for sale of up to ₹150 crore by four promoters. In FY26 the company made a profit of ₹173.34 crore on revenue of ₹4,732.45 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 Oct 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- JM Financial Limited
- Last SEBI contact
- 29 Oct 2026
- Price band and dates
- Not announced
Where it stands
Royal Chain IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI1 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 1 October 2026, 36 days ago, and its last communication on the draft was on 29 October 2026 (day count is our calculation).
DRHP at a glance
Royal Chain DRHP at a glance
Draft red herring prospectus, 28 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. 189) and Basis for Offer Price (p. 107)Royal Chain designs and makes gold chains and jewellery in 14, 18 and 22 karat gold for other jewellery businesses (B2B), including hollow and super-light chains. Its customers include Titan, Kalyan Jewellers, P N Gadgil, Senco Gold, Thangamayil Jewellery and D.P. Abhushan, as well as smaller jewellers.
It makes everything at one plant at Mahape, Navi Mumbai, held on a long-term lease, with capacity of 12,000 kg a year. Gold is most of its costs. It was incorporated in 2013 and is based in Mumbai.
The offer
DRHP cover page and The Offer (p. 61)| Fresh issue | Up to ₹850 croreMoney goes to the company |
| Offer for sale | Up to ₹150 croreSuresh Futarmal Jain ₹50 crore and Manish Futarmal Jain ₹50 crore (average cost ₹1.67 a share); Celestial Charms ₹25 crore and Foxy Feathers ₹25 crore (₹11.30) |
| Shares before the IPO | 12,53,44,092 |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | JM Financial Limited and 360 ONE WAM Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Suresh Futarmal Jain, Manish Futarmal Jain, Nilesh Futarmal Jain, Snneh Suresh Jain, Naman Manish Jain, Royal Family Welfare Trust, Celestial Charms and Foxy Feathers |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 95 to 96)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Repaying or prepaying certain loans and interest | 650.00 | 76.5% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹850 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling promoters, not the company.
Financials
DRHP, Summary of Restated Financial Information (p. 64 to 66) and Basis for Offer Price, KPIs (p. 108 to 111), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 2,350.58 | 3,617.18 | 4,732.45 |
| EBITDA | 63.62 | 130.53 | 288.23 |
| EBITDA margin | 2.71% | 3.61% | 6.09% |
| Profit after tax | 27.36 | 63.33 | 173.34 |
| Diluted EPS (₹) | 2.32 | 5.37 | 14.39 |
| Net worth | 120.98 | 184.22 | 465.75 |
| Cash from operations | -11.57 | -3.05 | -216.52 |
| Return on net worth | 25.52% | 41.50% | 53.34% |
| Debt to equity | 2.50 | 2.00 | 1.36 |
| Working capital (days) | 40 | 39 | 56 |
Restated figures. Net worth is total equity. Return on net worth uses average net worth. Revenue grew about 41.9% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 109 to 110). Peer prices as of 25 Sep 2026.The P/E for Royal Chain is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Royal Chain (FY26) | 14.39 | Set with the price band | 53.34% |
| Sky Gold & Diamonds | 18.06 | 43.96x | 23.00% |
| Shringar House of Mangalsutra | 13.55 | 15.72x | 26.29% |
| Shanti Gold International | 21.22 | 15.34x | 38.08% |
Risks the draft lists first
DRHP, Risk Factors (p. 18 to 24)- Gold pricesMaterials, mainly gold, were 81.11% of FY26 expenses, and gold prices swing sharply. (Risk factor 1, p. 18)
- Working capitalIt needs a lot of working capital; working capital loans were 72.72% of borrowings at the end of FY26. (Risk factor 2, p. 19)
- One plantIt depends on one leased plant at Mahape, Navi Mumbai. (Risk factor 3, p. 20)
- Debt covenantsFailing to meet loan terms could hurt the business. (Risk factor 4, p. 22)
- Spare capacityCapacity utilisation was 33.37% in FY26. (Risk factor 5, p. 23)
- SeasonalityJewellery demand is seasonal and depends on consumer spending. (Risk factor 6, p. 24)
Documents
Royal Chain 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
Royal Chain IPO FAQs
When will the Royal Chain 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 36 days ago (our calculation).
Has SEBI approved the Royal Chain 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 Royal Chain 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 Royal Chain 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 Royal Chain IPO?
JM Financial 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 Royal Chain do with the IPO money?
According to the DRHP, the fresh issue money goes to repaying or prepaying certain loans and interest (₹650.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Royal Chain do?
Royal Chain designs and makes gold chains and jewellery in 14, 18 and 22 karat gold for other jewellery businesses (B2B), including hollow and super-light chains. Its customers include Titan, Kalyan Jewellers, P N Gadgil, Senco Gold, Thangamayil Jewellery and D.P. Abhushan, as well as smaller jewellers.
Where can I read the Royal Chain DRHP?
On SEBI's website, where the draft red herring prospectus was published on 1 October 2026. The draft is dated 28 September 2026 and runs to 453 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 28 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.