Sunil Gold India IPO
Sunil Gold India 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 2,10,00,000 shares and an offer for sale of up to 50,00,000 shares by promoters Anil Mohanlal Jain and Shrenik Mohanlal Jain. In FY26 the company made a profit of ₹93.42 crore on revenue of ₹1,341.95 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 30 Sep 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Choice Capital Advisors Pvt. Ltd.
- Last SEBI contact
- 29 Oct 2026
- Price band and dates
- Not announced
Where it stands
Sunil Gold India IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI30 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 30 September 2026, 37 days ago, and its last communication on the draft was on 29 October 2026 (day count is our calculation).
DRHP at a glance
Sunil Gold India 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. 222) and Risk Factors (p. 27 to 34)Sunil Gold India designs and supplies handcrafted 22 karat gold jewellery, including temple and heritage designs, to organised jewellery retail chains (B2B). Its jewellery is made by outside craftsmen (karigars), and gold bullion is almost all its raw material.
The top 10 customers gave 74.37% of FY26 revenue, and almost all revenue comes from six southern and western states. It was incorporated in 2012 and is based in Mumbai.
The offer
DRHP cover page and The Offer (p. 89)| Fresh issue | Up to 2,10,00,000 shares₹ amount set with the price; money goes to the company |
| Offer for sale | Up to 50,00,000 shares25,00,000 each by Anil Mohanlal Jain (average cost ₹0.07) and Shrenik Mohanlal Jain (average cost nil) |
| Shares before the IPO | 8,03,60,000The fresh issue equals about 26.1% and the offer for sale about 6.2% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Choice Capital Advisors Private Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Prem Mohanlal Jain, Shrenik Mohanlal Jain and Anil Mohanlal Jain |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 127 to 128)| Object | ₹ crore |
|---|---|
| Working capital | 220.00 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
Amounts are what the net proceeds will fund. The fresh issue size in ₹ is set with the price, so each object's share is not shown yet. The offer for sale money goes to the selling promoters, not the company.
Financials
DRHP, Summary of Restated Consolidated Financial Information (p. 92 to 96) and Basis for the Offer Price, KPIs (p. 141 to 146), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 317.08 | 521.15 | 1,341.95 |
| Operating EBITDA | 22.76 | 47.30 | 93.97 |
| Operating EBITDA margin | 7.18% | 9.08% | 7.00% |
| Profit after tax | 12.63 | 30.45 | 93.42 |
| Diluted EPS (₹) | 1.57 | 3.79 | 11.62 |
| Net worth | 24.70 | 55.14 | 155.22 |
| Cash from operations | 0.14 | -64.32 | -7.13 |
| Return on net worth | 68.66% | 76.29% | 88.82% |
| Debt to equity | 2.10 | 2.31 | 1.14 |
Restated consolidated figures. Net worth is total equity. Return on net worth uses average net worth. Revenue grew about 105.7% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for the Offer Price (p. 143 to 144). Peer prices as of 24 Sep 2026 on NSE or BSE.The P/E for Sunil Gold is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Sunil Gold India (FY26) | 11.62 | Set with the price band | 88.82% |
| Shanti Gold International | 21.22 | 13.37x | 35.34% |
| Khazanchi Jewellers | 36.10 | 20.14x | 31.80% |
| RBZ Jewellers | 13.70 | 12.57x | 19.94% |
| Shringar House of Mangalsutra | 13.55 | 15.52x | 25.24% |
| Sky Gold and Diamonds | 18.07 | 43.31x | 24.69% |
Risks the draft lists first
DRHP, Risk Factors (p. 27 to 34)- Key customersThe top 10 customers gave 74.37% of FY26 revenue. (Risk factor 1, p. 27)
- KarigarsAll its products are made by outside craftsmen. (Risk factor 2, p. 29)
- Working capitalThe business needs a lot of working capital. (Risk factor 3, p. 30)
- Regional salesKarnataka, Maharashtra, Tamil Nadu, Telangana, Andhra Pradesh and Kerala gave almost all FY26 revenue. (Risk factor 4, p. 32)
- Gold pricesGold price swings could hurt margins and working capital. (Risk factor 5, p. 33)
- Gold supplyGold bullion was 97.58% of FY26 raw material purchases. (Risk factor 6, p. 34)
Documents
Sunil Gold India DRHP and documents
SEBI filings- Draft red herring prospectus, dated 30 Sep 2026, on SEBI since 9 Mar 2026
- Draft red herring prospectus, dated 30 Sep 2026, on SEBI since 30 Sep 2026
The DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Sunil Gold India IPO FAQs
When will the Sunil Gold India 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 37 days ago (our calculation).
Has SEBI approved the Sunil Gold India 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 Sunil Gold India 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 Sunil Gold India 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 Sunil Gold India IPO?
Choice Capital Advisors Pvt. 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 Sunil Gold India do with the IPO money?
According to the DRHP, the fresh issue money goes to working capital (₹220.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Sunil Gold India do?
Sunil Gold India designs and supplies handcrafted 22 karat gold jewellery, including temple and heritage designs, to organised jewellery retail chains (B2B). Its jewellery is made by outside craftsmen (karigars), and gold bullion is almost all its raw material.
Where can I read the Sunil Gold India DRHP?
On SEBI's website, where the draft red herring prospectus was published on 9 March 2026. The draft is dated 30 September 2026 and runs to 521 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.