Sunil Gold India IPO is a Mainboard Book Built public issue by Sunil Gold India Limited. The public issue consists of a fresh issue of equity shares along with an Offer for Sale (OFS) by certain existing promoter shareholders. After completion of the IPO process, the company’s equity shares are proposed to be listed on both the BSE and NSE.
The objective of the fresh issue is to strengthen the company’s working capital position and support general corporate requirements. The Offer for Sale will enable the promoter selling shareholders to partially reduce their shareholding. The company will receive the proceeds from the fresh issue, whereas the OFS proceeds will be received by the respective selling shareholders.
Sunil Gold India Limited is engaged in the design and supply of handcrafted 22-karat gold jewellery. The company operates primarily through a business-to-business model and supplies jewellery to organised jewellery retail chains. Its product portfolio includes contemporary, heritage, temple-inspired and other tradition-influenced jewellery designs.
The company has developed a portfolio of more than 80,000 jewellery designs and offers products across wedding, festive, party and regular-wear categories. Its products include maang-tikkas, earrings, chains, necklaces, chokers, armlets, bracelets, bangles, rings, bridal jewellery, complete wedding sets and other occasion-wear jewellery. Manufacturing is carried out through skilled third-party karigars under the company’s specifications and quality requirements.
The organised jewellery market in India continues to benefit from increasing consumer preference for branded and organised retailers, rising disposable income, changing lifestyle preferences and strong demand for gold jewellery. These factors can create opportunities for B2B jewellery suppliers serving organised retail chains. Investors should carefully analyse the company’s financial performance, customer concentration, working capital requirements, gold-price exposure, competitive position and IPO valuation before making an investment decision.
Table of Contents
IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Sunil Gold India IPO |
| Company Name | Sunil Gold India Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | |
| Issue Size | Up to 2.65 Crore Equity Shares |
| Fresh Issue | Up to 2.00 Crore Equity Shares |
| Offer for Sale | Up to 0.65 Crore Equity Shares |
| IPO Open Date | |
| IPO Close Date | |
| Anchor Investor Bidding | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date | |
| Listing Exchange | BSE & NSE |
| Lot Size | |
| Registrar | KFin Technologies Limited |
| Book Running Lead Manager | Unistone Capital Private Limited |
Sunil Gold India IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | |
| IPO Opening Date | |
| IPO Closing Date | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date |
The final IPO timetable will be announced by the company after the offer documents and issue terms are finalised. Investors should refer to the final price band advertisement and offer documents for the confirmed bidding, allotment and listing dates.
Sunil Gold India IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not Less Than 35% |
The final allocation under each investor category will depend on the number of valid applications received during the IPO subscription period and the applicable SEBI requirements.
Sunil Gold India IPO Lot Size
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | ||
| Retail Maximum | ||
| S-HNI Minimum |
The application amount will be calculated after the company announces the final price band and lot size.
About Sunil Gold India Limited
Sunil Gold India Limited was originally incorporated as Sunil Gold India Private Limited in June 2012 and was subsequently converted into a public limited company in 2025. The company is headquartered in Mumbai, Maharashtra, and operates in the business of designing and supplying handcrafted 22-karat gold jewellery.
The company follows a B2B business model and primarily serves organised jewellery retail chains. Instead of operating a large consumer-facing retail network, Sunil Gold focuses on design development, sourcing, quality control, customisation and supply of jewellery products to its retail customers.
Sunil Gold has developed more than 80,000 jewellery designs covering contemporary, heritage, temple-inspired and tradition-influenced styles. Its portfolio serves different occasions and customer requirements, including weddings, festivals, parties and regular wear. The company also provides customised jewellery solutions based on retailer requirements, regional preferences and market trends.
Manufacturing is undertaken through a network of skilled third-party karigars. This asset-light approach enables the company to leverage specialised craftsmanship while concentrating on design development, procurement, customer relationships, quality standards and order fulfilment. The company had relationships with 94 karigars as of December 2025.
Business Operations
Sunil Gold India Limited operates an integrated B2B jewellery supply business focused on handcrafted 22-karat gold jewellery.
- Handcrafted Gold Jewellery – The company designs and supplies handcrafted 22-karat gold jewellery for organised jewellery retailers.
- Contemporary Jewellery – Its product range includes contemporary designs developed according to changing consumer preferences and market trends.
- Heritage and Temple Jewellery – The company offers traditional designs influenced by heritage and temple jewellery styles.
- Bridal Jewellery – The product portfolio includes bridal collections and complete wedding sets for wedding-related demand.
- Daily-Wear Jewellery – The company also supplies products intended for regular and everyday use.
- Customised Jewellery – Sunil Gold provides customisation services to organised retail chains according to inventory, design and regional requirements.
- Design Development – The company maintains a design library of more than 80,000 designs, supported by customer feedback and market trends.
- B2B Supply – Products are supplied primarily to organised jewellery retail chains rather than directly to individual consumers.
- Third-Party Manufacturing – Skilled karigars manufacture jewellery according to the company’s specifications and quality requirements.
- International Customers – The company has also supplied products to customers in the UAE and Singapore.
Industry Overview
India has a large and established gems and jewellery market, with gold jewellery representing a significant portion of overall jewellery consumption. Demand is supported by weddings, festivals, cultural traditions, gifting and household investment preferences.
The jewellery industry is gradually experiencing increased organisation, with consumers showing greater preference for organised retail chains, branded products, transparent pricing and consistent quality. This transition can create opportunities for B2B jewellery suppliers capable of providing designs, customisation and reliable supply to organised retailers.
The market is also influenced by gold prices, consumer purchasing power, import and regulatory policies, inventory requirements and changes in consumer preferences. Jewellery businesses need to manage procurement, inventory and working capital efficiently because gold represents a substantial component of the cost structure.
Sunil Gold’s concentration in southern and western India provides exposure to important jewellery markets, while its relationships with organised retail chains can support future business expansion. However, high customer concentration, dependence on third-party karigars and fluctuations in gold prices remain important factors for investors to evaluate.
Business Strategy
Sunil Gold India Limited focuses on expanding its B2B jewellery business by strengthening relationships with organised jewellery retailers, developing new designs and providing customised products according to market demand.
The company intends to utilise IPO proceeds primarily for funding working capital requirements. Additional working capital can support procurement of gold inventory, customer credit requirements and the company’s growing order volumes.
The company also seeks to maintain and expand its design portfolio by incorporating customer feedback, regional preferences and changing market trends. Its asset-light manufacturing model allows it to work with skilled karigars while focusing internally on design, procurement, quality control and customer relationships.
Sunil Gold India IPO Financial Information
A company’s financial performance provides important insights into revenue growth, profitability, working capital requirements and financial stability. Reviewing financial results across multiple periods helps investors understand how the company has developed and how effectively it has converted its business growth into earnings.
Sunil Gold India Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹242.10 Crore | ₹317.08 Crore | ₹521.15 Crore |
| Total Income | ₹242.10 Crore | ₹317.39 Crore | ₹522.55 Crore |
| EBITDA | ₹10.27 Crore | ₹22.76 Crore | ₹46.98 Crore |
| Profit Before Tax (PBT) | ₹4.84 Crore | ₹17.01 Crore | ₹40.56 Crore |
| Profit After Tax (PAT) | ₹3.61 Crore | ₹12.69 Crore | ₹30.19 Crore |
| Net Worth | ₹12.25 Crore | ₹24.91 Crore | ₹55.10 Crore |
| Total Borrowings | ₹44.17 Crore | ₹49.79 Crore | ₹125.96 Crore |
The company has reported strong growth in revenue and profitability during the last three financial years. Revenue from operations increased from approximately ₹242.10 crore in FY2023 to ₹521.15 crore in FY2025, while profit after tax increased from ₹3.61 crore to ₹30.19 crore over the same period.
For the six months ended September 30, 2025, revenue from operations stood at approximately ₹414.78 crore and profit after tax stood at ₹45.86 crore. The company’s growth has been supported by increased business volumes and demand from organised jewellery retail customers.
However, investors should also consider the working capital-intensive nature of the business, the increase in borrowings and the concentration of revenue among a relatively small number of customers while evaluating the financial performance.
Sunil Gold India IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors assess the company’s profitability, operating efficiency, capital utilisation and financial position. These financial ratios provide additional information for evaluating the company’s performance over different financial periods.
| KPI | Sep 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| EBITDA Margin | 10.55% | 9.01% | 7.18% | 4.26% |
| PAT Margin | 11.06% | 5.79% | 4.00% | 1.50% |
| EPS | ₹5.65 | ₹3.76 | ₹1.58 | ₹0.45 |
| ROE | 42.55% | 54.79% | 50.94% | 29.47% |
| ROCE | 43.76% | 50.95% | 55.05% | 36.13% |
| ROA | 16.28% | 16.37% | 16.57% | 6.11% |
| Debt-to-Equity | 1.52 | 2.29 | 2.00 | 3.61 |
The company’s profitability indicators have improved substantially over the reported periods. EBITDA margin increased from 4.26% in FY2023 to 9.01% in FY2025, while PAT margin increased from 1.50% to 5.79%.
KPIs & Valuation
The company’s pre-IPO EPS based on FY2025 financial information is ₹3.76. The post-IPO EPS, P/E and other valuation metrics cannot be calculated reliably until the final offer price and post-issue capital structure are officially determined.
| KPI & Valuation | Value |
|---|---|
| Pre-IPO EPS | ₹3.76 |
| Post-IPO EPS | |
| Pre-IPO P/E | |
| Post-IPO P/E | |
| NAV Per Share | ₹6.86 |
| Return on Net Worth | 54.80% |
| Return on Capital Employed | 50.95% |
The valuation of Sunil Gold India IPO will depend on the final offer price, post-issue equity capital and earnings used for the valuation calculation. Investors should compare the final IPO valuation with listed jewellery companies before making an investment decision.
Objects of the Sunil Gold India IPO
The company intends to utilise the net proceeds from the fresh issue for the following purposes:
- Funding the working capital requirements of the company.
- General corporate purposes.
The company has proposed ₹200 crore towards funding its working capital requirements. The remaining amount for general corporate purposes will be determined after finalisation of the Offer Price and updated in the final offer documents.
The proceeds from the Offer for Sale will be received by the respective selling shareholders and will not form part of the company’s funds.
Sunil Gold India IPO Listing Performance
The listing performance reflects how the company’s shares perform on the stock exchanges after the IPO. Listing gains or losses can indicate initial market sentiment, but long-term performance generally depends on financial results, business execution, industry conditions and valuation.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | |
| Issue Price | |
| Listing Price | |
| Listing Gain | |
| Listing Gain (%) |
The listing performance will be available after the company’s shares commence trading on the stock exchanges. Investors should focus on the company’s long-term fundamentals rather than short-term listing movements.
Sunil Gold India IPO Subscription Status
The subscription figures indicate the level of investor participation received during the IPO bidding period. Strong subscription generally indicates healthy investor interest, although subscription levels alone should not be treated as an indication of long-term investment potential.
Sunil Gold India IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | |
| Non-Institutional Investors (NII) | |
| Retail Individual Investors (RII) | |
| Employee Category | |
| Total Subscription |
The final subscription figures will be available after the IPO bidding period begins and closes. They will indicate the level of demand across different investor categories.
Sunil Gold India IPO Review
Sunil Gold India Limited operates in the B2B gold jewellery segment and focuses on designing and supplying handcrafted 22-karat gold jewellery to organised jewellery retail chains. The company has developed a large design portfolio covering contemporary, heritage, temple-inspired, bridal and other tradition-influenced jewellery.
One of the company’s key strengths is its asset-light operating model. Jewellery production is carried out through third-party karigars, allowing the company to utilise specialised craftsmanship without maintaining an extensive owned manufacturing infrastructure. The company can therefore focus on design development, sourcing, quality control, customer relationships and order management.
The company has reported strong growth in revenue and profitability over the last three financial years. Revenue from operations more than doubled between FY2023 and FY2025, while PAT increased significantly during the same period. The improvement in margins and return ratios indicates better profitability compared with the earlier periods.
However, investors should carefully consider customer concentration, geographical concentration, dependence on skilled karigars, working capital requirements and exposure to gold-price movements. A significant proportion of recent revenue has been generated from a limited number of customers, which can create business concentration risk.
Overall, Sunil Gold India operates in a jewellery market with favourable long-term demand characteristics and has established relationships with organised retail customers. Investors should evaluate the final IPO valuation, financial performance, customer concentration, working capital position and industry outlook before investing.
Sunil Gold India IPO Strengths
- Established B2B gold jewellery business serving organised jewellery retail chains.
- Large design portfolio consisting of more than 80,000 jewellery designs.
- Asset-light manufacturing model supported by a network of skilled third-party karigars.
- Strong financial growth in revenue, EBITDA and profit during the reported periods.
- Experienced promoter group with a long operating history in the jewellery business.
- Exposure to organised jewellery retail growth across important jewellery markets in India.
Sunil Gold India IPO Risk Factors
- High customer concentration creates dependence on a limited number of major customers.
- Gold-price volatility can affect procurement costs, inventory values and margins.
- Dependence on third-party karigars may create production and quality-control risks.
- Working capital requirements are significant because the business requires inventory and customer credit.
- Geographical concentration in southern and western Indian markets exposes the company to regional demand changes.
- Competition and changing consumer preferences may affect demand for the company’s jewellery designs.
Sunil Gold India IPO Promoters
Sunil Gold India Limited is promoted by Prem Mohanlal Jain, Shrenik Mohanlal Jain and Anil Mohanlal Jain. The promoters have been associated with the company’s development since its earlier private-company period and have contributed to building its B2B jewellery supply business.
The promoters have guided the company’s expansion in design development, organised retail relationships, sourcing and jewellery supply. Before the IPO, the promoters and promoter group held substantially all of the company’s equity share capital.
Sunil Gold India IPO Promoters Details
| Promoter | Designation |
|---|---|
| Prem Mohanlal Jain | Managing Director |
| Shrenik Mohanlal Jain | Whole-Time Director |
| Anil Mohanlal Jain | Executive Director |
Sunil Gold India IPO Management Team
The company is supported by a management and board structure comprising executive and independent directors with experience in business management, jewellery operations, finance, governance and corporate matters.
The company has also constituted committees including the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee and Corporate Social Responsibility Committee to support corporate governance and regulatory compliance.
| Name | Designation |
|---|---|
| Prem Mohanlal Jain | Managing Director |
| Shrenik Mohanlal Jain | Whole-Time Director |
| Anil Mohanlal Jain | Executive Director |
| Satyanarayan Goverdhanlal Bagla | Independent Director |
| Pooja Bhavin Shah | Independent Woman Director |
| Radhamanalan | Independent Director |
Sunil Gold India IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, crediting shares to successful applicants, initiating refunds and providing investor-related services.
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Website | https://ipostatus.kfintech.com/ |
| IPO Allotment Status | https://ipostatus.kfintech.com/ |
| Email ID | [email protected] |
| Contact Number | 040-79615565 |
Sunil Gold India IPO Lead Manager Details
The Book Running Lead Manager is responsible for managing the IPO process, coordinating with regulatory authorities and assisting the company throughout the public issue.
| Particular | Details |
|---|---|
| Lead Manager | Unistone Capital Private Limited |
Sunil Gold India Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Sunil Gold India Limited |
| Registered Office | 99/103, Jewel Crown, Bhagwan Bhuvan, Shop No. D, Ground Floor, Mumbadevi Road, Pydhonie Tamba, Kata, Mumbai, Maharashtra – 400003 |
| Website | https://sunilgold.com |
| Email ID | [email protected] |
| Contact Number | +91 86556 87004 |
How to Check Sunil Gold India IPO Allotment Status
Investors can check the IPO allotment status after the basis of allotment is finalised through the registrar’s website or the relevant stock exchange IPO portal.
Through KFin Technologies Limited
- Visit the official KFin Technologies IPO allotment portal.
- Select Sunil Gold India IPO from the IPO list.
- Choose PAN Number, Application Number, or DP/Client ID.
- Enter the required details.
- Click Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Sunil Gold India IPO from the list of IPOs.
- Enter your PAN Number or Application Number.
- Complete the verification process if required.
- Click Search to view the allotment result.
Sunil Gold India IPO Conclusion
Sunil Gold India IPO provides investors with an opportunity to participate in a B2B jewellery company focused on the design and supply of handcrafted 22-karat gold jewellery. The company has established a sizeable design portfolio, relationships with organised jewellery retail chains and an asset-light manufacturing model supported by third-party karigars.
The company has reported strong growth in revenue and profitability over the last three financial years, while its recent financial performance indicates continued business momentum. Its exposure to organised jewellery retail and its broad range of contemporary and traditional designs provide potential opportunities for future growth.
However, investors should also consider customer concentration, working capital requirements, gold-price volatility, dependence on third-party manufacturing partners, geographical concentration and competition in the jewellery market.
A detailed assessment of the final IPO price, valuation, financial performance, business strategy, customer concentration, industry outlook and risk factors can help investors determine whether the Sunil Gold India IPO is suitable for their investment objectives.
Sunil Gold India IPO FAQs
What is Sunil Gold India IPO?
Sunil Gold India IPO is the proposed Mainboard public issue of Sunil Gold India Limited, a B2B company engaged in the design and supply of handcrafted 22-karat gold jewellery.
What is the price band of Sunil Gold India IPO?
The price band of Sunil Gold India IPO has not been announced in the currently available official offer documents.
What is the issue size of Sunil Gold India IPO?
The proposed IPO comprises up to 2.65 crore equity shares, including up to 2 crore fresh issue shares and up to 65 lakh Offer for Sale shares.
When will the Sunil Gold India IPO open?
The IPO opening date has not yet been announced.
When will the Sunil Gold India IPO close?
The IPO closing date has not yet been announced.
On which stock exchanges will Sunil Gold India shares be listed?
The company’s equity shares are proposed to be listed on BSE and NSE.
Who is the registrar for the Sunil Gold India IPO?
KFin Technologies Limited is the registrar to the proposed issue.
What is the face value of Sunil Gold India IPO shares?
The face value of each equity share is ₹10.
What does Sunil Gold India Limited do?
Sunil Gold India Limited designs and supplies handcrafted 22-karat gold jewellery. It operates primarily as a B2B supplier to organised jewellery retail chains and provides customised jewellery solutions.
What are the objects of the Sunil Gold India IPO?
The company intends to use the fresh issue proceeds primarily for funding working capital requirements and general corporate purposes. The Offer for Sale proceeds will be received by the respective selling shareholders.
