Mumbai-based jewellery manufacturer Sunil Gold India has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company operates as a business-to-business (B2B) supplier of handcrafted gold jewellery to organised retail chains and is seeking funds to strengthen its working capital and support future expansion.
Sunil Gold IPO Structure
Sunil Gold’s public issue comprises a mix of fresh equity and an offer for sale (OFS) by existing shareholders. Under the fresh issue component, the company plans to issue up to 2 crore equity shares with a face value of INR 10 each. Additionally, promoter shareholders Anil Mohanlal Jain and Shrenik Mohanlal Jain will offload up to 65 lakh shares through the OFS route, taking the total offer size to up to 2.65 crore equity shares.
Sunil Gold IPO is being managed by Unistone Capital as the book-running lead manager, while KFin Technologies has been appointed as the registrar to the offer.
Sunil Gold IPO: Business Overview
Founded in 2012 and headquartered in Mumbai, Sunil Gold designs and supplies 22-karat handcrafted gold jewellery to organised jewellery retailers across India. Its product portfolio spans a wide range of categories including necklaces, chokers, bangles, bracelets, rings, earrings, maang-tikkas, bridal jewellery, and complete wedding sets.
The company follows an asset-light B2B manufacturing model, where jewellery is produced through a network of skilled artisans (karigars). As of December 2025, Sunil Gold had relationships with 94 karigars who manufacture jewellery in accordance with the company’s designs, specifications, and quality standards.
The firm has built a sizeable design library with over 80,000 jewellery designs, developed through a structured design process that integrates customer feedback, regional preferences, and market trends. Its in-house design and quality control team currently consists of 13 professionals.
Geographic Presence and Customers
Sunil Gold primarily serves the domestic market and supplies jewellery to organised retail chains across eight states and one union territory. The company derives a significant share of its revenue from southern and western India, which are among the largest gold jewellery consumption regions in the country.
For the six months ended September 2025, 98.88% of revenue came from India, while overseas markets such as the United Arab Emirates accounted for a small share.The company has developed strong relationships with organised jewellery retailers, with repeat customers contributing over 90% of revenue in recent periods.
Sunil Gold IPO: Financial Performance
| Particulars | FY 2023 | FY 2024 | FY 2025 | H1 FY26 |
|---|---|---|---|---|
| Revenue from Operations | 241.80 | 317.08 | 521.15 | 414.78 |
| Operating EBITDA | 10.27 | 22.76 | 46.98 | 43.78 |
| Profit After Tax (PAT) | 3.61 | 12.69 | 30.20 | 45.86 |
| PAT Margin (%) | 1.49 | 4.00 | 5.79 | 11.06 |
Manufacturing Expansion Plans
The company is also transitioning toward a hybrid manufacturing model, combining its existing karigar network with in-house manufacturing capabilities. Sunil Gold is currently establishing its own manufacturing facility in Lower Parel, Mumbai, which is expected to become operational in FY27. The facility is expected to enhance operational oversight, reduce making charges, and improve quality control and cost efficiency.
Industry Outlook
The IPO comes at a time when the Indian jewellery industry is undergoing structural changes. The domestic gems and jewellery market has grown significantly over the past few years and is estimated to expand from around INR 8.3 lakh crore in FY25 to approximately INR 15–15.5 lakh crore by FY30, implying a CAGR of 12–14%.
At the same time, the market is witnessing a gradual shift toward organised jewellery retailers, whose market share has increased from roughly 10–15% in FY01 to about 38–42% in FY25. This transition is creating opportunities for B2B manufacturers that supply to large retail chains. Sunil Gold’s strategy is aligned with this trend, as it plans to deepen its relationships with organised retailers while selectively exploring export opportunities.
Bottomline: Sunil Gold India’s IPO reflects its efforts to strengthen working capital and support future growth. With an asset-light manufacturing model, an extensive design portfolio, and strong relationships with organised retailers, the company is well-positioned to benefit from the growing formalisation of India’s jewellery industry.