Sunil Gold India IPO
Sunil Gold India IPO was proposed as a Mainboard book-built issue comprising a Fresh Issue of up to 2 crore equity shares and an Offer for Sale of up to 65 lakh equity shares. The equity shares had a face value of ₹10 each and were proposed to be listed o
Sunil Gold India IPO Details
Sunil Gold India IPO was a proposed Mainboard public issue comprising a Fresh Issue of up to 2 crore equity shares and an Offer for Sale of up to 65 lakh equity shares by promoter selling shareholders Anil Mohanlal Jain and Shrenik Mohanlal Jain. The company filed its DRHP with SEBI in March 2026 and subsequently received SEBI observations, but later withdrew its IPO papers in August 2026. Sunil Gold India Limited is a Mumbai-based B2B supplier of handcrafted 22-karat gold jewellery to organised jewellery retail chains. Its product portfolio includes contemporary, heritage and temple-inspired jewellery, including maang-tikkas, earrings, chains, necklaces, chokers, armlets, bracelets, bangles, rings, bridal jewellery and complete wedding sets.
Sunil Gold India IPO Timeline (Tentative)
Sunil Gold India had filed its Draft Red Herring Prospectus with SEBI in March 2026 for a proposed Mainboard IPO. The company subsequently received SEBI observations, but withdrew its IPO papers in August 2026. As the IPO was not launched, no final bidding, allotment, refund, Demat credit or listing dates were announced.
| Event | Tentative Date |
|---|---|
| DRHP Filed with SEBI | March 6, 2026 |
| SEBI Observations | August 2026 |
| IPO Papers Withdrawn | August 2026 |
Sunil Gold India IPO Lot Size
The Sunil Gold India IPO price band and minimum bid lot were to be decided by the company in consultation with the Book Running Lead Manager. Since the IPO was withdrawn before the issue was launched, the final lot size and minimum application amount were not announced.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | |||
| Retail (Max) | |||
| S-HNI (Min) | |||
| S-HNI (Max) | |||
| B-HNI (Min) |
Sunil Gold India IPO Reservation
Sunil Gold India proposed to reserve not more than 50% of the Offer for Qualified Institutional Buyers, not less than 15% for Non-Institutional Bidders and not less than 35% for Retail Individual Bidders. The DRHP also provided for a portion of the QIB allocation to Mutual Funds and permitted allocation to Anchor Investors in accordance with the applicable SEBI regulations.
Sunil Gold India IPO Subscription
Sunil Gold India IPO was not opened for public subscription. Therefore, no category-wise subscription data was generated before the company withdrew its IPO papers.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About Sunil Gold India
Sunil Gold India Limited is engaged in the design and supply of handcrafted 22-karat gold jewellery. Its product portfolio covers contemporary, heritage, temple-inspired and other tradition-influenced designs. The company offers products including maang-tikkas, earrings, chains, necklaces, chokers, armlets, bracelets, bangles, rings, bridal jewellery, complete wedding sets and other occasion-wear jewellery.
The company follows a business-to-business model and supplies handcrafted gold jewellery to organised jewellery retail chains. It provides customisation services to support retailers' inventory and design requirements and has developed a portfolio of more than 80,000 jewellery designs across wedding, festive, party and regular-wear segments.
Sunil Gold follows an asset-light, principal-led manufacturing model using skilled third-party Karigars. As of December 31, 2025, the company had entered into memorandums of understanding with 94 Karigars, while its customer base covered organised jewellery retail chains across eight states and one Union Territory, along with selected international customers in the UAE and Singapore.
Strengths
- Established relationships with organised jewellery retail chains.
- Strong growth in revenue and profitability.
- Asset-light manufacturing model supported by skilled Karigars.
- Extensive portfolio of more than 80,000 jewellery designs.
- Experienced promoters and management team with significant industry experience.
- B2B model focused on organised jewellery retail chains.
- Customer presence across multiple Indian states and selected international markets.
Risks to Consider
- A significant portion of business operations and revenue is concentrated in Southern India.
- Dependence on gold as the key raw material exposes the company to gold-price and availability risks.
- Concentration in 22-karat CZ jewellery makes the business sensitive to changes in customer preferences.
- The business requires significant inventory and working capital.
- Customer concentration may affect revenue if major customers reduce orders.
- Jewellery designs are not registered under the Designs Act, 2000, creating risks of duplication.
- The jewellery market is highly competitive and fragmented.
- Dependence on skilled Karigars exposes the company to attrition and availability risks.
- Failure to meet product quality requirements could affect customer relationships and orders.
Sunil Gold India Financials (₹ Cr)
Sunil Gold India reported strong growth in revenue and profitability over the three financial years covered in its DRHP. Revenue from operations increased from ₹241.80 crore in FY2023 to ₹317.08 crore in FY2024 and ₹521.15 crore in FY2025. Profit after tax increased from ₹3.61 crore in FY2023 to ₹12.69 crore in FY2024 and ₹30.20 crore in FY2025. For the six-month period ended September 30, 2025, revenue from operations stood at ₹414.78 crore and PAT was ₹45.86 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| 30 Sep 2025 | 414.78 | 45.86 | 281.72 | 107.79 |
| FY2025 | 521.15 | 30.20 | 184.39 | 55.11 |
| FY2024 | 317.08 | 12.69 | 76.60 | 24.92 |
| FY2023 | 241.80 | 3.61 | 59.10 | 12.25 |
KPIs & Valuation
Sunil Gold India's FY2025 basic and diluted EPS was ₹3.76, while its NAV per equity share was ₹6.86 and Return on Net Worth was 54.80%. For the six-month period ended September 30, 2025, EPS was ₹5.65, NAV was ₹13.40 and RoNW was 42.15%. The P/E ratio could not be calculated because the IPO price band was not announced before the company withdrew its IPO papers.
Objects of the Issue
The company proposed to utilise the Net Proceeds from the Fresh Issue primarily for funding its working capital requirements and for general corporate purposes. The Offer for Sale proceeds would have been received by the promoter selling shareholders, and the company would not have received any proceeds from the OFS. The company proposed to utilise the IPO proceeds for:
- Funding the working capital requirements of the company.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Sunil Gold India Limited was promoted by Prem Mohanlal Jain, Shrenik Mohanlal Jain and Anil Mohanlal Jain. Unistone Capital Private Limited was appointed as the Book Running Lead Manager, while KFin Technologies Limited was appointed as the Registrar to the Offer.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | +91 40 6716 2222 / 1800 309 4001 |
| sunilgold.ipo@kfintech.com | |
| Website | http://www.kfintech.com |
Sunil Gold India IPO Review
Sunil Gold India had built a B2B jewellery business focused on handcrafted 22-karat gold jewellery and organised jewellery retail chains. The company demonstrated strong financial growth, with revenue from operations increasing from ₹241.80 crore in FY2023 to ₹317.08 crore in FY2024 and ₹521.15 crore in FY2025. Profit after tax increased from ₹3.61 crore in FY2023 to ₹12.69 crore in FY2024 and ₹30.20 crore in FY2025.
The company also had a broad design portfolio of more than 80,000 jewellery designs and relationships with 94 skilled Karigars. Its established customer relationships and asset-light manufacturing model were among the key strengths identified in the DRHP. Revenue and operating profitability also improved significantly over the period covered by the prospectus.
However, the business faced risks relating to customer concentration, regional concentration, gold-price movements, inventory requirements, working-capital intensity, competition and dependence on skilled Karigars. In addition, the company withdrew its IPO papers in August 2026, meaning investors cannot currently subscribe to the proposed issue.
How to Apply
Sunil Gold India IPO applications could not be made because the proposed IPO was withdrawn before the public issue opened for subscription. The company had proposed to conduct the Offer through the Book Building Process with ASBA and UPI mechanisms for eligible bidders.
Through UPI
- Log in to your stockbroker app/website.
- Go to the IPO section.
- Select Sunil Gold India IPO once the company launches a new public issue.
- Enter the number of lots you want to apply for.
- Select the bid price.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's DRHP for detailed information about its business, financial performance, risk factors, proposed IPO structure and utilisation of the issue proceeds. The DRHP was dated March 6, 2026. The proposed IPO was subsequently withdrawn before the public issue was launched.
Last updated Oct 6, 2026.