M. K. Sons Fine Jewels Ltd IPO
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- Minimum investment
- ₹13,923
- Price band
- ₹153 – ₹162
- Lot size
- 91 shares
- Issue size
- ₹275 Cr
- Face value
- ₹10
- IPO document
- Offer PDF
Schedule
Bidding open, closes 30 Oct 2026- IPO open date, Completed
- IPO close date, Completed
- Allotment date, Upcoming
- Funds unblock or debit, Upcoming
- Listing date, Upcoming
Updated
*All values are in ₹ crore
- 2023
- ₹25 Cr
- 2024
- ₹217 Cr
- 2025
- ₹351 Cr
- 2026
- ₹539 Cr
- Our multi-collection jewellery portfolio enables us to address varied consumer segments.
- Targeted marketing and promotion activities enabling increasing brand recall.
- Founder led company supported by professional management and leadership team.
- Commitment to quality and customer satisfaction.
- Strong Financial Results.
M. K. Sons Fine Jewels IPO: Key Strengths, Risks
Key strengths
- Established regional presence: Operates five jewellery showrooms across Mumbai and Ahmedabad, with a total operational area of 6,513 sq. ft. as of June 30, 2026. The company offers contemporary and bridal jewellery designs.
- Growing customer base: Served 24,274 unique customers in FY26, compared with 18,000 in FY25 and 12,042 in FY24, reflecting growth in customer acquisition and repeat business.
- Improving financial performance: Revenue from operations increased from ₹217.32 Cr in FY24 to ₹351.28 Cr in FY25 and ₹538.74 Cr in FY26. PAT also increased from ₹8.17 Cr to ₹23.26 Cr and ₹51.80 Cr, respectively.
Key risks
- Gold and diamond price volatility: The business depends on the timely procurement, quality and pricing of gold and other jewellery inputs. Price fluctuations and changes in availability could affect inventory costs and profitability.
- Supplier dependence without long-term contracts: The company procures finished jewellery from wholesalers and third-party manufacturers without long-term definitive agreements. Changes in supplier availability, pricing or commercial terms could affect inventory availability and operations.
- Regional concentration: All five showrooms are located in Mumbai and Ahmedabad. Limited geographical diversification exposes the business to changes in local demand and regional competition.
M. K. Sons Fine Jewels Financial Performance
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue from operations (₹ Cr) | 538.74 | 351.28 | 217.32 |
| Total income (₹ Cr) | 538.86 | 351.32 | 217.40 |
| EBITDA (₹ Cr) | 82.94 | 38.57 | 12.87 |
| EBITDA margin (%) | 15.39% | 10.98% | 5.92% |
| PAT (₹ Cr) | 51.80 | 23.26 | 8.17 |
| PAT margin (%) | 9.61% | 6.62% | 3.76% |
| Diluted EPS (₹) | 12.13 | 10.26 | 3.63 |
| ROE (%) | 30.83% | 20.01% | 36.63% |
| ROCE (%) | 39.88% | 27.24% | 40.62% |
| Debt-to-equity ratio (x) | 0.41 | 0.59 | 1.73 |
Unique customers served
The company serves retail jewellery customers through its five showrooms and online channels. Its disclosed unique-customer count has increased over the last three financial years.
| Particulars | June 30, 2026 | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|---|
| Unique customers served during the year | 4,276 | 24,274 | 18,000 | 12,042 |
| New customers out of unique customers | 3,678 | 21,952 | 15,821 | 11,787 |
| Existing customers out of unique customers | 598 | 2,322 | 2,179 | 255 |
| Growth of new customers acquired (%) | NA | 38.75% | 34.22% | 619.60% |
Peer comparison of M. K. Sons Fine Jewels
| Company | Diluted EPS (₹) | P/E |
|---|---|---|
| M. K. Sons Fine Jewels | 12.13 | NA |
| Motisons Jewellers | 0.65 | 27.78 |
| Tribhovandas Bhimji Zaveri | 30.32 | 19.62 |
| Senco Gold | 35.06 | 9.55 |
| PNGS Reva Diamond Jewellery | 28.41 | 24.21 |