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Sunil Gold India Limited is a B2B supplier of handcrafted 22-karat gold jewellery to organised retail chains across India. Based in Mumbai, the company has been operating since 2012 and serves customers across eight states and one union territory through a third-party karigar network and in-house design capabilities. The company has reported growth in income, profitability, assets and net worth over recent periods. The IPO consists of a Fresh Issue of up to 2,00,00,000 equity shares and an Offer for Sale of up to 65,00,000 equity shares. The company proposes to use ₹200 crore from the fresh issue proceeds for working capital requirements, with the remaining amount for general corporate purposes. At the same time, the business carries risks related to gold price movements, dependence on karigar networks, customer and geographic concentration, working capital requirements, borrowings and competition. Investors may refer to the DRHP and other publicly available information before making an investment decision on the issue.
Gold jewellery in India is not a seasonal business. Weddings happen throughout the year, festivals follow one after another, and the cultural weight attached to gold means demand rarely disappears. What has shifted over time is where people buy it. More consumers are walking into organised retail chains rather than neighbourhood goldsmiths. Behind those retail chains is a supply chain that keeps their shelves stocked.
Sunil Gold India Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The company designs and supplies handcrafted 22-karat gold jewellery to organised jewellery retail chains across India, operating on a business-to-business (B2B) model.
For investors seeking to understand the company’s operations, financial performance, industry position and business risks, the DRHP provides insights into how the company generates revenue and plans to utilise the IPO proceeds. This article simplifies the key information available in the DRHP in an easy-to-understand format.
The table below highlights the key details of the proposed public issue based on information available in the DRHP. Certain details such as the price band, lot size and issue dates are yet to be announced.
| Particulars | Details |
|---|---|
| IPO Type | Book-Built Issue |
| IPO Open Date | To be announced |
| IPO Close Date | To be announced |
| Face Value | ₹10 per equity share |
| Price Band | To be announced |
| Lot Size | To be announced |
| Fresh Issue | Up to 2,00,00,000 equity shares |
| Offer for Sale | Up to 65,00,000 equity shares |
| Total Issue Size | Up to 2,65,00,000 equity shares |
| Listing Exchange | NSE and BSE |
The IPO consists of both a Fresh Issue and an Offer for Sale.
Under the Fresh Issue portion, the company will receive funds from the IPO. The OFS portion comprises shares being sold by promoters Anil Mohanlal Jain and Shrenik Mohanlal Jain. The proceeds from the OFS will be received by the selling shareholders and not by the company.
The company proposes to use ₹200 crore from the fresh issue proceeds for funding working capital requirements. The remaining amount will be used for general corporate purposes.
The final issue size in rupee terms, price band, lot size and offer dates will be disclosed at a later stage.
Sunil Gold India Limited was incorporated in 2012 and is based in Mumbai, Maharashtra.
The company’s promoters are Prem Mohanlal Jain, Shrenik Mohanlal Jain and Anil Mohanlal Jain. The company started as a B2B jewellery supplier and has expanded over the years, including through a partnership with Ratnaakar Gold in Bengaluru.
Sunil Gold designs and supplies handcrafted 22-karat gold jewellery to organised retail chains. It does not sell directly to end consumers. It works as a supplier, providing retailers with ready-to-sell collections and custom designs based on their requirements.
Its product range includes:
Maang-tikkas, earrings, chains and necklaces
Chokers, armlets, bracelets and bangles
Rings, bridal jewellery and complete wedding sets
Contemporary, heritage and temple-inspired designs
Jewellery is manufactured through a network of skilled third-party karigars who follow the company’s designs and quality standards. The company has a design and quality control team and a large design library of over 80,000 designs.
As of December 31, 2025, it had 41 full-time employees and served customers across eight states and one union territory.
Sunil Gold earns revenue by supplying gold jewellery to organised retail chains. Repeat customers contribute over 90% of its revenue, which reflects long-standing trade relationships.
Domestic sales make up nearly all of the business, with a small share coming from export markets such as the UAE.
The company operates in the B2B segment of India’s organised gold jewellery market. It supplies retail chains that require handcrafted jewellery collections at scale.
Its customers are largely located in southern and western India, which are among the key gold-consuming regions in the country.
Gold jewellery demand in India is supported by weddings, festivals and deep-rooted cultural buying habits. The market is also shifting towards organised retail, as more consumers prefer established jewellery chains over local goldsmiths.
Key growth drivers include:
Strong demand from weddings and festive buying
Shift from local goldsmiths to organised jewellery retail chains
Higher incomes supporting jewellery purchases
Expansion of jewellery retail chains into smaller cities
Increased focus on hallmarked and certified gold jewellery
Rising demand for bridal jewellery and complete wedding sets
As organised jewellery retail expands, B2B suppliers with design capabilities, quality control and reliable fulfilment may benefit from this shift.
The financial performance of Sunil Gold India Limited over recent periods provides insight into its income, profitability and balance sheet position. The table below presents key financial metrics as disclosed.
| Financials (₹ crore) | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 281.72 | 184.39 | 76.60 | 59.10 |
| Total Income | 439.10 | 522.55 | 317.39 | 242.10 |
| Profit After Tax | 45.86 | 30.20 | 12.69 | 3.61 |
| Net Worth | 107.72 | 55.11 | 24.92 | 12.25 |
| Reserves and Surplus | 105.76 | 53.15 | 22.96 | 10.29 |
| Total Borrowings | 164.86 | 127.24 | 50.55 | 45.73 |
The company has been supplying handcrafted jewellery to organised retail chains since 2012. Repeat customers contribute over 90% of revenue, which reflects long-standing trade relationships.
With over 80,000 designs across contemporary, heritage and temple-inspired categories, the company can serve the varied needs of retail clients across regions and occasions.
Production is handled through a third-party karigar network instead of a company-owned manufacturing facility. This keeps fixed costs lower and gives the company flexibility to adjust volumes based on demand.
The company’s customers are largely located in southern and western India. These regions account for a significant share of India’s gold jewellery consumption.
The company has reported growth in income, profitability, assets and net worth over recent periods. Profit after tax increased from ₹3.61 crore in FY2023 to ₹30.20 crore in FY2025, and stood at ₹45.86 crore for the period ended September 30, 2025.
Gold is the company’s main raw material. Sharp movements in gold prices can increase procurement costs and put pressure on margins, especially if selling prices cannot be adjusted quickly.
The company depends on third-party karigars for manufacturing. Any disruption in karigar availability, quality issues or loss of skilled craftspeople could affect production and delivery.
A large share of revenue comes from repeat customers and organised retail clients. Loss of major customers could affect revenue and profitability.
Sales are concentrated largely in southern and western India. Any slowdown in jewellery demand in these regions could affect the company more than a geographically diversified supplier.
Gold procurement requires significant upfront capital. The company has meaningful borrowings, and continued access to affordable credit is important for its operations.
The company competes with organised and unorganised jewellery suppliers. Retailers have several sourcing options, and competition may affect pricing, margins and customer retention.
Before evaluating the IPO, investors may consider the following factors:
The company’s B2B model and dependence on organised jewellery retail chains
Revenue and profitability growth over recent periods
Working capital intensity and rising borrowings
Customer and geographic concentration
Gold price movements and their effect on margins
Dependence on third-party karigar networks for manufacturing
Competitive environment in B2B jewellery supply
Gold jewellery sector outlook and the shift towards organised retail
Utilisation of Fresh Issue proceeds for working capital requirements
Impact of the Offer for Sale on IPO proceeds received by the company
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