Master Chains N Jewels files DRHP for an IPO

Master Chains N Jewels IPO date is not announced yet. Master Chains N Jewels is a book built issue and have plan to raise around ?[.] crores via IPO that comprises fresh issue of ?400 crores and offer for sale of ?[.] crores, up to 5,906,250 Equity Shares with face value of ?10 each. The retail quota is 35%, QIB is 50%, and HNI is 15% as per DRHP. The IPO to list on NSE and BSE.

Jagat Joshi

5 November 2026

Master Chains N Jewels, one of the leading gold jewellery manufacturers, has submitted its DRHP with the market regulator SEBI on July 25 to float its Initial Public Offering (IPO) in the primary market.

As per the draft papers, the firm is looking to raise ?400 crore via a fresh issue and up to 59.06 lakh equity shares via an offer-for-sale (OFS) component by promoter Taruna Madan Kothari.

The firm will use the proceeds of ?350 crore raised from the fresh issue towards working capital requirements and the remaining towards general corporate purposes.

The book-running lead manager to the issue is Systematix Corporate Services Limited, and Bigshare Services Private Limited is the IPO registrar.

Before filing the RHP, the firm may plan to raise ?80 crore via a pre-IPO placement. If it successfully raises funds via a pre-IPO round, the funds of ?80 crore will be reduced from the fresh issue.

Master Chains and Jewels is a 22K/18K/14K Gold Jewellery manufacturing company studded with Cubic Zirconia (replacing Diamonds). Its product range includes Rings, Earrings, Pendants, Bracelets, Necklaces, Tanmaniya, etc.

The firm has developed over 7,000+ jewellery Designs across various product categories. With its operations thriving in the Indian market, the firm is looking to expand into international markets in Turkey, South Korea, Hong Kong, China, etc.

Financially, in FY26, the firm reported revenue of ?1,680.59 crore from operations, compared to ?1,512.19 crore in FY25. Profit after tax (PAT) rose significantly to ?97.27 crore from ?37.12 crore, while EBITDA more than doubled to ?145.92 crore from ?61.64 crore.

Master Chains N Jewels IPO Prospectus:

DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	To be Updated Soon

Master Chains N Jewels Company Financial Report

Amount ? in Crores

Period Ended	Revenue	Expense	Profit After Tax
2024	?1273.19	?1243.57	?22.04
2025	?1512.45	?1462.67	?37.12
2026	?1680.97	?1550.97	?97.27

Master Chains N Jewels IPO Valuation – FY2026

Master Chains N Jewels IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.

Earning Per Share (EPS):	?10.29 (Basic)
Price/Earning P/E Ratio:	N/A
Return on Net Worth (RoNW):	41.93%
Net Asset Value (NAV):	?24.55

Peer Group Comparison

Company	EPS	PE Ratio	RoNW %	NAV	Income
Shanti Gold International Limited	21.22	9.75	37.34	83.00	2018.71 Cr.
Shringar House of Mangalsutra Limited	13.55	16.25	26.29	70.29	2245.82 Cr.
Sky Gold & Diamonds Ltd	18.07	37.17	29.83	77.86	6294.89 Cr.

Objects of the Issue

Funding working capital requirements of the Company; and
General Corporate Purposes