India : Sunil Gold India Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO). The issue comprises of fresh issue of 2.1 crore equity shares and offer for sale of up to 50 lakh equity shares, aggregating up to 2.60 crore equity shares. The promoter selling shareholders are Anil Jain and Shrenik Jain. Sunil Gold India Limited was incorporated in 2012 and primarily operates as a B2B player engaged in the business of hand-crafted gold jewellery and providing customisation services to their clients. It offers a diverse range of hand-crafted gold jewellery in 22-karat.
Sunil Gold is specializing in contemporary styles, heritage and temple-inspired jewellery and other tradition-influenced designs, with manufacturing carried out through skilled third-party Karigars under their supervision and quality control framework. The company operates on a business-to-business (B2B) model wherein they supply gold jewellery to its customers, based on the designs developed by us and selected by their customers. Their customer base includes organized jewellery retail chains.
The proceeds from the fresh issue around Rs 220 crore are proposed to be utilised towards funding of the working capital requirements of the company and for general corporate purposes. The company’s business operation is working capital intensive, which is inherent to the nature of the gold jewellery manufacturing and supply industry. A significant portion of its revenue is derived from repeat orders from existing customers, underscoring the continuity and strength of these business relationships. Sunil Gold India served 49 customers in Fiscal 2026, 30 customers in Fiscal 2025 and 24 customers in Fiscal 2024 on a standalone basis.
During the Fiscal 2026, Fiscal 2025 and Fiscal 2024, the company’s processing volumes through Karigars increased in line with growth in order volumes and customer demand. The quantity of gold processed increased from 418.99 kgs in Fiscal 2024 to 504.58 kgs in Fiscal 2025. During the Fiscal 2026, Sunil Gold processed 1,029.50 kgs of gold through Karigars. Correspondingly, the revenue from operations on standalone basis increased from ₹3,170.83 million in Fiscal 2024 to ₹5,211.46 million in Fiscal 2025, reflecting an increase of approximately 64.36% over this period. For the Fiscal 2026, Sunil Gold India recorded revenue from operations of ₹13,322.71 million an increase of approximately 155.64%, reflecting continued scale-up of business operations and execution of customer orders.
The Indian gold retail market has exhibited a steady increase in value over FY19–FY25. Between FY22 and FY25E, the market recorded consistent year-on-year value growth, reflecting the increasing price of gold and continued consumer preference for gold jewellery. The value of the market increased from INR 4,280 billion in FY22 to INR 4,611 billion in FY23 and further to INR 5,451 billion in FY24, before reaching an estimated INR 6,875 billion in FY25, according to CRISIL research mentioned in the DRHP. Looking ahead, the Indian gold retail market is expected to grow at a CAGR of 8-9% from FY26 to FY30, with market value projected to reach INR 12,000–12,400 billion. The growth is primarily expected to be supported by sustained consumer affinity towards gold jewellery and its role as a store of value, despite potential near-term volatility in gold prices & geopolitical tensions.
Market formalization, driven by factors such as compulsory hallmarking, GST compliance, and consumer demand for transparency, has adversely impacted unorganized retailers, leading to market consolidation. Key players in the organized sector have seized this opportunity by expanding their retail footprints both domestically and internationally. This rapid formalization of retail is expected to be a key driver of growth for organised B2B players like Sunil Gold.
The equity shares of Sunil Gold are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited (NSE). Choice Capital Advisors Private Limited is the sole book running lead manager to the issue.
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