Master Chains N Jewels IPO

Incorporated in May 1997, Master Chains N Jewels Limited is one of India’s leading gold jewellery manufacturers, engaged in designing, manufacturing, job-work services, and wholesale distribution of a wide range of gold jewellery. The company specializes in lightweight jewellery and offers an extensive portfolio including gold chains, earrings, bracelets, necklaces, chokers, rings, mangalsutras, pendant sets, daily wear jewellery, and kids’ jewellery in 14K, 18K, and 22K gold. It also provides customized jewellery manufacturing and job-work services for wholesalers and retailers.

Master Chains N Jewels Limited IPO Overview

Master Chains N Jewels Limited filed its Draft Red Herring Prospectus (DRHP) with SEBI on July 25, 2026, for a Book Built Issue IPO comprising a fresh issue of ₹4,000.00 million and an Offer for Sale (OFS) of up to 0.59 crore equity shares by existing shareholders. The equity shares, carrying a face value of ₹10 each, are proposed to be listed on BSE and NSE. Systematix Corporate Services Limited is the Book Running Lead Manager, and Bigshare Services Pvt. Ltd. is the Registrar to the Issue. Key details including IPO dates, price bands, and lot size are yet to be announced. The company’s pre-issue shareholding stands at 94,50,00,000 equity shares, with promoters holding 99.98% and public holding 0.02%. The company intends to utilise the net proceeds from the fresh issue primarily to meet its working capital requirements

Master Chains N Jewels Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	Fresh Issue of ₹4,000.00 million + OFS of up to 0.59 crore shares
Fresh Issue	₹4,000.00 million
Offer for Sale (OFS)	Up to 0.59 crore equity shares
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	94,50,00,000 shares
Shareholding post-issue	TBA

Master Chains N Jewels Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Master Chains N Jewels Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Offer
Retail Shares Offered	Not less than 35% of the Offer
NII (HNI) Shares Offered	Not less than 15% of the Offer

Master Chains N Jewels Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS) – Basic	₹10.29
Earnings Per Share (EPS) – Diluted	₹10.29
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	41.93%
Net Asset Value (NAV)	₹24.55
Return on Equity (RoE)	53.06%
Return on Capital Employed (RoCE)	77.09%
EBITDA Margin	8.68%
PAT Margin	5.79%
Debt to Equity Ratio	TBA

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilised as per the details provided in the table below:

Particulars	Amount (in ₹ million)
Funding working capital requirements of the Company	3,500.00
General corporate purposes*	[●]

*Note: The Company, in consultation with the BRLM, may consider a Pre-IPO placement of specified securities aggregating up to ₹800.00 million prior to filing of the Red Herring Prospectus with the RoC. The Pre-IPO placement, if undertaken, will be at a price to be decided by the Company.

Master Chains N Jewels Limited Financials (in ₹ million)

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	4,736.35	2,672.37	2,180.40
Revenue from Operations	16,805.90	15,121.99	12,726.41
Profit After Tax	972.72	371.21	220.40
Reserves and Surplus	2,274.62	1,301.54	930.19
Total Borrowings	2,141.94	1,137.21	1,031.47
Total Liabilities	2,416.73	1,325.83	1,205.21

Financial Status of Master Chains N Jewels Limited

Master Chains N Jewels Limited IPO Strengths

1. One of India’s Leading Gold Jewellery Manufacturers

Master Chains N Jewels Limited has established itself as one of India’s leading gold chain and lightweight jewellery manufacturers with a strong presence in the wholesale distribution segment. The company’s extensive product portfolio, combined with its in-house manufacturing capabilities and nationwide distribution network, positions it as a prominent player in the organised gold jewellery market.

2. Scalable In-house Manufacturing with Technology-Led Capabilities

Master Chains N Jewels Limited operates two integrated manufacturing units in Mumbai with a combined installed capacity of approximately 9,099.05 kilograms per annum. The company utilises CAD/CAM systems, 3D printing equipment, and laser soldering technology for design development, prototyping, and precision manufacturing, enabling efficient production across multiple product categories.

3. Diversified Product Portfolio with Strong Design Innovation

Master Chains N Jewels Limited offers an extensive product portfolio encompassing gold chains, earrings, bracelets, necklaces, chokers, rings, mangalsutras, pendant sets, daily wear jewellery, and kids’ jewellery in 14K, 18K, and 22K gold. As of June 30, 2026, the company’s design database comprised over 80,666 jewellery designs, reflecting its strong design innovation capabilities.

4. Established Customer Relationships and Extensive Distribution Network

Master Chains N Jewels Limited has built long-standing relationships with retail jewellers and wholesale jewellers across India, serving customers in 22 states and 3 union territories. The company operates branch offices in Delhi, Hyderabad, and Bengaluru, facilitating inventory management and timely delivery to customers. For Fiscal 2026, 204 customers have been associated with the company for more than 5 years, generating ₹7,271.63 million in revenue.

5. Experienced Promoters with Deep Industry Expertise

Master Chains N Jewels Limited is led by its Promoters, Madan Sardarmal Kothari, Raj Madan Kothari, Khushbu Raj Kothari, and Taruna Madan Kothari, who collectively bring decades of experience in the jewellery manufacturing and wholesale distribution business. Madan Sardarmal Kothari has been associated with the Company since its incorporation in 1997 and has over 29 years of experience in the industry.

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More About Master Chains N Jewels Limited

1. Company Overview

Master Chains N Jewels Limited, incorporated on May 12, 1997, is a Mumbai-based company that has emerged as one of India’s leading gold jewellery manufacturers. The company is engaged in designing, manufacturing, job-work services, and wholesale distribution of gold jewellery, with a special focus on lightweight jewellery categories.

2. Product Portfolio

The company’s comprehensive product portfolio includes:

A. Gold chains (machine-made and handmade)

B. Earrings, bracelets, and necklaces

C. Chokers, rings, and mangalsutras

D. Pendant sets and daily wear jewellery

E. Kids’ jewellery in 14K, 18K, and 22K gold

F. Customized jewellery manufacturing and job-work services

3. Manufacturing Capabilities

Master Chains N Jewels Limited operates two integrated manufacturing units in Mumbai with in-house design, CAD, casting, stamping, machine-made jewellery production, quality control, and skilled craftsmanship capabilities. As on March 31, 2026, the company’s combined installed manufacturing capacity was approximately 9,099.05 kilograms per annum, with effective installed capacity of approximately 4,972.90 kilograms per annum. The company utilises RFID-based systems for inventory tracking and traceability of jewellery inventory.

4. Distribution Network

The company has a nationwide wholesale distribution network spanning 23 states and 3 union territories, serving leading jewellery retailers, wholesalers, and multi-store chains across India. The company operates branch offices in Delhi, Hyderabad, and Bengaluru, complementing its head office in Mumbai. For Fiscal 2026, revenue from operations was distributed across Mumbai (59.59%), Bengaluru (17.14%), Hyderabad (11.70%), and Delhi (11.58%).

5. Design and Innovation

Master Chains N Jewels Limited has an in-house design team responsible for developing new designs and modifying existing ones based on customer feedback and evolving market trends. As of June 30, 2026, the design database comprised over 80,666 jewellery designs. The company integrates CAD/CAM tools for design and prototyping, followed by laser soldering machines for assembly, ensuring design execution, rapid prototyping, and product standardization.

6. Financial Performance

Master Chains N Jewels Limited’s revenue increased by 11% and Profit After Tax rose by 162% between FY25 and FY26. The company’s EBITDA margins expanded from 3.17% in FY24 to 8.68% in FY26, reflecting improved operational efficiency and scale benefits.

7. Management Team

The company is led by promoters Madan Sardarmal Kothari, Raj Madan Kothari, Khushbu Raj Kothari, and Taruna Madan Kothari. As of June 30, 2026, the company employed 196 permanent employees across production, design, sales & marketing, quality control, finance, administration, IT, and support functions.

Industry Outlook

1. Indian Gold Jewellery Market Overview

The Indian gold jewellery industry is one of the largest in the world, deeply embedded in the country’s cultural fabric and driven by significant demand during festivals and wedding seasons. The industry is witnessing a period of transformation, characterised by formalisation, organised retail expansion, and shifting consumer preferences towards branded and lightweight jewellery. The India gems and jewellery market is anticipated to grow at more than 12.74% CAGR from 2026 to 2031. India’s gold demand is projected to remain in the range of 600–700 tonnes in 2026.

2. Growth Prospects and Market Dynamics

The domestic gold jewellery industry is projected to witness 15–17% value growth in FY2026, primarily driven by sustained high gold prices, despite a 12–13% volume decline. ICRA forecasts a 14–16% value growth in FY2027, even as jewellery volumes decline by about 20% year-on-year. Wedding-related purchases, which constitute about 60% of gold jewellery consumption, and a resilient rural economy are expected to partially mitigate the volume decline.

3. Key Growth Drivers

A. Sustained High Gold Prices

Domestic gold prices rose by 33% in FY2025 and a further 60% in FY2026, remaining above ₹15,000 per gram, driving value growth in the industry

B. Formalisation of the Industry

Increasing regulatory compliance, including BIS hallmarking and HUID norms, is driving the shift from unorganised to organised players

C. Organised Retail Expansion

As organised retail continues to spread into tier-2 and tier-3 cities, there is growing demand for wholesalers to supply these outlets

D. Shift in Consumer Preferences

Continuing shift in consumer preferences towards branded jewellery and lightweight, daily-wear categories

E. Rising Disposable Incomes

Increasing disposable incomes, particularly in rural areas, supporting jewellery consumption

F. Investment Demand

Demand for gold ETFs, bars, and coins is expected to grow by 4–6% in FY2027 after rising 22% in FY2026, helping offset weakness in jewellery purchases

Industry Outlook

ICRA expects its sample set of 14 major organised jewellery retailers, representing more than 60% of the organised market, to report revenue growth of 14–16% in FY2027, supported by higher gold prices, store expansion plans, and continued shift in consumer preference towards branded jewellery. Operating profit margins for organised retailers are estimated to have improved by around 80 basis points in FY2026. The financial profile of organised retailers is expected to remain stable, with interest coverage projected to remain above 6.5 times and gearing expected to stay within 0.9–1.1 times.

How Will Master Chains n Jewels Limited Benefit

1. Master Chains N Jewels Limited stands to benefit significantly from the projected 15–17% value growth in the domestic gold jewellery industry in FY2026, driven by sustained high gold prices, which directly supports its revenue growth

2. The company’s focus on lightweight jewellery positions it well to capitalise on evolving consumer preferences towards daily-wear and affordable jewellery categories

3. The ongoing formalisation of the jewellery industry, driven by regulatory requirements such as BIS hallmarking and HUID norms, creates a favourable environment for organised players like Master Chains N Jewels

4. With a nationwide wholesale distribution network spanning 23 states and 3 union territories, the company is well-positioned to benefit from the expansion of organised retail into tier-2 and tier-3 cities

5. Wedding-related purchases, constituting about 60% of gold jewellery consumption, provide a steady demand base for the company’s diverse product portfolio

6. The company’s extensive design database of over 80,000 jewellery designs enables it to quickly respond to changing consumer preferences and regional market trends

7. Rising disposable incomes, particularly in rural areas, are expected to support jewellery consumption, benefiting the company’s wholesale distribution model

8. The shift in consumer preference towards branded and lightweight jewellery aligns with the company’s core product offerings and manufacturing capabilities

9. Investment demand for gold, expected to grow by 4–6% in FY2027, provides additional support to the overall gold market, indirectly benefiting jewellery manufacturers

10. The company’s planned expansion into tier-2 and tier-3 cities through branch network expansion will enable it to capture emerging market opportunities

Peer Group Comparison

Name of Company	Revenue (₹ in million)	Face Value (₹ )	EPS – Basic (₹)	EPS – Diluted (₹)	RoNW (%)	NAV (₹ )	P/E
Master Chains N Jewels Limited	16,805.90	10	10.29	10.29	41.93%	24.55^	[●]
Peer Group
Shanti Gold International Limited	20,187.09	10	21.22	21.22	37.34	83.00	9.75
Shringar House of Mangalsutra Limited	22,458.17	10	13.55	13.55	26.29	70.29	16.25
Sky Gold & Diamonds Ltd	62,948.87	10	18.07	18.06	29.83	77.86	37.17

Key Strategies for Master Chains n Jewels Limited

1. Product Diversification Across Karatages

Master Chains N Jewels Limited intends to further expand its product offerings in 18KT, 14KT, and 9KT gold jewellery, in addition to its existing product portfolio. This strategy aims to cater to customers across diverse regions, customer segments, price points, and usage preferences. Lower karatage jewellery enables the company to manufacture jewellery with relatively lower gold content per unit, supporting affordability and broader product accessibility.

2. Expand and Diversify Wholesale and Retail Customer Base

Master Chains N Jewels Limited intends to continue expanding and diversifying its customer base by increasing engagement with single-store retail jewellers, multiple-store retail jewellers, and regional wholesalers. The company aims to expand its customer base by establishing branch offices in tier-2 and tier-3 cities, enhancing accessibility, strengthening customer engagement, and improving conversion rates by providing timely and convenient support to prospective customers.

3. Expanding Capacity by Setting up New Manufacturing Facility and Inorganic Acquisitions

Master Chains N Jewels Limited is in the process of shifting its manufacturing operations to Navi Mumbai and has made an application for acquisition of leasehold rights in respect of the proposed MIDC facility. The proposed facility is expected to support operational scalability, improve workflow efficiencies, and strengthen the company’s manufacturing infrastructure. The company may also continue to evaluate strategic growth opportunities, including selective business acquisitions or strategic partnerships.

4. Strengthen Technology-Enabled Operations and Internal Controls

Master Chains N Jewels Limited intends to continue strengthening the use of technology-enabled systems across its design, manufacturing, inventory management, internal control, and operational monitoring functions. The company intends to evaluate and progressively adopt additional manufacturing technologies, including Electroforming, Agrafato, and CNC-based production processes, particularly for lightweight jewellery categories.

5. Strengthening Customer Engagement and Sales Channels

Master Chains N Jewels Limited intends to continue strengthening customer engagement and sales channel capabilities through its in-house sales team comprising 22 personnel across its head office and branch offices and technology-enabled platforms. The company proposes to further enhance the effectiveness of its sales operations through structured sales processes, training initiatives, and the increased use of digital tools for customer servicing and product showcasing.

6. Efficient Working Capital and Inventory Management Aligned with Industry Trends

Master Chains N Jewels Limited seeks to align procurement and production planning with customer demand patterns, including seasonal demand during wedding and festive periods. The company’s product mix includes lightweight and daily-wear jewellery categories, which generally support relatively faster inventory movement compared to heavier traditional jewellery categories. The company also maintains a digital design catalogue to facilitate catalogue-based selling and repeat orders.