Jewellery Manufacturer Master Chains N Jewels Files IPO Papers to Raise ₹400 Crore

Date: 27 July 2026

India’s organised jewellery manufacturing sector continues to attract capital market interest, with Master Chains N Jewels filing draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) that includes a fresh issue of equity shares worth up to ₹400 crore.

The proposed public issue also includes an Offer for Sale (OFS) of 59.06 lakh equity shares by promoter Taruna Madan Kothari, according to the company’s Draft Red Herring Prospectus (DRHP) filed on 25 July 2026.

The Mumbai-based company, which operates in the organised gold jewellery manufacturing and wholesale distribution segment, also has the option to raise up to ₹80 crore through a pre-IPO placement. If completed, the size of the fresh issue will be reduced accordingly.

According to the draft filing, the company plans to utilise ₹350 crore from the fresh issue towards working capital requirements, with the remaining proceeds allocated for general corporate purposes. The company said the additional capital will primarily support the procurement of gold bullion and raw materials, inventory management and trade receivables—key components of the jewellery manufacturing business.

Master Chains N Jewels reported a strong financial performance for the financial year ended 31 March 2026. Net profit increased 162% year-on-year to ₹97.3 crore, while revenue grew 11.1% to ₹1,680.6 crore. Operating profitability also improved significantly, with EBITDA rising 136.7% to ₹145.9 crore, alongside a notable expansion in operating margins.

Systematix Corporate Services has been appointed as the book-running lead manager for the proposed public issue.

Market Insight

The proposed IPO reflects a broader trend emerging within India’s organised jewellery industry, where companies are increasingly accessing public markets to fund expansion and strengthen their balance sheets.

Jewellery manufacturing is a working capital-intensive business, requiring substantial investment in bullion procurement, inventory and distribution. As organised players expand their scale and retail networks, equity capital is becoming an important source of funding alongside traditional banking channels.

For investors, the increasing number of jewellery companies entering the public markets also signals growing confidence in the sector’s long-term prospects. Rising consumer preference for organised brands, greater transparency and improved corporate governance are gradually reshaping the industry, making listed jewellery businesses an increasingly significant part of India’s retail and manufacturing landscape.

Source: Master Chains N Jewels Draft Red Herring Prospectus (DRHP). Edited by the Jewellers Digest editorial team for clarity, style and context.