Master Chains N Jewels IPO

About Master Chains N Jewels IPO

The public issue of Master Chains N Jewels Limited, a mainboard IPO, will open on TBA and close on TBA. The basis of allotment is expected to be finalised on TBA. Shares will be credited to the eligible investors' demat accounts on TBA, while refunds, if any, will be initiated on TBA. The listing of shares is scheduled for TBA. The equity shares offered through the IPO are proposed to be listed on both the BSE and the NSE.

The IPO comprises a fresh issue and an offer for sale. The fresh issue consists of equity shares aggregating up to ₹400 crore. The offer for sale comprises up to 59,06,250 equity shares with a face value of ₹10 each. The total issue size is ₹TBA.

Master Chains N Jewels Limited's IPO price band is fixed at ₹TBA to ₹TBA per share. The lot size for an application is TBA shares. The minimum investment required for retail investors is ₹TBA (TBA shares). The minimum investment required for HNI investors is ₹TBA.

Master Chains N Jewels is a gold jewellery manufacturer engaged in the design, manufacture, job-work services and sale of a wide range of gold jewellery. The company primarily operates on a B2B model, supplying its products to wholesalers, single-store jewellers and multi-store jewellery retailers across India.

Objectives Of Master Chains N Jewels IPO

• Funding the working capital requirements of the company.
  
• General corporate purposes.
  

Industry Outlook

India's gems and jewellery industry is one of the country's largest industries, contributing around 7% to GDP and 15% of total merchandise exports. The sector continues to benefit from rising disposable incomes, urbanisation, increasing consumer preference for branded jewellery and government initiatives such as mandatory hallmarking, which are accelerating the shift towards organised players.

The domestic gems and jewellery market reached approximately ₹9,998.2 billion in CY25, growing at a CAGR of 11.2% between CY20 and CY25. It is expected to expand at a 12.8% CAGR between CY25 and CY30, supported by higher household incomes, growing demand for branded jewellery and improving living standards.

Gold jewellery remains the largest segment, accounting for nearly 80% of the Indian jewellery market. The domestic gold jewellery market was valued at ₹7,907.7 billion in CY25 and is projected to reach ₹13,575.8 billion by CY30, growing at a CAGR of 11.4%. Meanwhile, the Indian retail diamond jewellery market reached approximately ₹623 billion in CY25 and is expected to grow at a 2.8% CAGR through CY30, supported by increasing demand for branded jewellery and the expansion of organised retail.

Expansion of organised jewellery retailers, increasing demand from Tier II and Tier III cities, digital adoption and continued formalisation of the industry are expected to drive long-term growth in the jewellery market.

About Master Chains N Jewels

Master Chains N Jewels is a Mumbai-based gold jewellery manufacturer engaged in the design, manufacture, job work and sale of a wide range of gold jewellery. The company primarily follows a B2B business model, supplying its products to wholesalers, single-store jewellers and organised retail chains across India. Its product portfolio includes chains, earrings, bracelets, necklaces, rings, mangalsutras, pendant sets, lightweight jewellery and kids' jewellery across 14-karat, 18-karat and 22-karat gold categories.

Strengths Of Master Chains N Jewels

• High quality and craftsmanship.
  
• Growing middle-class consumer base.
  
• Strong brand recognition.
  
• Robust local presence of unorganized players.
  
• Lower operational costs of informal players.
  

Risks Of Master Chains N Jewels

• High operational costs of established players.
  
• Consumer price sensitivity affecting institutional players.
  
• Lack of quality control in the informal market.
  
• Intense competition.
  
• Changing consumer preferences.
  
• Increasing regulatory scrutiny.
  

Anchor Investor Bidding Date

TBA

Registrar Details
Bigshare Services Private Limited
E-mail: ipo@bigshareonline.com
Telephone: +91 22 6263 8200

Book Running Lead Manager
Systematix Corporate Services Limited

Master Chains N Jewels Contact Details
Unit 1/2, 6th Floor, Plot - 219/221, Mehta Mansion, Sheikh Memon Street,
Zaveri Bazar, Kalbadevi, Mumbai, Maharashtra - 400 002, India.
E-mail: complianceofficer@masterchain.com
Telephone: + 91 89768 97663

Master Chains N Jewels Business Model

Master Chains N Jewels operates a B2B gold jewellery manufacturing business. It generates revenue through the design, manufacture, wholesale distribution and job work of gold jewellery. It supplies wholesalers, single-store jewellers and organised retail chains across India. The company also undertakes job work assignments where customers provide raw materials and earns making charges for manufacturing finished jewellery.

Master Chains N Jewels Growth Trajectory

Master Chains N Jewels Limited's Total Income for FY26 was ₹1,680.97 crore, whereas in FY25 and FY24 it was ₹1,512.45 crore and ₹1,273.19 crore, respectively.

The Profit After Tax for FY26 was ₹97.27 crore, whereas in FY25 and FY24 it was ₹37.12 crore and ₹22.04 crore, respectively.

Its EBITDA for FY26 was ₹145.92 crore, whereas in FY25 and FY24 it was ₹61.63 crore and ₹40.39 crore, respectively.

Master Chains N Jewels Market Position

Master Chains N Jewels operates a B2B jewellery manufacturing business with customers across 23 states and 3 union territories. As of 30 June 2026, it maintained a design database of approximately 80,666 jewellery designs and manufacturing facilities with an installed capacity of approximately 9,099 kg per annum.

The company also undertakes job work assignments, which accounted for around 40% of the total quantity of gold processed during FY26.

As of 31 March 2026, the company's Total Income, Profit After Tax and EBITDA stood at ₹1,680.97 crore, ₹97.27 crore and ₹143.46 crore, respectively.

How To Apply For Master Chains N Jewels IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.