Sunil Gold India IPO

About Sunil Gold India IPO

The Sunil Gold India IPO opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include up to 20,000,000 equity shares of face value of ₹10 each aggregating up to ₹ [●] crores. The offer for sale portion includes up to 6,500,000 equity shares of face value of ₹10 each aggregating up to ₹[●] crores. The total number of shares is 2,65,00,000 and the aggregate amount is yet to be finalised.

Sunil Gold India IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

Sunil Gold India is engaged in the design and supply of handcrafted 22-karat gold jewellery, specializing in contemporary styles, heritage and temple-inspired jewellery and other tradition-influenced designs, with manufacturing carried out through skilled third-party karigars. Their product portfolio includes maang-tikkas, earrings, chains, necklaces, chokers, armlets, bracelets, bangles, rings, bridal jewellery, complete wedding sets and other occasion-wear jewellery. Their products cater to wedding, festive, party and regular-wear segments, with offerings developed across multiple weight categories and price points to meet the requirements of diverse customer profiles and end consumer demand patterns.

Objectives of Sunil Gold India IPO

• Funding of the working capital requirements of the company.

• General corporate purposes.

Industry Outlook

Gold jewellery continues to form the largest component of the gems and jewellery industry. However, sustained increases in gold prices may moderate demand in volume terms, even as value growth remains supported. This impact could be partially mitigated by policy measures such as reductions in customs duties, which may help improve affordability and support consumption. Looking ahead, the industry is projected to grow at a CAGR of 12–14% through FY25 to FY30 reaching a market size of ₹1.51 lakh crores to ₹1.55 lakh crores, driven by continued formalization, steady domestic demand, although with potential volume sensitivities in a high-price environment.

The Indian gold retail market is expected to maintain its growth momentum, with market value projected to reach ₹ 12 lakh crores - 12.40 lakh crores by FY30P, implying a CAGR of approximately 12-14% over FY25–FY30P. The projected growth trajectory is primarily supported by elevated gold prices, sustained consumer affinity towards gold jewellery and its role as a store of value, despite potential near term volatility in gold prices.

About Sunil Gold India

Sunil Gold India is a B2B player engaged in the business of hand-crafted gold jewellery and providing customization services to organized jewellery retail chains, to support their inventory and design requirements. Their design capability is reflected in a portfolio of over 80,000 jewellery designs, developed through a structured design process that incorporates customer input, prevailing market trends and regional preferences. Their design portfolio is periodically refreshed to align with changing customer demand and market trends, enabling the company to service varied and customized order specifications while maintaining consistency in design standards and quality.

Some of their marquee customers comprise leading organised jewellery retail chains in India with established regional and pan-India presence and brand recognition in the retail gold jewellery segment.

Strengths of Sunil Gold India

• Established customer base and long-standing relationship with their customers.

• Stable financial profile with improving scale and margins.

• Established network of skilled karigars for handcrafted gold jewellery in a key manufacturing hub.

• Design capabilities supported by an in-house design team and integrated customer interface.

• Experienced promoters and management team with execution capabilities.

Risks of Sunil Gold India

• Their revenue from operations is significantly concentrated among a limited number of customers.

• They are dependent on third-party karigars for the manufacturing of their products.

• A substantial portion of their revenue from operations is derived from the states of Karnataka, Maharashtra, Tamil Nadu, Telangana, Andhra Pradesh and Kerala.

• Their business is critically dependent on the availability and price of gold bullion.

• Demand for gold jewellery is discretionary in nature.

• Dependent on the expansion strategies, sourcing decisions and retail performance of organised jewellery retail chains.

• Gold price hedging activities, including regulatory changes in commodity derivative markets and margin and liquidity constraints.

• They do not register their jewellery designs under the Designs Act, 2000.

Anchor Investor Bidding Date: TBA

Registrar: KFin Technologies Limited

Book Running Lead Managers: Unistone Capital Private Limited

Sunil Gold India Business Model

The company earns its revenue through design and supply of handcrafted 22-karat gold jewellery, specializing in contemporary styles, heritage and temple-inspired jewellery and other tradition-influenced designs, with manufacturing carried out through skilled third-party karigars.

Sunil Gold India Growth Trajectory

Sunil Gold India ’s Total Income for FY25 was ₹522.550 crores, whereas in FY24 and FY23 it was ₹317.390 crores and ₹242.095 crores, respectively.

The Profit After Tax for FY25 was ₹30.195 crores, whereas in FY24 and FY23 it was ₹12.689 crores and ₹3.607 crores, respectively.

Their EBITDA for FY25 was ₹46.984 crores, whereas in FY24 and FY23 it was ₹22.759 crores and ₹10.274 crores, respectively.

Sunil Gold India Market Position

As on September 30, 2025, they primarily served the domestic market, supplying their products to customers across eight (8) states and one (1) union territory in India. Their domestic reach has been further supported by the acquisition of a 99% partnership interest, with effect from August 19, 2025, in the partnership firm M/s. Ratnaakar Gold, which operates from Bengaluru, Karnataka, India.

In addition to serving their domestic customers, during the six-month period that ended September 30, 2025 and in the Fiscal 2025, Fiscal 2024 and Fiscal 2023, they have also supplied their products to customers in the United Arab Emirates and Singapore.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹522.550 crores, ₹30.195 crores, and ₹46.984 crores, respectively.

How to apply for Sunil Gold India 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.