Royal Chain Files ₹1,000-Crore IPO Papers With SEBI

Royal Chain, a Mumbai-based B2B jewellery manufacturer, has filed its draft papers for a ₹1,000-crore initial public offering (IPO) with the Securities and Exchange Board of India (SEBI).

The company plans to raise ₹850 crore through a fresh issue of shares. Its promoters will sell shares worth up to ₹150 crore through an offer for sale (OFS), according to the draft red herring prospectus (DRHP) filed on 28 September. JM Financial and 360 ONE WAM have been appointed as the merchant bankers for the proposed IPO.

Royal Chain makes gold chains and other jewellery for the business-to-business market. It operates as an original design manufacturer (ODM) and has an annual installed production capacity of 12,000 kg.

Its customer base includes several organised jewellery retailers in India, such as Titan Company, Kalyan Jewellers India, P N Gadgil Jewellers, Senco Gold, Kalamandir Jewellers, Thangamayil Jewellery and DP Abhushan.

IPO Proceeds To Be Used For Debt Repayment

Royal Chain plans to use most of the fresh capital to bring down its borrowings. The company has earmarked ₹650 crore from the fresh issue for repayment of debt. Its total outstanding borrowings stood at ₹820.4 crore on a standalone basis.

The balance of the fresh issue proceeds will be used for general corporate purposes. The ₹150 crore OFS component, meanwhile, will provide an exit route for the selling promoters rather than bringing funds into the company.

Jewellery Market Has Room To Expand

The IPO comes against a backdrop of a growing jewellery market in India. A TKC report puts the size of the country's jewellery market at ₹7,77,840 crore in FY26. The figure is expected to reach ₹15,47,970 crore by FY31.

The B2B jewellery manufacturing market itself was worth about ₹5,81,850 crore in FY26, the report said. It is projected to reach ₹11,33,360 crore by FY31.

Royal Chain supplies jewellery to retailers in this market, with its business focused on manufacturing rather than running a large consumer-facing store network.

Revenue Crosses ₹4,700 Crore

Royal Chain's business also expanded sharply in FY26. Revenue rose to ₹4,732.5 crore in the year ended March 2026 from ₹3,617.2 crore a year earlier, an increase of 30.8%.

Profit jumped to ₹173.3 crore from ₹63.3 crore in the same period. That is nearly three times the profit reported in the previous financial year.

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