Kenrik Industries
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 29 Apr 2025 – 06 May 2025
- Listing date
- 09 May 2025
- Face value
- ₹1 per share
- Issue price
- ₹25 per share
- Lot size
- 6,000 shares
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹8.75 Cr
- Market cap at offer price
- ₹31.24 Cr
- Promoter holding
- 100.00% → 72.01% pre-issue → post-issue
- ISIN
- INE0AOG01018
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Turnaround Corporate Advisors Pvt.Ltd.
- Registered office
- B-306, East Face, Behind Maruti Suzuki Showroom, Nr.S P Ring Road, Ambli Road, Ambli, Daskroi, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 1,80,000 | — | — |
Application size
Minimum 6,000 shares per lot, in multiples, at ₹25
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 6,000 | ₹1,50,000 |
| S-HNI (min) | 2 | 12,000 | ₹3,00,000 |
| S-HNI (max) | 6 | 36,000 | ₹9,00,000 |
| B-HNI (min) | 7 | 42,000 | ₹10,50,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 1.21 | 1.07 |
| P/E (×) | 20.66 | 23.36 |
| Market cap | — | ₹31.24 Cr |
Key performance indicators
- Return on net worth
- 8.62%
- ROCE
- 10.85%
- Debt / equity
- 0.06
- PAT margin
- 1.53%
- NAV per share
- ₹13.98
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Kenrik Industries
Kenrik Industries Limited was incorporated as a private company on 28th February 2017 and converted to a public company on 27th April 2018. The company is engaged in the manufacturing, wholesaling and supplying of plain and studded gold jewellery and ornaments, focusing on traditional Indian jewellery. Its products include handmade gold jewellery studded with diamonds, rubies, cubic zirconia and other precious and semi-precious stones. The product portfolio encompasses rings, earrings, armlets, pendants, nose rings, bracelets, chains, necklaces, bangles, watches, luxury items and wedding jewellery catering to high-end, mid-market and value market segments. The jewelleries are manufactured on a job work basis at the manufacturing unit in Ahmedabad, Gujarat. The company operates primarily on a B2B business model, maintaining BIS Hallmark certified jewellery and focusing on quality control, inventory management and business development. The company's sales team engages in direct marketing while building relationships with key retailers and wholesalers.
Company Analysis
from DRHPKenrik Industries Limited manufactures and wholesales handmade gold jewellery studded with precious and semi-precious stones, operating primarily on a B2B business model across traditional Indian jewellery and specialty metals.
Kenrik Industries Limited was incorporated as a private company on 28th February 2017 and converted to a public company on 27th April 2018. The company is engaged in the manufacturing, wholesaling and supplying of plain and studded gold jewellery and ornaments, focusing on traditional Indian jewellery. Its products include handmade gold jewellery studded with diamonds, rubies, cubic zirconia and other precious and semi-precious stones. The product portfolio encompasses rings, earrings, armlets, pendants, nose rings, bracelets, chains, necklaces, bangles, watches, luxury items and wedding jewellery catering to high-end, mid-market and value market segments. The jewelleries are manufactured on a job work basis at the manufacturing unit in Ahmedabad, Gujarat. The company operates primarily on a B2B business model, maintaining BIS Hallmark certified jewellery and focusing on quality control, inventory management and business development. The company's sales team engages in direct marketing while building relationships with key retailers and wholesalers.
Objects of the Issue
- Working Capital Requirement 656.25 Lakhs p.46
- General Corporate Expenses 180.00 Lakhs p.46
- Issue Related Expenses 38.25 Lakhs p.46
Issue Structure
- Total Issue
- Rs. 874.50 Lakhs
- Fresh Issue
- 34,98,000 equity shares at Rs. 25 per share aggregating to Rs. 874.50 Lakhs
- Offer for Sale
- Nil
- Price Band
- Rs. 25 per equity share
- Lot Size
- Minimum 6,000 equity shares
- Face Value
- Rs. 10 per equity share
Business Model
The company operates on a B2B business model manufacturing and trading jewellery. It sources raw materials (primarily gold) from bullion dealers and customer recycled gold. Manufacturing is conducted through a network of job workers to whom the company provides raw materials and designs, as well as in-house manufacturing facilities. The company does not maintain long-term supply contracts, maintaining flexibility in sourcing based on market conditions. Sales are generated through direct marketing, personal visits to potential clients, and client referrals. The company deals exclusively in BIS Hallmark certified jewellery and has website and mobile application platforms to facilitate business expansion.
Business Segments
SWOT Analysis
- • Adequate inventory management with secure storage facilities(p.59)
- • Strong distribution network enabling timely delivery across India(p.60)
- • Established presence in dynamic bullion market with diverse supplier access(p.92)
- • Revenue growth with CAGR of 29.50% over three fiscal years(p.56)
- • Profit growth with CAGR of 39.77% demonstrating operational efficiency(p.56)
- • Long-standing relationships with key industry players fostering customer retention(p.92)
- • BIS Hallmark certification providing credibility and consumer confidence(p.92)
- • Majority revenue concentration in Gujarat representing 100% of revenue as of October 2024(p.16)
- • High inventory levels consuming 86% of total assets(p.17)
- • Heavy dependence on limited number of top customers for revenue(p.30)
- • No long-term contracts with suppliers creating pricing vulnerability(p.30)
- • Negative cash flow from operations for seven months ended October 31, 2024(p.18)
- • Unregistered jewelry designs leaving IP rights unprotected(p.18)
- • Limited financial capacity with short-term loans of Rs. 98.85 lakhs repayable on demand(p.19)
- • Expansion into online sales channels to maximize customer reach(p.20)
- • Use of new technology for inventory and customer footfall prediction(p.26)
- • Broadening customer base to reduce single-customer dependence(p.31)
- • Geographic expansion beyond Gujarat to reduce regional concentration risk(p.16)
- • Development of innovative and fashionable jewelry designs to capture market trends(p.22)
- • India's gems and jewelry sector showing strong growth with 100% FDI permitted(p.81)
- • CEPA agreement with UAE providing duty-free access to UAE market(p.81)
- • Significant gold price volatility affecting sales volumes and margins(p.20)
- • Intense competition in fragmented Indian jewelry industry(p.20)
- • Seasonal fluctuations impacting quarterly results and fixed costs(p.21)
- • Natural disasters and regional calamities threatening Gujarat operations(p.16)
- • Regulatory changes affecting GST rates for jewelry(p.39)
- • Economic slowdown affecting consumer discretionary spending on jewelry(p.22)
- • Changing consumer preferences shifting away from gold jewelry investments(p.22)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Nitinkumar Dalpatbhai Shah | Promoter | 50.87% | — |
| Nihar Nitinbhai Shah | Promoter | 32.85% | — |
| Manisha Nitinkumar Shah | Promoter | 10.81% | — |
| Shah Nitin Dalpatlal (HUF) | Promoter Group | 5.47% | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.