RK Fashion Accessories
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 14.11×
- Big non-institutionalbNII · above ₹10 lakh
- 1.93×
- Small non-institutionalsNII · ₹2–10 lakh
- 1.62×
- Retail individualRII · up to ₹2 lakh
- 2.64×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 12 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 12 Oct 2026 | ₹1.50 | — | ₹1,800 | ₹83.50 | ₹2,400 |
| 11 Oct 2026 | ₹1.50 | — | ₹1,800 | ₹83.50 | ₹2,400 |
| 10 Oct 2026 | ₹1.50 | — | ₹1,800 | ₹83.50 | ₹2,400 |
| 09 Oct 2026 | ₹1.50 | — | ₹1,800 | ₹83.50 | ₹2,400 |
| 08 Oct 2026 | ₹1.50 | — | ₹1,800 | ₹83.50 | ₹2,400 |
| 07 Oct 2026 | ₹1.50 | — | ₹1,800 | ₹83.50 | ₹2,400 |
| 06 Oct 2026 | ₹15 | — | ₹18,200 | ₹97 | ₹24,000 |
| 05 Oct 2026 | ₹7 | — | ₹8,500 | ₹89 | ₹11,200 |
| 04 Oct 2026 | ₹0 | — | ₹0 | ₹82 | ₹0 |
| 03 Oct 2026 | ₹0 | — | ₹0 | ₹82 | ₹0 |
| 02 Oct 2026 | ₹0 | — | — | — | ₹0 |
| 01 Oct 2026 | ₹0 | — | — | — | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 43,200 | 6,09,600 | ₹5 Cr | 14.11× |
| Non-institutional | 16,06,400 | 28,43,200 | ₹23.31 Cr | 1.77× |
| Big non-institutionalwithin NII | 10,70,400 | 18,91,200 | ₹15.51 Cr | 1.77× |
| Small non-institutionalwithin NII | 5,36,000 | 9,56,800 | ₹7.85 Cr | 1.79× |
| Retail individual | 24,03,200 | 74,78,400 | ₹61.32 Cr | 3.11× |
| Total | 40,52,800 | 1,09,36,000 | ₹89.68 Cr | 2.70× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 07 Oct, 05:42 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 05 Oct 2026 – 07 Oct 2026
- Listing date
- 12 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹77 – ₹82
- Lot size
- 1,600 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹34.99 Cr
- Fresh issue
- ₹33.23 Cr 40,52,800 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹127 Cr
- Promoter holding
- 99.67% → 72.26% pre-issue → post-issue
- ISIN
- INE2O2Y01016
- CIN
- U18109WB2010PLC144256
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Affinity Global Capital Market Pvt.Ltd.
- Registered office
- Room No. A-201, 2nd Floor, Bagree Market 71, B. R. B. Basu Road, Kolkata - 700001, West Bengal, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 43,200 | 1.07% | 1.01% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 16,06,400 | 39.64% | 37.65% |
| bNII > ₹10L · within NII | 10,70,400 | — | 25.08% |
| sNII < ₹10L · within NII | 5,36,000 | — | 12.56% |
| Retail (RII) | 24,03,200 | 59.30% | 56.32% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,14,400 | — | 5.02% |
| Total issue | 42,67,200 | — | 100.00% |
Net offer to the public of 40,52,800 shares, out of a total issue of 42,67,200. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,600 shares per lot, in multiples, at ₹82
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,31,200 |
| S-HNI (min) | 2 | 3,200 | ₹2,62,400 |
| S-HNI (max) | 7 | 11,200 | ₹9,18,400 |
| B-HNI (min) | 8 | 12,800 | ₹10,49,600 |
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.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹82 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.59 | 4.71 |
| P/E (×) | 14.67 | 17.41 |
| Price to book (×) | 5.71 | — |
| Market cap | — | ₹127 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 38.90%
- ROCE
- 57.74%
- Debt / equity
- 0.11
- PAT margin
- 20.71%
- EBITDA margin
- 24.16%
- NAV per share
- ₹14.37
- Price to book
- 5.71
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 31.54 | 17.82 | 14.46 |
| Revenue from operations | 30.36 | 17.77 | 13.28 |
| Other income | 1.18 | 0.05 | 1.17 |
| Total expenses | 23.25 | 15.02 | 13.43 |
| Operating profit | 8.29 | 2.8 | 1.03 |
| Operating margin | 26.28% | 15.71% | 7.12% |
| Profit before tax | 8.3 | 2.8 | 1.02 |
| Profit after tax | 6.29 | 2 | 0.95 |
| PAT margin | 19.94% | 11.22% | 6.57% |
| Balance sheet | |||
| Total assets | 23.88 | 16.88 | 11.7 |
| Current assets | 13.37 | 11.85 | 6.69 |
| Current liabilities | 5.76 | 6.26 | 3.12 |
| Total liabilities | 7.71 | 7.07 | 3.88 |
| Net worth | 16.16 | 9.81 | 7.82 |
| Current ratio | 2.32× | 1.89× | 2.14× |
| Return on equity | 38.92% | 20.39% | 12.15% |
| Cash flow | |||
| Operating cash flow | -0.68 | 0.03 | -0.26 |
| Investing cash flow | -0.49 | -0.23 | -2.15 |
| Financing cash flow | 1.15 | 0 | 1.46 |
| Net cash flow | -0.01 | -0.2 | -0.95 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Working Capital Requirements ₹5.21 Cr
The company intends to utilize a portion of the Net Proceeds to meet incremental working capital requirements for Fiscal 2027, covering trade receivables, inventories, trade payables, and day-to-day operations to support business growth.
2 New Plating Facility at Baruipur, Kolkata, West Bengal ₹8.80 Cr
The company proposes to establish an in-house PVD Vacuum Coating facility at Baruipur, West Bengal, involving civil and structural work and installation of plant and machinery, to enhance production control, quality, and reduce dependency on third-party contract manufacturers.
3 Proposed New B2B Showroom at Ezra Street, Kolkata ₹5.37 Cr
The company proposes to acquire and develop a new B2B wholesale showroom at Ezra Street, Kolkata, covering property purchase, interior fit-out, and initial opening inventory, to strengthen wholesale market presence and expand its customer base.
4 Completion of B2C Stores at Rash Behari Avenue, Kolkata ₹2.48 Cr
The company intends to utilize Net Proceeds for interior fit-out and furnishing of the remaining floors of its G+4 B2C retail showroom at Rash Behari Avenue, Kolkata, to expand direct retail operations and enhance customer experience.
5 Inventory Cost for Proposed New Showrooms and Stores ₹5.60 Cr
The company proposes to procure initial opening inventory for the new B2B showroom at Ezra Street and the remaining floors of the B2C showroom at Rash Behari Avenue, Kolkata, to ensure adequate product display and uninterrupted retail and wholesale operations.
6 General Corporate Purposes —
The company intends to deploy a portion of the Net Proceeds towards general corporate purposes including strategic initiatives, brand building, funding growth opportunities, and meeting ongoing business contingencies, subject to applicable regulatory limits.
7 Offer Related Expenses —
The company proposes to meet offer-related expenses including Book Running Lead Manager fees, underwriting commissions, printing and distribution expenses, legal fees, advertisement expenses, registrar fees, depository fees, and listing fees from the Net Proceeds.
2 of 7 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About RK Fashion Accessories
R.K. Fashion Accessories Limited (RKFAL) is a Kolkata-based company engaged in the manufacturing (through contract manufacturers) and wholesale distribution of imitation jewellery, along with trading of branded cosmetics and hotel rental income. The company operates under two sub-brands — 'City Girl' for gold-plated wedding and daily-wear jewellery, and 'Manikya' for Cubic Zirconia/American Diamond jewellery — serving distributors, dealers, and retailers across India. It follows a hybrid B2B and B2C model through offline wholesale channels, Shop-in-Shop (SIS) counters (~120), and multi-platform e-commerce presence. Revenue grew 70.81% YoY to ₹3,035.71 lakhs in FY2026, with imitation jewellery contributing ~81.88% of total revenue.
Management
MD Qasim
MD
Mohammed Imran
COO
Strengths
As stated in the offer document
Blending Heritage with Contemporary Jewellery
The company produces 24-carat gold-plated copper jewellery and American Diamond pieces, integrating traditional Bengali craftsmanship with modern design through skilled artisans, enabling hyperlocal, region-specific product offerings across diverse micro-markets.
Efficient B2B Support and Retention of Customers
The company maintains a client retention rate of over 90% through dedicated relationship managers, prompt order processing, and flexible credit terms of 60–90 days, supporting sustained repeat business across boutique owners, local retailers, and export merchants.
Multi-Platform E-Commerce Strategy
The company's brand 'Manikya Jewellery' operates across major e-commerce platforms and dedicated websites, receiving 63,665 total orders in Fiscal 2026, contributing Rs. 146.89 lakhs in online revenue and expanding market access beyond traditional retail boundaries.
Strategic High-Value Corporate Tie-ups
The company operates approximately 120 Shop-in-Shop (SIS) counters within national retail chains, generating Rs. 357.16 lakhs in Fiscal 2026, providing enhanced brand visibility, steady institutional sales, and a widespread retail footprint in high-traffic environments.
Consistent Revenue Growth and Diversification
The company has registered year-on-year revenue growth from Rs. 1,328.49 lakhs in FY2024 to Rs. 3,035.71 lakhs in FY2026 (70.81% YoY growth), driven by a diversified portfolio spanning imitation jewellery, cosmetics, and rental income across multiple price points.
Multi-Stage Inspection and Product Reliability
The company follows a 9-stage quality control process, introduces new collections every 6–8 weeks aligned with seasonal and festive demand, and offers a six-month colour guarantee on all gold-plated products, ensuring product reliability and sustained customer confidence.
Risk factors
As stated in the offer document
Geographic Revenue Concentration in Eastern India
The company generates 76%–92% of its total revenue from four eastern states (Bihar, Jharkhand, Odisha, and West Bengal), making it highly vulnerable to regional economic downturns, regulatory changes, or shifts in consumer preferences. Any adverse event in these states could materially impact the company's overall revenue and profitability.
Significant Working Capital Requirements and Negative Cash Flows
The company's working capital has grown sharply from ₹(77.01) lakhs in FY2024 to ₹974.81 lakhs in the stub period ended June 30, 2026, reflecting an increasingly capital-intensive business. The company has reported negative operating cash flows in multiple periods, and any inability to secure adequate working capital could disrupt operations and financial performance.
Dependence on Key Customers
The top 10 customers contributed 19.17%, 15.15%, 20.24%, and 21.61% of total sales across the most recent reporting periods, creating significant revenue concentration risk. Loss of any key customer due to competitive pressures, changing preferences, or financial difficulties could materially reduce revenues and disrupt cash flows.
Reliance on Contract Manufacturers (Karigars) for Production
The company's entire manufacturing is outsourced to independent Karigars and contract manufacturers who operate without exclusivity clauses and under short-duration agreements. Any disruption in their operations, defection to competitors, or quality lapses could adversely affect production continuity, product quality, and financial performance.
Declining Debtors Turnover Ratio and Rising Trade Receivables
The company's Debtors Turnover Ratio has deteriorated from 22.73 in FY2024 to 1.65 in the stub period ended June 30, 2026, with trade receivables rising to ₹568.43 lakhs. Extended collection periods increase working capital strain, risk of bad debt provisions, and dependence on external borrowings.
Declining Inventory Turnover Ratio and Inventory Build-Up
The company's Inventory Turnover Ratio has declined significantly from 11.12 in FY2024 to 4.70 in FY2026, with inventory reaching ₹955.81 lakhs in the stub period ended June 30, 2026. This trend exposes the company to risks of inventory obsolescence, increased storage costs, and potential write-downs that could adversely impact profitability.
Raw Material Price Volatility (Gold and Copper)
The company is exposed to significant price volatility in key raw materials such as gold and copper, which are influenced by global market trends, currency fluctuations, and macroeconomic conditions. Increases in input costs that cannot be fully passed on to customers may compress margins and affect working capital planning.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| R.K.Fashion Accessories Ltd. THIS ISSUE | 6.50 | 15.99 | 17.41, computed at the offer price | 5.71, computed at the offer price | 40.66% |
| 2.69 | 87.38 | 44.31 | 1.37 | 3.08% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.