About Arjun Jewellers IPO
The Arjun Jewellers IPO is a 100% book-built issue and includes a fresh issue amounting to a maximum of ₹180 crore. The company submitted a DRHP on September 29, 2025. The issue is being made through the book-building method.
The price band, lot size, and dates of issue have not been announced at the DRHP stage. The equity shares are proposed to be listed on the BSE and NSE. The Book Running Lead Manager (BRLM) for this issue is Saffron Capital Advisors Private Ltd., and MUFG Intime India Private Ltd. will be the Registrar to the Offer.
Company Background
Arjun Jewellers Ltd. was established as a partnership firm on December 1, 2017. It is located in Rajkot, Gujarat, a city that is renowned for its jewelry traditions. Then it transforms into a private limited company in January 2020 and later into a public limited company in July 2025. This was a result of the promoters' desire to make the brand more professional and adhere to the high standards of the organized jewelry retail industry in India.
Operations & Product Range
Arjun Jewellers Ltd. operates on a retail-centric business model that focuses on variety in the inventory and designs rather than mass production. By subcontracting the production of designs to third-party artisans and job workers, the company can offer a wide variety of high-quality inventory that includes plain gold, diamond-studded and antique jewelry. Besides offering jewelry, the company also offers a variety of silver items and utensils that are required by the cultural needs of households in Gujarat.
Facilities & Capacity
The core operations of Arjun Jewellers Ltd. are anchored by its flagship showrooms in Rajkot and Bhavnagar. The Rajkot showroom has a total area of 4,324 sq. ft., and the Bhavnagar facility has an area of 3,732 sq. ft. These facilities have been designed in a manner that will provide a superior shopping experience to its core customers. As a cornerstone of the Arjun Jewellers IPO plans, the company will enhance its capacity by opening a new large-scale showroom in Ahmedabad, marking its entry into one of the largest consumer markets in Gujarat.
Brands & Market Presence
Arjun Jewellers Ltd. operates under the brand name "Arjun Jewellers," which is a dominant force in the Saurashtra micro-market. The brand has gained domestic recognition by concentrating on local weddings and festive segments. The company's expansion is completely driven by the internal Indian markets, specifically in the state of Gujarat. The Arjun Jewellers IPO is anticipated to capitalize on this regional strength to improve national brand visibility as the company readies itself to expand beyond its established strong regions.
Revenue Streams & Business Model
The primary source of revenue for Arjun Jewellers Ltd. is the retail sale of gold, diamond, and silver jewelry. During the financial year ended March 31, 2025, the company experienced a substantial surge in revenue from operations to ₹335.48 Cr, up from ₹185.87 Cr in the prior year. This is also evident in its profitability, with Profit After Tax (PAT) almost getting 2x to ₹15.22 Cr in Fiscal 2025.
Management & Shareholding
Arjun Jewellers Ltd. is promoted by Manishbhai Nathubhai Ghadiya (Managing Director), who provides the strategic direction for the company’s expansion and Ghadiya Raswanti Manish. Before the Arjun Jewellers IPO, the promoters and promoter group held 100% of the equity capital. Following the fresh issue of shares, this stake will be diluted proportionately to accommodate new public shareholders.
Board & Key Management
The board and key management personnel of Arjun Jewellers Ltd. are headed by Manishbhai Nathubhai Ghadiya (Chairman and Managing Director), who gives the strategic direction for the growth of the company in the luxury retail sector. The financial engine of the company is run by Patel Ishankumar Kamleshbhai (CFO), while Limbasiya Pradip Mansukhbhai (CS) takes care of the regulatory compliance. In addition, Shruti Gupta (Independent Director) brings much-needed external perspective to the board.
Arjun Jewellers IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 10 per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | 100 % Fresh Issue (Book Built Issue) |
| Total Issue Size | Up to ₹ 180.00 Cr (₹1,800 million) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | Up to ₹ 180.00 Cr (₹1,800 million) |
| Offer for Sale | Not Applicable |
| Net Offered to Public | - |
| Issue Type | 100 % Book Built Issue |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 2,59,46,240 shares |
| Share Holding Post Issue | - |
Arjun Jewellers IPO Financial Information
Latest Revenue
383.39
₹ Crore
Profit After Tax
15.22
₹ Crore
Net Worth
26.93
₹ Crore
Total Borrowing
71.03
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 140.20 | 383.39 | 15.22 | 26.93 | 21.93 | 71.03 | |||
| 31 Mar 2024 | 102.22 | 280.32 | 6.17 | 11.74 | 6.74 | 60.87 | |||
| 31 Mar 2023 | 52.71 | 145.88 | 0.07 | 2.57 | 0.57 | 35.39 | |||
| Amount in ₹ Crore | |||||||||
Arjun Jewellers Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 78.69% |
| ROCE | 14.28% |
| Debt/Equity | 3.65x |
| RoNW | - |
| PAT Margin | 3.97% |
| EBITDA Margin | 6.39% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ₹6.09 (Basic & Diluted) | [.] |
| P/E (x) | [.] | [.] |
IPO Objectives
The company will use the IPO proceeds of ₹180 Cr raised through the Arjun Jewellers IPO for the strategic objectives:
- • Funding the expansion project (approx. ₹25 Cr) in Ahmedabad.
- • Funding the working capital requirement (approx. ₹115 Cr) for inventory procurement.
- • General corporate purposes
Conclusion
The Arjun Jewellers IPO is an opportunity for investors to invest in a growing company and shows a brand that has successfully mastered its regional market, with a strong financial track record visible in the statements of recent years. The company is positioning itself to become a larger player in the organized retail jewellery space. By utilizing the IPO proceeds for high-impact objectives like the Ahmedabad expansion and working capital, the company also aims to blend its local roots with the scale and governance of a listed entity.
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Competitive Strengths
Established presence and brand loyalty in the high-demand Saurashtra region of Gujarat.
Outsourcing manufacturing allows for focus on design curation and fast inventory turns without incurring heavy fixed operational costs.
Promoters with over two decades (20+ years) of experience in the gems and jewelry industry.
Ability to substantially scale revenue and profitability over the last fiscal years.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 29/09/2025 | View DRHP |
| 2 | SEBI/Exchange approval received | - | - |
Arjun Jewellers IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | — | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |