Sunil Gold India Limited
DRHP · filed 30 Sept 2026
This is a draft. SEBI has not cleared it, there is no final price yet, and it may never become an IPO.
Sunil Gold India Limited designs and supplies handcrafted 22-karat gold jewellery to organized jewellery retail chains. The company's revenue is highly concentrated, with the top 10 customers accounting for over 95% of total revenue in Fiscal 2024, and it relies on third-party Karigars for manufacturing. The draft prospectus highlights high customer concentration risk, as the loss of a key client could materially adversely affect the business, and the company does not have long-term supply contracts with its customers.
Partial analysis — some sections could not be read from the document (found: capitalisation, cover, litigation, objects, price_basis, promoters, related_party, risks).
What stands out
Risk factor. Our revenue from operations is significantly concentrated among a limited number of customers. Revenue from our top 10 customers aggregated to ₹9,980.17 million, ₹4,860.46 million and ₹3,027.97 million for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, representing 74.37%, 93.26% and 95
Risk factor. We are dependent on our key customers for repeat orders and expect to continue to rely on such customers for a substantial portion of our revenue for the foreseeable future. In the absence of long-term contractual arrangements, there can be no assurance that our existing customers, including non-rel
Risk factor. The loss of one or more of our key customers or a material reduction in the volume of business received from them could have a material adverse effect on our business, financial condition and results of operations.
Risk factor. We are dependent on third-party Karigars for the manufacturing of our products. Any discontinuation of services, disruptions in their operations, failure to adhere to quality standards, or increase in their costs could adversely affect our business.
How the offer is structured
- Funding of the working capital requirements of our Company₹220 Cr
- General corporate purposes
Promoters, litigation & related parties
Promoter (pre)
100.0%
Related-party
2.8%
Share of revenue
Except as stated in this section, there are no outstanding: (a) criminal proceedings; (b) actions by statutory or regulatory authorities; (c) claims relating to direct and indirect taxes (in a consolidated manner); and (d) Material Litigation (as defined below); involving our Company, our Directors and our Promoters. Further, except as stated in this section, there are no disciplinary actions (including penalties) imposed by SEBI or the Stock Exchanges against our Promoters in the last five (5) FYs, including any outstanding action. Further except as stated in this section, there are no outstanding (i) criminal proceedings and (ii) actions taken by regulatory or statutory authorities, against any Key Managerial Personnel and Senior Management of our Company. It is clarified that for the above purposes, pre-litigation notices received by Relevant Parties, unless otherwise decided by our Board, are not evaluated for materiality until such time that the Relevant Parties are impleaded as defendants in litigation proceedings before any judicial forum. Except as stated in this Section, there are no outstanding material dues to creditors of our Company.
Risks the company discloses
Our revenue from operations is significantly concentrated among a limited number of customers. Revenue from our top 10 customers aggregated to ₹9,980.17 million, ₹4,860.46 million and ₹3,027.97 million for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, representing 74.37%, 93.26% and 95.49% of our revenue from operations for the respective periods.(Customer Concentration)
We are dependent on our key customers for repeat orders and expect to continue to rely on such customers for a substantial portion of our revenue for the foreseeable future. In the absence of long-term contractual arrangements, there can be no assurance that our existing customers, including non-related third-party customers, will continue to place orders with us at historical levels or at all.(Customer Concentration)
The loss of one or more of our key customers or a material reduction in the volume of business received from them could have a material adverse effect on our business, financial condition and results of operations.(Customer Concentration)
We are dependent on third-party Karigars for the manufacturing of our products. Any discontinuation of services, disruptions in their operations, failure to adhere to quality standards, or increase in their costs could adversely affect our business.(Supply Chain)
We are engaged in the design and supply of handcrafted 22-karat gold jewellery to organized jewellery retail chains.(Business Model)
A portion of our revenue has been derived from transactions with entities that were considered related parties of the Company. Specifically, Ratnaakar Gold was a related party of the Company until August 19, 2025. Furthermore, Sunil Jewellers, a proprietorship firm, also served as a related-party customer. However, following the unfortunate demise of its proprietor in September 2025, Sunil Jewellers has ceased its business operations.(Related Party Transactions)
As a direct consequence of the change in relationship status with Ratnaakar Gold and the cessation of business activities by Sunil Jewellers, the Company will no longer engage in related-party transactions with these entities. However, there can be no assurance that the transition away from a reliance on related-party customers will not result in short-term adverse impacts on our revenue.(Related Party Transactions)
We do not enter into long-term supply contracts with our customers, and our sales are primarily order-based.(Customer Concentration)
No dimension score is published for this filing. Too few sections could be read from the document to score it without guessing, and a score built on two fields would say more about our extraction than about the company.