Momai Art 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.
Momai Art Limited is a manufacturer of lightweight jewellery, including specialised Meenakari work, which contributed 98.33% of its revenue in Fiscal 2026. The company is highly dependent on its top 10 customers, who accounted for over 60% of revenue in the last three years, and faces significant risks from gold price fluctuations. The draft prospectus highlights that a reduction in demand for lightweight products or the loss of key customers could materially adversely affect the business and financial condition.
What stands out
Risk factor. The Company derives a significant portion of its revenue from the sale of lightweight jewellery (98.33% in Fiscal 2026). Any reduction in demand for such products could materially and adversely affect the business, results of operations, financial condition and cash flows.
Risk factor. The Company is dependent on its top 10 customers, which contributed 60.77%, 70.50% and 62.81% of revenue in Fiscals 2026, 2025 and 2024, respectively. The loss of any of these customers could have a material adverse effect on the business, financial condition, results of operations and cash flows.
How the offer is structured
- Funding the working capital requirements of our Company₹143 Cr
- General corporate purposes
Promoters, litigation & related parties
Promoter (pre)
94.0%
Risks the company discloses
The Company derives a significant portion of its revenue from the sale of lightweight jewellery (98.33% in Fiscal 2026). Any reduction in demand for such products could materially and adversely affect the business, results of operations, financial condition and cash flows.(Business Related Risks)
The Company is dependent on its top 10 customers, which contributed 60.77%, 70.50% and 62.81% of revenue in Fiscals 2026, 2025 and 2024, respectively. The loss of any of these customers could have a material adverse effect on the business, financial condition, results of operations and cash flows.(Business Related Risks)
The Company is dependent on Karigars and manual craftsmanship for certain stages of its manufacturing process. Any inability to attract or retain skilled Karigars, or any failure to maintain the required workmanship and quality standards, could adversely affect the business, results of operations, financial condition, cash flows and reputation.(Business Related Risks)
The Company's ability to maintain and grow sales of lightweight jewellery depends on its ability to develop and periodically refresh designs. There can be no assurance that designs or product variations developed by the Company will achieve or sustain customer acceptance.(Business Related Risks)
Increases in gold prices may affect the affordability of gold jewellery and influence customer requirements relating to product weight, karatage and design. There can be no assurance that the Company will be able to continue reducing product weight or otherwise modify its products without affecting their design, finish, quality or customer acceptance.(Business Related Risks)
The Company's customers typically place orders based on internal requirements, which depend on factors such as price fluctuations, capacity limitations, demand of end products and dynamic industry trends. On account of the changing demand of its customers, the Company's top five and top ten customers vary, and the Company may not receive consistent volume of orders from them.(Business Related Risks)
The Company's success is dependent upon its ability to diversify and grow its operations, retain existing customers and expand its customer base. In the event the Company is unable to scale its operations or retain or increase its lightweight daily-wear jewellery customers, its revenue from operations and cash flow may experience a decline.(Business Related Risks)
The Company manufactures select jewellery incorporating specialised Meenakari (enamel) work. There can be no assurance that the Company will be able to continue to produce such specialised products without affecting their design, finish, quality or customer acceptance.(Business Related Risks)
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.