Sunil Gold India Limited
DRHP · filed 09 Mar 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 retail chains, reporting a revenue of Rs 414.78 crore and a profit of Rs 45.86 crore for the latest period. The company has a high debt-to-equity ratio of 1.52 and a Return on Equity of 42.55%. The draft prospectus highlights material risks, including that revenue is highly concentrated with the top 10 customers accounting for 93.71% of revenue and that the company does not have long-term supply contracts.
What stands out
Risk factor. Revenue is highly concentrated among a limited number of customers, with top 10 customers representing 93.71% of revenue for the six-month period ended September 30, 2025.
Risk factor. The Company is dependent on a limited number of customers for a substantial portion of its revenue, and any reduction, modification, or termination of business by such customers could materially and adversely affect its business.
Healthy return on equity. ROE of 42.5%.
How the offer is structured
- Funding of the working capital requirements of our Company₹2.00k Cr
- General corporate purposes
Restated financials
Revenue
₹415 Cr
Latest fiscal year
Profit after tax
₹45.9 Cr
Revenue CAGR
14.4%
Return on equity
42.5%
Debt / equity
1.52
PAT CAGR
90.1%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2023 | ₹317 Cr | ₹12.7 Cr | ₹24.9 Cr | |
| 2024 | ₹521 Cr | ₹30.2 Cr | ₹55.1 Cr | |
| 2025 | ₹415 Cr | ₹45.9 Cr | ₹108 Cr |
Promoters, litigation & related parties
Promoter (pre)
100.0%
Risks the company discloses
Revenue is highly concentrated among a limited number of customers, with top 10 customers representing 93.71% of revenue for the six-month period ended September 30, 2025.(Customer Concentration)
The Company is dependent on a limited number of customers for a substantial portion of its revenue, and any reduction, modification, or termination of business by such customers could materially and adversely affect its business.(Customer Concentration)
The Company does not enter into long-term supply contracts with its customers, and sales are primarily order-based, creating uncertainty regarding the continuation of orders at historical levels.(Customer Concentration)
A portion of revenue has been derived from related-party customers, specifically Ratnaakar Gold and Sunil Jewellers, and the cessation of business by Sunil Jewellers following the proprietor's demise may result in short-term adverse impacts on revenue.(Related Party Transactions)
The Company acquired a 99% partnership interest in Ratnaakar Gold on August 19, 2025, integrating it into operations, which may introduce new operational and financial risks.(Related Party Transactions)
The Company is engaged in the design and supply of handcrafted 22-karat gold jewellery to organized jewellery retail chains, exposing it to risks specific to this product and market.(Business Model)
The Company has maintained long-standing relationships with several key customers, but there is no assurance that it will be able to maintain historical volumes of business or significantly reduce customer concentration in the future.(Customer Concentration)
The loss of one or more key customers or a material reduction in order volume could be caused by customer-specific factors such as changes in financial condition, liquidity, procurement strategy, or operational issues, as well as market conditions and competition.(Customer Concentration)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.