M.K.Sons Fine JewelsIPO Review — Financials, Valuation & Peers
A data-only look at the M.K.Sons Fine Jewels IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 217.4 | 8.17 | 12.87 | 22.27 | 95.21 | 38.64 | — |
| FY 2025 | 351.32 | 23.26 | 38.57 | 116.21 | 219.64 | 68.93 | — |
| FY 2026 | 538.86 | 51.8 | 82.94 | 168.01 | 283.21 | 68.44 | — |
| Jun 2026 (interim) | 101.45 | 15.02 | 23.42 | 183.04 | 305.68 | 70.52 | 12.13 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 13.36x
- P/E (post-issue)
- 16.1x
- RoNW
- 8.2%
- RoE
- 8.2%
- RoCE
- 10.26%
- Debt / Equity
- 0.39
- EPS (pre-issue)
- ₹12.13
- EPS (post-issue)
- ₹10.06
- EBITDA Margin
- 23.09%
- PAT Margin
- 14.8%
- P/BV
- 3.78x
- NAV / share
- ₹42.88
- Market Cap
- ₹966.99 Cr
As of 30 Jun 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| M.K. Sons Fine Jewels | 12.13 | 39.36 | — | 30.83% | — |
| Motisons Jewellers | 0.65 | 5.05 | 27.78x | 12.77% | 3.6x |
| PNGS Reva Diamond Jewellery | 28.41 | 162.53 | 24.21x | 12.55% | 4.24x |
| Senco Gold | 35.08 | 153.45 | 9.55x | 22.85% | 2.18x |
| Tribhovandas Bhimji Zaveri | 30.32 | 125.6 | 19.62x | 24.14% | 4.75x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Ramchand Murlidhar Raimalani, Neelam Ramchand Raimalani, Kush Ramchand Raimalani</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 65.82%
- Dilution
- 34.18%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. M.K.Sons Fine Jewels operates at an EBITDA margin of 23.09% and a net (PAT) margin of 14.8% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 10.26% and a return on equity (RoE) of 8.2%. At the upper band, the post-issue market capitalisation works out to about ₹966.99 crore. These are offer-document figures for the latest reported period (as of 30 Jun 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding expenditure towards setting up of 1 new showroom in maharashtra (“new showroom”) and expansion of existing showroom in gujarat (“expansion”) (₹152.84 crore), alongside repayment and/or pre-payment, in full or part, of certain borrowings availed by the company (₹30 crore). In all, 3 objects are disclosed.
Financials
In FY2026, M.K.Sons Fine Jewels reported revenue of ₹101.45 crore and a net profit of ₹15.02 crore. Revenue declined from ₹217.4 crore in FY2024 to ₹101.45 crore in FY2026 (-53.0%). Net worth stood at ₹183.04 crore at the end of FY2026. At the upper band, that puts the issue at roughly 13.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 16.1× post-issue earnings and 3.78× book value, against a return on net worth of 8.2% and a debt-to-equity ratio of 0.39. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Motisons Jewellers and PNGS Reva Diamond Jewellery, with a median peer P/E of about 21.9×. The issue's own post-issue P/E works out to 16.1×.
Promoters
The promoters of the company are <p>Ramchand Murlidhar Raimalani, Neelam Ramchand Raimalani, Kush Ramchand Raimalani</p>. Promoter holding stands at 100% before the issue and comes down to 65.82% after listing.
Frequently asked questions
- Who are the promoters of M.K.Sons Fine Jewels and what is their holding?
- The promoters are <p>Ramchand Murlidhar Raimalani, Neelam Ramchand Raimalani, Kush Ramchand Raimalani</p>. Promoter holding is 100% before the issue and 65.82% after listing.
- What is the P/E ratio of the M.K.Sons Fine Jewels IPO?
- At the upper price band, the M.K.Sons Fine Jewels IPO is valued at 13.36× pre-issue earnings and 16.1× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the M.K.Sons Fine Jewels IPO?
- The net proceeds go primarily toward funding expenditure towards setting up of 1 new showroom in maharashtra (“new showroom”) and expansion of existing showroom in gujarat (“expansion”), among 3 disclosed objects.