Draft Papers Filed for ₹1,000 Crore IPO; ₹650 Crore Debt Pay Off Plan by Royal Chain

Mumbai-based jewellery maker Royal Chain has filed draft papers with SEBI for raising money through an initial public offering of ₹1,000 crore. 

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As per the draft papers filed on September 28, the proposed IPO shall comprise of a fresh issuance of equity shares worth ₹850 crore and an offer for sale (OFS) of up to ₹150 crore by promoters of the firm. 

Royal Chain works mainly in the B2B jewellery sector and makes gold chains and jewellery for retail dealers in India. 

₹650 Crore Earmarked for Debt Repayment 

A significant portion of the money raised through the fresh issue will go towards reducing the company’s borrowings. 

Royal Chain plans to use ₹650 crore from the net fresh issue proceeds to repay debt. Its total outstanding borrowings stood at ₹820.4 crore on a standalone basis. 

The remaining proceeds are intended to be used for general corporate purposes. 

Royal Chain Has Annual Capacity of 12,000 Kg 

Royal Chain operates as a vertically integrated, technology-driven original design manufacturer of gold chains and jewellery. Its annual installed production capacity stands at 12,000 kg. 

The company supplies jewellery to several organised retailers in the country, including Titan Company, Kalyan Jewellers India, P N Gadgil Jewellers, Senco Gold, Kalamandir Jewellers, Thangamayil Jewellery and DP Abhushan. 

The filing comes at a time when India’s jewellery market has grown into a sizeable industry. Citing a TKC report, the source article puts the country’s jewellery market at approximately ₹7,77,840 crore in FY26. The market is projected in that report to reach around ₹15,47,970 crore by FY31. 

The B2B jewellery manufacturing segment was valued at approximately ₹5,81,850 crore in FY26 and is projected in the cited report to reach around ₹11,33,360 crore by FY31. 

Profit Rises to ₹173.3 Crore in FY26 

Royal Chain reported a sharp rise in profit during the financial year ended March 2026. 

Profit increased to ₹173.3 crore in FY26 from ₹63.3 crore in the previous financial year. 

Revenue also grew during the year, rising 30.8% to ₹4,732.5 crore from ₹3,617.2 crore in FY25. 

JM Financial and 360 ONE WAM have been appointed as the merchant bankers for Royal Chain’s proposed public issue.