# Arjun Jewellers Limited: IPO analysis > Arjun Jewellers Limited (CIN U36100GJ2020PLC111829) has filed a Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹200 Cr. In FY26 it reported revenue of ₹595 Cr (+55.3% on FY25) and a net profit of ₹27 Cr. Promoters hold 88.6% before the IPO. Our fact-check of its claims found 1 medium or high concern across 40 claims checked. - Page: https://ipo.innerkore.com/company/U36100GJ2020PLC111829/arjun-jewellers-limited/ - CIN: U36100GJ2020PLC111829 - Last updated: 10 Aug 2026 ## Key facts - **Company:** Arjun Jewellers Limited - **CIN:** U36100GJ2020PLC111829 - **Filing stage:** DRHP - **Latest SEBI filing:** 10 Aug 2026 - **Fresh issue:** ₹200 Cr - **Listing on:** BSE, NSE - **Revenue FY26:** ₹595 Cr - **Revenue growth:** +55.3% - **Net profit FY26:** ₹27 Cr - **Revenue CAGR FY24 to FY26:** 45.8% - **Promoter holding (pre-IPO):** 88.6% - **Lead managers:** Id Saffron Capital Advisors Private Limited - **Registrar:** Id MUFG Intime India Private Limited - **Fact-check flags:** 1 high, 0 medium, 1 low ## Key signals (read from the filing; not investment advice) - **Growth** (looks fine): 45.8% a year. Sales FY24 to FY26; latest year +55.3%. - **Profitability** (look closer): 4.6% net margin. FY26; operating margin steady. - **Debt** (look closer): 1.44x equity. ₹98.3 crore borrowed at the end of FY26. - **Profit into cash** (concern): -127% of profit. Operations brought in ₹-34.4 crore against ₹27.2 crore of profit in FY26. - **One-off income** (looks fine): 0% of profit. Other and one-off income is 0% of pre-tax profit. - **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. - **Red flags** (concern): 1 to review. 40 claims checked: 1 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; unspecified) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 280 | 383 | 595 | | Sales growth | – | 36.8% | 55.3% | | Operating profit | 12 | 24 | 45 | | Operating margin | 4.3% | 6.4% | 7.5% | | Net profit | 6.2 | 15 | 27 | | Net margin | 2.2% | 3.9% | 4.6% | | Net worth | 12 | 27 | 68 | | Borrowings | 61 | 71 | 98 | | Return on equity | 52.6% | 56.3% | 39.8% | ## Use of proceeds (fresh issue) - 1 Funding of incremental working capital requirements, primarily towards procurement of inventory for our existing retail showrooms and proposed new retail showrooms in Saurashtra, Gujarat ("New Stores").: ₹160 crore - 2 General Corporate Purposes*: amount not fixed yet ## Fact-checked claims - **HIGH** (RegulatoryAction): There are no violations of securities laws committed by the company or its promoters in the past, and no such proceedings are currently pending against them.. The search results indicate that there are ongoing enforcement actions and frozen assets related to financial irregularities, including a case involving a significant amount of money, which contradicts the claim that no securities law violations have been committed or that no proceedings are pending against the company or its promoters. - **LOW** (RegulatoryAction): Equity Shares will be subject to various laws, including the Companies Act 2013, SEBI ICDR Regulations, SCRA, SCRR, and SEBI Listing Regulations.. The search results do not directly corroborate or contradict the claim that equity shares are subject to various laws like the Companies Act 2013, SEBI ICDR Regulations, SCRA, SCRR, and SEBI Listing Regulations. However, the results point to regulatory actions against entities in the jewelry sector, which implies such laws are relevant to the industry. - **NONE** (PromoterBackground): The Corporate Social Responsibility Committee was constituted on August 18, 2025, and its function involves formulating a CSR policy and reviewing expenditure on related activities.. The search results do not contain any information regarding the constitution of a Corporate Social Responsibility Committee by Arjun Jewellers Limited on August 18, 2025, or its functions. The search results primarily discuss various regulatory actions, financial market scrutiny, and issues related to other entities. - **NONE** (PromoterBackground): The Stakeholders’ Relationship Committee was constituted on August 18, 2025, and its mandate includes resolving grievances related to the transfer of shares or debentures and non-receipt of dividends.. The search results do not contain any information regarding the constitution of a Stakeholders’ Relationship Committee for Arjun Jewellers Limited or its mandate concerning the transfer of shares or non-receipt of dividends. The search results primarily reference various regulatory actions, financial scrutiny, and incidents involving other entities. - **NONE** (PromoterBackground): The Nomination and Remuneration Committee was constituted on August 18, 2025, and its terms cover formulating criteria for director qualifications and recommending remuneration policies.. The search results do not contain any information regarding the constitution of a Nomination and Remuneration Committee for Arjun Jewellers Limited on August 18, 2025, or its specific terms. The search results primarily discuss regulatory actions and allegations against other entities. - **NONE** (PromoterBackground): Remuneration paid to Executive Directors for Fiscal 2026 includes amounts in ₹ million for Manishbhai Nathubhai Ghadiya (3.80), Ghadiya Raswanti Manish (2.80), and Hitesh B. Vasoya (0.65).. The search results do not contain any information that directly corroborates or contradicts the specific remuneration amounts mentioned in the DRHP claim for Manishbhai Nathubhai Ghadiya, Ghadiya Raswanti Manish, and Hitesh B. Vasoya. - **NONE** (PromoterBackground): Hitesh B. Vasoya is the Executive Director of the Company since July 14, 2025.. The provided search results do not contain any information corroborating or contradicting the claim that Hitesh B. Vasoya is the Executive Director of Arjun Jewellers Limited since July 14, 2025. The search results primarily discuss various regulatory actions and reports related to different entities and individuals. - **NONE** (SubsidiaryPerformance): Clause V of the MoA was amended on October 26, 2022 to increase the authorized share capital from ₹ 1,00,00,000 to ₹ 2,00,00,000.. The provided search results do not contain information that corroborates or contradicts the claim regarding the amendment of Clause V of the MoA to increase the authorized share capital of Arjun Jewellers Limited. The results primarily relate to IPO performance, plans, business details, and financial performance. - **NONE** (SubsidiaryPerformance): Clause V of the MoA was amended on February 7, 2022 to increase the authorized share capital from ₹ 10,00,000 to ₹ 1,00,00,000.. The provided search results do not contain information regarding an amendment to Clause V of the MoA of Arjun Jewellers Limited concerning the increase of authorized share capital from ₹ 10,00,000 to ₹ 1,00,00,000 on February 7, 2022. The results primarily relate to IPO plans, performance, and company details. - **NONE** (SubsidiaryPerformance): The registered and corporate office was changed from ‘Revenue Survey No.158, Plot No.29, Shakti Society Opposite Aashirvad Hospital, Mavdi Road, Rajkot, 360 004 Gujarat, India’ to ‘Office No. 401, 4th Floor, Pride Capital, Jalaram 1, Street No.2, University Road, Rajkot Sau Uni Area, 360 005, Rajkot, Gujarat, India.’ on July 3, 2025 for administrative convenience.. The provided search results do not contain any information confirming or denying the specific claim about the change of the registered and corporate office address for Arjun Jewellers Limited. The search results primarily relate to IPO plans, performance, and general company information. - **NONE** (SubsidiaryPerformance): The registered office was changed from ‘Swagat Arcade, G.F., Shop No F-2, Bapa Sitaram Chowk, Mavdi Main Road, Rajkot 360004, Gujarat-, India’ to ‘Revenue Survey No.158, Plot No.29, Shakti Society Opposite Aashirvad Hospital, Mavdi Road, Rajkot, 360 004 Gujarat, India.’ on May 2, 2022 for administrative convenience.. The provided search results do not contain information that directly corroborates or contradicts the specific claim regarding the change of the registered office address for Arjun Jewellers Limited. The search results primarily relate to IPO details, financial performance, and general investor information. - **NONE** (SubsidiaryPerformance): A fresh certificate of incorporation was issued by the Registrar of Companies, Central Processing Centre, Manesar (“RoC CPC”) on July 29, 2025, following the conversion to a public company.. The search results do not contain any information confirming or denying the claim that a fresh certificate of incorporation was issued on July 29, 2025, following a conversion to a public company. The results primarily discuss IPO performance, plans to raise funds via IPO, and the company's incorporation details. ## Common questions ### How big is the Arjun Jewellers Limited IPO? Arjun Jewellers Limited's IPO comprises a fresh issue of ₹200 Cr, according to its Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus. ### What are Arjun Jewellers Limited's revenue and profit? Arjun Jewellers Limited reported revenue from operations of ₹595 Cr in FY26, +55.3% versus FY25. Net profit was ₹27 Cr (FY25: ₹15 Cr). Revenue grew at a compound rate of 45.8% a year from FY24 to FY26. Figures are read from the DRHP, as printed there. ### How much do promoters own in Arjun Jewellers Limited? Promoters hold 88.6% of Arjun Jewellers Limited before the IPO. ### How will Arjun Jewellers Limited use the IPO money? The fresh-issue proceeds are earmarked for: 1 Funding of incremental working capital requirements, primarily towards procurement of inventory for our existing retail showrooms and proposed new retail showrooms in Saurashtra, Gujarat ("New Stores"). (₹160 Cr); 2 General Corporate Purposes (amount not fixed yet). ### What are the red flags in Arjun Jewellers Limited's DRHP? We fact-checked 40 claims from the filing against the open web: 1 raised a high concern, 0 medium and 1 low. The most notable: The search results indicate that there are ongoing enforcement actions and frozen assets related to financial irregularities, including a case involving a… This is an automated screen, not a verdict; each finding links to its sources. ### What does Arjun Jewellers Limited do? Forget the hype: investigative reports reveal that ongoing enforcement actions and frozen assets are tied to financial irregularities at Arjun Jewellers Limited. This directly contradicts claims that no securities law violations have occurred or that no legal proceedings are pending against the company or its… ### Who manages the Arjun Jewellers Limited IPO? Book running lead managers: Id Saffron Capital Advisors Private Limited. Registrar to the offer: Id MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Arjun Jewellers Limited IPO documents? All 2 filings for Arjun Jewellers Limited (DAP, DRHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Arjun Jewellers Limited - DRHP](https://www.sebi.gov.in/sebi_data/commondocs/aug-2026/Arjun%20Jewellers%20Limited%20-%20DAP_p.pdf) (Abridged prospectus (DAP), filed 10 Aug 2026) - [Arjun Jewellers Limited - DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1786357330303.pdf) (Draft Red Herring Prospectus, filed 10 Aug 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.