# Kataria Dhulchand Pannalal Jewellers Limited: IPO analysis > Kataria Dhulchand Pannalal Jewellers Limited (CIN U74110MP1996PLC072077) has filed a Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 1,60,00,000 shares. In FY26 it reported revenue of ₹478 Cr (+49.1% on FY25) and a net profit of ₹45 Cr. Promoters hold 65.2% before the IPO. Our earlier look-up of its claims found 4 medium or high concerns across 42 claims looked up. - Page: https://ipo.innerkore.com/in/company/U74110MP1996PLC072077/kataria-dhulchand-pannalal-jewellers-limited/ - CIN: U74110MP1996PLC072077 - Last updated: 1 Sep 2026 ## Key facts - **Company:** Kataria Dhulchand Pannalal Jewellers Limited - **CIN:** U74110MP1996PLC072077 - **Filing stage:** DRHP - **Latest SEBI filing:** 1 Sep 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹478 Cr - **Revenue growth:** +49.1% - **Net profit FY26:** ₹45 Cr - **Revenue CAGR FY24 to FY26:** 76.8% - **Promoter holding (pre-IPO):** 65.2% - **Lead managers:** Smart Horizon Capital Advisors Private Limited - **Registrar:** Bigshare Services Private Limited - **Earlier look-up flags:** 0 high, 4 medium, 1 low ## Key signals (read from the filing; not investment advice) - **Growth** (looks fine): 76.8% a year. Sales FY24 to FY26; latest year +49.1%. - **Profitability** (look closer): 9.3% net margin. FY26; operating margin improving. - **Debt** (look closer): 0.57x equity. ₹95.8 crore borrowed at the end of FY26. - **Profit into cash** (concern): -131% of profit. Operations brought in ₹-58.2 crore against ₹44.6 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. 24% of the new money repays debt. - **Red flags** (look closer): 4 to review. 42 claims looked up earlier: 0 high, 4 medium concern. ## Financial snapshot (₹ crore unless stated; unspecified) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 153 | 320 | 478 | | Sales growth | – | 109.6% | 49.1% | | Operating profit | 7.6 | 24 | 69 | | Operating margin | 4.9% | 7.6% | 14.4% | | Net profit | 2.4 | 13 | 45 | | Net margin | 1.5% | 4.1% | 9.3% | | Net worth | 55 | 68 | 169 | | Borrowings | 49 | 73 | 96 | | Return on equity | 4.3% | 19.1% | 26.3% | ## Use of proceeds (fresh issue) - Funding capital expenditure towards the establishment of two new stores, one in Kota, Rajasthan and the other in Ujjain, Madhya Pradesh: ₹155 crore - Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company: ₹50 crore - General corporate purposes (1): amount not fixed yet ## Claims looked up earlier - **MEDIUM** (LitigationStatus): There are no material approvals that are pending, have not been obtained, or have not been applied for.. The search results indicate that the company has filed draft papers with SEBI to raise funds and has filed for an IPO, which suggests regulatory processes are underway. However, the results do not explicitly confirm or deny the status of 'material approvals' being pending, obtained, or applied for as stated in the claim. - **MEDIUM** (LitigationStatus): There are no other material pending proceedings against the Key Managerial Personnel.. The search results mention pending legal proceedings (Arihant Jewellers vs Principal Commissioner Of Income Tax) but do not explicitly state whether these proceedings are against the Key Managerial Personnel or if any other material proceedings are pending. Other results focus on IPO filings and company incorporation. - **MEDIUM** (LitigationStatus): There are no other material pending proceedings filed by the Directors.. The search results mention legal proceedings (Arihant Jewellers vs Principal Commissioner Of Income Tax) and filings by the company for an IPO, but they do not explicitly confirm or deny the claim that there are no other material pending proceedings filed by the Directors. Some results indicate recent activities related to the company. - **MEDIUM** (LitigationStatus): There are no other material pending proceedings against the Directors.. The search results mention pending proceedings related to a case involving Arihant Jewellers, which suggests there might be legal matters pending against the company or its directors. However, the results do not explicitly confirm or deny the claim that there are no other material pending proceedings against the Directors. - **LOW** (SubsidiaryPerformance): A scheme of amalgamation was approved on October 15, 2019, between Sangini Tradelinks Private Limited and Kataria Dhulchand Pannalal Jewellers.. The search results confirm the existence of SANGINI TRADELINKS PRIVATE LIMITED and mention its connection with other entities, but they do not explicitly confirm the specific amalgamation scheme approved on October 15, 2019, between Sangini Tradelinks Private Limited and Kataria Dhulchand Pannal Jewellers. - **NONE** (PromoterBackground): The table structure is provided to show the aggregate pre-Issue and post-Issue shareholding of Promoters, Promoter Group, and Top 10 Shareholders as a percentage of the pre-Issue and post-Issue paid-up Equity Share capital.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim made in the DRHP regarding the table structure for showing aggregate shareholding percentages. - **NONE** (PromoterBackground): Key Performance Indicators (KPIs) for Revenue from Operations and EBITDA, including year-over-year growth and EBITDA margins, are detailed for the fiscal years ended March 31, 2026, 2025, and 2024.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim about KPIs for revenue and EBITDA for the specified fiscal years. - **NONE** (SubsidiaryPerformance): The Reserve Bank of India (RBI) projects real GDP growth at 6.60% for 2026–27, supported by momentum in the services sector.. The search results do not contain any information regarding the Reserve Bank of India's projection for real GDP growth for 2026–27 or the services sector momentum. Therefore, the claim cannot be corroborated or contradicted by the provided search snippets. - **NONE** (SubsidiaryPerformance): The rainfall during the June–September 2026 monsoon season is projected at approximately 90% of the Long Period Average (LPA), indicating a below-normal monsoon.. The search results do not contain any information regarding the projected rainfall for the June–September 2026 monsoon season or any related meteorological projections. Therefore, the search results do not corroborate, contradict, or provide new information about the claim. - **NONE** (SubsidiaryPerformance): Global economic growth is projected to moderate to around 3.00% in 2026, reflecting geopolitical tensions.. The search results do not contain any information regarding the projection of global economic growth for 2026 or any mention of geopolitical tensions in relation to the company's operations or IPO. Therefore, the claim cannot be corroborated or contradicted by the provided search snippets. - **NONE** (PromoterBackground): An allotment on June 17, 2023, was pursuant to a Scheme of Amalgamation.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that an allotment occurred on June 17, 2023, pursuant to a Scheme of Amalgamation. - **NONE** (PromoterBackground): Interest paid to Gulab Resources Pvt Ltd. was 1.16% of revenue from operations for the year ended March 31, 2026.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that interest paid to Gulab Resources Pvt Ltd. was 1.16% of revenue from operations for the year ended March 31, 2026. ## Common questions ### How big is the Kataria Dhulchand Pannalal Jewellers Limited IPO? Kataria Dhulchand Pannalal Jewellers Limited's IPO comprises a fresh issue of 1,60,00,000 shares, 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 Kataria Dhulchand Pannalal Jewellers Limited's revenue and profit? Kataria Dhulchand Pannalal Jewellers Limited reported revenue from operations of ₹478 Cr in FY26, +49.1% versus FY25. Net profit was ₹45 Cr (FY25: ₹13 Cr). Revenue grew at a compound rate of 76.8% a year from FY24 to FY26. Figures are read from the DRHP, as printed there. ### How much do promoters own in Kataria Dhulchand Pannalal Jewellers Limited? Promoters and the promoter group hold 65.2% of Kataria Dhulchand Pannalal Jewellers Limited before the IPO. ### How will Kataria Dhulchand Pannalal Jewellers Limited use the IPO money? The fresh-issue proceeds are earmarked for: Funding capital expenditure towards the establishment of two new stores, one in Kota, Rajasthan and the other in Ujjain, Madhya Pradesh (₹155 Cr); Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company (₹50 Cr); General corporate purposes (amount not fixed yet). ### What are the red flags in Kataria Dhulchand Pannalal Jewellers Limited's DRHP? Earlier, we looked up 42 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 4 medium and 1 low. The most notable: The search results indicate that the company has filed draft papers with SEBI to raise funds and has filed for an IPO, which suggests regulatory processes are… The search results mention pending legal proceedings (Arihant Jewellers vs Principal Commissioner Of Income Tax) but do not explicitly state whether these… The search results mention legal proceedings (Arihant Jewellers vs Principal Commissioner Of Income Tax) and filings by the company for an IPO, but they do… This is an automated screen, not a verdict; each finding links to its sources. ### What does Kataria Dhulchand Pannalal Jewellers Limited do? The IPO for Kataria Dhulchand Pannalal Jewellers Limited is moving forward, but the crucial details are missing. While filings suggest a public offering is imminent, we can't confirm if the necessary material approvals have actually been obtained or are still pending. ### Who manages the Kataria Dhulchand Pannalal Jewellers Limited IPO? Book running lead managers: Smart Horizon Capital Advisors Private Limited. Registrar to the offer: Bigshare Services Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Kataria Dhulchand Pannalal Jewellers Limited IPO documents? All 2 filings for Kataria Dhulchand Pannalal 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 - [Kataria Dhulchand Pannalal Jewellers Limited - DRHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/Kataria%20Dhulchand%20Pannalal%20Jewellers%20Ltd%20-%20DAP_p.pdf) (Abridged prospectus (DAP), filed 1 Sep 2026) - [Kataria Dhulchand Pannalal Jewellers Limited - DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788262207109_1345.pdf) (Draft Red Herring Prospectus, filed 1 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.