Severeconcentrationpage 28
Revenue heavily concentrated in single CG Road Ahmedabad showroom
the store located at CG Road, Ahmedabad, Gujarat generates a substantial share of our total revenue from operations
3 days leftMainboardDiamond & JewelleryMKSONS
M.K.Sons Fine Jewels IPO
M.K.Sons Fine Jewels IPO is a mainboard IPO raising ₹275 Cr at ₹153 – ₹162 a share. The smallest application you can make is 91 shares, costing ₹14,742 at the top of the band. Bidding closes on 30 Oct 2026 and the shares list on 4 Nov 2026.
₹153 – ₹162
Price band
₹14,742
Minimum to apply (91 shares)
₹275 Cr
Issue size
30 Oct 2026
Bidding closes
Not publishedSubscription
The exchanges never published a subscription figure for this issue.
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 440-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 153 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severefinancialpage 34
Negative operating cash flow in last three Fiscals
Our Company had negative net cash flow from operating activities in the last three Fiscals.
Severefinancialpage 43
Inventory equals 90% of total assets with rising holding days
our inventories were ₹ 2,752.26 million, ₹ 2,564.29 million, ₹ 2,056.96 million and ₹ 874.81 million
Highfinancialpage 35
Large working capital gap funded by borrowings
As of June 30, 2026, our outstanding borrowings amounted to ₹ 705.22 million mainly used to support working capital requirements.
Highoperationalpage 29
Entirely showroom-dependent sales with no online channel
Our business is entirely dependent on customer footfall at our physical showrooms, and we do not generate any online revenue or by any alternate sales channels.
Highmarketpage 33
Gold and diamond price volatility affects margins and inventory
A sustained increase in gold or diamond prices may lead to higher procurement and inventory holding costs, increased working capital requirements and interest costs, and may reduce consumer demand due to affordability concerns
Highoperationalpage 34
Reliance on third-party manufacturers without long-term contracts
since we do not enter into contractual obligations with these third-party manufacturers and Karigars, we are exposed to the risk of our designs being passed on to competitors
Highpromoterpage 46
Group company has overlapping jewellery business objects
Our Group Company, Spicy Sangria Hotels Private Limited, has objects similar to those of our Company
Highfinancialpage 41
Gold-heavy product mix compresses operating margins
a higher contribution from lower-margin gold jewellery relative to higher-margin diamond jewellery may materially and adversely affect our profitability
Highlitigationpage 46
Tax demands and contingent liabilities may crystallize
raised a demand of ₹4,29,42,955 against our Company
Highpromoterpage 54
Promoter guarantees support ₹527 million of borrowing facilities
our lenders may require us to furnish alternate guarantees or may demand a repayment of the outstanding amounts under the said facilities sanctioned
Highoperationalpage 52
Permanent employee attrition reached 55% in FY2026
Permanent employees 14% 55% 27% 33%
Moderatefinancialpage 37
Prior auditor modified opinion on Indian GAAP financials
The audit reports on the Indian GAAP financial statements issued by the Previous Auditors, M/s Parmar & Company., Chartered Accountants, were modified.
Moderateregulatorypage 49
Promoter has prior SEBI penalty for manipulative trading
SEBI held that Neelam Raimalani had engaged in fraudulent and unfair trade practices
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 6 | 0 | ₹5.0 Cr |
| Promoters | 0 | 16 | 3 | ₹5.9 Cr |
| Directors | 0 | 16 | 0 | ₹5.6 Cr |
| Group companies | 0 | 8 | 0 | ₹0.1 Cr |
case₹13 Crpage 344
Neelam Ramchand Raimalani v. Income Tax Department—AY 2016-17 reassessment concerning alleged accommodation entries through Kamalakshi Finance Corporation shares; alleged income escapement of ₹12.86 crore.
case₹5.0 Crpage 342
M.K. Sons Fine Jewels Limited v. Income Tax Department—AY 2017-18 demonetisation cash-deposit assessment; ₹4.99785 crore of deposits treated as unexplained, with tax demand of ₹4.2942955 crore.
case₹4.0 Crpage 343
Ramchand Murlidhar Raimalani v. Income Tax Department—AY 2012-13 reassessment over alleged client-code-modification income; ₹4.0422487 crore added to income and ₹1.249437 crore penalty imposed.
Source table amounts are in ₹ million and were converted using ₹10 million = ₹1 crore. Bucket amounts are exact sums of stated non-NIL amounts; the promoters bucket also includes ₹2.907155 crore quantified in three writ petitions. Directors’ figures follow the prospectus’s express cross-references to the promoter matters and therefore overlap them. No separate subsidiaries figures or litigation grand total are stated. No criminal proceedings, statutory/regulatory-authority actions, SEBI or stock-exchange disciplinary actions, or material inspection findings were disclosed [p340, p343-p350].. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.
Prospectus on SEBI ↗
The full prospectus — business, financials, risk factors and litigation.
Anchor investor allocation ↗
Which institutions were allotted shares before bidding opened, and how many.
Bidding centres ↗
Where physical applications could be submitted.
Basis of issue price (peer ratios) ↗
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
Red Herring Prospectus ↗
The full prospectus — business, financials, risk factors and litigation.