R.K.Fashion Accessories IPO
R.K.Fashion Accessories IPO is an SME IPO raising ₹35 Cr at ₹77 – ₹82 a share. It listed on 12 Oct 2026 at ₹80, −2.4% against its issue price of ₹82, and trades at ₹59 today (−28.2% since issue). It was subscribed 2.72× in total.
2.7 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Kolkata-based company that designs and distributes imitation (fashion) jewellery through a network of contract manufacturers, karigars and third-party platers, and also trades branded cosmetics sourced from authorised distributors. Products include 24-carat gold-plated copper jewellery, American Diamond/Cubic Zirconia pieces, and other handcrafted traditional and contemporary styles sold under the 'City Girl' and 'Manikya' sub-brands. Since FY 2024-25, it also leases a hotel property in Kolkata to a hospitality operator.
How it earns
Revenue comes mainly from wholesale B2B sales of imitation jewellery to dealers, distributors, retailers and boutique owners (95.16% of FY2026 revenue), with smaller contributions from Shop-in-Shop counters at national retail chains, e-commerce sales of branded cosmetics and jewellery, and rental/commission income from a leased hotel. (All amounts originally in Rs. Lakhs; 1 crore = 100 lakhs.)
Who buys
B2B wholesale buyers dominate at 95.16% of FY2026 revenue (₹28.89 crore of ₹30.36 crore). Customer base as of FY2026: 12 distributors, 550 dealers and 800 retailers. Top 10 customers are not individually named (listed as Customer 1–10); largest single customer (Customer 1) accounted for ₹34.99 lakh in the latest period, with year of association from 2015-16 onwards. Geographically, West Bengal contributes 65.77% of revenue (₹19.97 crore in FY2026), followed by Odisha (9.63%), Bihar (6.76%), Assam (5.24%) and Jharkhand (4.16%). 37 new B2B customers were added in FY2026 contributing ₹5.51 crore in additional revenue.
Scale
120 Shop-in-Shop counters in national retail chains; FY2026 customer base of 12 distributors, 550 dealers and 800 retailers; network of contract manufacturers/artisans in Kolkata; one leased hotel in Kolkata; a four-storied property purchased on Rash Behari Avenue, Kolkata for a B2C retail showroom (under construction). Top 10 contract manufacturers accounted for 35.46% of purchases in FY2026 (₹5.56 crore of ₹15.69 crore). FY2026 revenue from operations: ₹30.36 crore; FY2026 PAT: ₹6.29 crore.
What it says sets it apart
- Hyperlocal product design via local Kolkata artisans/contract manufacturers tailoring jewellery to regional tastes, giving ability to compete with state-level organised chains and unorganised local jewellers
- B2B client retention of over 90% supported by dedicated relationship managers, flexible payment terms and prompt order processing
- Distribution through ~120 Shop-in-Shop counters (up from 105 in FY2025) inside national retail chains, providing institutional/recurring demand
- Multi-platform e-commerce presence across 5 online channels plus own websites (manikyajewellery.com, citygirljewellery.com/.in) — 63,665 orders received in FY2026
- Direct procurement of gold and American Diamond (high-value inputs) by the Company since the current year to manage gold price volatility and improve pricing visibility, while base metals (copper, bronze) continue to be sourced by contract manufacturers
Revenue mix
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 13 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Affinity Global Capital Market Private Limited — median −29.2% across the 10 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 18 Nov 2026.
What to watch
- The register's top risk: 76-92% revenue from Eastern India with West Bengal dominance (prospectus page 43).
- Its cohort's record: median −2.3% since issue price, 52.4% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
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Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.