| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 13.28 | 17.77 | 30.36 |
| Expenses | 13.43 | 15.02 | 23.25 |
| Other Income | 1.17 | 0.05 | 1.18 |
| Total Revenue | 14.46 | 17.82 | 31.54 |
| Profit Before Tax | 1.02 | 2.80 | 8.30 |
| Net Profit | 0.95 | 2.00 | 6.29 |
RK Fashion Accessories
RK Fashion Accessories IPO
₹2,46,400
0.49 xOver-subscribedBidding Dates 05 Oct, 26 -07 Oct, 26
Min Investment ₹2,46,400
Lot Size1,600
Price Range ₹77 – ₹82
Issue Size ₹34.99 Cr.
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IPO Subscription Details
Retail Subscription Details
0.16 x
Non-Institutional Buyers (sHNI)
0.02 x
Non-Institutional Buyers (bHNI)
0.94 x
Qualified Institutional Buyers (QIB)
14.11 x
Total0.49 x
0.49 x IPO Timeline
IPO Offer Start
05 Oct,26
IPO Offer Ends
07 Oct,26
Allotment Finalisation
08 Oct,26
Refund Initiation
09 Oct,26
Listing of Shares
12 Oct,26
IPO Analysis
Strengths
The company produces 24-carat gold-plated copper jewellery and American Diamond pieces, integrating traditional Bengali craftsmanship with modern design through skilled artisans, enabling hyperlocal, region-specific product offerings across diverse micro-markets.
The company maintains a client retention rate of over 90% through dedicated relationship managers, prompt order processing, and flexible credit terms of 60–90 days, supporting sustained repeat business across boutique owners, local retailers, and export merchants.
The company's brand 'Manikya Jewellery' operates across major e-commerce platforms and dedicated websites, receiving 63,665 total orders in Fiscal 2026, contributing Rs. 146.89 lakhs in online revenue and expanding market access beyond traditional retail boundaries.
Risks
The company generates 76%–92% of its total revenue from four eastern states (Bihar, Jharkhand, Odisha, and West Bengal), making it highly vulnerable to regional economic downturns, regulatory changes, or shifts in consumer preferences. Any adverse event in these states could materially impact the company's overall revenue and profitability.
The company's working capital has grown sharply from ₹(77.01) lakhs in FY2024 to ₹974.81 lakhs in the stub period ended June 30, 2026, reflecting an increasingly capital-intensive business. The company has reported negative operating cash flows in multiple periods, and any inability to secure adequate working capital could disrupt operations and financial performance.
The top 10 customers contributed 19.17%, 15.15%, 20.24%, and 21.61% of total sales across the most recent reporting periods, creating significant revenue concentration risk. Loss of any key customer due to competitive pressures, changing preferences, or financial difficulties could materially reduce revenues and disrupt cash flows.
Objectives
The company intends to utilize a portion of the Net Proceeds to meet incremental working capital requirements for Fiscal 2027, covering trade receivables, inventories, trade payables, and day-to-day operations to support business growth.
The company proposes to establish an in-house PVD Vacuum Coating facility at Baruipur, West Bengal, involving civil and structural work and installation of plant and machinery, to enhance production control, quality, and reduce dependency on third-party contract manufacturers.
The company proposes to acquire and develop a new B2B wholesale showroom at Ezra Street, Kolkata, covering property purchase, interior fit-out, and initial opening inventory, to strengthen wholesale market presence and expand its customer base.
The company intends to utilize Net Proceeds for interior fit-out and furnishing of the remaining floors of its G+4 B2C retail showroom at Rash Behari Avenue, Kolkata, to expand direct retail operations and enhance customer experience.
The company proposes to procure initial opening inventory for the new B2B showroom at Ezra Street and the remaining floors of the B2C showroom at Rash Behari Avenue, Kolkata, to ensure adequate product display and uninterrupted retail and wholesale operations.
The company intends to deploy a portion of the Net Proceeds towards general corporate purposes including strategic initiatives, brand building, funding growth opportunities, and meeting ongoing business contingencies, subject to applicable regulatory limits.
The company proposes to meet offer-related expenses including Book Running Lead Manager fees, underwriting commissions, printing and distribution expenses, legal fees, advertisement expenses, registrar fees, depository fees, and listing fees from the Net Proceeds.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 11.70 | 16.88 | 23.88 |
| Current Assets | 6.69 | 11.85 | 13.37 |
| Fixed Assets | 5.02 | 5.03 | 10.50 |
| Total Equity & Liabilities | 11.70 | 16.88 | 23.88 |
| Total Liabilities | 3.88 | 7.07 | 7.71 |
| Current Liabilities | 3.12 | 6.26 | 5.76 |
| Non Current Liabilities | 0.76 | 0.81 | 1.95 |
| Total Equity | 7.82 | 9.81 | 16.16 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -0.95 | -0.20 | -0.01 |
| Investing Activities | -2.15 | -0.23 | -0.49 |
| Operating Activities | -0.26 | 0.03 | -0.68 |
| Financing Activities | 1.46 | 0.00 | 1.15 |
About RK Fashion Accessories
R.K. Fashion Accessories Limited (RKFAL) is a Kolkata-based company engaged in the manufacturing (through contract manufacturers) and wholesale distribution of imitation jewellery, along with trading of branded cosmetics and hotel rental income. The company operates under two sub-brands — 'City Girl' for gold-plated wedding and daily-wear jewellery, and 'Manikya' for...more
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Managing DirectorMD Qasim
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