Minerva Capital Research Solutions

R.K.Fashion Accessories

ListedListed 12 Oct 2026NSE SMENSE: RKFAL-SMCheck allotment
Current price₹ 35.85−56.28% since issue
Listing day−2.44%
Issue price
₹ 82
Issue size
₹ 34.99 Cr.
Min. investment
₹ 1,31,200
Listing price
₹ 80
Lot size
1,600 shares
P/E
17.41
RoNW
40.66%
RoCE
12.56%
Debt / Equity
0.17
PAT margin
24.40%
EBITDA margin
34.08%
RoE
10.71%
EPS
₹ 4.71
NAV
₹ 15.99
Promoter stake
72.26%

About

R.K. Fashion Accessories Limited was incorporated in March 2010. It sells handcrafted imitation jewellery, which it does not make itself but has made by contract manufacturers, and also trades branded cosmetics. The jewellery combines traditional designs with contemporary styles. Most sales are wholesale to business customers, and the company is adding direct sales to individual buyers through a multi-platform e-commerce presence and corporate tie-ups. It runs multi-stage inspection and quality checks on what the contract manufacturers deliver. It has bought a property on Rash Behari Avenue in Kolkata, still under construction, to add retail space and reach consumers in parts of the city where it has fewer business customers. Issue money is also going into a new plating facility at Baruipur in West Bengal, a new business-to-business showroom in Kolkata, completion of consumer stores and stock for them. As on 30 June 2026 it had 50 permanent employees, with contract labour taken on for large orders.

Timeline

  1. Opens
    5 Oct
    done
  2. Closes
    7 Oct
    done
  3. Allotment
    8 Oct
    done
  4. Refunds
    9 Oct
    done
  5. Demat credit
    9 Oct
    done
  6. Listing
    12 Oct
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 15 on 6 Oct 2026
Lowest
₹ 0 on 1 Oct 2026
First quoted
₹ 0 on 1 Oct 2026

Subscription

How many times each investor group bid for its share, as of 12 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,600₹ 1,31,200
Retail (Max)11,600₹ 1,31,200
HNI (Min)23,200₹ 2,62,400

Company overview

Financials

Financials by year
Assets28.3223.8816.8811.7
Total Income7.4931.5417.8214.46
Profit After Tax1.836.2920.95
EBITDA2.557.342.980.11
NET Worth17.9916.169.817.82
Reserves and Surplus6.744.919.167.16
Total Borrowing3.061.70.610.61

Strengths

  • Revenue grew 77% in FY2026, from Rs 17.82 crore to Rs 31.54 crore, after Rs 14.46 crore in FY2024.
  • Profit after tax grew from Rs 0.95 crore in FY2024 to Rs 2.00 crore in FY2025 and Rs 6.29 crore in FY2026.
  • Margins are high for a trading business, with a PAT margin of 24.40% and an EBITDA margin of 34.08%.
  • Debt is very low at Rs 1.70 crore as on 31 March 2026 against a net worth of Rs 16.16 crore, a debt to equity ratio of 0.17.
  • The whole Rs 34.99 crore issue is fresh capital with no offer for sale.
  • Most of the money builds capacity and reach: Rs 8.80 crore for a new plating facility at Baruipur, Rs 5.37 crore for a B2B showroom in Kolkata, Rs 2.48 crore to complete consumer stores, Rs 5.60 crore for their stock and Rs 5.21 crore for working capital.
  • Net worth has grown from Rs 7.82 crore in FY2024 to Rs 17.99 crore by 30 June 2026.
  • It sells through wholesale, retail and online channels, and has corporate tie-ups alongside its B2B customer base.

Risks

  • The FY2024 figures cannot all be right. EBITDA is shown as Rs 0.11 crore while profit after tax for the same year is Rs 0.95 crore, and profit cannot exceed EBITDA.
  • The two return figures are far apart. Return on equity is shown as 10.71% while return on net worth is shown as 40.66%, and return on capital employed as 12.56%, so the profitability of the business cannot be pinned down from the published set.
  • The reserves row does not fit either, falling from Rs 9.16 crore in FY2025 to Rs 4.91 crore in FY2026 while net worth rose from Rs 9.81 crore to Rs 16.16 crore.
  • The latest column is a three month stub to 30 June 2026 showing income of Rs 7.49 crore, which cannot be compared with a full year.
  • The growth comes off a very small base. Revenue was Rs 14.46 crore in FY2024 and profit Rs 0.95 crore, so one good year lifts the percentages a long way.
  • A PAT margin of 24.40% is unusually high for imitation jewellery wholesaling and cosmetics trading, where goods are bought in and resold.
  • The company manufactures nothing itself. All jewellery is made by contract manufacturers, so quality, cost and delivery sit with third parties.
  • The Rash Behari Avenue property is still under construction, so the retail expansion the issue is funding has not started trading.
  • Imitation jewellery is a crowded trade with low entry barriers, and designs are copied quickly.
  • Promoter holding falls from 99.67% to 72.26% after the issue.
  • This is an SME issue. One lot is 1,600 shares, which is about Rs 1.31 lakh at the upper band of Rs 82, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
To meet the working capital requirements5.21
To Finance Establishment of-New plating facility at Baruipur, Kolkata West Bengal8.8
To Finance Establishment of-Proposed new B2B showroom in Kolkata5.37
To Finance Establishment of-Completion of B2C Stores in Kolkata2.48
To Finance Establishment of-Inventory cost for the proposed new showroom and stores5.6
General Corporate Purposes—

Promoters

  • Md.Qasim
  • Mohammed Usman
  • Mohammed Imran
  • Md.Aurangzeb
Promoter holding99.67%→72.26%before → after the issue · down 27.41 points

Registrar, lead managers and documents

Listing on
NSE SME
Face value
₹ 10 a share
Registrar
Cameo Corporate Services Limited
Lead managers
Affinity Global Capital Market Private Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.