• IPO details: The company is raising roughly ₹460 crore with a price band of ₹168 to ₹177 per share, comprising a fresh issue of ₹250 crore to fund working capital requirements and an offer for sale of ₹209.7 crore.
• Margin expansion: Profit margins reached 7.6% due to operational leverage, regional penetration, and an increasing shift toward studded jewellery, which now accounts for 72% of total sales compared to 28% for plain gold jewellery.
• Hedging policy: Gold price volatility is mitigated by hedging approximately 85% of total gold holdings through Gold Metal Loan facilities, MCX short forward contracts, and back-to-back supplier price-fixing mechanisms.
• Growth strategy: Top-line growth is expected to exceed historical 30% levels, supported by a new manufacturing facility in Hyderabad, sales office expansions into Vijayawada and Bangalore, and broader product SKU cross-selling.