R.K.Fashion Accessories Limited

R. K. Fashion Accessories Limited is a Kolkata-based enterprise engaged in the outsourced manufacturing and wholesale distribution of imitation jewellery, alongside the trading of branded personal care and cosmetic products. Originally incorporated on March 23, 2010, as Satabadi Distributor Private Limited, the company changed its name to R. K. Fashion Accessories Private Limited in 2011 before converting into a public limited company in March 2026. The core business model blends handcrafted fashion jewellery with fast-moving consumer personal care items, supplying products across various market segments through wholesale, dealer, and retail channels. Additionally, since FY25, the company has diversified its operations by leasing its hotel properties to third parties to generate stable rental income.

The business operates primarily on a Business-to-Business (B2B) framework, which generated 95.16% of total revenue in FY26 and 90.66% in the stub period ending June 30, 2026. B2B clients include wholesale distributors, regional dealers, boutique owners, local retailers, and organized retail chains across Eastern India and other domestic markets. The product portfolio spans diverse imitation jewellery items—such as bangles, bracelets, kadas, chains, malas, and earrings—combining traditional craftsmanship with contemporary design trends. To complement the impulse-purchase nature of jewellery, the company strategically stocks fast-moving branded cosmetics to help retail partners build steady store footfall.

The company utilizes an outsourced manufacturing framework, partnering with local craftsmen (karigars) and contract manufacturers in Kolkata for casting, stone setting, polishing, and assembly. Plating processes have historically been outsourced to specialized facilities in Mumbai due to local technological constraints. Because production is executed entirely through contract manufacturers, the company has limited direct manufacturing history and does not report captive plant capacity or installed utilization metrics. To reduce transit delays and enhance operational control, the company proposes using IPO proceeds to establish its first in-house plating facility at Baruipur, Kolkata.

The company does not maintain a formal Research and Development (R&D) department. Instead, its operational capabilities center on in-house cataloguing, design curation, supplier network management, and intellectual property protection. It holds registered trademarks, including "CITY GIRL" for gold-plated jewellery. Operational highlights include the strategic expansion of its retail footprint through a G+4 flagship showroom at Rash Behari Avenue, Kolkata, an existing wholesale hub at Bagree Market, and a proposed B2B showroom at Ezra Street, Kolkata.

Financially, R. K. Fashion Accessories Limited reported total income and net profits of ₹14.46 Cr and ₹0.95 Cr (FY24), ₹17.82 Cr and ₹2.00 Cr (FY25), ₹31.54 Cr and ₹6.29 Cr (FY26), and ₹7.49 Cr and ₹1.83 Cr (Q1 FY27). The company has demonstrated robust growth, with PAT expanding at a CAGR of 157.54%, while long-term debt increased from ₹0.61 Cr in FY24 to ₹1.70 Cr in FY26. The company maintains an average EPS of ₹3.53 and an average RoNW of 28.25% over the last three fiscals.

Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 5.13 (NAV of ₹15.99 as of June 30, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.40. Attributing the latest earnings to the expanded post-issue equity base, the asking price reflects a Post-Issue P/E of 63.71 (FY25), 20.24 (FY26), and 17.39 (Q1 FY27). A comparison with listed peers is shown in above table.

The issue is managed by Affinity Global Capital Market Private Limited, which has handled 8 public issues to date. Out of these, two opened at a discount to the issue price, two listed at par, and the remaining four listed at a premium\. As of October 2, 2026, six out of the eight recent issues are trading below their respective issue prices.

• 1 Mr. MD Qasim
• 2 Mr. Mohammed Usman
• 3 Mr. Mohammed Imran
• 4 Mr. MD Aurangzeb