R.K.Fashion Accessories IPO: GMP, Price Band, Lot Size, Financials & Review

R.K.Fashion Accessories Ltd. is raising ₹34.99 crore through an SME IPO that is entirely a fresh issue of 42,67,200 equity shares, with no offer for sale (OFS) component. It is a book-built issue with a price band of ₹77 to ₹82 per share, open for subscription from 5 October 2026 to 7 October 2026, and the shares are proposed to list on NSE Emerge (NSE SME) on 12 October 2026.

R.K.Fashion Accessories IPO Details

All amounts above are at the upper price band of ₹82. After the market maker portion, the net offer is 40,52,800 shares. Because this is an SME issue, individual investors must apply for a minimum of 2 lots, which works out to ₹2,62,400. If you are new to this segment, read our guide on SME IPO vs mainboard IPO.

About R.K.Fashion Accessories

Incorporated in March 2010 and based in Kolkata, R.K.Fashion Accessories manufactures and distributes imitation jewellery on a wholesale basis, and also trades in branded cosmetics. Its jewellery is handcrafted and blends traditional designs with contemporary styles.

The company sells through several channels:

• B2B: wholesale supply to retailers and established business customers.
• B2C: retail sales, including a store being completed on Rash Behari Avenue, Kolkata, on a property the company has purchased.
• E-commerce: sales across multiple online platforms.
• Corporate tie-ups: supply arrangements with corporate customers.

As of 30 June 2026, the company had 50 permanent employees, along with contractual labour.

Financial Performance

FY = financial year ending 31 March. Figures are restated. Q1 FY27 is the three months ended 30 June 2026 and should not be compared directly with full-year figures.

• Total income grew about 23% in FY25 and then about 77% in FY26, to ₹31.54 crore.
• PAT roughly doubled in FY25 and then more than tripled in FY26 (up about 215%), to ₹6.29 crore. PAT as a share of total income rose from about 7% in FY24 to about 20% in FY26.
• In FY24, EBITDA (₹0.11 crore) was lower than PAT (₹0.95 crore), so profit that year depended on income outside core operations. Margins have changed sharply in a short time, so the FY26 level has only one full year of track record behind it.
• Total borrowing rose from ₹0.61 crore in FY25 to ₹3.06 crore by 30 June 2026, though it remains small relative to net worth.
• In FY26, reserves fell from ₹9.16 crore to ₹4.91 crore while net worth rose. Share capital went from about ₹0.65 crore to ₹11.25 crore, which is consistent with reserves being capitalised through a bonus issue. The capital structure section of the RHP has the details.

Key Ratios & Valuation

Read the post-IPO P/E with care. The pre-IPO EPS of ₹5.59 is based on FY26 profit (₹6.29 crore over 1,12,49,563 shares). The post-IPO EPS of ₹4.71 matches the June 2026 quarter's profit annualised (₹1.83 crore × 4) over the enlarged share count. On actual FY26 profit, the post-issue market cap of ₹127.24 crore works out to a P/E of about 20.2x, not 17.41x. Annualising a single quarter assumes the business keeps earning at that pace for the whole year. Our guide on IPO valuation ratios explains how to read these numbers.

At the upper band the issue is priced at 5.71x book value, which is high for an SME manufacturer and reflects the jump in FY26 returns.

Objects of the Issue

The company proposes to use the issue proceeds for:

1. Setting up a new plating facility at Baruipur, West Bengal: ₹8.80 crore
2. Purchase of inventory for the new showroom and stores: ₹5.60 crore
3. Setting up a new B2B showroom in Kolkata: ₹5.37 crore
4. Working capital requirements: ₹5.21 crore
5. Completion of the B2C store in Kolkata: ₹2.48 crore

These five objects add up to about ₹27.47 crore. The remainder is for general corporate purposes and issue expenses, as set out in the RHP.

Shareholding & Promoters

The promoters are Md. Qasim, Mohammed Usman, Mohammed Imran and Md. Aurangzeb. Promoter holding will fall from 99.67% before the issue to 72.26% after it. Total shares outstanding will rise from 1,12,49,563 to 1,55,16,763.

R.K.Fashion Accessories IPO GMP Today

On the evening of 5 October 2026, the grey market premium for R.K.Fashion Accessories was reported at about ₹7, or roughly 8.5% over the upper band of ₹82. GMP is an unofficial, unregulated grey-market indicator that changes daily and is not a reliable predictor of listing price. Track the live GMP and read how accurate IPO GMP is before relying on it.

Strengths

The company lists these strengths in its offer document:

• Strategic corporate tie-ups.
• A growing B2C and retail presence.
• A multi-platform e-commerce strategy.
• Established B2B customer relationships.
• Multi-stage quality inspection.
• A blend of traditional and contemporary jewellery designs.
• Diversified sales channels.

Risks to Consider

• Short record of high profitability: PAT went from ₹0.95 crore in FY24 to ₹6.29 crore in FY26, and EBITDA margin from under 1% to about 24%. Investors have only one full year at these levels to judge whether they can last.
• Valuation basis: the post-issue P/E of 17.41x relies on annualising one quarter. On FY26 profit it is about 20.2x, and the stock is priced at 5.71x book value.
• Execution of expansion: most of the proceeds go to new assets, including a plating facility, a B2B showroom, a B2C store and inventory for them. Delays or cost overruns would affect returns.
• Geographic concentration: the company's office, its planned facility and its planned stores are all in and around Kolkata, West Bengal.
• Rising borrowing: borrowing rose five-fold from FY25 to June 2026, from a low base.
• Discretionary demand: fashion and imitation jewellery are discretionary purchases that depend on changing design trends and consumer spending.
• SME liquidity: SME shares trade in fixed lots on NSE Emerge. A market maker provides quotes, but trading can still be thin and exiting may be difficult. Read about SME IPO liquidity risks and market maker rules.

How to Check Allotment Status

Cameo Corporate Services Ltd. is the registrar, and the basis of allotment is expected to be finalised on 8 October 2026. You can check your status on our allotment status page once it is out. To understand how shares are allotted in an oversubscribed issue, read how IPO allotment works. To follow demand while the issue is open, see how to read IPO subscription status.

Disclaimer: This article is for educational purposes only and is not investment advice. GMP is unofficial and can change quickly. Read the RHP and consult a SEBI-registered adviser before investing.