This company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Incorporated in 2010 in Kolkata, West Bengal, R.K. Fashion Accessories Limited operates across three main segments: manufacturing handcrafted imitation jewellery through contract manufacturers, B2B wholesale trading of branded cosmetics, and leasing hotel properties to third parties for rental income. In FY26, imitation jewellery contributed 81.88% (Rs. 24.8572 crore), trading of cosmetics contributed 16.15% (Rs. 4.9026 crore), and hotel rental/commission income contributed 1.97% (Rs. 0.5973 crore) of total revenue from operations (Rs. 30.3571 crore). The company supplies products to local retailers, boutique owners, and organized retail chains across India. In November 2023, the company amalgamated with M/s Valuable Vintrade Private Limited and M/s Variety Fashion Accessories Private Limited, and in April 2024 took over the proprietorship businesses M/s R K Fashion Packaging and M/s R K Packaging.
Established wholesale customer relationships with organized retail chains, multi-segment revenue streams across imitation jewellery and commercial real estate/hotels, and scalable asset-light contract manufacturing model.
R.K. Fashion Accessories Limited is a Kolkata-based manufacturer (via contract manufacturing) and wholesale distributor of fashion and imitation jewellery, trader of branded cosmetics, and hotel property lessor.
Source: p.197, 312, 328
The comparable set the company chose, which is itself a disclosure.
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| standalone | FY26 | 0 | 6.2869 | 20.71% | 30.3571 | yes | |
| standalone | FY25 | 0 | 1.9972 | 11.24% | 17.7719 | yes | |
| standalone | FY24 | 0 | 0.9478 | 7.13% | 13.2849 | yes |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
How are the fresh issue IPO proceeds allocated across working capital, plating facility, showroom expansion, and general corporate purposes?
Fresh issue proceeds are allocated as: Rs. 5.2144 crore for incremental working capital requirements, Rs. 8.8037 crore for establishing a new plating facility at Baruipur, Rs. 5.3700 crore for a new B2B showroom in Ezra Street, Rs. 2.4800 crore for B2C stores in Rash Behari Avenue, Rs. 5.6000 crore for initial inventory stocking across new showrooms, and the balance for General Corporate Purposes (capped at 15% of gross proceeds or Rs. 10.00 crore, whichever is lower).
p.56, 62, 63, 130
What is the promoters' shareholding pre-issue and post-issue, and their acquisition cost history?
Promoters Mohammed Usman, MD Qasim, MD Aurangzeb, and Mohammed Imran hold 99.62% pre-issue equity (11,206,672 shares out of 11,249,563 pre-issue shares) and 72.22% post-issue equity. Promoter shareholding was expanded through a 16:1 bonus issue (10,587,824 shares) in March 2026, establishing a promoter weighted average cost of acquisition (WACC) of Rs. 0.00 per share over the last 3 years.
p.4, 15, 16, 17, 106, 297
What are the key related-party transactions, corporate mergers, and promoter debt support?
In November 2023, the company absorbed Valuable Vintrade Pvt Ltd and Variety Fashion Accessories Pvt Ltd via NCLT merger scheme. In April 2024, it acquired proprietorship concerns M/s R K Fashion Packaging and M/s R K Packaging. Purchases from related entity M.K. Jewellers totaled Rs. 0.7206 crore in FY26. Unsecured loans from promoter Mohammed Usman stood at Rs. 1.7032 crore as of FY26. Director remuneration to Mohammed Usman and MD Qasim totaled Rs. 0.1490 crore in FY26.
p.297, 304, 305, 309
How did operating cash flow perform relative to restated net profits over FY24 to FY26?
Restated PAT expanded from Rs. 0.9478 crore in FY24 to Rs. 1.9972 crore in FY25 and Rs. 6.2869 crore in FY26. Operating profit before working capital changes stood at Rs. 7.3396 crore in FY26 (up from Rs. 2.9845 crore in FY25 and Rs. 0.1823 crore in FY24), supported by robust operating EBITDA margins of 24.16% in FY26.
p.7, 9, 26, 327
What secretarial, statutory compliance, litigation, and tax findings exist for the company?
The company disclosed 5 pending income tax portal proceedings against the company totaling Rs. 0.3420 crore. Outstanding dues to MSME suppliers stood at Rs. 2.0166 crore as of FY26. Original tenancy agreements for Bagree Market B2B premises were destroyed in a 2018 fire. Statutory auditor M/s Murarka & Associates served continuously without auditor change.
p.7, 82, 299, 307
What are the application lot terms, retail ticket requirements, market maker details, and exit constraints for public investors?
The offer is listed on NSE Emerge with a minimum retail application requirement of 2 lots (minimum application size above Rs. 2.00 lakhs). Trading occurs strictly in standardized market lots, and because lots are indivisible, partial exit or fractional lot trading is impossible. Market Maker reservation portion is 214,400 equity shares (5.03%) with a mandatory 3-year obligation period. Standard SME 5% price circuit limits apply.
p.2, 4, 12, 13, 103
What the issue priced at, on the figures in the document.
| Date | Name | Shares | Price per share | Category | Issue type | Source |
|---|---|---|---|---|---|---|
| 2010-03-23 | Promoters & Initial Subscribers to MOA | 5000 | 10 | promoter | initial | p.118 |
| 2010-05-15 | Mohammed Usman | 2000 | 100 | promoter | rights | p.118 |
| 2015-12-29 | Halima Qasim to Promoters | 3000 | 0 | relative | transfer | p.118 |
| 2017-03-27 | Promoters & Family Members | 9000 | 102 | promoter group | preferential | p.118 |
| 2025-02-13 | Amalgamated Entities Share Allottees | 107200 | 10 | promoter group | transfer | p.118 |
| 2026-03-19 | Existing Shareholders (Bonus 16:1) | 10587824 | 0 | promoter | bonus | p.15, 106, 297 |
Ceo: Mohammed Usman
Pending income tax demand proceedings against the Company totaling Rs. 0.3420 crore (AY 2018-19 Rs. 0.3203 crore and AY 2019-20 Rs. 0.0123 crore). One pending proceeding against KMP/SMP involving Rs. 0.0003 crore.
Auditor name: M/s Murarka & Associates, Chartered Accountants
Skin in game: Promoters hold 99.62% pre-issue shareholding (11,206,672 equity shares out of 11,249,563 pre-issue shares).
Auditor changed last 3y: No
Source: p.4, 6, 7, 11, 237, 249, 287, 307
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| M.K. Jewellers | 0.7206 | purchase | promoter-owned entity | yes | p.297, 305 |
| Mohammed Usman | 1.7032 | loan taken | director | no | p.297, 305 |
| Mohammed Usman | 0.078 | remuneration | director | yes | p.256, 297 |
| MD Qasim | 0.071 | remuneration | director | yes | p.256, 297 |
Outstanding Income Tax demands under dispute total Rs. 0.3420 crore across AY 2018-19 (Rs. 0.3203 crore) and AY 2019-20 (Rs. 0.0123 crore). Dues payable to Micro and Small Enterprises stood at Rs. 2.0166 crore as at March 31, 2026.
Defaults disclosed: Yes
Source: p.7, 299, 307
Models that need these lines are withheld rather than estimated: two comparable financial years. Nothing on this page is back-solved from a figure the company did not publish.
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The same read, applied to the companies this one competes with.