Momai Art IPO (DRHP filed)
Momai Art Limited filed its draft red herring prospectus with SEBI on 30 Sep 2026. Price band, lot size and issue dates are announced only after SEBI observations and the RHP filing.
Last updated
- Stage
- DRHP Filed
- DRHP filed
- 30 Sep 2026
- Days since
- 31
- Issue size
- —
- Board
- Mainboard
- Price band
- TBA
Momai Art IPO status
Momai Art Limited filed its draft red herring prospectus (DRHP) with SEBI on . The issue can open only after SEBI issues its observations and the company files the RHP with the price band.
| DRHP filed | 30 Sep 2026 |
|---|---|
| Days since filing | 31 |
| SEBI observation | Awaited |
| Price band | TBA |
| Issue dates | TBA |
Share reservation by category
| Category | Shares Details |
|---|---|
| Qualified Institutions | Not More Than 50% of the Net Issue |
| Retail Investors | Not Less Than 35% of the Net Issue |
| Non-Institutional | Not Less Than 15% of the Net Issue |
Momai Art Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹557.31 Cr to ₹663.53 Cr, and profit after tax rose from ₹9.17 Cr to ₹39.01 Cr. The PAT margin for 31 Mar 2026 was 5.88%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 147.77 | 67.93 | 53.43 |
| Total Income | 663.53 | 557.31 | 320.54 |
| Profit After Tax | 39.01 | 9.17 | 5.83 |
| EBITDA | 60.21 | 20.73 | 13.26 |
| Net Worth | 50.81 | 11.79 | 18.68 |
| Total Borrowings | 88.27 | 54.34 | 25.86 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 124.62 | 60.17 | 40.17 |
| ROCE % | 42.16 | 29.90 | 28.14 |
| Debt / Equity | 1.74 | 4.61 | 1.38 |
| RoNW % | 124.62 | 60.17 | 40.17 |
| Pat Margin % | 5.89 | 1.65 | 1.82 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Momai Art Limited | 10 | — | 5.42 | 5.42 | 124.62% | 7.06 |
| Sky Gold & Diamonds Ltd | 10 | 43.96 | 18.07 | 18.06 | 23.00% | 77.86 |
| Shringar House of Mangalsutra Ltd | 10 | 15.72 | 13.55 | 13.55 | 26.29% | 70.29 |
| Shanti Gold International Ltd | 10 | 15.34 | 21.22 | 21.22 | 38.08% | 83.00 |
Notes
Revenue from Operations means the Revenue from Operations for the year as appearing in the Restated Financial
Information.Revenue from Operations (% Change) is calculated as a percentage of Revenue from Operations of the relevant period minus
Revenue from Operations of the preceding period, divided by Revenue from Operations of the preceding period multiplied
by 100.Gross Profit is calculated as Revenue from Operation minus COGS; COGS is calculated as Cost of Materials Consumed
plus purchase of stock-in-trade plus Changes in Inventories of Finished Goods for the relevant year.Gross Profit % is calculated as Gross Profit divided by Revenue from Operations.
EBITDA represents the restated profit for the year plus total tax expense, finance cost, depreciation and amortization expense
minus other income.EBITDA Margin (%) is calculated as EBITDA as a percentage of Revenue from Operations.
Profit after Tax (PAT) is Restated profit for the period as appearing in the Restated Financial Information.
PAT Margin (%) is calculated as PAT as a percentage of Revenue from Operations.
Return on Net Worth (RONW) (%) is calculated as restated profit for the year divided by Average Net Worth. Average Net
Worth is calculated as Total Net Worth as of the current year plus Total Net Worth as of the previous year divided by 2.Return on Capital Employed (%) is calculated as earnings before interest and taxes(“EBIT”) divided by capital employed.
EBIT is calculated as EBITDA minus depreciation and amortization. Capital employed being computed as the sum of total
equity, current and non-current borrowings and deferred tax lability, minus intangible assets.Debt to Equity (Times) is calculated as total debt divided by total equity. Total debt is calculated as non-current borrowings
plus current borrowings.Working Capital (Days) is calculated as inventory days plus trade receivable days minus trade payable days. Inventory days
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding the working capital requirements of our Company | 143.16 |
| 2 | General corporate purposes | — |
| Total | 143.16 |
About Momai Art Limited
Incorporated in 2025, Momai Art Ltd. is a Mumbai-based gold jewellery manufacturer specialising in lightweight daily-wear and contemporary jewellery. The Company manufactures a diverse portfolio of products, including Dokiya chains, bracelets, rings, earrings, pendants and necklace sets, primarily designed for everyday wear, gifting, office wear and self-purchase. Its focus on lightweight jewellery enables it to cater to consumers seeking affordable gold jewellery with relatively lower ticket sizes. The Company has also developed capabilities in Meenakari craftsmanship and precision CNC processing, enabling the manufacture of intricately designed jewellery using small gold components.
As of the date of the DRHP, the Company's design portfolio comprised more than 14,000 jewellery designs across various gold purities, including 22-karat, 21-karat, 20-karat and 18-karat gold. The Company follows a B2B manufacturing model comprising both order-based and inventory-based production. Its manufacturing activities include the production of jewellery based on its in-house designs, customer-specific customised designs and inventory-led production based on anticipated market demand.
In Fiscal 2026, daily-wear jewellery accounted for 85.74% of the Company's total revenue, while contemporary jewellery contributed 12.59%. The balance of the Company's revenue was generated from gold bars and other products.
The Company's customer base is geographically diversified across India, with its products sold across 17 states and 3 union territories as of March 31, 2026. The Company also exports its products to the United Arab Emirates. Its customer base includes established jewellery retailers such as Titan, Kalyan Jewellers, Malabar Gold & Diamonds, Jos Alukkas India and Manoj Vaibhav Gems N Jewellers.
Momai Art initially commenced its operations from a manufacturing facility located in Dahisar (East), Mumbai. In 2026, the Company expanded its manufacturing capabilities by establishing a vertically integrated facility in Borivali (East), Mumbai, spread across approximately 16,000 square feet. The facility has an installed manufacturing capacity of 3,000 kg per annum and supports the Company's end-to-end jewellery manufacturing operations.
As of August 31, 2026, the Company's in-house design and manufacturing team comprised 175 skilled karigars.
Promoters
Nikhil Tulsidas Vaya
Rahul Tulsibhai Vaya
Atul Jentilal Patt
Contact details
Momai Art Ltd.
1st Floor, KGK Tower, Dattapada Road
Near Ekta Bhoomi Garden Building,
Rajendra Nagar Borivali East
Mumbai, Maharashtra, 400066
Telephone: +91 730 441 4777
Email: cs@momaiart.com
Website: https://www.momaiart.com/
Momai Art IPO FAQs
- Has Momai Art IPO filed for an IPO?
- Momai Art Limited filed its draft red herring prospectus (DRHP) with SEBI on 30 Sep 2026.
- When will the Momai Art IPO open?
- Issue dates are announced after SEBI observations and the RHP filing. They are not available yet.
- What is the Momai Art IPO price band?
- The price band is announced a few days before the issue opens. It is not available yet.
Details are from the draft prospectus and can change in the final RHP. This is not investment advice.