Key Red Flags:

1. Low Net Profit (Less than 2%) .
2. The app link (for Android and IOS) on the company’s website do not lead to the app.

Question 1: What is the overview of the Company?

Kenrik Industries Limited, established in 2017 and headquartered in Ahmedabad, Gujarat, is a prominent player in India’s organized gold jewellery manufacturing sector. The company specializes in crafting antique bridal gold jewellery and distributes its products to reputable nationwide retailers and significant regional players across India. Kenrik holds approximately 1% of the total organized wholesale gold jewellery market in the country.

Kenrik Industries focuses on designing, manufacturing, and distributing a diverse range of gold jewellery. Their offerings include traditional, contemporary, and combination designs suitable for special occasions like weddings and festivals, as well as daily wear jewellery for all ages and genders. The company’s product portfolio encompasses gold, diamond, and silver jewellery, reflecting customer preferences and market trends.

The company operates a manufacturing facility in Ahmedabad equipped with modern machinery and technology. This facility utilizes advanced manufacturing techniques, including induction melting furnaces, wax injector machines for investment casting, laser welding, laser marking and engraving machines, CNC die and mold making machines, hydraulic die pressing, and 3D printers. In addition to these technologies, Kenrik employs traditional jewellery techniques such as Jadai, Enameling, Powai, and Antique Finish, ensuring a blend of machine precision and artisanal craftsmanship in their products.

Product Portfolio:

Product wise Revenue Bifurcation:

Geographywise Revenue Bifurcation:

Question 2: Who are the promoters of the company?

Nitin Dalpat Lal Shah: Serving as the Managing Director since February 16, 2018, he brings extensive experience in business management and strategic planning. ​

Nihar Nitinbhai Shah: Appointed as a Director and Chief Financial Officer (CFO) on February 28, 2017, he oversees the company’s financial operations, ensuring fiscal responsibility and compliance. ​

Kiran Nitesh Prajapati: Holding the position of Company Secretary since January 13, 2022, he manages corporate governance and regulatory compliance matters. ​

Shivangi Bipinchandra Gajjar: Appointed as a Director on March 12, 2018, she contributes to the company’s strategic decisions and governance. ​

Akshay Hiteshkumar Soni: Serving as a Director since September 30, 2018, he brings valuable insights into business development and operational efficiency. ​

Nishit Dushyant Shah: Appointed as a Director on June 6, 2023, he adds to the company’s leadership with his expertise in corporate strategy. ​

Question 3: How company performed in the past?

Question 4: How much money is the company raising and why?

In the IPO, the company is offering 34.98 Lakh shares, priced at INR 25 per share, aggregating to total of INR 8.75 Cr. with a lot size of 6,000 shares. For the purpose of:

Funding Working Capital requirements – INR 6.59 Cr.

General Corporate Purposes – INR 1.80 Cr.

Question 5: Valuation of the company and comparison with other companies

Strengths

1. Established Operational History: With over seven years in the industry, Kenrik Industries has demonstrated stability and experience in manufacturing operations. ​
2. Experienced Leadership: The company’s board comprises individuals with extensive experience in business management and strategic planning, contributing to informed decision-making processes. ​
3. Compliance and Regulatory Adherence: Kenrik Industries has consistently filed its annual returns and financial statements, indicating a commitment to regulatory compliance and transparency.
4. Strategic Location: Being based in Ahmedabad, a significant industrial hub in India, provides the company with logistical advantages and access to a skilled workforce.​

Weaknesses

1. Limited Financial Disclosure: As an unlisted entity, Kenrik Industries has limited publicly available financial data, which may pose challenges for potential investors seeking comprehensive financial insights. ​Tofler
2. Unclear Market Positioning: The company operates in a highly competitive manufacturing sector, and there is limited information on its market share or competitive advantages, making it difficult to assess its standing relative to peers.

📍 Registered Office Address

Kenrik Industries Limited
171/FF/9, Bhawani Chambers
Hathi Khana
Ahmedabad, Gujarat – 380001
India

This address is confirmed across multiple sources, including the company’s official website and corporate filings.

🏢 IPO Registrar Details

Skyline Financial Services Private Limited
D-153A, 1st Floor
Okhla Industrial Area, Phase-I
New Delhi – 110020
India

Skyline Financial Services Pvt. Ltd. serves as the registrar for Kenrik Industries’ IPO.

📌 FAQs on Kenrik Industries Limited – Company Fundamentals & IPO Details

1. What does Kenrik Industries Limited do?

Kenrik Industries is engaged in the manufacturing and trading of antique bridal gold jewellery. The company offers a wide range of gold, diamond, and silver jewellery for weddings, festivals, and daily wear.

2. When was the company incorporated?

Kenrik Industries Limited was incorporated in 2017 and is based in Ahmedabad, Gujarat.

3. What is the core strength of Kenrik Industries?

• Focus on antique bridal gold jewellery, a niche with high demand.
• Use of both traditional techniques (like Jadai, Enameling) and modern machinery (like CNC and laser tools).
• Strong dealer and retailer network across India.
• Growth in revenue and profits in FY 2023–24.

4. Who are the promoters of the company?

The company is promoted by Mr. Nitin Dalpatlal Shah, who is also the Managing Director. He brings extensive experience in the jewellery industry and has led the company since its inception.

5. What was the revenue and profit in FY 2023–24?

• Revenue from operations: ₹164 crore (up 34.13% YoY)
• Profit after tax (PAT): ₹9.39 crore (up 113.27% YoY)

6. What are the key weaknesses or risks?

• Intense competition in the jewellery industry.
• Dependence on gold price fluctuations.
• Limited brand recall compared to large national jewellers.
• Relatively small market share (approx. 1% in organized wholesale market).

7. What are the objectives of the IPO?

The IPO proceeds are being used for:

• Working capital requirements
• Repayment of borrowings
• General corporate purposes

8. Where is the company’s registered office located?

171/FF/9, Bhawani Chambers, Hathi Khana, Ahmedabad – 380001, Gujarat, India

9. Who is the registrar of the IPO?

Skyline Financial Services Private Limited, New Delhi, is the registrar for Kenrik Industries’ IPO.

10. What makes Kenrik Industries unique in the jewellery sector?

The company combines heritage design techniques with modern manufacturing tools, offering bespoke and mass-market designs across a well-developed wholesale network.