M.K.Sons Fine Jewels Ltd 

The company sells gold and diamond jewellery through five showrooms in Mumbai and Ahmedabad, buying ready-made pieces from outside suppliers. FY26 revenue was INR 539 cr. Revenue grew 53.4% in FY26, but we see little that protects a five-store jeweller in a crowded market, especially when one store gives 57.2% of its revenue. The growth has also been funded by borrowing, as operating cash flow stayed negative over the last three years. The previous auditor also qualified the FY24 accounts before resigning, which adds to our governance concerns. We would skip the issue at the IPO and for both the short and long term.