R.K.Fashion Accessories Ltd. (SME)

It sells gold-plated imitation jewellery under its City Girl and Manikya brands, mainly to distributors and retailers in East India, with manufacturing and plating outsourced to third-party vendors.

Record gold prices have helped the company in two ways. More buyers moved to cheaper gold-plated jewellery, and the company used this demand to raise its prices by 12% to 15%. As a result, revenue rose from INR 13 cr in FY24 to INR 30 cr in FY26, and EBITDA margin reached 24% (FY26). These gains are yet to be tested in a period of stable or falling gold prices.

It operates much like a regional trader under its own brands. Most of its capital is also tied up in stock and credit to customers, and operating cash flow has been negative over the last three years. We would skip the issue, given the quality of the business.