Augmont Enterprises
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 226.96×
- Big non-institutionalbNII · above ₹10 lakh
- 126.92×
- Small non-institutionalsNII · ₹2–10 lakh
- 110.09×
- Retail individualRII · up to ₹2 lakh
- 30.10×
- Employeesreserved quota
- 20.76×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 14 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 31 Aug 2026 | ₹290 | +36.80% | ₹4,200 | ₹1,078 | ₹5,510 |
| 30 Aug 2026 | ₹290 | +36.80% | ₹4,200 | ₹1,078 | ₹5,510 |
| 29 Aug 2026 | ₹286 | +36.29% | ₹4,100 | ₹1,074 | ₹5,434 |
| 28 Aug 2026 | ₹301 | +38.20% | ₹4,300 | ₹1,089 | ₹5,719 |
| 27 Aug 2026 | ₹301 | +38.20% | ₹4,300 | ₹1,089 | ₹5,719 |
| 26 Aug 2026 | ₹315 | +39.97% | ₹4,500 | ₹1,103 | ₹5,985 |
| 25 Aug 2026 | ₹315 | +39.97% | ₹4,500 | ₹1,103 | ₹5,985 |
| 24 Aug 2026 | ₹325 | +41.24% | ₹4,700 | ₹1,113 | ₹6,175 |
| 23 Aug 2026 | ₹380 | +48.22% | ₹5,500 | ₹1,168 | ₹7,220 |
| 22 Aug 2026 | ₹395 | +50.13% | ₹5,700 | ₹1,183 | ₹7,505 |
| 21 Aug 2026 | ₹310 | +39.34% | ₹4,500 | ₹1,098 | ₹5,890 |
| 20 Aug 2026 | ₹300 | +38.07% | ₹4,300 | ₹1,088 | ₹5,700 |
| 19 Aug 2026 | ₹280 | +35.53% | ₹4,000 | ₹1,068 | ₹5,320 |
| 18 Aug 2026 | ₹190 | +24.11% | ₹2,700 | ₹978 | ₹3,610 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 21 Aug 2026 – 25 Aug 2026
- Listing date
- 31 Aug 2026
- Face value
- ₹5 per share
- Price band
- ₹750 – ₹788
- Lot size
- 19 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹825 Cr
- Fresh issue
- ₹620 Cr 78,68,019 shares
- Offer for sale
- ₹205 Cr 26,01,521 shares
- Market cap at offer price
- ₹7,200 Cr
- Promoter holding
- 92.75% → 81.91% pre-issue → post-issue
- ISIN
- INE16W401027
- CIN
- U74120MH2012PLC237346
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Nuvama Wealth Management Ltd.
- Registered office
- 201 A/B and 203, 2nd Floor, Trade World, D Wing Kamala Mills Compound, S.B. Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 21,89,333 | 28.57% | 28.37% |
| Anchor investor · within QIB | 31,25,633 | — | 40.51% |
| NII (HNI) | 16,42,000 | 21.43% | 21.28% |
| bNII > ₹10L · within NII | 10,94,667 | — | 14.19% |
| sNII < ₹10L · within NII | 5,47,333 | — | 7.09% |
| Retail (RII) | 38,31,333 | 50.00% | 49.65% |
| Employee | 53,333 | — | 0.69% |
| Market maker | 0 | — | 0.00% |
| Total issue | 77,15,999 | — | 100.00% |
Net offer to the public of 76,62,666 shares, out of a total issue of 77,15,999. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 19 shares per lot, in multiples, at ₹788
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 19 | ₹14,972 |
| Retail (max) | 13 | 247 | ₹1,94,636 |
| S-HNI (min) | 14 | 266 | ₹2,09,608 |
| S-HNI (max) | 66 | 1,254 | ₹9,88,152 |
| B-HNI (min) | 67 | 1,273 | ₹10,03,124 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹788 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 41.71 | 38.12 |
| P/E (×) | 18.89 | 20.67 |
| Price to book (×) | 15.09 | — |
| Market cap | — | ₹7,200 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 69.47%
- ROCE
- 70.10%
- Debt / equity
- 0.05
- PAT margin
- 0.34%
- EBITDA margin
- 0.46%
- NAV per share
- ₹52.21
- Price to book
- 15.09
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 94,282.47 | 66,252.05 | 34,948.9 |
| Revenue from operations | 94,186.21 | 66,230.78 | 34,921.49 |
| Other income | 96.26 | 21.27 | 27.4 |
| Total expenses | 93,809.37 | 65,946.77 | 34,844.55 |
| Operating profit | 473.1 | 305.28 | 104.35 |
| Operating margin | 0.50% | 0.46% | 0.30% |
| Profit before tax | 473.1 | 305.28 | 104.35 |
| Profit after tax | 348.3 | 227.19 | 75.97 |
| PAT margin | 0.37% | 0.34% | 0.22% |
| Balance sheet | |||
| Total assets | 1,256.98 | 1,857.31 | 760.29 |
| Current assets | 1,199.96 | 1,788.63 | 715.05 |
| Current liabilities | 316.68 | 1,435.11 | 566.47 |
| Total liabilities | 324.23 | 1,442.65 | 573.09 |
| Net worth | 932.75 | 414.67 | 187.21 |
| Current ratio | 3.79× | 1.25× | 1.26× |
| Return on equity | 37.34% | 54.79% | 40.58% |
| Cash flow | |||
| Operating cash flow | -42.16 | 105.45 | 96.74 |
| Investing cash flow | -51.27 | -61.02 | 168.43 |
| Financing cash flow | 6.71 | -47.01 | -159.86 |
| Net cash flow | -86.72 | -2.58 | 105.31 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding future working capital requirements towards procurement, maintenance and scaling up of inventory and funding advance margin requirements for procurement of inventory ₹465 Cr
The company proposes to utilize funds for advance margin payments to suppliers on rolling basis, working capital requirements for procurement of dor� bars and scrap gold, and scaling up of bullion inventory to support business expansion into Tier 3 and Tier 4 cities.
2 General corporate purposes —
The company proposes to utilize funds for meeting ongoing general corporate contingencies and exigencies, employee expenses, brand building and marketing expenses, and other purposes as approved by the Board from time to time.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Augmont Enterprises
Augmont Enterprises Limited, incorporated on October 31, 2012 (originally as RSBL Spot Trading Private Limited), is an integrated gold and silver platform operating across India's bullion and jewellery value chain. The Company operates through two business verticals: (1) enterprise sales via the 'Augmont SPOT' platform for businesses like jewellers and manufacturers, and international sales; and (2) consumer-focused offerings via the 'Augmont Gold For All' platform and offline channels. With presence across 24 states as of August 31, 2025, Augmont spans multiple segments including procurement and refining (two refining units in Rudrapur and Mumbai), bullion trading (online platforms), digital gold offerings, jewellery manufacturing (Jaipur unit), international sales, and facilitating gold-backed financial services. For Fiscal 2025, the Company generated revenue from operations of ₹662,307.79 million with profit after tax of ₹2,271.88 million, demonstrating strong growth from FY2024 revenues of ₹349,214.93 million.
Management
Ketan Bhawarlal Kothari
MD
Mahendra Kumar Nemichand Bafna
CEO
Sachin G. Kothari
CFO
Amitkumar Amritlal Solanki
COO
Suhas Narayan Sahakari
CTO
Raghupathi Narayanarao Cavale
VP of Marketing
Nishant Tolchand Ranka
VP of Sales
Minal Bharat Khona
Director of HR
Spardha Sushil Sharma
Director of Operations
Sunny Dilip Parekh
Director
Vivek Prithviraj Kothari
Director
Bishon Bihari Singh
Director
Tejas Narendra Langalia
Director
Bhani Rohit Dembla
Director
Aaskaran Singh
Director
Viral Mahesh Jain
Director
Mukesh Kumar Parmar
Director
Strengths
As stated in the offer document
Deep domain knowledge of the gold and silver industry with an integrated model and a well-established brand
The company has accumulated deep domain knowledge through several years of operations, building an integrated business model spanning procurement, refining, bullion trading, digital gold offerings, jewellery manufacturing, international sales and gold-backed financial services.
Diversified business model with synergies in operations
The company operates across multiple segments of the gold and silver value chain through two business verticals: enterprise sales (₹817,505.69 million revenue in Fiscal 2026) and consumer-focused offerings, creating operational synergies and capital efficiency.
Efficient procurement operations and a wide distribution network
The company has established efficient procurement from multiple sources including Indian and international banks, with 20 spot delivery centers across 13 states and served over 49.62 million registered consumers as of March 31, 2026.
Scalable technology enabled ecosystem with robust price discovery mechanism
The company has developed scalable online platforms 'Augmont SPOT' and 'Augmont Gold For All' with a 40-person technology team, handling 54,934,891 transactions on the consumer platform in Fiscal 2026.
Track record of improved profit after tax
The company demonstrated consistent financial growth with profit increasing from ₹759.66 million in Fiscal 2024 to ₹3,483.00 million in Fiscal 2026 at a CAGR of 114.12%, and revenue growing at 64.23% CAGR.
Experienced Promoter and senior management team
The company is led by experienced management with Promoter Ketan Bhawarlal Kothari having over 13 years of experience and recognition in the elite 40 under 40 Club of Achievers 2020 by BW Businessworld.
Risk factors
As stated in the offer document
Dependence on Online Platforms and IT System Disruptions
The company primarily conducts business through two online platforms 'Augmont SPOT' and 'Augmont Gold For All', which generated 90.00% of revenue from operations in Fiscal 2026. Any significant disruptions in information technology systems or data security breaches could adversely affect business operations and reputation.
Gold and Silver Price Volatility Impact
The company's business is significantly exposed to fluctuations in gold and silver prices, which can materially impact both demand for products and inventory valuation. Price volatility affects customer purchasing behavior and can result in mark-to-market losses or inventory write-downs during adverse price movements.
High Revenue Concentration in Enterprise Sales
The company derives 92.90% of revenue from operations from enterprise sales through the 'Augmont SPOT' platform and international sales in Fiscal 2026. This high concentration exposes the company to significant risks from changes in consumer preferences, macroeconomic conditions, or regulatory developments affecting bullion demand.
Dependence on Continuous Bullion Procurement
The company's business depends on continuous and cost-effective procurement of gold and silver bullion from domestic and international sources. Countries or regions from which the company imports may become subject to sanctions, import duties, or export controls, potentially disrupting supply chains and increasing procurement costs.
Customer Concentration Risk
The company depends on key customers for significant revenue, with top 10 customers accounting for 52.09% of revenue from operations in Fiscal 2026. The company does not execute long-term agreements with customers, and any inability to procure new orders or diversify the customer base could adversely affect business performance.
Regulatory Compliance and Licensing Requirements
The company operates in a highly regulated industry requiring numerous approvals, registrations, and licenses from various authorities. Failure to comply with applicable regulations or maintain required licenses could result in penalties, suspension of operations, or loss of accreditation.
Restriction on Debt Financing for Gold Purchases
RBI regulations prohibit banks and NBFCs from granting loans for purchasing gold in any form. This restricts the company's ability to access debt financing for working capital requirements, potentially limiting timely funding for raw material procurement and increasing dependence on alternative funding sources.
Hedging Strategy and Execution Risks
The company engages in hedging activities to mitigate precious metals price volatility. Inadequate or improperly structured hedging mechanisms, execution errors, or adverse market movements may result in significant financial losses and expose the company to counterparty and systemic risks.
Working Capital Requirements and Thin Operating Margins
The company requires sizeable working capital for operations and operates on thin operating margins. Even minor disruptions in hedging, liquidity constraints, or execution mismatches may result in disproportionate impact on profitability, given the high-volume, low-margin business model.
Digital Gold Business Regulatory Uncertainty
The company's Material Subsidiary operates a digital gold business that currently falls outside specific regulatory frameworks. Future regulatory regimes may require obtaining approvals, registrations, or licenses and compliance with additional conditions, potentially requiring significant changes to the operating model.
Company Analysis
from DRHPAugmont Enterprises Limited is an integrated gold and silver platform in India serving businesses and consumers across procurement, refining, bullion trading, digital gold offerings, jewellery manufacturing, international sales, and gold-backed financial services.
Augmont Enterprises Limited, incorporated on October 31, 2012 (originally as RSBL Spot Trading Private Limited), is an integrated gold and silver platform operating across India's bullion and jewellery value chain. The Company operates through two business verticals: (1) enterprise sales via the 'Augmont SPOT' platform for businesses like jewellers and manufacturers, and international sales; and (2) consumer-focused offerings via the 'Augmont Gold For All' platform and offline channels. With presence across 24 states as of August 31, 2025, Augmont spans multiple segments including procurement and refining (two refining units in Rudrapur and Mumbai), bullion trading (online platforms), digital gold offerings, jewellery manufacturing (Jaipur unit), international sales, and facilitating gold-backed financial services. For Fiscal 2025, the Company generated revenue from operations of ₹662,307.79 million with profit after tax of ₹2,271.88 million, demonstrating strong growth from FY2024 revenues of ₹349,214.93 million.
Objects of the Issue
- Funding future working capital requirements towards procurement, maintenance and scaling up of inventory and funding advance margin requirements for procurement of inventory by our Company ₹4,650.00 million p.120
- General corporate purposes p.120
Issue Structure
- Total Issue
- Up to ₹8,000.00 million
- Fresh Issue
- Up to ₹6,200.00 million
- Offer for Sale
- Up to ₹1,800.00 million by Promoter Selling Shareholders (Namita Ketan Kothari: ₹600 million, Vivek Prithviraj Kothari: ₹600 million, Dimple Mukesh Kothari: ₹600 million)
- Price Band
- [●] (to be determined)
- Lot Size
- [●] (to be determined)
- Face Value
- ₹5 per equity share
Business Model
Augmont earns revenue through multiple channels: (1) Enterprise bullion sales on 'Augmont SPOT' platform (₹553,397.69 million, 83.56% of FY2025 revenue), (2) Consumer digital and offline gold sales via 'Augmont Gold For All' (₹11,834.87 million, 1.79%), (3) International sales of gold jewellery (₹80,521.67 million, 12.16%), and (4) Other sales (₹38.88 million, 0.01%). The business model is characterized by high transaction volumes with low operating margins (0.34% PAT margin in FY2025). Core operations involve: procurement of gold/silver bullion domestically (78.40% of FY2025 procurement) and internationally (21.60%); refining doré bars and scrap; trading through proprietary technology-enabled platforms with real-time price discovery; and facilitating transactions for enterprise customers and retail consumers.
Business Segments
SWOT Analysis
- • Integrated platform across gold/silver value chain with high transaction volumes(p.27)
- • Scalable technology-enabled ecosystem with proprietary price discovery mechanism(p.46)
- • Strong revenue growth with CAGR of 45.49% over two years(p.61)
- • Recognized refinery standards and authorized economic operator status(p.50)
- • Extensive delivery network across 24 states(p.27)
- • Accreditation and certification compliance(p.50)
- • Cannot access debt financing for working capital due to RBI restrictions(p.47)
- • Heavy dependence on limited number of key customers(p.46)
- • Low operating margins in high-volume business model(p.61)
- • Significant contingent liabilities of ₹113.45 million(p.31)
- • Low capacity utilization of refining facilities(p.56)
- • Past instances of delays in statutory form filings(p.49)
- • Expansion into Tier 2-4 cities with 15 new spot delivery centers planned by Fiscal 2029(p.59)
- • Growing Indian gold market with 5% YoY growth to 802 tonnes in 2024(p.27)
- • Modernizing India refining sector processing 373 tonnes in 2024(p.27)
- • Strategic partnerships with large distribution networks(p.59)
- • Emerging lab-grown diamonds market with platform now enabled(p.64)
- • Growth in digital gold and financial services offerings(p.41)
- • RBI restrictions on debt financing for gold purchases(p.47)
- • Volatility in gold and silver market prices affecting demand and inventory valuation(p.42)
- • Intense competition from organized and unorganized players(p.62)
- • Regulatory uncertainty in digital gold and emerging products(p.54)
- • Geopolitical risks and tariff uncertainties affecting international operations(p.42)
- • Supply chain disruptions and logistics constraints(p.44)
- • Regulatory interventions affecting digital gold partnerships(p.59)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mohinidevi Bhawarlal Kothari | Promoter | 20.06% | — |
| Kalawati Prithviraj Kothari | Promoter | 18.12% | — |
| Namita Ketan Kothari | Promoter/Promoter Selling Shareholder | 11.96% | — |
| Devkumari Manekchand Kothari | Promoter | 11.17% | — |
| Manakchand Saremal Kothari | Promoter | 10.32% | — |
| Vivek Prithviraj Kothari | Promoter/Promoter Selling Shareholder | 8.08% | — |
| Dimple Mukesh Kothari | Promoter/Promoter Selling Shareholder | 7.85% | — |
| Dimpal Vivek Kothari | Promoter | 5.82% | — |
| Ketan Bhawarlal Kothari | Promoter | 0.00% | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.