Joyalukkas owner: chairman Joy Alukkas and family, in a privately held company
Joyalukkas is owned by chairman Joy Alukkas and his family. It is privately held, was 100% promoter-owned before its IPO plans, and filed then withdrew a ₹2,300 crore IPO.
Joyalukkas is owned by chairman and managing director Alukkas Varghese Joy, known as Joy Alukkas, and his family: the company is privately held, and its promoter owned 100% before its IPO plans. Joyalukkas India Ltd was incorporated in 2002 after the businesses of the Alukkas family were separated among family members, and CRISIL records that it is promoted by Joy Alukkas, who has over three decades in jewellery, according to a CRISIL rating report. 12
Who owns Joyalukkas? What is known
| Fact | Detail |
|---|---|
| Owner and promoter | Alukkas Varghese Joy (Joy Alukkas), chairman and managing director |
| Company | Joyalukkas India Ltd, incorporated 2002 after the Alukkas family businesses were separated |
| Status | Private, closely held; not listed |
| Promoter stake | 100% before the planned IPO, which in an earlier plan would have cut it to 73.5% |
| IPO | ₹2,300 crore draft filed, later withdrawn |
| Presence | 150+ showrooms in 11 countries |
The company does not publish a cap table, so there is no public split between Joy Alukkas and other family members. An earlier IPO plan reported by FashionUnited said the promoters’ stake would fall to 73.5% from 100% after the issue. 34
Who started Joyalukkas?
Joy Alukkas’s father, A.J. Varghese, started the jewellery business in Thrissur, Kerala, and later divided it among his sons Jos, Francis, Joy and Anto. Joy Alukkas, born in 1956, runs the Joyalukkas group, which sells gold jewellery in India and abroad. Our Joyalukkas company page covers the history. 5
Did Joyalukkas go public?
No. The company filed draft papers for a ₹2,300 crore IPO to fund new showrooms and repay borrowings, then withdrew the plan, citing poor market conditions. Joy Alukkas has since said that internal accruals are sufficient for growth and that the company does not need an IPO, although he has said he may revisit the plan at an appropriate time. 678
How big is Joyalukkas?
Joyalukkas runs more than 150 showrooms across 11 countries. It planned to invest about ₹2,400 crore over two financial years to open 30 showrooms in India and ten abroad. In October 2026 it opened a 25,000 square foot showroom called Jewel of Joy in Dubai’s Gold District, which is designed as a full jewellery experience centre. 3910
How does Joyalukkas differ from listed jewellers?
Jewellers such as Kalyan Jewellers, Senco Gold and PC Jeweller are listed, so their shareholding is published every quarter. Joyalukkas stayed private as a family-run business, which is why its ownership split is not disclosed. CRISIL assigned its bank facilities an A+ rating before placing them on watch in March 2023. 211
How much gold does Joy Alukkas hold?
Bloomberg reported in March 2026 that Alukkas holds about 16,000 kilograms of gold and expects the price to keep rising. For the richest Indians, see our list of the top 10 richest people in India. 5
What happens next
Because Joyalukkas is private, ownership changes would only become public if the company files again for an IPO. For other family-run Indian groups, read who owns DMart and who owns the Aditya Birla Group.
Frequently asked questions
Who is the owner of Joyalukkas?
Joyalukkas is owned by Alukkas Varghese Joy, known as Joy Alukkas, who is chairman and managing director, and his family. It is privately held.
Is Joyalukkas listed on the stock exchange?
No. It filed for a ₹2,300 crore IPO and later withdrew the plan, and it remains a private company.
Who started Joyalukkas?
Joy Alukkas’s father A.J. Varghese started the family jewellery business in Thrissur, Kerala. Joyalukkas India Ltd was incorporated in 2002.
How many showrooms does Joyalukkas have?
It has more than 150 showrooms across 11 countries.
