| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 53.66 | 96.85 | 202.89 |
| Expenses | 48.73 | 84.95 | 176.40 |
| Other Income | 0.01 | 0.00 | 0.43 |
| Total Revenue | 53.66 | 96.85 | 203.33 |
| Profit Before Tax | 4.93 | 11.89 | 26.92 |
| Net Profit | 4.02 | 9.79 | 22.32 |
Nityas Gems & Jewellery
Nityas Gems & Jewellery IPO
₹14,000
0.15 xOver-subscribedBidding Dates 30 Sept, 26 -05 Oct, 26
Min Investment ₹14,000
Lot Size200
Price Range ₹70 – ₹75
Issue Size ₹108.42 Cr.
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IPO Subscription Details
Retail Subscription Details
0.4 x
Non-Institutional Buyers (sHNI)
0.15 x
Non-Institutional Buyers (bHNI)
0.04 x
Qualified Institutional Buyers (QIB)
0 x
Employees
0.35 x
Total0.15 x
0.15 x IPO Timeline
IPO Offer Start
30 Sept,26
IPO Offer Ends
05 Oct,26
Allotment Finalisation
06 Oct,26
Refund Initiation
07 Oct,26
Listing of Shares
08 Oct,26
IPO Analysis
Strengths
The company operates an integrated B2B and D2C model, with B2B customer count growing from 74 in Fiscal 2024 to 323 in Fiscal 2026, and total revenue from operations reaching ₹2,028.94 million in Fiscal 2026, supported by 10 retail stores across 8 cities under the 'Ayaani' brand.
The company operates a ~7,000 sq. ft. manufacturing facility in Surat with an installed capacity of 360 kg p.a., supported by CAD/CAM tools and a design portfolio of over 32,000 jewellery designs, enabling end-to-end production and consistent quality control.
The company is aligned with the rapidly growing LGD jewellery market, projected to reach USD 9,406 million globally by CY30, with the Indian market expanding at a CAGR of 15.8% from CY25 to CY30, reaching ₹71,890 million, driven by affordability, sustainability, and Tier-2/3 market expansion.
Risks
The company's revenue is significantly concentrated among a limited number of B2B customers, with the top 10 customers contributing 55.49%, 76.68%, and 84.24% of revenue from operations in Fiscals 2026, 2025, and 2024, respectively. The company does not typically enter into long-term supply contracts, and any reduction in business from key customers could materially and adversely affect financial performance.
The company's purchases are heavily concentrated among a limited number of suppliers, with the top 10 suppliers accounting for 86.16%, 94.31%, and 87.05% of total purchases in Fiscals 2026, 2025, and 2024, respectively, and the single top supplier alone contributing 55.11% in Fiscal 2026. The absence of long-term procurement contracts exposes the company to supply disruptions, adverse pricing changes, and raw material shortages.
The company's working capital requirements have increased significantly from ₹67.65 million in Fiscal 2024 to ₹449.46 million in Fiscal 2026, with projected requirements of ₹1,103.08 million in Fiscal 2027. The company has consistently reported negative cash flows from operating activities (₹147.32 million in Fiscal 2026, ₹100.52 million in Fiscal 2025, and ₹10.51 million in Fiscal 2024), driven by high inventory and trade receivable deployment.
Objectives
The company intends to utilize a portion of the Net Proceeds to fund incremental working capital requirements in Fiscal 2027, as the business is working capital intensive, requiring upfront procurement of raw materials, maintenance of adequate inventory levels, and extension of credit to customers.
The company proposes to deploy the balance Net Proceeds towards general corporate purposes including strategic initiatives, brand building, capital expenditure, ongoing general corporate exigencies, growth funding for subsidiaries, subject to not exceeding 25% of the Gross Proceeds of the Issue.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 11.75 | 39.87 | 116.42 |
| Current Assets | 9.68 | 37.69 | 88.95 |
| Fixed Assets | 2.07 | 2.18 | 27.47 |
| Total Equity & Liabilities | 11.75 | 39.87 | 116.42 |
| Total Liabilities | 6.42 | 17.29 | 36.99 |
| Current Liabilities | 4.72 | 16.14 | 23.95 |
| Non Current Liabilities | 1.70 | 1.16 | 13.03 |
| Total Equity | 5.33 | 22.57 | 79.43 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -0.15 | 0.24 | 0.13 |
| Investing Activities | -0.83 | -0.42 | -1.99 |
| Operating Activities | -1.05 | -10.05 | -14.73 |
| Financing Activities | 1.73 | 10.72 | 16.86 |
About Nityas Gems & Jewellery
Nityas Gems and Jewellery Limited is engaged in the design, manufacturing, and sale of lab-grown diamond studded gold jewellery in India, operating through an integrated B2B and D2C omnichannel model. The company's B2B operations supply to organized retailers, standalone retailers, and wholesalers across 18 states and 2 union territories in...more
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Managing DirectorRajnikant Lallubhai Chanchad
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