Nityas Gems & Jewellery's IPO is 0.43x subscribed on Day 3 (02 October 2026), with Retail investors leading demand at 0.72x against a QIB tally of 0.30x — the issue remains below full subscription as it heads into its final two days.

Subscription Status

After a slow start on Day 1, the IPO saw its best momentum on Day 2, when Retail crossed 1x at 1.31x and the overall figure climbed to 0.69x. Day 3 numbers, however, reflect a partial snapshot as of 11:15 IST, pulling the cumulative figure back to 0.43x — a pattern consistent with intraday data being captured early in the session.

Category-wise Breakdown

Retail continues to be the strongest category, registering 0.72x on Day 3. QIB participation stands at 0.30x, while the Non-Institutional segments remain subdued — bHNI at 0.14x and sHNI at 0.28x. The Employee category has reached 0.47x. No category has crossed the fully subscribed threshold on Day 3 as of the available snapshot.

Intra-day Timeline — 02-10-2026

Offer Details

About the Company

Nityas Gems and Jewellery Limited, founded in 2022 and headquartered in Surat, Gujarat, designs, manufactures, and sells lab-grown diamond studded gold jewellery through an integrated B2B and D2C omnichannel model. Its B2B operations supply organised retailers, standalone retailers, and wholesalers across 18 states and 2 union territories in India, as well as overseas markets including UAE, Australia, Canada, Taiwan, and Kenya. In July 2025, the company acquired Ayaani Diamonds and Jewellery Private Limited, expanding its D2C footprint to 10 retail stores across 8 cities and an online platform. The company operates a ~7,000 sq. ft. manufacturing facility in Surat with an installed capacity of 360 kg per annum and a design portfolio of over 32,000 jewellery designs. It is led by MD Rajnikant Lallubhai Chanchad and Director Sonalben Rajnikant Chanchad, with promoters bringing a collective 29+ years of jewellery industry experience.

Financial Highlights

Revenue from operations grew at a CAGR of ~94.46% over two years, with PAT rising at a CAGR of ~135.48% and EBITDA margins improving from 10.21% in FY2024 to 15.27% in FY2026.

Objects of the Issue

• Funding Working Capital Requirements: ₹70 crore from net proceeds to fund incremental working capital requirements in Fiscal 2027, given the business's capital-intensive nature requiring upfront raw material procurement, inventory maintenance, and customer credit extension.
• General Corporate Purposes: Balance net proceeds towards strategic initiatives, brand building, capital expenditure, ongoing general corporate exigencies, and growth funding for subsidiaries, subject to not exceeding 25% of gross proceeds.

Risk Factors

• Customer Concentration Risk: Top 10 customers contributed 55.49%, 76.68%, and 84.24% of revenue from operations in FY2026, FY2025, and FY2024 respectively. The absence of long-term supply contracts heightens revenue vulnerability.
• Supplier Concentration Risk: Top 10 suppliers accounted for 86.16%, 94.31%, and 87.05% of total purchases in FY2026, FY2025, and FY2024 respectively; the single top supplier alone contributed 55.11% in FY2026.
• Working Capital Intensity and Negative Cash Flows: Working capital requirements surged from ₹67.65 million in FY2024 to ₹449.46 million in FY2026, with projected requirements of ₹1,103.08 million in FY2027. Operating cash flows have been consistently negative: ₹147.32 million in FY2026, ₹100.52 million in FY2025, and ₹10.51 million in FY2024.
• Raw Material Price Volatility: Gold bullion and lab-grown diamonds constituted 90.77%, 88.38%, and 95.14% of total raw material purchases in FY2026, FY2025, and FY2024 respectively. The company does not have a comprehensive hedging mechanism.
• Single Manufacturing Facility Concentration Risk: All manufacturing is concentrated at a single leased facility in Surat with capacity utilisation of only 45.21% in FY2026. Any disruption could have a disproportionate impact on operations.

What's Next

The IPO closes on 05 October 2026. Allotment is scheduled for 06 October 2026, with shares expected to list on 08 October 2026.

Nityas Gems & Jewellery's IPO is 0.43x subscribed on Day 3 (02 October 2026), with Retail investors leading demand at 0.72x against a QIB tally of 0.30x — the issue remains below full subscription as it heads into its final two days.

Subscription Status

After a slow start on Day 1, the IPO saw its best momentum on Day 2, when Retail crossed 1x at 1.31x and the overall figure climbed to 0.69x. Day 3 numbers, however, reflect a partial snapshot as of 11:15 IST, pulling the cumulative figure back to 0.43x — a pattern consistent with intraday data being captured early in the session.

Category-wise Breakdown

Retail continues to be the strongest category, registering 0.72x on Day 3. QIB participation stands at 0.30x, while the Non-Institutional segments remain subdued — bHNI at 0.14x and sHNI at 0.28x. The Employee category has reached 0.47x. No category has crossed the fully subscribed threshold on Day 3 as of the available snapshot.

Intra-day Timeline

On Day 2, the subscription pace remained steady with notable growth in Retail and bHNI segments during the trading hours. The total subscription rose from 0.32x at 11:15 IST to 0.53x by the closing bell.

Offer Details

About the Company

Nityas Gems and Jewellery Limited, founded in 2022 and headquartered in Surat, Gujarat, designs, manufactures, and sells lab-grown diamond studded gold jewellery through an integrated B2B and D2C omnichannel model. Its B2B operations supply organised retailers, standalone retailers, and wholesalers across 18 states and 2 union territories in India, as well as overseas markets including UAE, Australia, Canada, Taiwan, and Kenya. In July 2025, the company acquired Ayaani Diamonds and Jewellery Private Limited, expanding its D2C footprint to 10 retail stores across 8 cities and an online platform. The company operates a ~7,000 sq. ft. manufacturing facility in Surat with an installed capacity of 360 kg per annum and a design portfolio of over 32,000 jewellery designs. It is led by MD Rajnikant Lallubhai Chanchad and Director Sonalben Rajnikant Chanchad, with promoters bringing a collective 29+ years of jewellery industry experience.

Financial Highlights

Revenue from operations grew at a CAGR of ~94.46% over two years, with PAT rising at a CAGR of ~135.48% and EBITDA margins improving from 10.21% in FY2024 to 15.27% in FY2026.

Objects of the Issue

• Funding Working Capital Requirements: ₹70 crore from net proceeds to fund incremental working capital requirements in Fiscal 2027, given the business's capital-intensive nature requiring upfront raw material procurement, inventory maintenance, and customer credit extension.
• General Corporate Purposes: Balance net proceeds towards strategic initiatives, brand building, capital expenditure, ongoing general corporate exigencies, and growth funding for subsidiaries, subject to not exceeding 25% of gross proceeds.

Risk Factors

• Customer Concentration Risk: Top 10 customers contributed 55.49%, 76.68%, and 84.24% of revenue from operations in FY2026, FY2025, and FY2024 respectively. The absence of long-term supply contracts heightens revenue vulnerability.
• Supplier Concentration Risk: Top 10 suppliers accounted for 86.16%, 94.31%, and 87.05% of total purchases in FY2026, FY2025, and FY2024 respectively; the single top supplier alone contributed 55.11% in FY2026.
• Working Capital Intensity and Negative Cash Flows: Working capital requirements surged from ₹67.65 million in FY2024 to ₹449.46 million in FY2026, with projected requirements of ₹1,103.08 million in FY2027. Operating cash flows have been consistently negative: ₹147.32 million in FY2026, ₹100.52 million in FY2025, and ₹10.51 million in FY2024.
• Raw Material Price Volatility: Gold bullion and lab-grown diamonds constituted 90.77%, 88.38%, and 95.14% of total raw material purchases in FY2026, FY2025, and FY2024 respectively. The company does not have a comprehensive hedging mechanism.
• Single Manufacturing Facility Concentration Risk: All manufacturing is concentrated at a single leased facility in Surat with capacity utilisation of only 45.21% in FY2026. Any disruption could have a disproportionate impact on operations.

What's Next

The IPO closes on 05 October 2026. Allotment is scheduled for 06 October 2026, with shares expected to list on 08 October 2026.