1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | Nityas Gems and Jewellery Limited |
| IPO Type | 100% Book Built Issue; Fresh Issue |
| Fresh Issue | 14,356,000 Equity Shares |
| Employee Reservation | 100,000 Equity Shares |
| Total Issue | 14,456,000 Equity Shares |
| Issue Size | ₹1,011.22 million at ₹70; ₹1,083.50 million at ₹75 |
| Face Value | ₹5 per Equity Share |
| Price Band | ₹70–₹75 per Equity Share |
| Lot Size | 200 Equity Shares |
| Basis of Allotment | October 6, 2026 |
| Listing | BSE and NSE; NSE designated stock exchange |
| Registrar | Bigshare Services Private Limited |
| BRLM | Choice Capital Advisors Private Limited |
2. IPO Details
| Particular | At Floor Price ₹70 | At Cap Price ₹75 |
|---|
| Pre-Issue Shares | 43,137,248 | 43,137,248 |
| **Pre-Issue ** | ₹3,019.61 million | ₹3,235.29 million |
| Post-Issue Shares | 57,593,248 | 57,593,248 |
| Post-Issue Market Capitalisation | ₹4,031.53 million | ₹4,319.49 million |
3. Issue Reservation
| Category | Reservation / Allocation Rule |
|---|
| QIB | Not more than 50% of Net Issue |
| NII | Not less than 15% of Net Issue; sub-categories based on application size |
| Retail | Not less than 35% of Net Issue |
| Eligible Employees | Up to 100,000 Equity Shares |
| Anchor Investors | Up to 60% of QIB Portion; detailed allocation subject to issue process |
4. About the Company
Nityas Gems and Jewellery Limited was incorporated as Nityas Gems and Jewellery Private Limited on April 26, 2022, and was subsequently converted into a public limited company in 2025, with a fresh certificate of incorporation dated July 2, 2025.
The Company is engaged in the designing, manufacturing and selling of lab-grown diamond studded gold jewellery. Its business primarily follows a B2B model, supported by a D2C omnichannel business operated through its subsidiary, Ayaani Diamonds and Jewellery Private Limited.
Its product portfolio includes rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles.
The B2B business caters to organized retailers, standalone retailers and wholesalers. Customers identified in the RHP include GIVA, Palmonas, ONYA and Ladia Diamonds, among others.
The Company supplies its products across 18 states and 2 union territories in India and has also supplied to customers in the United Arab Emirates, Australia, Canada, Taiwan and Kenya.
Through Ayaani, the Company operates an online storefront and ten physical stores across eight Indian cities, using both company-operated and franchise-operated formats.
The Company's manufacturing facility in Surat has a stated installed capacity of approximately 360 kg of lab-grown diamond studded gold jewellery per annum.
As of August 31, 2026, the Company had more than 32,000 jewellery designs, supported by an in-house design team of 29 full-time employees. Its manufacturing workforce included 122 karigars, while total permanent employees stood at 192.
The RHP states that the Company commenced its B2B operations in July 2022 and acquired Ayaani in July 2025.
Industry Context
The RHP incorporates the CareEdge Report on the lab-grown diamond jewellery industry. The RHP states that the Indian lab-grown diamond jewellery market was ₹34,501 million in CY2025 and is projected in the CareEdge Report to reach ₹71,890 million by CY2030, implying a projected CAGR of 15.8% from CY2025 to CY2030. The RHP also describes affordability, changing consumer preferences, expansion into tier-2 and tier-3 markets and technological advancement as industry demand drivers.
5. Restated Financial Information
| Particular | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from Operations | 2,028.94 | 968.45 | 536.55 |
| Other Income | 4.33 | 0.03 | 0.06 |
| Total Income | 2,033.27 | 968.48 | 536.61 |
| EBITDA | 309.74 | 129.01 | 54.76 |
| Profit before Tax | 269.23 | 118.94 | 49.27 |
| Profit after Tax | 223.15 | 97.88 | 40.24 |
| Basic EPS (₹) | 5.52 | 4.37 | 1.83 |
| Diluted EPS (₹) | 5.52 | 4.37 | 1.83 |
| Total Assets | 1,164.15 | 398.66 | 117.46 |
| Total Equity | 794.30 | 225.72 | 53.29 |
| Other Equity | 408.69 | 201.11 | 42.82 |
| Total Liabilities | 369.85 | 172.94 | 64.17 |
| Non-current Borrowings | 0.92 | 7.72 | 13.09 |
| Current Borrowings | 89.87 | 63.39 | 19.49 |
| Finance Costs | 14.61 | 4.70 | 1.83 |
| Depreciation & Amortisation | 25.87 | 5.37 | 3.66 |
| Inventories | 635.92 | 262.18 | 52.69 |
| Trade Receivables | 214.58 | 106.10 | 40.64 |
| Trade Payables* | 83.92 | 27.61 | 18.12 |
| CFO | (147.32) | (100.52) | (10.51) |
| CFI | (19.93) | (4.19) | (8.25) |
| CFF | 168.58 | 107.15 | 17.26 |
| Purchase of PPE & CWIP | (18.48) | (4.51) | (8.12) |
6. Key Performance Indicators
| KPI | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from Operations | 2,028.94 | 968.45 | 536.55 |
| EBITDA | 309.74 | 129.01 | 54.76 |
| EBITDA Margin | 15.27% | 13.32% | 10.21% |
| Net Profit after Tax | 223.15 | 97.88 | 40.24 |
| Net Profit Margin | 11.00% | 10.11% | 7.50% |
| Return on Net Worth | 43.75% | 70.17% | 122.44% |
| Return on Capital Employed | 42.93% | 63.14% | 88.39% |
| Debt-Equity Ratio | 0.29 | 0.34 | 0.69 |
| Net Working Capital Days | 135 | 105 | 47 |
| Inventory Days | 81 | 59 | 31 |
| Debtor Days | 29 | 28 | 16 |
| Creditor Days | 10 | 9 | 14 |
| Gold Processed (kg) | 98.53 | 63.63 | 42.96 |
| Sale of LGD Jewellery (kg) | 178.89 | 100.59 | 66.34 |
7. IPO Valuation
| Metric | Disclosure |
|---|
| Price Band | ₹70–₹75 |
| P/E based on diluted FY2026 EPS | 12.68x at ₹70; 13.59x at ₹75 |
| Industry P/E – highest / lowest / average | 21.69x / 18.63x / 20.16x |
| Weighted average RoNW (FY2024–FY2026) | 65.67% |
| NAV per share, FY2026 | ₹15.13 |
| NAV after issue – floor / cap | ₹29.35 / ₹30.65 |
| WACA – secondary transactions | ₹18.42 |
8. Peer Comparison
| Company | Revenue FY2026 (₹m) | Face Value (₹) | P/E | Basic EPS (₹) | Diluted EPS (₹) | RoNW | NAV/share (₹) |
|---|
| Nityas Gems and Jewellery Limited | 2,028.94 | 5 | —* | 5.52 | 5.52 | 43.75% | 15.13 |
| Golkunda Diamonds & Jewellery Limited | 2,815.02 | 10 | 16.61 | 19.66 | 19.66 | 18.81% | 115.22 |
| Goldiam International Limited | 9,768.57 | 2 | 21.69 | 15.11 | 15.43 | 18.38% | 97.95 |
| Renaissance Global Limited | 28,130.31 | 2 | 18.63 | 8.40 | 8.40 | 6.09% | 140.62 |
9. Shareholding & Capital Structure
| Category | Pre-Issue Shares | Pre-Issue % | Post-Issue at ₹70: Shares | Post-Issue % | Post-Issue at ₹75: Shares | Post-Issue % |
|---|
| Promoters | 24,156,000 | 56.00% | 24,156,000 | 41.94% | 24,156,000 | 41.94% |
| Promoter Group (other than Promoters) | 905,520 | 2.10% | 905,520 | 1.57% | 905,520 | 1.57% |
| Pre-issue paid-up shares / post-issue shares | 43,137,248 | 100.00% | 57,593,248 | 100.00% | 57,593,248 | 100.00% |
10. Key Risks Highlighted in the RHP
| Category | RHP Disclosure | Potential Impact |
|---|
| Business / Customer | Revenue is concentrated among a limited number of B2B customers. The top 10 customers contributed 55.49% of FY2026 revenue from operations. | A reduction in orders or deterioration in customer relationships could affect revenue, cash flows and results. |
| Geographic | Gujarat, Karnataka, Maharashtra, Telangana and Tamil Nadu collectively contributed 85.03% of FY2026 revenue; domestic revenue was 97.44%. | Regional demand, economic conditions, competition or regulatory changes could affect revenue. |
| Working Capital / Liquidity | The business is working-capital intensive, with significant inventory and receivables requirements. | Higher inventory, slower collections or financing constraints could affect liquidity and operations. |
| Supplier | Top 10 suppliers accounted for 86.16% of FY2026 purchases. | Disruption or less favourable procurement terms could affect production and margins. |
| Raw Materials | Gold bullion and lab-grown diamonds together represented 90.77% of FY2026 raw-material purchases on the disclosed standalone basis. | Price volatility or supply disruption could affect costs and profitability. |
| Manufacturing / Capacity | Manufacturing is concentrated at a single Surat facility with stated capacity of about 360 kg per annum. | Breakdowns, power interruptions, labour issues or other disruptions could delay production and fulfilment. |
| Quality / Returns | FY2026 product returns were disclosed at ₹246.69 million, representing 11.91% of gross sales. | Product-quality issues, returns or customer specification mismatches could affect revenue and margins. |
| Cash Flow | Net cash used in operating activities was ₹147.32 million in FY2026; the RHP also reports negative operating and investing cash flows for each of the last three Fiscals. | Continued cash outflows could constrain working-capital funding and other obligations. |
| Related Parties | The RHP discloses related-party transactions, including transactions with promoters/group entities and subsidiaries. | The RHP notes potential conflicts or adverse effects from related-party transactions. |
| Legal / Regulatory | The RHP identifies an FIR concerning alleged inventory misappropriation at an Ayaani Jodhpur store and a direct-tax proceeding involving ₹29.51 million. | Adverse legal or tax developments could require resources and affect operations or financial position. |
| Technology / Cybersecurity | The business depends on information technology systems and online/D2C operations. | System failures, cyber incidents or disruption could affect operations, customer service and sales. |
| Competition / Demand | The RHP describes the jewellery market as competitive and demand for lab-grown diamond jewellery as discretionary. | Changes in consumer preferences, competition or macroeconomic conditions could affect demand. |
| Governance / Compliance | The RHP identifies statutory-compliance, licensing, corporate-governance and listed-company obligations. | Non-compliance or delays in obtaining/renewing approvals could disrupt operations or result in penalties. |
| Growth Execution | The Company plans to expand its customer base, D2C presence, marketing and working-capital resources. | Failure to execute the stated strategies could affect anticipated business outcomes. |
11. Litigation & Contingent Liabilities
| Matter | RHP Disclosure |
|---|
| Company – criminal litigation | No outstanding criminal litigation against the Company. |
| Company – material civil litigation | No material outstanding civil litigation against the Company. |
| Company – regulatory actions | No actions taken by regulatory/statutory authorities against the Company. |
| Company – tax proceedings | 1 direct-tax case; ₹29.51 million involved to the extent ascertainable, including an outstanding demand of ₹29,509,810 for AY 2023–24. |
| Subsidiaries – criminal litigation | FIR No. 0192 relating to alleged misappropriation of 16 gold items valued at approximately ₹1.33 million; matter stated to be under investigation. |
| Directors – litigation/regulatory | No outstanding criminal litigation, no pending regulatory/statutory actions and no material civil litigation disclosed. |
| Promoters – litigation/regulatory | No outstanding criminal or civil litigation, no pending regulatory/statutory actions and no disciplinary actions by SEBI/Stock Exchanges in the last five financial years including outstanding actions. |
| Material creditors | As of March 31, 2026: 1 material creditor of ₹71.44 million; total trade payables ₹83.92 million. |
12. Registrar
13. Lead Manager
14. Company Contact Details
| Particular | Disclosure |
|---|
| Registered Office | Sector-1, 6th & 7th Floor, Ratih House, SY-376, TPS-4, PI-7, Paiki Part-B, Parshottam Farm Compound, Opp. Podar Arcade, Varachha Road, A. K. Road, Surat – 395 008, Gujarat, India |
| Corporate Office | Not Applicable |
| Telephone | +91 7046219807 |
| Email | cs@nityas.in |
| Website | www.nityas.in |
| Company Secretary / Compliance Officer | Manvi Meet Shah |
| Investor Grievance Contact | Company Secretary/Compliance Officer, BRLM or Registrar; Registrar investor grievance email investor@bigshareonline.com |
