IPO Overview
Nityas Gems and Jewellery Limited, established in 2022, operates in the Gems, Jewellery & Precious Metals sector. The company is a Surat-based manufacturer of diamond-studded gold jewellery, primarily catering to retailers and wholesalers through an integrated B2B and direct-to-consumer model. The company specialises in lab-grown diamond jewellery, and its promoters collectively bring over 29 years of experience in the jewellery industry, remaining actively involved in design, manufacturing, quality control, sales planning, and customer relationships.
Nityas Gems and Jewellery Limited is bringing a Book Built Mainboard IPO worth ₹108.42 crore. The IPO is open from 30 September to 5 October 2026 and is proposed to list on the BSE and the NSE. The entire issue is a 100% fresh issue with no offer-for-sale component, meaning all proceeds will flow directly into the company. The IPO is priced at ₹70 to ₹75 per share with a lot size of 200 shares, making the minimum investment ₹15,000 at the upper end of the price band.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 29 September 2026 |
| IPO Open Date | 30 September 2026 |
| IPO Close Date | 05 October 2026 |
| Allotment Date | 06 October 2026 (Expected) |
| Refund Initiation | 07 October 2026 |
| Credit to Demat | 07 October 2026 |
| Listing Date | 08 October 2026 (Tentative) |
| Price Band | ₹70 – ₹75 per share |
| Employee Discount | ₹7 per share |
| Face Value | ₹10 per share |
| Lot Size | 200 shares |
| Minimum Investment (Retail) | ₹15,000 |
| Issue Size | ₹108.42 crore (1,44,56,000 shares) |
| Fresh Issue | 1,44,56,000 shares (₹108.42 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Shares Offered | % of Issue |
| Anchor Investors | 64,60,200 shares | ~44.69% |
| Qualified Institutional Buyers (QIB) | 43,06,800 shares | ~29.79% |
| Non-Institutional Investors (NII/HNI) | 21,53,400 shares | ~14.90% |
| Retail Individual Investors (RII) | — | ~35% (net of anchor) |
| Employee Reservation | 1,00,000 shares | ~0.69% |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The IPO is entirely a fresh issue of ₹108.42 crore, with no Offer for Sale, so all the proceeds go to the company.
Objects of the Issue (Fund Utilization)
The company proposes to utilize net proceeds from the issue towards Funding Working Capital requirements of the Company — ₹70 crore, and General corporate purposes.
Total working capital requirements are estimated to increase from ₹250.50 million in FY25 to ₹540.81 million in FY26 and ₹1,283.01 million in FY27. The IPO proceeds will help fund these existing and incremental working capital needs, primarily driven by the company’s expansion of bullion and diamond inventory cycles.
- Funding working capital requirements — ₹70 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Choice Capital Advisors Pvt. Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
Promoters & Management
The promoters are Rajnikant Lallubhai Chanchad, Sonalben Rajnikant Chanchad, and Savaliya Dhruv Janakbhai, who together hold a 58.1% pre-issue stake and bring over 29 years of combined jewellery-industry experience. The promoters remain actively involved in design, manufacturing, quality control, sales planning, and customer relationships.
Company Details
Nityas Gems & Jewellery Limited is a Surat-based manufacturer of diamond-studded gold jewellery, primarily focused on lab-grown diamonds. The company operates an integrated business model spanning design, manufacturing, and sales — serving both B2B clients (retailers and wholesalers) and direct consumers.
Sectors Served:
- Gems & Jewellery (Retail & Wholesale)
- Lab-Grown Diamond Jewellery
- Diamond-Studded Gold Jewellery Manufacturing
Key Products:
- Diamond-studded gold jewellery
- Lab-grown diamond jewellery pieces
- Custom jewellery designs for retail and wholesale clients
Key Capabilities:
- Integrated in-house design, manufacturing, and quality control
- Strong promoter experience of over 29 years in the jewellery industry
- B2B and direct-to-consumer sales model
Manufacturing Facility:
- Based in Surat, Gujarat — India’s diamond trading and manufacturing capital
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) | Net Worth (₹ Cr) | Total Borrowings (₹ Cr) |
| FY24 | ₹53.66 | ₹4.02 | ₹5.48 | ₹5.33 | ₹3.26 |
| FY25 | ₹96.85 | ₹9.79 | ₹12.90 | ₹22.57 | ₹7.11 |
| FY26 | ₹202.89 | ₹22.32 | ₹30.97 | ₹79.43 | ₹9.08 |
Key Financial Metrics
- Revenue CAGR of 188% and PAT CAGR of 532% — rare financial momentum for a jewellery-sector IPO.
- Revenue increased by 110% and PAT rose by 128% between FY25 and FY26.
- ROE (FY25): 70.17% | ROCE (FY25): 63.18%
- Debt/Equity: 0.29 (FY26) — very low leverage
- PAT Margin: ~11% | EBITDA Margin: ~15.3% (FY26)
- Pre-IPO P/E: 14.51x | Pre-IPO EPS: ₹5.17
Company Strengths
- Hyper-growth financials — revenue grew ~4x and PAT grew ~5.5x in just two years, an exceptional track record for an early-stage jewellery manufacturer
- 100% fresh issue — all ₹108.42 crore flows into the company, signalling zero promoter exit and strong management confidence
- Operates in India’s booming lab-grown diamond jewellery segment, which is gaining rapid global traction as a cost-effective and ethically preferred alternative to mined diamonds
- Low debt — total borrowings of only ₹9.08 crore as of FY26, against a net worth of ₹79.43 crore
- Promoters bring over 29 years of combined industry experience with deep involvement in day-to-day operations
- Surat base provides access to India’s largest diamond processing and jewellery manufacturing ecosystem
Key Risks & Challenges
- The business is highly working-capital intensive, with the working capital requirement estimated to rise from about ₹44.95 crore in FY26 — rapid scaling of inventory and customer credit cycles could strain cash flows if growth outpaces funding.
- Lab-grown diamond jewellery faces competition and potential pressure on selling prices as global supply of lab-grown diamonds continues to increase, compressing margins across the industry.
- Very young company — established only in 2022, with a track record of just ~4 years, making the sustainability of growth metrics difficult to assess with confidence.
- Heavy geographic concentration — business predominantly based out of Surat/Gujarat, limiting diversification across markets and client geographies.
- Gold and diamond prices are subject to global commodity price volatility, which can directly impact material costs and profitability without the ability to pass through costs immediately.
- IPO proceeds are almost entirely earmarked for working capital (₹70 crore out of ~₹108 crore), leaving limited capital for capacity expansion, technology investment, or strategic diversification.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
