Nityas Gems & Jewellery
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.06×
- Big non-institutionalbNII · above ₹10 lakh
- 1.56×
- Small non-institutionalsNII · ₹2–10 lakh
- 2.95×
- Retail individualRII · up to ₹2 lakh
- 3.84×
- Employeesreserved quota
- 2.72×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 11 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Oct 2026 | ₹1 | — | ₹200 | ₹76 | ₹200 |
| 07 Oct 2026 | ₹1 | — | ₹200 | ₹76 | ₹200 |
| 06 Oct 2026 | ₹1 | — | ₹200 | ₹76 | ₹200 |
| 05 Oct 2026 | ₹1 | — | ₹200 | ₹76 | ₹200 |
| 04 Oct 2026 | ₹2 | — | ₹300 | ₹77 | ₹400 |
| 03 Oct 2026 | ₹3 | — | ₹500 | ₹78 | ₹600 |
| 02 Oct 2026 | ₹3 | — | ₹500 | ₹78 | ₹600 |
| 01 Oct 2026 | ₹3 | — | ₹500 | ₹78 | ₹600 |
| 30 Sep 2026 | ₹5 | — | ₹800 | ₹80 | ₹1,000 |
| 29 Sep 2026 | ₹5 | — | ₹800 | ₹80 | ₹1,000 |
| 28 Sep 2026 | ₹9 | — | ₹1,400 | ₹84 | ₹1,800 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 71,78,000 | 75,75,600 | ₹56.82 Cr | 1.06× |
| Non-institutional | 21,53,400 | 44,11,800 | ₹33.09 Cr | 2.05× |
| Big non-institutionalwithin NII | 14,35,600 | 22,42,400 | ₹16.82 Cr | 1.56× |
| Small non-institutionalwithin NII | 7,17,800 | 21,69,400 | ₹16.27 Cr | 3.02× |
| Retail individual | 50,24,600 | 2,04,43,600 | ₹153 Cr | 4.07× |
| Employees | 1,00,000 | 2,81,800 | ₹2.11 Cr | 2.82× |
| Total | 1,44,56,000 | 3,27,12,800 | ₹245 Cr | 2.26× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 05 Oct, 05:55 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 30 Sep 2026 – 05 Oct 2026
- Listing date
- 08 Oct 2026
- Face value
- ₹5 per share
- Price band
- ₹70 – ₹75
- Lot size
- 200 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹108 Cr
- Fresh issue
- ₹108 Cr 1,44,56,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹432 Cr
- Promoter holding
- 58.10% → 43.51% pre-issue → post-issue
- ISIN
- INE211501023
- CIN
- U36996GJ2022PLC131404
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Choice Capital Advisors Pvt.Ltd.
- 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
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 71,78,000 | 50.00% | 49.65% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 21,53,400 | 15.00% | 14.90% |
| bNII > ₹10L · within NII | 14,35,600 | — | 9.93% |
| sNII < ₹10L · within NII | 7,17,800 | — | 4.97% |
| Retail (RII) | 50,24,600 | 35.00% | 34.76% |
| Employee | 1,00,000 | — | 0.69% |
| Market maker | 0 | — | 0.00% |
| Total issue | 1,44,56,000 | — | 100.00% |
Net offer to the public of 1,43,56,000 shares, out of a total issue of 1,44,56,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 200 shares per lot, in multiples, at ₹75
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 200 | ₹15,000 |
| Retail (max) | 13 | 2,600 | ₹1,95,000 |
| S-HNI (min) | 14 | 2,800 | ₹2,10,000 |
| S-HNI (max) | 66 | 13,200 | ₹9,90,000 |
| B-HNI (min) | 67 | 13,400 | ₹10,05,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹75 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.17 | 3.87 |
| P/E (×) | 14.51 | 19.38 |
| Price to book (×) | 4.96 | — |
| Market cap | — | ₹432 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 43.75%
- ROCE
- 43.00%
- Debt / equity
- 0.29
- PAT margin
- 11.00%
- EBITDA margin
- 15.27%
- NAV per share
- ₹15.13
- Price to book
- 4.96
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 203.33 | 96.85 | 53.66 |
| Revenue from operations | 202.89 | 96.85 | 53.66 |
| Other income | 0.43 | 0 | 0.01 |
| Total expenses | 176.4 | 84.95 | 48.73 |
| Operating profit | 26.93 | 11.9 | 4.93 |
| Operating margin | 13.24% | 12.29% | 9.19% |
| Profit before tax | 26.92 | 11.89 | 4.93 |
| Profit after tax | 22.32 | 9.79 | 4.02 |
| PAT margin | 10.98% | 10.11% | 7.49% |
| Balance sheet | |||
| Total assets | 116.42 | 39.87 | 11.75 |
| Current assets | 88.95 | 37.69 | 9.68 |
| Current liabilities | 23.95 | 16.14 | 4.72 |
| Total liabilities | 36.99 | 17.29 | 6.42 |
| Net worth | 79.43 | 22.57 | 5.33 |
| Current ratio | 3.71× | 2.34× | 2.05× |
| Return on equity | 28.10% | 43.38% | 75.42% |
| Cash flow | |||
| Operating cash flow | -14.73 | -10.05 | -1.05 |
| Investing cash flow | -1.99 | -0.42 | -0.83 |
| Financing cash flow | 16.86 | 10.72 | 1.73 |
| Net cash flow | 0.13 | 0.24 | -0.15 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding Working Capital Requirements ₹70 Cr
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.
2 General Corporate Purposes —
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.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Nityas Gems & Jewellery
Nityas Gems and Jewellery Limited, incorporated on April 26, 2022, as a private limited company and converted to public limited on July 2, 2025, is engaged in the design, manufacturing and sale of lab-grown diamond studded gold jewellery. The company operates through a B2B model serving retail chains, standalone retailers and wholesalers, and a D2C model through its subsidiary Ayaani Diamonds and Jewellery Private Limited acquired in July 2025. The company's manufacturing facility is located in Surat, Gujarat. Revenue from operations grew from ₹536.55 million in Fiscal 2024 to ₹968.45 million in Fiscal 2025 and ₹2,028.94 million in Fiscal 2026, with EBITDA increasing from ₹54.76 million to ₹129.01 million and ₹309.74 million respectively during the same periods.
Management
Rajnikant Lallubhai Chanchad
MD
Sonalben Rajnikant Chanchad
Director
Strengths
As stated in the offer document
Integrated B2B and D2C Business Model with a Growing and Diversified Customer Base
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.
Manufacturing Capabilities Supported by In-House Design and Technology Integration
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.
Well Positioned to Capitalize on the Growth of Lab-Grown Diamond Jewellery
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.
Skilled In-House Workforce Enabling Quality Control and Reduced Dependence on External Job Work
The company is supported by 122 in-house Karigars operating under direct supervision and a structured quality control framework, enabling design-intensive and customized jewellery execution while reducing reliance on third-party manufacturing.
Robust Financial Performance with Consistent Growth
The company's revenue from operations grew at a CAGR of ~94.46% from ₹536.55 million in Fiscal 2024 to ₹2,028.94 million in Fiscal 2026, with PAT rising at a CAGR of ~135.48% and EBITDA margins improving from 10.21% to 15.27% over the same period.
Experienced Promoters and Management Team
The company is led by promoters with a collective 29+ years of jewellery industry experience, supported by a senior management team with expertise across finance, production, administration, and sales, enabling structured operations and consistent product quality.
Risk factors
As stated in the offer document
Customer Concentration Risk
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.
Supplier Concentration Risk
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.
Working Capital Intensity and Negative Cash Flows
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.
Raw Material Price Volatility — Gold and Lab-Grown Diamonds
Gold bullion and lab-grown diamonds together constituted 90.77%, 88.38%, and 95.14% of total raw material purchases in Fiscals 2026, 2025, and 2024, respectively, exposing the company to significant price volatility. The company does not have a comprehensive hedging mechanism, and any inability to pass on cost increases to customers may compress margins and adversely affect profitability.
Single Manufacturing Facility Concentration Risk
All manufacturing operations are concentrated at a single leased facility in Surat, Gujarat, with an installed capacity of 360 kg per annum and capacity utilization of only 45.21% in Fiscal 2026. Any disruption due to machinery breakdown, natural calamity, regulatory action, or labour unrest could have a disproportionate and material adverse impact on operations, given the absence of alternative manufacturing facilities.
Geographic Revenue Concentration
A substantial portion of revenue is derived from five states — Gujarat, Karnataka, Telangana, Tamil Nadu, and Maharashtra — which contributed 85.03%, 92.71%, and 94.44% of revenue from operations in Fiscals 2026, 2025, and 2024, respectively. Any adverse economic, regulatory, or demand-related developments in these regions could have a disproportionate impact on revenues and profitability.
Company Analysis
from RHPNityas Gems and Jewellery Limited designs, manufactures, and sells lab-grown diamond studded gold jewellery through B2B and D2C channels in India.
Nityas Gems and Jewellery Limited, incorporated on April 26, 2022, as a private limited company and converted to public limited on July 2, 2025, is engaged in the design, manufacturing and sale of lab-grown diamond studded gold jewellery. The company operates through a B2B model serving retail chains, standalone retailers and wholesalers, and a D2C model through its subsidiary Ayaani Diamonds and Jewellery Private Limited acquired in July 2025. The company's manufacturing facility is located in Surat, Gujarat. Revenue from operations grew from ₹536.55 million in Fiscal 2024 to ₹968.45 million in Fiscal 2025 and ₹2,028.94 million in Fiscal 2026, with EBITDA increasing from ₹54.76 million to ₹129.01 million and ₹309.74 million respectively during the same periods.
Objects of the Issue
- Funding of working capital requirements of the Company p.140
- Funding of working capital requirements of the Company p.90
- General corporate purposes p.90
- Funding Working Capital requirements of our Company ₹700.00 million p.147
- General corporate purposes p.151
- Funding working capital requirements of the Company ₹700.00 million p.225
Issue Structure
- Total Issue
- Up to 14,456,000 Equity Shares of face value of ₹5 each aggregating up to ₹[●] million
- Fresh Issue
- Up to 14,456,000 Equity Shares of face value of ₹5 each aggregating up to ₹[●] million
- Offer for Sale
- Not applicable
- Price Band
- Price band of a minimum price of ₹[●] per Equity Share (i.e., the Floor Price) and the maximum price of ₹[●] per Equity Share (i.e., the Cap Price)
- Lot Size
- [●] Equity Shares of face value of ₹5 each and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹5 each
Business Model
The company earns revenue through two primary channels: (1) B2B model - design, manufacturing and supply of lab-grown diamond studded gold jewellery to retail chains, standalone retailers and wholesalers; (2) D2C model through subsidiary Ayaani - direct-to-consumer sales through retail stores and online channels. The company procures gold bullion and lab-grown diamonds as raw materials and manufactures finished jewellery products to customer specifications.
Business Segments
SWOT Analysis
- • Significant revenue and profitability growth trajectory(p.75)
- • Improving profit margins and operational efficiency(p.75)
- • Integrated manufacturing and sourcing capabilities supporting D2C operations(p.57)
- • Established trademark portfolio with registered brands(p.62)
- • Integrated B2B and D2C business model with demonstrated scalability(p.156)
- • Significant revenue growth with improved profitability and margins(p.157)
- • Large diversified design portfolio with in-house manufacturing and design capabilities(p.157)
- • Expanding customer base with 323 B2B customers across 18 states and 2 union territories(p.156)
- • Strong return on net worth and capital employed indicating efficient profitability(p.160)
- • Integrated B2B and D2C business model with growing customer base(p.217)
- • Manufacturing capabilities with in-house design and technology integration(p.220)
- • Positioned to capitalize on rapid LGD market expansion(p.220)
- • Skilled in-house workforce reducing external job work dependence(p.221)
- • Robust financial performance with strong CAGR growth(p.221)
- • Experienced promoters with deep industry expertise(p.221)
- • Large design portfolio enabling market responsiveness(p.216)
- • Presence in Surat diamond hub with access to skilled workforce(p.219)
- • Top suppliers concentrated—two suppliers represent 61.78% of purchases, enabling relationship leverage and negotiation power(p.237)
- • Structured pricing mechanism aligned with market rates and customer-specific requirements across B2B and D2C segments(p.237)
- • Integrated inventory and production planning with design management enables balance between standardization and customization(p.238)
- • Proximity-based sourcing framework for lab-grown diamonds optimizes inventory levels and reduces lead times(p.238)
- • Diversified product portfolio with periodic refresh based on market trends and customer feedback across multiple segments(p.238)
- • Comprehensive IT infrastructure supporting core business functions from accounting to e-commerce operations(p.239)
- • Portfolio of 8 registered trademarks providing brand protection without royalty or recurring payments(p.242)
- • Insurance coverage exceeds 112% of total secured assets, providing adequate protection for operations(p.240)
- • Established manufacturing and trading operations in gold, silver, and diamond jewellery including lab-grown diamonds(p.303)
- • Growing revenue trajectory with strong profitability across reporting periods(p.349)
- • Solid equity base with controlled debt levels improving capital structure(p.375)
- • Established subsidiary companies expanding market reach into lab-grown diamonds and retail(p.376)
- • Established B2B customer relationships with organized retailers(p.414)
- • Substantial design portfolio and CAD/CAM capabilities(p.418)
- • Integrated manufacturing facility with end-to-end production capabilities(p.418)
- • Experienced promoter team with 29+ years combined jewellery industry experience(p.418)
- • Strong revenue and profit growth trajectory(p.420)
- • Multi-stage quality control framework(p.418)
- • Operational efficiency through co-located lab-grown diamond supplier(p.418)
- • Revenue concentration among limited B2B customers(p.33)
- • Geographic revenue concentration in 5 states(p.36)
- • Working capital intensive business model(p.37)
- • Supplier concentration risk(p.39)
- • Single manufacturing facility concentration(p.42)
- • Quality control risks(p.43)
- • Negative operating cash flows(p.44)
- • Significant related party transactions(p.45)
- • High inventory holding relative to peers(p.77)
- • Significant increase in trade receivables and extended receivable cycle(p.69)
- • High employee attrition rates, particularly among karigars(p.73)
- • Early-stage D2C operations with uncertain profitability(p.56)
- • Reliance on related-party leased premises for operations(p.66)
- • FIR filed for alleged employee inventory misappropriation(p.58)
- • History of delays and non-compliance with statutory filings(p.73)
- • Limited credit rating and unfavorable debt structure(p.62)
- • Promoter personal guarantees and mortgaged properties securing debt(p.80)
- • Designs not formally registered and vulnerable to imitation(p.63)
- • Significant increase in working capital requirements due to business expansion(p.147)
- • Negative operating cash flow despite profitability(p.109)
- • Pending tax dispute and contingent liabilities(p.111)
- • Dependence on related party transactions(p.118)
- • High concentration in top 10 customers (55.49% of revenue)(p.234)
- • Increasing inventory days indicating working capital strain(p.217)
- • Significant supplier concentration (top 1 supplier is 55.11% of purchases)(p.236)
- • Recently acquired Ayaani showing minimal D2C contribution (4.34% of revenue)(p.213)
- • Limited installed capacity utilization at 45.21% in Fiscal 2026(p.229)
- • Relatively new market entrant (commenced July 2022) with limited brand recognition(p.228)
- • Severe employee attrition spike—karigars attrition jumped from 0% (FY2024) to 55.45% (FY2026), indicating retention challenges in core workforce(p.241)
- • History of delays in statutory dues payments may indicate cash management or compliance issues(p.241)
- • Significant dependence on key personnel with no documented succession plan for critical roles(p.241)
- • Manufacturing facility and key premises leased, including from related party, creating vulnerability to lease termination(p.243)
- • Insurance coverage may not be adequate to cover all potential losses, with uninsured or underinsured losses possible(p.240)
- • Tax assessment dispute creating contingent liability exposure(p.362)
- • Significant lease liability obligations from recent acquisitions and store expansions(p.331)
- • Recent acquisition of subsidiary with operating losses diluting profitability(p.343)
- • High inventory levels relative to sales requiring working capital management(p.374)
- • Dependence on non-wholly owned subsidiaries with significant minority interests(p.378)
- • High customer concentration risk in B2B segment(p.420)
- • Significant working capital intensity requiring external financing(p.420)
- • High supplier concentration for raw materials(p.421)
- • Negative operating cash flows despite profitability(p.448)
- • High product returns impacting margins(p.422)
- • Tax dispute contingent liability(p.450)
- • Low manufacturing capacity utilization(p.422)
- • Internal inventory theft by employees(p.455)
- • Single material creditor concentration(p.457)
- • High concentration of trade payables(p.457)
- • Expansion of D2C operations and omnichannel retail presence(p.86)
- • Growing demand for lab-grown diamond jewellery among younger demographics(p.61)
- • Potential to expand and diversify customer base in B2B segment(p.61)
- • Selective export market development opportunities(p.79)
- • Leveraging operational efficiency gains and working capital optimization(p.87)
- • High-growth lab-grown diamond jewellery market in India(p.147)
- • Cost advantage of lab-grown diamonds enabling broader market penetration(p.147)
- • Rising disposable incomes and changing consumer aspirations in smaller cities(p.147)
- • Potential in bridal and high-end segments(p.147)
- • Strategy to augment marketing and distribution through dedicated teams(p.147)
- • Expansion into bridal and engagement segments with higher-value designs(p.224)
- • Growth in Tier-2 and Tier-3 markets with rising disposable incomes(p.225)
- • Targeting younger demographics (Gen Z and Millennials) with sustainability focus(p.224)
- • Daily wear and fashion jewellery segment growth(p.224)
- • Omnichannel expansion and digital channel development(p.225)
- • Government support through PLI scheme and policy initiatives(p.205)
- • Export market development particularly in Middle East and Australia(p.224)
- • Growing adoption of lab-grown diamonds as customer preferences shift away from natural diamonds(p.239)
- • Expansion of D2C channels through digital marketing and omnichannel presence to capture direct consumer engagement(p.238)
- • Participation in international jewelry exhibitions (IIJS) to showcase products and establish relationships with potential customers(p.238)
- • Growing Indian jewellery market with increasing consumer demand across both organized and unorganized segments(p.239)
- • Expansion into lab-grown diamonds representing emerging market segment(p.376)
- • Retail expansion through owned outlets in urban markets(p.376)
- • Growing export sales demonstrating international market penetration(p.349)
- • Strong operating cash generation supporting growth capital deployment(p.299)
- • Expand D2C retail operations through multiple channels(p.414)
- • Grow lab-grown diamond market penetration among younger consumers(p.414)
- • Expand geographic footprint in India(p.416)
- • Increase international market presence(p.416)
- • Diversify customer base beyond top concentration(p.420)
- • Increase manufacturing capacity utilization(p.422)
- • Discretionary consumer spending volatility(p.55)
- • Severe seasonal fluctuations concentrating revenue in peak periods(p.56)
- • High dependence on volatile gold and lab-grown diamond prices(p.58)
- • Inability to pass on raw material cost increases to customers(p.59)
- • Limited pricing power in competitive and fragmented market(p.82)
- • Competition from natural diamond segment and larger organized players(p.82)
- • Economic uncertainty reducing discretionary consumer spending(p.56)
- • Risks from reliance on third-party logistics providers(p.76)
- • Concentration of operations in domestic market with limited export presence(p.78)
- • Adverse macroeconomic conditions and geopolitical developments(p.93)
- • Evolution and interpretation uncertainty of GST and tax regulations(p.94)
- • Evolving consumer preferences and declining demand for lab-grown diamonds(p.81)
- • Customer concentration risk and dependence on few large customers(p.69)
- • Negative operating cash flows from working capital intensity(p.81)
- • Working capital intensive business model with increasing inventory holding requirements(p.147)
- • Fluctuating gold prices and raw material costs affecting profitability(p.147)
- • Industry cyclicality and economic sensitivity affecting jewellery demand(p.147)
- • Strong competition from natural diamonds with deep brand loyalty(p.207)
- • Consumer perception and value retention concerns for LGD(p.207)
- • Global competition intensifying LGD production capabilities(p.208)
- • Price volatility and margin compression from global LGD price decline(p.208)
- • Dependence on imported raw materials and technology(p.208)
- • Limited consumer awareness and education gap(p.207)
- • Geopolitical tensions affecting energy costs and supply chains(p.187)
- • Natural diamond segment maintains strong brand legacy and emotional appeal, particularly in luxury market segment(p.239)
- • Lab-grown diamonds may be perceived as lower value or substitutes by certain customer segments(p.239)
- • Intense competition from organized and unorganized players with advantages in supply networks, cost efficiency, and customer relationships(p.239)
- • High degree of competition in Indian jewellery market with differentiation based on design, pricing, and execution efficiency(p.239)
- • Regulatory changes and compliance requirements including hallmarking standards and anti-money laundering obligations(p.246)
- • Environmental compliance requirements for manufacturing operations under EPA and Water/Air Pollution Acts(p.246)
- • Precious metals and diamond price volatility affecting input costs and margins(p.336)
- • Competitive pressures in jewellery retail and manufacturing sectors(p.303)
- • Regulatory and tax compliance risks including ongoing tax assessments(p.362)
- • Foreign exchange exposure from export operations(p.350)
- • Raw material price volatility affecting cost structure(p.420)
- • Macroeconomic sensitivity of discretionary spending(p.421)
- • Seasonal demand fluctuations affecting revenue stability(p.422)
- • Geographic concentration risk in key states(p.421)
- • Intense competitive pressure and market competition(p.452)
- • Currency fluctuation exposure from international operations(p.451)
- • Time lag between raw material procurement and sales affecting margins(p.420)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rajnikant Lallubhai Chanchad | Promoter | — | — |
| Sonalben Rajnikant Chanchad | Promoter | — | — |
| Savaliya Dhruv Janakbhai | Promoter | — | — |
| Rajnikant Lallubhai Chanchad | Promoter/Chairman and Managing Director | — | — |
| Sonalben Rajnikant Chanchad | Promoter | — | — |
| Rajnikant Lallubhai Chanchad | Promoter | 52.02% | — |
| Sonalben Rajnikant Chanchad | Promoter | 3.98% | — |
| Savaliya Dhruv Janakbhai | Promoter | — | — |
| Rajnikant Lallubhai Chanchad | Promoter | — | — |
| Sonalben Rajnikant Chanchad | Promoter | — | — |
| Savaliya Dhruv Janakbhai | Promoter | — | — |
| Rajnikant Lallubhai Chanchad | Promoter | 52.02% | — |
| Sonalben Rajnikant Chanchad | Promoter | 3.98% | — |
| Savaliya Dhruv Janakbhai | Promoter | 0% | — |
| Rajnikant L Chanchad | Promoter | 46.92% | 52.02% |
| Sonalben Rajnikant Chanchad | Promoter | — | 3.98% |
| Janakbhai N Savaliya | Promoter Group | — | 2.10% |
| Rajnikant Lallubhai Chanchad | Promoter | — | — |
| Sonalben Rajnikant Chanchad | Promoter | — | — |
| Savaliya Dhruv Janakbhai | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 28 Mar 2025
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Nityas Gems and Jewellery LTD. THIS ISSUE | 5.52 | 15.13 | 19.38, computed at the offer price | 4.96, computed at the offer price | 43.75% |
| 19.66 | 115.22 | 16.61 | — | 18.81% | |
| 15.11 | 97.95 | 21.69 | — | 18.38% | |
| 8.40 | 140.62 | 18.63 | — | 6.09% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.