Nityas Gems and Jewellery Limited IPO
Offer terms, application timeline, financial context and company details in one place.
Issue at a glance
- Issue size
- ₹108.42 crore
- Face value
- ₹5
- Issue method
- 100% Book Building
- Fresh issue
- ₹108.42 crore
- Symbol
- NITYAS
- ISIN
- INE211501023
Subscription
0.43×overall subscribed
| Investor category | Applications | Shares bid | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers(QIBs) | — | 21,83,000 | 0.3× |
| Foreign Institutional Investors(FIIs) | — | 16,66,400 | — |
| Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 0 | — |
| Mutual funds | — | 0 | — |
| Others | — | 5,16,600 | — |
| Non Institutional Investors | — | 4,00,600 | 0.19× |
| Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | — | 2,03,000 | 0.14× |
| Corporates | — | 40,200 | — |
| Individuals(Other than RIIs) | — | 1,49,400 | — |
| Others | — | 13,400 | — |
| Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | — | 1,97,600 | 0.28× |
| Corporates | — | 15,400 | — |
| Individuals(Other than RIIs) | — | 1,79,400 | — |
| Others | — | 2,800 | — |
| Retail Individual Investors(RIIs) | — | 35,73,000 | 0.71× |
| Cut Off | — | 32,74,600 | — |
| Price bids | — | 2,98,400 | — |
| Employees | — | 46,800 | 0.47× |
| Cut Off | — | 40,000 | — |
| Price Bids | — | 6,800 | — |
| Total | — | 62,03,400 | 0.43× |
Demand by bid price
About the company
Incorporated in April 2022, Nityas Gems and Jewellery Limited is engaged in the design, manufacturing and sale of lab-grown diamond studded gold jewellery in India. The Company operates through an integrated business model comprising B2B manufacturing and distribution to organised retailers, standalone retailers and wholesalers, along with direct-to-consumer (“D2C”) omnichannel retail operations through its subsidiary, Ayaani Diamonds and Jewellery Private Limited (“Ayaani”). The Company’s operations cover raw material procurement, product design, manufacturing, quality control, distribution and branded retail. The Company offers lab-grown diamond studded gold jewellery across categories including rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles. Its portfolio caters to daily wear, occasion-based, men’s jewellery and customised segments, with a strategic focus on lightweight and affordable jewellery.
Financial snapshot
| Particulars | FY25 | FY26 |
|---|---|---|
| Revenue | ₹96.84 cr | ₹202.89 cr (109.51%) |
| PAT | ₹9.79 cr | ₹22.32 cr (127.99%) |
| PAT Margin | 10.11 % | 11.00 % (8.80%) |
| EBITDA | ₹12.90 cr | ₹30.97 cr (140.08%) |
| EBITDA Margin | 13.32 % | 15.26 % (14.56%) |
| ROE | 45.85 % | 28.10 % |
| ROCE | 63.18 % | 42.93 % |
| D/E | 0.33 | 0.11 |
What to consider
Business strengths
- Integrated B2B and D2C ModelThe company combines B2B supply with D2C retail through Ayaani, acquired in July 2025. Its B2B customer count rose from 74 in Fiscal 2024 to 323 in Fiscal 2026, spread across 18 states and 2 union territories, while Ayaani runs ten stores in eight cities alongside an online storefront.
- In-House Design and ManufacturingIts Surat facility of about 7,000 sq. ft. has an installed capacity of roughly 360 kg of jewellery per annum and handles casting, setting and polishing in-house. CAD and CAM tools support a design library of over 32,000 designs, allowing both standard and customised orders for retailers.
- Positioned for Lab-Grown Diamond GrowthAccording to the CareEdge Report, India's lab-grown diamond jewellery market is projected to grow at a CAGR of 15.8% from ₹34,501 million in CY25 to ₹71,890 million by CY30, while the global market is expected to reach USD 9,406 million by CY30, driven mainly by affordability.
Key risks
- Customer ConcentrationThe top 10 customers contributed ₹1,125.95 million, or 55.49% of revenue from operations, in Fiscal 2026, against 76.68% and 84.24% in the two earlier years. The largest single customer accounted for 12.98%. Losing or reducing business with these customers could hurt revenue and profitability.
- Geographic Revenue ConcentrationGujarat, Karnataka, Telangana, Tamil Nadu and Maharashtra together contributed 85.03%, 92.71% and 94.42% of revenue from operations in Fiscal 2026, 2025 and 2024. Gujarat alone accounted for 37.40% in Fiscal 2026, so adverse regional developments could materially affect the business.
- High Working Capital NeedsWorking capital requirements on a standalone basis rose from ₹67.65 million in Fiscal 2024 to ₹449.46 million in Fiscal 2026, driven by inventory and customer credit. Part of the Net Proceeds will fund working capital, and any failure to finance or manage it could affect operations and cash flows.
Peer comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) |
|---|---|---|---|---|
| Nityas Gems and Jewellery LTD. | 5.52 | 5.52 | 15.13 | 43.75 |
| Golkunda Diamonds & Jewellery Ltd. | 19.66 | 19.66 | 115.22 | 16.61 |
| Goldiam International Ltd. | 15.11 | 15.43 | 97.95 | 21.69 |
| Renaissance Global Ltd. | 8.40 | 8.40 | 140.62 | 18.63 |