Nityas Gems & Jewellery Ltd IPO
Nityas Gems & Jewellery Ltd IPO Details
-
Open Date
30 Sep 2026
-
Close Date
05 Oct 2026
- IPO Price Range
₹ 70 to ₹75
- IPO Size
₹ 108.35 Cr Cr
Nityas Gems & Jewellery Ltd IPO Timeline
Last Updated: 27 September 2026 5:44 AM by 5paisa
Nityas Gems and Jewellery Limited is engaged in the design, manufacturing and sale of lab-grown diamond-studded gold jewellery. Incorporated in April 2022, the company operates across the jewellery value chain, including raw-material procurement, product design, manufacturing, quality control, distribution and retail.
Its core operations follow a business-to-business model, supplying jewellery to organised retailers, standalone retailers and wholesalers. The company has also expanded into the direct-to-consumer segment through its subsidiary Ayaani Diamonds and Jewellery Private Limited, which operates an omnichannel retail model.
The company's product portfolio includes rings, earrings, pendants, bracelets, mangalsutras, necklaces, bangles, nose pins, cufflinks and other lab-grown diamond-studded gold jewellery. Its manufacturing facility in Surat spans approximately 7,000 sq. ft. and includes processes such as waxing, casting, filling, setting, polishing, laser soldering, rhodium plating and CAD/CAM-supported design and production.
Nityas' B2B customer network expanded from 29 customers in FY23 to 74 in FY24 and 108 in FY25, reaching 190 customers as of September 30, 2025. Its B2B reach covers 18 states and two union territories in India, alongside customers in markets including the UAE, Australia, Canada, Taiwan and Kenya. Through Ayaani, the group also had nine retail stores across seven Indian cities as of February 28, 2026.
Established in: 2022
Managing Director: Rajnikant Lallubhai Chanchad
Nityas Gems and Jewellery Peers
| Metric | Nityas Gems and Jewellery Limited | Golkunda Diamonds & Jewellery Limited | Goldiam International Limited | Renaissance Global Limited |
|---|---|---|---|---|
| Face Value (₹) | 5 | 10 | 2 | 2 |
| Revenue from Operations (₹ mn) | 968.45 | 2,524.44 | 7,809.78 | 20,809.80 |
| EPS – Basic (₹) | 4.37 | 16.97 | 10.97 | 7.68 |
| P/E | – | 16.93 | 26.99 | 12.17 |
| RoNW (%) | 70.17% | 19.78% | 16.96% | 5.73% |
| NAV per Share (₹) | 9.53 | 93.91 | 69.30 | 140.20 |
The peer comparison is based on FY25 consolidated financial information. Peer P/E ratios use closing market prices as of March 20, 2026.
Nityas Gems & Jewellery Ltd Objectives
The company proposes to utilise the net proceeds from the fresh issue towards:
1. Funding the company's working capital requirements – up to ₹70 crore
2. General corporate purposes
The company expects to deploy the ₹70 crore earmarked for working capital during FY27. The amount allocated towards general corporate purposes is to remain within the prescribed limit of 25% of the gross proceeds.
Adroit Industries IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹108.35 Cr |
| Offer For Sale | - |
| Fresh Issue | ₹108.35 Cr |
Adroit Industries IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 200 | 15000 |
| Retail (Max) | 13 | 2600 | 195000 |
| S-HNI (Min) | 14 | 2800 | 210000 |
| S-HNI (Max) | 66 | 13200 | 990000 |
| B-HNI (Min) | 67 | 13400 | 1005000 |
| Particulars (In ₹ Crores) | FY23 | FY24 | FY25 |
| Revenue | 11.67 | 53.66 | 96.85 |
| EBITDA | 0.49 | 5.48 | 12.90 |
| PAT | 0.25 | 4.02 | 9.79 |
| Particulars (In ₹ Crores) | FY23 | FY24 | FY25 |
| Total Assets | 6.08 | 11.75 | 39.87 |
| Share Capital | 1.00 | 1.00 | 1.24 |
| Total Liabilities | 4.83 | 6.42 | 17.29 |
| Particulars (In ₹Crores.) | FY23 | FY24 | FY25 |
| Net Cash Generated From / (used in) Operating Activities | -0.79 | -1.05 | -10.05 |
| Net Cash Generated From / (used in) Investing Activities | -1.27 | -0.83 | -0.42 |
| Net Cash Generated From / (used in) Financing Activities | 2.26 | 1.73 | 10.72 |
| Net Increase (Decrease) in Cash and Cash Equivalents | 0.20 | -0.15 | 0.24 |
Strengths
1. Integrated B2B and D2C presence, combining a growing distribution network with direct consumer access through the Ayaani brand.
2. B2B customers increased from 29 in FY23 to 108 in FY25 and reached 190 by September 2025.
3. Its Surat facility handles multiple stages of jewellery production, including casting, setting, polishing and CAD/CAM-supported processes.
4. Its B2B operations extend across 18 states and two union territories, along with select international markets.
5. EBITDA margin improved from 4.19% in FY23 to 13.32% in FY25, while net profit margin rose from 2.10% to 10.11%.
Weaknesses
1. The business has significant working capital requirements, which increased alongside the company's operating scale.
2. The company reported negative operating cash flows across FY23, FY24 and FY25.
3. Manufacturing operations are concentrated at a single facility in Surat.
4. Installed manufacturing capacity was 360 kg per annum from FY24 onwards, while utilisation stood at 32% in FY25.
5. Business expansion requires substantial capital to remain tied up in raw materials, inventory and trade receivables.
Opportunities
1. Broader consumer acceptance of lab-grown diamonds could expand the addressable market for the company's jewellery products.
2. Ayaani provides the group with a platform to expand its direct-to-consumer presence.
3. Expansion into Tier 2 and Tier 3 cities may support access to a broader jewellery customer base.
4. Continued addition of organised retailers, standalone retailers and wholesalers can help deepen the B2B distribution footprint.
5. Available manufacturing capacity provides room to increase production if demand and order volumes rise.
Threats
1. Gold price volatility can increase raw-material and working-capital requirements.
2. Jewellery preferences can change quickly, creating the need for continuous product and design refreshes.
3. The B2B model involves customer credit exposure, which may lead to collection delays or defaults.
4. The company operates in a competitive jewellery market with both organised and unorganised players.
5. Any disruption at the Surat manufacturing facility could affect production and order fulfilment.
1. Integrated presence across manufacturing, B2B distribution and D2C jewellery retail.
2. Revenue from operations increased from ₹11.67 crore in FY23 to ₹96.85 crore in FY25.
3. EBITDA margin expanded from 4.19% in FY23 to 13.32% in FY25.
4. B2B customer base increased to 190 customers as of September 2025.
5. Distribution extends across 18 states and two union territories, along with select international markets.
6. Fresh issue proceeds are primarily intended to support the company's growing working-capital requirements.
India's lab-grown diamond jewellery market is developing alongside changes in consumer awareness, affordability considerations and demand for diamond jewellery across everyday and occasion-led categories. Nityas Gems and Jewellery operates across both manufacturing and distribution, giving it exposure to B2B jewellery demand as well as direct consumer purchases through Ayaani.
The company's expansion has been visible in both its customer count and financial performance. B2B customers increased from 29 in FY23 to 190 by September 2025, while revenue from operations grew from ₹11.67 crore in FY23 to ₹96.85 crore in FY25. The company's B2B business reaches retailers across 18 states and two union territories, while its D2C subsidiary provides access to physical stores and online channels.
Manufacturing capacity also provides room for further scaling. Installed capacity increased from 15 kg per annum in FY23 to 360 kg per annum from FY24 onwards, although utilisation was 32% in FY25. Higher utilisation could support greater production, though increased business volumes would also require additional working capital to support inventory and receivables.
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FAQs
Nityas Gems and Jewellery IPO opens on September 30, 2026 and closes on October 5, 2026.
The size of the Nityas Gems and Jewellery IPO is approximately ₹108.35 crore. The issue consists entirely of a fresh issue, with no offer-for-sale component.
The price band for the Nityas Gems and Jewellery IPO is fixed at ₹70 to ₹75 per equity share.
To apply for the Nityas Gems and Jewellery IPO, follow the steps below:
1. Log in to your 5paisa demat account and select the issue under the current IPO section.
2. Enter the number of lots and the price at which you wish to apply.
3. Enter your UPI ID and submit the IPO application.
4. Approve the mandate received through your UPI application to block the required funds.
The minimum lot size is 200 shares. At the upper price band of ₹75 per share, the minimum application amount is ₹15,000.
The tentative basis of allotment is expected to be finalised on October 6, 2026.
The shares are tentatively scheduled to list on October 8, 2026 on BSE and NSE.
Choice Capital Advisors Private Limited is the Book Running Lead Manager to the issue. Bigshare Services Private Limited is the registrar.
The company intends to use up to ₹70 crore from the net proceeds towards funding its working-capital requirements. The balance is proposed to be used for general corporate purposes, subject to applicable limits.