About the Company: Jaipur’s Handcrafted Jewellery House
Incorporated in 2019, Advit Jewels Ltd. is a Jaipur-based fine jewellery company that sells under the brand name “Rambhajo”. The company has carved a niche in the organised jewellery segment by specialising in handcrafted Kundan, Polki, Diamond, and Studded pieces, blending traditional Rajasthani craftsmanship with contemporary design sensibilities.
- Product Portfolio: Necklaces, earrings, rings, bangles, and made-to-order customised jewellery, all crafted in 14K and 18K gold with diamonds and coloured stones.
- In-House Manufacturing: A fully integrated 6,450 sq. ft. facility in Jaipur equipped with 3D printers and casting units handles the complete production cycle – from gold melting to polishing and quality checks.
- Dual Revenue Model: Primarily operates on a B2B model (dealers, showrooms, retailers), which contributed 81.63% of FY25 revenue. The remaining 18.37% came from B2C exclusive, made-to-order customers.
- Pan-India Reach: Generates revenue across Maharashtra, Haryana, Gujarat, Delhi, Punjab, Rajasthan, West Bengal, Uttar Pradesh, and Telangana.
- Customisation Timelines: High-value and bespoke orders are typically completed within 25–30 days, with dedicated QC checks covering design, purity, finish, and dimensions before every dispatch.
The company’s promoters – Mr. Nitin Gilara, Mr. Prateek Gilara, Mr. Vipul Gilara, and Mr. Krishna Vardhan Gilara – collectively hold a pre-issue stake of 94.59% in the equity capital matrix.
Financial Trends & Performance
Advit Jewels has delivered consistent top-line and bottom-line growth over the past three financial years, with assets nearly quintupling between FY23 and FY25. The numbers below are restated figures sourced from the prospectus.
| Period Ended | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | ₹164.20 Cr | ₹140.85 Cr | ₹67.21 Cr | ₹29.01 Cr |
| Total Income | ₹123.80 Cr | ₹124.94 Cr | ₹69.45 Cr | ₹46.60 Cr |
| Profit After Tax | ₹25.44 Cr | ₹25.37 Cr | ₹14.71 Cr | ₹10.39 Cr |
| EBITDA | ₹36.68 Cr | ₹37.15 Cr | ₹18.95 Cr | ₹12.77 Cr |
| Net Worth | ₹83.65 Cr | ₹58.13 Cr | ₹32.80 Cr | ₹18.08 Cr |
| Total Borrowings | ₹64.92 Cr | ₹74.80 Cr | ₹19.70 Cr | ₹5.84 Cr |
All figures in ₹ Crore | Source: Chittorgarh / Prospectus (Restated)
Revenue nearly tripled from FY23 to FY25, and PAT more than doubled from ₹10.39 Cr to ₹25.37 Cr over the same period. Borrowings, however, rose sharply to ₹74.80 Cr in FY25 – a key factor that the IPO proceeds aim to address directly.
Key Performance Indicators (FY 2025)
Competitive Strengths
- Organised Manufacturing Under One Roof: The complete production cycle – from raw material procurement to finished product dispatch – is managed within the company’s own facility.
- Diversified Product Offering Across Customer Segments: The range spans Kundan, Polki, Diamond, and Studded jewellery catering to both B2B trade buyers and B2C retail customers.
- Robust Operational Systems and Risk Mitigation Framework: Established internal processes govern quality checks, order management, and supply chain operations.
- Experienced Leadership with Proven Execution Capability: The promoter group brings hands-on domain expertise across design, manufacturing, and distribution.
- Unwavering Commitment to Quality: Every piece undergoes dedicated quality checks covering design accuracy, purity, finish, and dimensions before dispatch.
Issue Reservation
| Investor Category | Shares Offered | % of Total Issue |
|---|---|---|
| QIB Shares Offered | 59,81,300 | 49.98% |
| NII (HNI) Shares Offered | 17,96,700 | 15.01% |
| Retail Shares Offered | 41,90,000 | 35.01% |
IPO Structure & Use of Proceeds
The Advit Jewels IPO is a 100% fresh issue of up to 1,19,68,000 equity shares – meaning no promoter is selling existing shares, and all proceeds flow directly to the company. The issue is structured for a dual purpose:
- Funding incremental working capital requirements of our Company ₹65.00 Cr
- Repayment/pre-payment, in full or in part, of certain outstanding borrowings ₹65.00 Cr
- General corporate purposes Balance
The allocation breakdown highlights that the business requires both ongoing capital for gold procurement (working capital is the lifeline of any jewellery manufacturer) and immediate deleveraging to bring the elevated debt-to-equity ratio of 1.29 under control.
On the issue reservation front, up to 50% of the net issue size is reserved for Qualified Institutional Buyers (QIBs), at least 35% for Retail investors, and at least 15% for Non-Institutional Investors (NIIs). The equity shares are set to list on both the BSE and NSE Mainboard.
Advit Jewels represents an early-stage but fast-growing story in India’s organised fine jewellery segment. The brand “Rambhajo” has been built on the strength of genuine craft – 100% handmade Kundan, Polki, and Diamond pieces made by artisans trained across generations – which is a defensible differentiator in a market often dominated by machine-made volume players.
The financial trajectory is undeniably impressive: revenue nearly tripled in two years, PAT crossed ₹25 Cr in FY25, and return ratios like ROE (55.79%) and RoNW (43.64%) rank among the stronger performers in the jewellery cohort. That said, the sharp rise in borrowings and the allocation of half the IPO proceeds to debt repayment are factors worth scrutinising closely.
Investors looking for a craft-first, founder-led fine jewellery business with an established B2B distribution network and healthy margins will find Advit Jewels’ story compelling. As always, the price band and valuation – set at ₹130 to ₹138 – will be the true deciding factor for listing-day parameters.
