About the Business
Incorporated in April 2022, Nityas Gems and Jewellery Limited is an integrated jewellery manufacturer and retailer specializing in lab-grown diamond (LGD) studded gold jewellery in India. The company operates a hybrid business model comprising B2B contract manufacturing and bulk supply to leading organized retailers, standalone jewelers, and wholesalers, alongside an omnichannel Direct-to-Consumer (D2C) retail presence through its operating subsidiary, Ayaani Diamonds and Jewellery Private Limited (“Ayaani”).
The company’s end-to-end operational capabilities encompass raw material procurement, CAD prototyping, casting, diamond setting, and hallmark finishing at its primary manufacturing hub in Surat, Gujarat. Its product catalog spans daily wear, festive, and bridal lightweight jewellery – including rings, earrings, pendants, mangalsutras, nose pins, bracelets, and men’s accessories – delivering tailored purity, caratage, and aesthetic profiles to marquee institutional brands such as GIVA, Palmonas, ONYA, and Ladia Diamonds.
- Dual B2B & D2C Architecture: Combines scalable institutional contract manufacturing with retail touchpoints via Ayaani’s e-commerce storefront and 10 brick-and-mortar retail stores across 8 Indian cities (COCO & FOFO formats).
- Broad Geographic Reach: Distributes jewellery across 18 states and 2 Union Territories across India, while maintaining export channels to the UAE, Australia, Canada, Taiwan, and Kenya.
- Focused Product Positioning: Focuses strategically on lightweight, affordable, daily-wear diamond-studded gold jewellery, capitalizing on shifting millennial and Gen-Z consumer preferences toward sustainable lab-grown diamonds.
- In-House Craftsmanship & Infrastructure: Operates comprehensive in-house casting and prototyping facilities in Surat, substantially reducing turnaround times and reliance on external job workers.
- Specialized Technical Workforce: Supported by a full-time workforce of 192 personnel, including 122 in-house artisans (karigars) and 29 dedicated jewellery designers as of August 31, 2026.
The company’s promoters are Rajnikant Lallubhai Chanchad, Sonalben Rajnikant Chanchad, and Savaliya Dhruv Janakbhai.
Company Financials
Nityas Gems & Jewellery Ltd.’s revenue increased by 110% and profit after tax (PAT) rose by 128% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 116.42 | 39.87 | 11.75 |
| Total Income | 203.33 | 96.85 | 53.66 |
| Profit After Tax | 22.32 | 9.79 | 4.02 |
| EBITDA | 30.97 | 12.90 | 5.48 |
| NET Worth | 79.43 | 22.57 | 5.33 |
| Reserves & Surplus | 40.87 | 20.11 | 4.28 |
| Total Borrowing | 9.08 | 7.11 | 3.26 |
Amount in ₹ Crore
Key Performance Indicator (KPI)
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 5.17 | 3.87 |
| P/E ratio (x) | 14.51 | 19.38 |
| Price to Book Value (P/BV) | 4.96 | – |
| Market Cap at Offer Price | ₹323.53 Cr | ₹431.95 Cr |
Calculated on FY26 restated earnings at the upper price band of ₹75
IPO Lot Size
Investors can bid for a minimum of 200 shares and in multiples thereof:
| 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 |
Issue Reservation
| Investor Category | Allocation Share |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Net Offer |
| Retail Shares Offered | Not less than 35.00% of the Net Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Net Offer |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 58.10% | 43.51% |
| Public | 41.90% | 56.49% |
| Total | 100% | 100% |
IPO Objects of the Issue
The Company proposes to utilise the Net Proceeds from the 100% Fresh Issue towards the following objects:
- Funding Working Capital requirements of the Company ₹70.00 Cr
- General Corporate Purposes Balance
Nityas Gems and Jewellery Limited has established an agile, vertically integrated operating model within the rapidly expanding lab-grown diamond (LGD) jewellery segment. Unlike conventional retail players burdened by heavy inventory carrying costs, Nityas balances high-volume B2B contract manufacturing for top-tier digital jewellery brands (such as GIVA and Palmonas) with higher-margin direct-to-consumer retail through its acquired Ayaani brand. Its integrated manufacturing facility in Surat, supported by 122 in-house karigars and 29 designers, allows tight quality control, rapid prototyping, and faster turnaround times across both domestic and export markets.
Financially, the company has exhibited hyper-growth metrics. FY26 total income surged by 110% to ₹203.33 Cr, while profit after tax (PAT) grew 128% to ₹22.32 Cr, translating into an exceptional return on net worth (RoNW) of 43.75% and ROCE of 42.93%. The balance sheet remains lightly leveraged with total borrowings of just ₹9.08 Cr against a net worth of ₹79.43 Cr (Debt/Equity of 0.29x). Notably, the ₹108.35 Cr public issue consists entirely of fresh equity capital, with ₹70 Cr targeted directly at expanding working capital to fund bullion and diamond inventory cycles. Priced at a post-IPO P/E of 19.38x at the upper band of ₹75 (and offering a ₹7 discount to eligible employees), the issue is reasonably valued given its high return ratios and early-mover positioning in the lab-grown diamond wave. Investors seeking fast-growing exposure to modern, affordable consumer jewellery can consider this issue with a medium-to-long-term perspective.
