{"id":52139,"date":"2026-06-17T12:54:30","date_gmt":"2026-06-17T07:24:30","guid":{"rendered":"https:\/\/flattrade.in\/kosh\/?p=52139"},"modified":"2026-06-18T10:58:34","modified_gmt":"2026-06-18T05:28:34","slug":"advit-jewels-ipo","status":"publish","type":"post","link":"https:\/\/flattrade.in\/kosh\/advit-jewels-ipo\/","title":{"rendered":"Advit Jewels IPO"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"52139\" class=\"elementor elementor-52139\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-82e85ee elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"82e85ee\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3890aae2\" data-id=\"3890aae2\" 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td::before, .res-table td::before {\n        content: attr(data-label);\n        font-weight: 700;\n        color: #64748b;\n        text-align: left;\n      }\n    }\n  <\/style>\n<\/head>\n<body>\n\n<div class=\"cmr-article-wrapper\">\n\n\n\n  <!-- \u2500\u2500 IPO AT A GLANCE \u2500\u2500 -->\n  <div class=\"cmr-glance-title\">IPO at a Glance<\/div>\n  \n  <div class=\"cmr-glance-grid\">\n    <div class=\"cmr-glance-item cmr-highlight\">\n      <div class=\"cmr-g-label\">Price Band<\/div>\n      <div class=\"cmr-g-value\">\u20b9130 to \u20b9138<\/div>\n      <div class=\"cmr-g-sub\">Face Value \u20b910 \/ share<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item cmr-highlight\">\n      <div class=\"cmr-g-label\">Issue Opens<\/div>\n      <div class=\"cmr-g-value\">Jun 23<\/div>\n      <div class=\"cmr-g-sub\">Closes Jun 25, 2026<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Lot Size<\/div>\n      <div class=\"cmr-g-value\">100 Shares<\/div>\n      <div class=\"cmr-g-sub\">Min Investment: \u20b913,800<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Total Issue<\/div>\n      <div class=\"cmr-g-value\">1,19,68,000 shares<\/div>\n      <div class=\"cmr-g-sub\">Fresh capital only<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Listing<\/div>\n      <div class=\"cmr-g-value\">BSE &amp; NSE<\/div>\n      <div class=\"cmr-g-sub\">Tentative: Jul 1, 2026<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Lead Manager<\/div>\n      <div class=\"cmr-g-value\" style=\"font-size: 14px; font-weight: 600; color: #006666;\">Holani Consultants<\/div>\n      <div class=\"cmr-g-sub\">Registrar: Bigshare Services<\/div>\n    <\/div>\n  <\/div>\n  \n  <div class=\"glance-badge\">Mainboard Bookbuilding IPO | Total Size: \u20b9165.16 Cr | Current GMP: \u20b960<\/div>\n\n  <!-- \u2500\u2500 ABOUT THE COMPANY \u2500\u2500 -->\n  <h2>About the Company: Jaipur&#8217;s Handcrafted Jewellery House<\/h2>\n  <p>\n    Incorporated in <strong>2019<\/strong>, Advit Jewels Ltd. is a Jaipur-based fine jewellery company that sells under the brand name <strong>&#8220;Rambhajo&#8221;<\/strong>. The company has carved a niche in the organised jewellery segment by specialising in <strong>handcrafted Kundan, Polki, Diamond, and Studded pieces<\/strong>, blending traditional Rajasthani craftsmanship with contemporary design sensibilities.\n  <\/p>\n\n  <ul class=\"cmr-feature-list\">\n    <li>\n      <span class=\"bullet-icon\">\ud83d\udc8e<\/span>\n      <span><strong>Product Portfolio:<\/strong> Necklaces, earrings, rings, bangles, and made-to-order customised jewellery, all crafted in 14K and 18K gold with diamonds and coloured stones.<\/span>\n    <\/li>\n    <li>\n      <span class=\"bullet-icon\">\ud83c\udfed<\/span>\n      <span><strong>In-House Manufacturing:<\/strong> A fully integrated 6,450 sq. ft. facility in Jaipur equipped with 3D printers and casting units handles the complete production cycle &#8211; from gold melting to polishing and quality checks.<\/span>\n    <\/li>\n    <li>\n      <span class=\"bullet-icon\">\ud83e\udd1d<\/span>\n      <span><strong>Dual Revenue Model:<\/strong> Primarily operates on a <strong>B2B model<\/strong> (dealers, showrooms, retailers), which contributed 81.63% of FY25 revenue. The remaining 18.37% came from <strong>B2C<\/strong> exclusive, made-to-order customers.<\/span>\n    <\/li>\n    <li>\n      <span class=\"bullet-icon\">\ud83d\uddfa\ufe0f<\/span>\n      <span><strong>Pan-India Reach:<\/strong> Generates revenue across Maharashtra, Haryana, Gujarat, Delhi, Punjab, Rajasthan, West Bengal, Uttar Pradesh, and Telangana.<\/span>\n    <\/li>\n    <li>\n      <span class=\"bullet-icon\">\u23f1\ufe0f<\/span>\n      <span><strong>Customisation Timelines:<\/strong> High-value and bespoke orders are typically completed within 25\u201330 days, with dedicated QC checks covering design, purity, finish, and dimensions before every dispatch.<\/span>\n    <\/li>\n  <\/ul>\n\n  <p>\n    The company&#8217;s promoters &#8211; <strong>Mr. Nitin Gilara, Mr. Prateek Gilara, Mr. Vipul Gilara, and Mr. Krishna Vardhan Gilara<\/strong> &#8211; collectively hold a pre-issue stake of 94.59% in the equity capital matrix.\n  <\/p>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 FINANCIALS \u2500\u2500 -->\n  <h2>Financial Trends &amp; Performance<\/h2>\n  <p>\n    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.\n  <\/p>\n\n  <div class=\"table-container\">\n    <table class=\"fin-table\">\n      <thead>\n        <tr>\n          <th>Period Ended<\/th>\n          <th>31 Dec 2025<\/th>\n          <th>31 Mar 2025<\/th>\n          <th>31 Mar 2024<\/th>\n          <th>31 Mar 2023<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Assets<\/td><td data-label=\"31 Dec 2025\">\u20b9164.20 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b9140.85 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b967.21 Cr<\/td><td data-label=\"31 Mar 2023\">\u20b929.01 Cr<\/td><\/tr>\n        <tr><td>Total Income<\/td><td data-label=\"31 Dec 2025\">\u20b9123.80 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b9124.94 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b969.45 Cr<\/td><td data-label=\"31 Mar 2023\">\u20b946.60 Cr<\/td><\/tr>\n        <tr><td>Profit After Tax<\/td><td data-label=\"31 Dec 2025\">\u20b925.44 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b925.37 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b914.71 Cr<\/td><td data-label=\"31 Mar 2023\">\u20b910.39 Cr<\/td><\/tr>\n        <tr><td>EBITDA<\/td><td data-label=\"31 Dec 2025\">\u20b936.68 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b937.15 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b918.95 Cr<\/td><td data-label=\"31 Mar 2023\">\u20b912.77 Cr<\/td><\/tr>\n        <tr><td>Net Worth<\/td><td data-label=\"31 Dec 2025\">\u20b983.65 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b958.13 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b932.80 Cr<\/td><td data-label=\"31 Mar 2023\">\u20b918.08 Cr<\/td><\/tr>\n        <tr><td>Total Borrowings<\/td><td data-label=\"31 Dec 2025\">\u20b964.92 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b974.80 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b919.70 Cr<\/td><td data-label=\"31 Mar 2023\">\u20b95.84 Cr<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  \n  <p class=\"fin-note\">All figures in \u20b9 Crore &nbsp;|&nbsp; Source: Chittorgarh \/ Prospectus (Restated)<\/p>\n\n  <p>Revenue nearly tripled from FY23 to FY25, and PAT more than doubled from \u20b910.39 Cr to \u20b925.37 Cr over the same period. Borrowings, however, rose sharply to \u20b974.80 Cr in FY25 &#8211; a key factor that the IPO proceeds aim to address directly.<\/p>\n\n  <!-- KPIs -->\n  <h2>Key Performance Indicators (FY 2025)<\/h2>\n  <div class=\"kpi-grid\">\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">35.89%<\/div>\n      <div class=\"kpi-label\">ROE<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">24.09%<\/div>\n      <div class=\"kpi-label\">ROCE<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">30.41%<\/div>\n      <div class=\"kpi-label\">RoNW<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">20.55%<\/div>\n      <div class=\"kpi-label\">PAT Margin<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">29.63%<\/div>\n      <div class=\"kpi-label\">EBITDA Margin<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">1.29<\/div>\n      <div class=\"kpi-label\">Debt \/ Equity<\/div>\n    <\/div>\n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 COMPETITIVE STRENGTHS \u2500\u2500 -->\n  <h2>Competitive Strengths<\/h2>\n  <ul class=\"cmr-feature-list\">\n    <li>\n      <strong>Organised Manufacturing Under One Roof:<\/strong> The complete production cycle &#8211; from raw material procurement to finished product dispatch &#8211; is managed within the company&#8217;s own facility.\n    <\/li>\n    <li>\n      <strong>Diversified Product Offering Across Customer Segments:<\/strong> The range spans Kundan, Polki, Diamond, and Studded jewellery catering to both B2B trade buyers and B2C retail customers.\n    <\/li>\n    <li>\n      <strong>Robust Operational Systems and Risk Mitigation Framework:<\/strong> Established internal processes govern quality checks, order management, and supply chain operations.\n    <\/li>\n    <li>\n      <strong>Experienced Leadership with Proven Execution Capability:<\/strong> The promoter group brings hands-on domain expertise across design, manufacturing, and distribution.\n    <\/li>\n    <li>\n      <strong>Unwavering Commitment to Quality:<\/strong> Every piece undergoes dedicated quality checks covering design accuracy, purity, finish, and dimensions before dispatch.\n    <\/li>\n  <\/ul>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 ISSUE RESERVATION \u2500\u2500 -->\n  <h2>Issue Reservation<\/h2>\n  <div class=\"table-container\">\n    <table class=\"res-table\">\n      <thead>\n        <tr>\n          <th>Investor Category<\/th>\n          <th>Shares Offered<\/th>\n          <th>% of Total Issue<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td data-label=\"Investor Category\">QIB Shares Offered<\/td><td data-label=\"Shares Offered\">59,81,300<\/td><td data-label=\"% of Total Issue\">49.98%<\/td><\/tr>\n        <tr><td data-label=\"Investor Category\">NII (HNI) Shares Offered<\/td><td data-label=\"Shares Offered\">17,96,700<\/td><td data-label=\"% of Total Issue\">15.01%<\/td><\/tr>\n        <tr><td data-label=\"Investor Category\">Retail Shares Offered<\/td><td data-label=\"Shares Offered\">41,90,000<\/td><td data-label=\"% of Total Issue\">35.01%<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 OBJECTS OF ISSUE \u2500\u2500 -->\n  <h2>IPO Structure &amp; Use of Proceeds<\/h2>\n  <p>\n    The Advit Jewels IPO is a <strong>100% fresh issue<\/strong> of up to 1,19,68,000 equity shares &#8211; meaning no promoter is selling existing shares, and all proceeds flow directly to the company. The issue is structured for a dual purpose:\n  <\/p>\n\n  <ul class=\"objects-list\">\n    <li>\n      <span class=\"obj-label\">Funding incremental working capital requirements of our Company<\/span>\n      <span class=\"obj-amt\">\u20b965.00 Cr<\/span>\n    <\/li>\n    <li>\n      <span class=\"obj-label\">Repayment\/pre-payment, in full or in part, of certain outstanding borrowings<\/span>\n      <span class=\"obj-amt\">\u20b965.00 Cr<\/span>\n    <\/li>\n    <li>\n      <span class=\"obj-label\">General corporate purposes<\/span>\n      <span class=\"obj-amt\">Balance<\/span>\n    <\/li>\n  <\/ul>\n\n  <p>\n    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.\n  <\/p>\n\n  <p>\n    On the issue reservation front, up to <strong>50%<\/strong> of the net issue size is reserved for Qualified Institutional Buyers (QIBs), at least <strong>35%<\/strong> for Retail investors, and at least <strong>15%<\/strong> for Non-Institutional Investors (NIIs). The equity shares are set to list on both the <strong>BSE and NSE Mainboard<\/strong>.\n  <\/p>\n\n  <!-- \u2500\u2500 VERDICT \u2500\u2500 -->\n  <div class=\"cmr-verdict-card\">\n    <div class=\"cmr-verdict-title\">The Final Verdict<\/div>\n    <p>\n      Advit Jewels represents an early-stage but fast-growing story in India&#8217;s organised fine jewellery segment. The brand &#8220;Rambhajo&#8221; has been built on the strength of genuine craft &#8211; 100% handmade Kundan, Polki, and Diamond pieces made by artisans trained across generations &#8211; which is a defensible differentiator in a market often dominated by machine-made volume players.\n    <\/p>\n    <p style=\"margin-top: 12px;\">\n      The financial trajectory is undeniably impressive: revenue nearly tripled in two years, PAT crossed \u20b925 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.\n    <\/p>\n    <p style=\"margin-top: 12px; margin-bottom: 0;\">\n      Investors looking for a craft-first, founder-led fine jewellery business with an established B2B distribution network and healthy margins will find Advit Jewels&#8217; story compelling. As always, the price band and valuation &#8211; set at \u20b9130 to \u20b9138 &#8211; will be the true deciding factor for listing-day parameters.\n    <\/p>\n  <\/div>\n\n  <!-- \u2500\u2500 CTA \u2500\u2500 -->\n  <div class=\"cta-wrap\">\n    <a class=\"cta-btn\" href=\"https:\/\/novo.flattrade.in\/\" target=\"_blank\" rel=\"noopener\">\n      Apply for Advit Jewels IPO on Flattrade\n    <\/a>\n  <\/div>\n\n  <div class=\"cmr-footnote\">Source: Chittorgarh IPO <\/div>\n\n<\/div>\n\n<\/body>\n<\/html>\n\n\n\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"&nbsp; IPO at a Glance Price Band \u20b9130 to \u20b9138 Face Value \u20b910 \/ share Issue Opens Jun&hellip;","protected":false},"author":10,"featured_media":52153,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"csco_display_header_overlay":false,"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"csco_post_video_bg_volume":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-52139","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ipos","cs-entry","cs-video-wrap"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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