Nityas Gems & Jewellery IPO

Strengths · 8

• 01Revenue has grown very fast, from Rs 53.66 crore in FY2024 to Rs 96.85 crore in FY2025 and Rs 203.33 crore in FY2026.
• 02Profit after tax has grown even faster, from Rs 4.02 crore in FY2024 to Rs 9.79 crore in FY2025 and Rs 22.32 crore in FY2026.
• 03Return ratios are high, with RoCE of 42.93% and RoNW of 43.75%.
• 04EBITDA rose from Rs 5.48 crore in FY2024 to Rs 30.97 crore in FY2026, an EBITDA margin of 15.27%, and the PAT margin is 11.00%.
• 05Borrowing is low at Rs 9.08 crore against a net worth of Rs 79.43 crore, a debt to equity ratio of 0.29.
• 06The business runs on both sides of the market, manufacturing for retailers and wholesalers and selling direct to consumers through Ayaani, which has an online store and 10 outlets in eight cities.
• 07Design, prototyping and production are done in house at Surat with 122 karigars and 29 designers on the payroll, which keeps job work dependence low.
• 08The whole Rs 108.35 crore issue is fresh capital with no offer for sale, of which Rs 70 crore funds working capital.

Risks · 10

• 01Return on equity is not stated in the data available to us, so only return on net worth of 43.75% can be checked.
• 02The company is barely four years old, incorporated in April 2022 and trading only since July 2022, so there is no record of how it performs through a weak year.
• 03The direct-to-consumer arm was bought in July 2025, so the FY2026 figures combine a part year of Ayaani with the older B2B business and are not comparable with earlier years.
• 04Rs 70 crore of the Rs 108.35 crore issue goes into working capital. That money funds stock and customer credit rather than new capacity, and jewellery working capital rises again as sales grow.
• 05Net worth jumped from Rs 22.57 crore to Rs 79.43 crore in one year while profit was Rs 22.32 crore, so a large part of the increase came from capital raised rather than from earnings.
• 06The issue is priced at 19.38 times post issue earnings on an EPS of Rs 3.87, against 14.51 times on a pre issue EPS of Rs 5.17.
• 07B2B sales rest on a handful of named buyers such as GIVA, Palmonas, ONYA and Ladia Diamonds, and losing one would take away a large share of orders.
• 08All manufacturing is at one plant in Surat, so any disruption there stops supply.
• 09Lab-grown diamonds are a young and fast changing category, and both the price of the stones and the gold price feed straight into the cost of each piece.
• 10Promoter holding falls from 58.1% to 43.51% after the issue, leaving the promoters with under half the company.

Nityas Gems and Jewellery Limited was incorporated in April 2022 and began operations in July 2022 as a business-to-business maker and supplier of lab-grown diamond studded gold jewellery.

Its range covers rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles, aimed at daily wear, occasion wear, men's jewellery and customised orders, with a focus on lightweight and lower priced pieces. It supplies both its own designs and jewellery made to a customer's own specification for purity, weight, design and finish. Its B2B customers include GIVA, Palmonas, ONYA and Ladia Diamonds. It sells across 18 states and 2 Union Territories in India and exports to the UAE, Australia, Canada, Taiwan and Kenya.

In July 2025 it acquired Ayaani Diamonds and Jewellery Private Limited, a direct-to-consumer lab-grown diamond jewellery brand with an online store and 10 physical stores in eight cities, run both by the company and by franchisees. The manufacturing facility at Surat handles designing, prototyping and production in house. As on 31 August 2026 the company had 192 full-time employees, including 122 karigars and 29 designers.

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