Omara Ventures India SME IPO

Strengths · 8

• 01Sales nearly doubled in FY2026, from Rs 23.52 crore to Rs 45.87 crore.
• 02Profit has grown very sharply, from Rs 0.31 crore in FY2024 to Rs 2.73 crore in FY2025 and Rs 9.37 crore in FY2026.
• 03The margin is high for jewellery retail, with a PAT margin of 20.42%.
• 04Return ratios are very high, with RoCE of 85.38% and RoNW of 74.78%, largely because the capital base is still small.
• 05The issue is priced at about 14.48 times earnings on an EPS of Rs 21.48.
• 06Designing its own collections in house lets it earn a design premium rather than competing only on gold price.
• 07It sells directly to customers under its own brand, so it keeps the retail margin rather than supplying other jewellers.
• 08The whole issue is fresh capital.

Risks · 9

• 01The growth is from a very small base. Profit rose about thirty times in two years, and such growth cannot be assumed to continue.
• 02The business runs essentially from a single boutique, so the whole company depends on one location and its footfall.
• 03Debt is high. Total borrowing was Rs 22.43 crore against a net worth of Rs 12.52 crore, a debt to equity ratio of 1.79.
• 04The company is young, having been started in October 2020.
• 05Diamond jewellery is a discretionary purchase that falls quickly when consumer sentiment weakens, and lab-grown diamonds are putting pressure on natural diamond prices.
• 06Established national jewellery chains have far greater brand recognition, trust and buying power.
• 07A part of the money goes to marketing and promotion, which is a running cost rather than an asset.
• 08Promoter holding will come down from 99.99% to 69.03% after the issue.
• 09This is an SME issue. One lot is 400 shares, which is about Rs 1.24 lakh at the upper band of Rs 311, and SME shares usually trade in low volume after listing.

Omara Ventures India Limited was started in October 2020. It is a retail jewellery company selling diamond jewellery made with natural diamonds and precious and semi-precious gemstones, set in gold, platinum and silver.

It sells under the brand name Omara and serves individual customers directly through its retail boutique rather than supplying other jewellers. Its range covers necklaces, earrings, rings, bracelets and other pieces, across wedding jewellery, special occasion jewellery, festive jewellery and contemporary daily wear, at different price points and for different age groups.

The company describes its approach as combining traditional elegance with contemporary design. Its business is built around conceptualising products in house, developing designs, studying customer preferences and curating collections.

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