Tanvi Exports India IPO

Strengths · 8

• 01Revenue from operations rose to Rs 1,139.94 crore in FY2026 from Rs 1,008.41 crore in FY2025 and Rs 137.46 crore in FY2024.
• 02Profit after tax rose to Rs 65.80 crore in FY2026 from Rs 18.48 crore in FY2025 and Rs 2.59 crore in FY2024.
• 03EBITDA margin widened to 8.08% in FY2026 from 3.15% in FY2025, and EBITDA to Rs 92.08 crore from Rs 31.73 crore.
• 04Customer concentration eased as the business grew: the top 10 customers were 51.01% of revenue from operations in FY2026 against 60.55% in FY2025 and 99.65% in FY2024.
• 05Return on capital employed was 38.61% in FY2026 against 20.77% in FY2025 and 12.45% in FY2024.
• 06Debt to equity fell to 1.05 in FY2026 from 1.58 in FY2025 and 5.96 in FY2024, with net worth up to Rs 93.45 crore from Rs 4.79 crore in FY2024.
• 07Installed capacity rose to 5,500 kg in FY2026 from 1,585.62 kg in FY2024, and utilisation of 49.25% leaves headroom before the proposed second unit at GIDC Aji Industrial Estate comes up.
• 08The customer list named in the offer document includes Joyalukkas, Kalyan Jewellers, Senco Gold and Chemannur Gold Palace, and headcount rose to 792 in FY2026 from 427 in FY2024.

Risks · 10

• 01Net cash used in operating activities was Rs 22.78 crore in FY2026 and Rs 29.94 crore in FY2025 even as profit after tax rose to Rs 65.80 crore, so the profits are not turning into cash.
• 02Capacity utilisation fell to 49.25% in FY2026 from 72.20% in FY2025, and total sales volume fell to 2,611.06 kg from 3,281.01 kg, so the FY2026 revenue growth came from price rather than volume.
• 03The top 10 suppliers accounted for 86.80% of total raw material purchases in FY2026, 98.54% in FY2025 and 98.69% in FY2024.
• 04Gold jewellery gave 90.55% of FY2026 revenue from operations, and gold bullion is the principal raw material, so a fall in jewellery demand or a swing in bullion prices hits the business directly.
• 05The top five states of Maharashtra, Chhattisgarh, Uttar Pradesh, Gujarat and West Bengal gave 61.17% of FY2026 revenue from operations, and about 97% of export revenue came from the UAE alone.
• 06Total borrowings rose to Rs 113.51 crore as on 31 March 2026 from Rs 74.84 crore a year earlier, and the debt to equity ratio was 1.05.
• 07Margins are thin for the scale of turnover: EBITDA margin was 8.08% and PAT margin 5.77% in FY2026.
• 08Revenue from operations grew at a CAGR of 188.00% from FY2024 to FY2026, a rate the company itself says may not be achievable in future, and the FY2024 figures are standalone while FY2026 and FY2025 are consolidated.
• 09There are 1 tax and 2 statutory or regulatory proceedings against the company involving Rs 6.14 crore, and 2 tax proceedings against the subsidiaries involving Rs 1.46 crore.
• 10Half the offer is an offer for sale of up to 35,80,000 shares by 12 promoter and promoter group sellers whose weighted average cost of acquisition runs from Rs 3.17 to Rs 16.11 per share, and general corporate purposes may take up to 25% of the gross proceeds.

Tanvi Exports India Limited designs, manufactures and exports fine gold jewellery. Its range covers plain gold jewellery such as chains, bangles, rings and pendants, machine-made chains including Figaro and cable chains, casting jewellery, bridal and occasion jewellery, CZ-studded jewellery and lightweight daily-wear pieces across several karatages. The company keeps most of the production chain in-house, covering product design, gold processing, casting, chain-making, engraving, stone-setting, polishing, finishing, quality inspection and packaging. It also takes up job work for customers who supply their own gold or wax.

The company sells to established jewellery businesses, including retailers in the organised jewellery trade, rather than to shoppers directly. The offer document names Joyalukkas, Kalyan Jewellers, Senco Gold and Chemannur Gold Palace among its customers, though it does not link those names to particular revenue shares. In FY2026 the company earned revenue from operations of Rs 1,139.94 crore, of which Rs 961.56 crore, or 84.35%, came from domestic sales and Rs 178.38 crore, or 15.65%, from exports. It exports to Dubai, the USA, the Kingdom of Bahrain, Singapore and Australia, and about 97% of export revenue in FY2026 came from the UAE.

Manufacturing runs from one integrated unit at Plot No. 345/1, Aji Industrial Estate in Rajkot district, Gujarat, on about 2,000 sq. m. of leasehold industrial land. The unit houses traditional casting jewellery and machine-made chain manufacturing along with precision engraving, laser welding and wax-processing facilities. Installed capacity was 5,500 kg in FY2026, against 4,573.63 kg in FY2025 and 1,585.62 kg in FY2024. Actual production was 2,708.84 kg in FY2026, a capacity utilisation of 49.25%, down from 72.20% in FY2025. The company is developing a second manufacturing facility at GIDC Aji Industrial Estate in Rajkot to add capacity. Its headcount rose to 792 in FY2026 from 493 in FY2025 and 427 in FY2024.

The company was incorporated in Gujarat in 2020 and has five promoters: Bipinbhai Gordhanbhai Viradiya, Raj Ashokbhai Bhalara, Mayur Bhupatbhai Limbasiya, Hiteshbhai Mohanbhai Sardhara and Hareshbhai Mohanbhai Sardhara. Bipinbhai Gordhanbhai Viradiya is Chairman and Whole-time Director with more than 25 years of experience and has been with the company since incorporation. Raj Ashokbhai Bhalara is the Managing Director and has about 14 years of experience. Several promoters were earlier partners in Tanvi Gold Cast LLP, which is now a subsidiary, and in M/s Tanvi Findings. Tanvi Silver India Private Limited is a group company.

The financial statements for FY2026 and FY2025 are consolidated, while those for FY2024 are standalone, so the three-year comparison is not on the same basis. Growth over the period has been steep: revenue from operations went from Rs 137.46 crore in FY2024 to Rs 1,008.41 crore in FY2025 and Rs 1,139.94 crore in FY2026, a CAGR of 188.00% that the company says may not be repeatable.

The industry

The CareEdge report cited in the offer document describes India as having one of the world's largest wholesale markets for gold jewellery, built on deep cultural demand and made up of many small and medium enterprises alongside large players, with Mumbai, Surat and Chennai as key hubs where goldsmiths and wholesalers run networks of artisans and retailers. Wholesale growth tracks the spread of organised retail jewellery into Tier II and Tier III cities, helped by urbanisation and rising disposable incomes, and wholesalers gain from bulk and customised orders that let them price on scale. The report also lists the pressures on the trade: gold price swings, regulatory change and a shift in buyer preference towards lighter and more contemporary designs. Tanvi Exports India sits on the manufacturing and supply side of that chain, with gold jewellery giving 90.55% of its FY2026 revenue from operations.

Customer concentration: The top customer gave Rs 144.89 crore, or 12.71%, of FY2026 revenue from operations, the top five customers Rs 423.57 crore or 37.16%, and the top ten customers Rs 581.50 crore or 51.01%, against 60.55% in FY2025 and 99.65% in FY2024.