Nityas Gems & Jewellery IPO

Mainboard • Equity • Fresh capital only

LISTEDMAINBOARDEquity

Nityas Gems & Jewellery

Price band

₹70 – ₹75

Lot size

200 shares

Min investment

₹15,000

Issue size

₹108.35 Cr

About 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.

Nityas Gems and Jewellery Limited designs, manufactures and sells lab-grown diamond studded gold jewellery from a single plant in Surat, Gujarat. It supplies organised and standalone retailers and wholesalers across 18 states and 2 Union Territories, and also sells direct to consumers through its subsidiary Ayaani Diamonds and Jewellery.

IPO details

Issue price: ₹75
Price band: ₹70 – ₹75
Face value: ₹5
Lot size: 200
Min investment: ₹15,000
Issue size: ₹108.35 Cr
Sale type: Fresh capital only
Listing on: BSE, NSE
BSE scrip code: 8022
NSE symbol: NITYAS.NS
Employee discount: Rs 7.00 per share

Lot size & investment by category

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
B-HNI (Min)	67	13,400	₹10,05,000

Investor reservation

CATEGORY	RESERVED
QIB	71,78,000 shares
NII	21,53,400 shares (15.00% of the Offer)
Retail	50,24,600 shares (35.00% of the Offer)
Employee	1,00,000 shares (0.69% of the Offer)

Objects of the issue

1Funding Working Capital requirements of the Company70.00

2General corporate purposes

Financials

Rs. Crore • restated

METRIC	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 and Surplus	40.87	20.11	4.28
Total Borrowing	9.08	7.11	3.26

Key performance indicators

P/E Ratio

19.38

EPS (₹)

3.87

RoCE

42.93%

RoNW

43.75%

PAT Margin

11.00%

EBITDA Margin

15.27%

Debt / Equity

0.29

NAV (₹)

15.13

✓ Strengths

• Revenue 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.

• Profit 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.

• Return ratios are high, with RoCE of 42.93% and RoNW of 43.75%.

• EBITDA 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%.

• Borrowing is low at Rs 9.08 crore against a net worth of Rs 79.43 crore, a debt to equity ratio of 0.29.

• The 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.

• Design, prototyping and production are done in house at Surat with 122 karigars and 29 designers on the payroll, which keeps job work dependence low.

• The whole Rs 108.35 crore issue is fresh capital with no offer for sale, of which Rs 70 crore funds working capital.

⚠ Risks

• Return on equity is not stated in the data available to us, so only return on net worth of 43.75% can be checked.

• The 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.

• The 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.

• Rs 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.

• Net 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.

• The 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.

• B2B 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.

• All manufacturing is at one plant in Surat, so any disruption there stops supply.

• Lab-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.

• Promoter holding falls from 58.1% to 43.51% after the issue, leaving the promoters with under half the company.

Promoters & holding

Rajnikant Lallubhai Chanchad, Sonalben Rajnikant Chanchad and Savaliya Dhruv Janakbhai

Pre-issue promoter holding

58.1%

Post-issue promoter holding

43.51%

Promoters hold 58.1% before the issue and will hold 43.51% after it.

Data refreshed 07 Nov 2026, 04:40 pm IST. GMP is unofficial market sentiment, not investment advice.