Priority Jewels IPO

Mainboard • Equity • Fresh capital only

LISTEDMAINBOARDEquity

Priority Jewels

Price band

₹190 – ₹200

Lot size

75 shares

Min investment

₹15,000

Issue size

₹91.5 Cr

About the company

Priority Jewels Ltd was started in 2007. The company designs, makes and sells diamond studded gold and platinum fine jewellery. Its range covers daily wear items such as rings, earrings, pendants, neckware and bracelets, along with occasion and couture jewellery. The company does not sell to the public directly. It supplies to independent jewellers and to jewellery chains in India and abroad. Its customers include CaratLane Trading, Kalyan Jewellers, Reliance Retail, Malabar Gold & Diamonds, Tribhovandas Bhimji Zaveri and Senco Gold. As on 30 June 2026 it had served more than 200 customers, made up of 125 independent jewellers and 53 jewellery chains. It sells across 21 states and 3 union territories in India and exports to 13 countries including the United States, the UAE, Hong Kong and Norway. It runs two jewellery manufacturing units in Mumbai spread over 19,008.79 square feet.

Priority Jewels Ltd designs and makes diamond-studded gold and platinum fine jewellery, selling business to business rather than to the public. Running since 2007, it supplies more than 200 customers including CaratLane, Kalyan Jewellers, Reliance Retail, Malabar Gold & Diamonds and Senco Gold, and exports to 13 countries.

IPO details

Issue price: ₹200
Price band: ₹190 – ₹200
Face value: ₹10
Lot size: 75
Min investment: ₹15,000
Issue size: ₹91.5 Cr
Sale type: Fresh capital only
Listing on: BSE, NSE
BSE scrip code: 7914
NSE symbol: PRIORITY.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	75	₹15,000
Retail (Max)	13	975	₹1,95,000
S-HNI (Min)	14	1,050	₹2,10,000
B-HNI (Min)	67	5,025	₹10,05,000

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50% of the Offer
Retail	Not less than 35% of the Offer
NII	Not less than 15% of the Offer

Objects of the issue

1Repayment / pre-payment, in full or in part, of certain borrowings availed by Company75.00

2General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	30 Jun 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	310.61	291.95	309.14	268.99
Total Income	147.40	539.03	435.87	410.61
Profit After Tax	6.48	17.65	10.51	7.15
EBITDA	10.29	33.62	24.28	19.35
NET Worth	145.66	138.61	104.89	94.78
Reserves and Surplus	132.36	125.26	92.29	91.63
Total Borrowing	110.49	102.59	145.85	124.96

Key performance indicators

P/E Ratio

13.9

EPS (₹)

14.39

RoE

4.55%

RoCE

6.92%

RoNW

4.44%

PAT Margin

4.39%

EBITDA Margin

7.01%

Debt / Equity

0.76

NAV (₹)

108.59

✓ Strengths

• Profit has grown strongly for three years, from Rs 7.15 crore in FY2024 to Rs 10.51 crore in FY2025 and Rs 17.65 crore in FY2026.

• Sales have grown steadily, from Rs 410.61 crore in FY2024 to Rs 435.87 crore in FY2025 and Rs 539.03 crore in FY2026, a rise of 24% in the last year.

• EBITDA improved from Rs 19.35 crore in FY2024 to Rs 24.28 crore in FY2025 and Rs 33.62 crore in FY2026.

• The issue is priced moderately on earnings. At the upper band of Rs 200 the P/E is about 13.9 times on an EPS of Rs 14.39, and RoCE was 25.36%.

• The whole issue is fresh capital with no offer for sale, so the full amount comes to the company. Rs 75 crore of it repays borrowings.

• Borrowing was already cut sharply during FY2026, from Rs 145.85 crore to Rs 102.59 crore.

• The customer list has well known names including CaratLane, Kalyan Jewellers, Reliance Retail, Malabar Gold & Diamonds and Senco Gold.

• The customer base is spread out, with over 200 customers made up of 125 independent jewellers and 53 chains, so it does not depend on one or two buyers.

• It sells across 21 states and 3 union territories and exports to 13 countries, so demand is not tied to one market.

⚠ Risks

• The profit margin is thin at 3.27%. In diamond jewellery most of the sale value is the gold and the stones, so a small cost change moves profit sharply.

• Return on net worth is only 12.73%, which is modest and much lower than the RoCE of 25.36%.

• Debt remains sizeable. Borrowing was Rs 110.49 crore as on 30 June 2026, and it had gone up again from Rs 102.59 crore at the end of March 2026.

• The latest column in the offer document is only a three month period ending 30 June 2026, so it cannot be compared with the full years before it.

• Total assets went down from Rs 309.14 crore in FY2025 to Rs 291.95 crore in FY2026 even though sales grew.

• The pre issue and post issue promoter holding is not stated in the available data, so the extent of promoter dilution is not clear.

• Selling business to business means the large chains decide order volumes and payment terms, and losing even one big chain would be felt quickly.

• Diamond jewellery is a discretionary purchase. Demand falls when incomes are under pressure, and export demand depends on the US market in particular.

• Both manufacturing units are in Mumbai, so there is single city risk.

• Rs 75 crore of the Rs 91.5 crore issue repays debt, so very little of the money adds new capacity.

Promoters & holding

Shailesh Sangani, Manisha Shailesh Sangani, Tushar Mehta, Aditi Karan Motla, Aashna Sangani Parikh and Priority Retail Ventures Pvt.Ltd

Pre-issue promoter holding

93.85%

Post-issue promoter holding

70%

Data refreshed 07 Nov 2026, 05:02 pm IST. GMP is unofficial market sentiment, not investment advice.