Nityas Gems & Jewellery Limited

Nityas Gems & Jewellery Limited is engaged in the design, manufacturing, and sale of lab-grown diamond (LGD) studded gold jewellery in India, operating across multiple purity standards including 9K, 10K, 14K, and 18K gold. The company operates an integrated business model comprising business-to-business (B2B) manufacturing and distribution alongside a direct-to-consumer (D2C) omnichannel retail presence. Its core value proposition centers on offering lightweight, affordable, fashion-driven, and daily-wear diamond jewellery that caters to the growing consumer demand for affordable luxury. Lab-grown diamonds possess identical chemical, physical, and optical properties to natural mined diamonds but are priced approximately 60% to 80% lower, enabling the company to make premium, design-led jewellery accessible to a broader consumer base.

The company's customer base spans both B2B trade partners and end-consumers. Under its core B2B segment, the company supplies customised and standardized LGD jewellery to organized retail chains (including prominent brands such as 'GIVA', 'Palmonas', 'ONYA', and 'Ladia Diamonds'), standalone retailers, and wholesalers. Over the last three fiscals, the company served 323 B2B customers across 18 states and 2 union territories in India. Beyond domestic markets, the company caters to overseas client segments on an order-driven basis across the United Arab Emirates, Australia, Canada, Taiwan, and Kenya. Target demographics primarily focus on Millennials and Gen Z consumers who prioritize value, design innovation, transparency, and sustainability, while also expanding into bridal, engagement, daily-wear, and men's jewellery categories. The company is also actively broadening its reach into Tier-2 and Tier-3 Indian cities such as Mathura.

Nityas Gems & Jewellery Limited operates an integrated manufacturing facility located at 5th, 6th, and 7th Floor, Ratih House, Opposite Poddar Arcade, Varachha Road, Surat – 395008, Gujarat, covering an area of approximately 7,000 sq. ft. Operating in Surat provides the company with a strategic location advantage within India's primary diamond processing hub, ensuring direct access to skilled artisans and established supply chains. The manufacturing facility maintained an installed production capacity of 360.00 kg per annum across FY24, FY25, and FY26. Actual production stood at 72.49 kg in FY24, 115.20 kg in FY25, and 162.77 kg in FY26, translating to exact capacity utilization figures of 20.14% in FY24, 32.00% in FY25, and 45.21% in FY26.

The company's operational strength is driven by robust in-house design and product development capabilities, utilizing Computer-Aided Design (CAD) and Computer-Aided Manufacturing (CAM) tools for precision prototyping and efficient production. As of August 31, 2026, the in-house design team comprises 29 full-time design employees supported by a dedicated workforce of 122 skilled in-house Karigars (craftsmen) who execute complex handcrafting and manufacturing processes under direct quality supervision. The company's design portfolio expanded significantly from approximately 3,000 designs in FY23 to over 32,000 designs as of August 31, 2026. Operationally, the facility executes an end-to-end manufacturing process comprising 3D printing, master moulding, wax setting, casting, filing, laser soldering, diamond setting, polishing, rhodium plating, and multi-stage quality control. Furthermore, its primary LGD supplier is situated within the same premises in Surat, generating significant procurement efficiencies and reduced lead times.

To capture higher value across the jewellery value chain, the company expanded into D2C omnichannel retail in July 2025 through the acquisition of Ayaani Diamonds and Jewellery Private Limited ("Ayaani"), a previously key B2B customer. Ayaani operates an omnichannel network comprising an online storefront and 10 physical retail stores across 8 cities in India, utilizing a capital-efficient mix of company-operated and franchise-operated formats. This vertical integration provides direct access to real-time consumer purchasing insights, which continuously feed into the company's B2B product development and inventory planning. The company maintains an asset-light retail approach while continuing to strengthen its core B2B supply chain relationships across domestic and selective international markets.

Based on its historical financial data, Nityas Gems & Jewellery Limited posted total income and net profits of ₹53.66 Cr / ₹4.02 Cr in FY24, ₹96.85 Cr / ₹9.79 Cr in FY25, and ₹203.33 Cr / ₹22.32 Cr in FY26. The company has demonstrated robust top-line and bottom-line expansion with a revenue CAGR of 94.66% and a restated net profit CAGR of 135.63% over FY24–FY26. This growth was accompanied by an increase in total borrowings from ₹3.26 Cr in FY24 to ₹9.08 Cr in FY26 (with total debt, including lease liabilities, rising to ₹23.42 Cr in FY26) to fund working capital requirements and retail store expansion. It boasts an average EPS of ₹3.91 and an average RoNW of 78.79% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 4.96 against a NAV of ₹15.13 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.53. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 107.14x (FY24), 44.12x (FY25), and 19.38x (FY26). According to the RHP, a comparison between listed peers is shown in above table.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Choice Capital Advisors Private Limited, which has handled 10 IPOs in the last three fiscal years. Bigshare Services Private Limited is acting as the Registrar to the Offer.

• 1 Rajnikant Lallubhai Chanchad
• 2 Sonalben Rajnikant Chanchad
• 3 Savaliya Dhruv Janakbhai