Yaashvi Jewellers Limited

aashvi Jewellers Limited, incorporated in December 2016 and headquartered in Jaipur, Rajasthan, is primarily engaged in the manufacturing and trading of gold and silver jewellery. The company's core product focus is on machine-made plain gold chains, which are supplemented by a diverse range of studded gold, fashion silver, and diamond jewellery. For the fiscal year ended March 31, 2026, manufacturing activities contributed 71.37% of the company's total revenue from operations. The company operates an integrated manufacturing facility in Jaipur, Rajasthan, with an area of approximately 1,092 square meters. This facility is equipped with specialized machinery, including chain making and box chain machines, laser welding units, and wire drawing equipment. As of March 31, 2026, the facility has an installed capacity of 1,100 kilograms per annum. The company has steadily increased its capacity utilization, rising from 18.07% in Fiscal 2024 to 53.09% in Fiscal 2026. Historically, Yaashvi Jewellers followed a Business-to-Business (B2B) model catering to wholesalers; however, it recently expanded into the retail (B2C) segment by inaugurating its first retail showroom in Jaipur, measuring 9,800 square meters. Wholesale operations still dominate, accounting for 74.10% of revenue in Fiscal 2026, while retail sales have grown to 25.90% of total revenue. The company relies on a base of both new and recurring clients, with 71.60% of Fiscal 2026 revenue derived from repeat customers. To support its growth, the company sources raw materials like 24k standard gold bullion primarily from DGFT-nominated vendors and other bullion dealers. While the business model is transitioning towards a higher proportion of retail sales to improve margins, it remains working capital intensive, necessitating the maintenance of high inventory levels to prevent stockouts and meet diverse customer preferences across its showroom and wholesale network. As per financial performance, Yaashvi Jewellers Limited has posted total income / net profits of Rs 200.93 / Rs 1.96 Cr (FY24), Rs 297.76 Cr / 11.28 Cr (FY25) and Rs 449.74 Cr / 18.28 Cr (FY26). So as per previous financials data, company has shown good growth, but operating cash flow is negative for FY24, FY25 and FY26 and debt is high. Company has an average EPS of Rs 11.21 and average RoNW of 40.33% for last three fiscals. Issue is priced at a P/BV of 2.35 as per NAV of Rs 35.25/- as on 31.03.26 If we attribute latest earnings of FY24, FY25 and FY26 on equity post issue, then asking price is at a P/E of around 74.60, 12.96 and 8 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Smart Horizon Capital Advisors Private Limited is associated with this IPOs and has handled 24 IPOs in last three fiscal years. From last 10 IPOs, three opened below issue price and remaining all above issue price or at par, on the day of listing. As of now, from last 10 IPOs, three are trading below issue price and remaining all are trading above issue price or at par.  (as on 21.05.26) As per financials, Yaashvi Jewellers Limited has shown good growth, RoNW is 42.05% and P/E is 74.60, 12.96 and 8 respectively as per FY24, FY25 and FY26 earnings. So, issue looks reasonably priced. But negative cash flow and high debt raise doubts. Company is primarily engaged in the manufacturing and trading of gold and silver jewellery along with retail jwellery showroom in Jaipur, which is highly competitive business segment. Performance of BRLM is good. So, we give AVOID rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Ankita Agarwal
• 2 Ankit Aggarwal