Nityas Gems and Jewellery Limited IPO

Nityas Gems and Jewellery Limited IPO closed on 5 Oct 2026. Allotment 6 Oct 2026, listing 8 Oct 2026. Price band ₹70–₹75, lot 200 shares, GMP +₹1 (1.33%). Track allotment on Allotly.

About Nityas Gems and Jewellery Limited

Nityas Gems and Jewellery Limited is engaged in the design, manufacturing and sale of lab-grown diamond-studded gold jewellery in India. The company operates through B2B manufacturing and distribution to organised retailers, standalone retailers and wholesalers, and D2C omnichannel retail through its subsidiary, Ayaani Diamonds and Jewellery Private Limited. Its product range includes rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles across daily wear, occasion-based, men’s and customised segments. The company commenced B2B operations in July 2022 and supplies jewellery to customers in India and overseas markets. Its manufacturing facility is located in Surat, Gujarat, and includes in-house designing, prototyping and production. Ayaani operates an online storefront and nine physical retail stores in India.

Strengths

• The company’s B2B customer base increased from 74 in FY24 to 108 in FY25 and 323 in FY26. Its B2B customers include organised retailers, standalone retailers and wholesalers across 18 states and two Union Territories, along with customers in the UAE, Australia, Canada, Taiwan and Kenya.
• The company operates an integrated B2B and D2C business model. Its subsidiary, Ayaani, operates an online storefront and 10 retail stores across eight cities as of August 31, 2026, while the company supplies jewellery through its B2B network.
• The company has a manufacturing facility of approximately 7,000 sq. ft. in Surat, Gujarat, with an installed production capacity of approximately 360 kg of lab-grown diamond-studded gold jewellery per annum. It claims to have machinery for processes including wax cleaning, casting, filling, setting, polishing and rhodium.
• The company claims to have an in-house portfolio of more than 32,000 jewellery designs as of August 31, 2026, compared with 3,000 designs in FY23. Its design and manufacturing processes also use CAD and CAM tools for product design, prototyping and standardisation.
• The company has an in-house workforce of 122 karigars involved in manufacturing and handcrafting activities. This reduces its reliance on external job work and allows it to handle customised and design-intensive jewellery requirements internally.
• The company recorded growth in revenue from operations from Rs 53.65 crore in FY24 to Rs 96.84 crore in FY25 and Rs 202.89 crore in FY26. During the same period, PAT increased from Rs 4.02 crore to Rs 9.79 crore and Rs 22.31 crore, respectively.

Risks

• The company’s revenue is highly concentrated among a limited number of B2B customers. Its top 10 customers contributed Rs 112.59 crore (55.49%), Rs 74.26 crore (76.68%), and Rs 45.20 crore (84.24%) to revenue from operations in FY26, FY25, and FY24, respectively. Any reduction in orders from these customers, changes in their procurement strategies, or inability to diversify the customer base could adversely affect the company’s business and financial performance.
• The company’s revenue is also substantially dependent on B2B operations, which accounted for Rs 193.92 crore (95.58%) of revenue from operations in FY26, compared with Rs 96.84 crore (99.99%) in FY25 and Rs 53.65 crore (99.99%) in FY24. Any slowdown in orders from retail chains, standalone retailers or wholesalers could adversely affect its revenue and cash flows.
• A substantial portion of the company’s revenue from operations is concentrated in Gujarat, Karnataka, Maharashtra, Telangana and Tamil Nadu. These five states contributed Rs 172.52 crore (85.03%), Rs 89.78 crore (92.71%) and Rs 50.66 crore (94.42%) to revenue from operations in FY26, FY25 and FY24, respectively. Any adverse economic, regulatory, consumer demand or supply chain developments in these states could hurt the company’s business and financial performance.
• The company’s working capital requirements have increased significantly from Rs 6.76 crore in FY24 to Rs 25.11 crore in FY25 and Rs 44.95 crore in FY26, mainly due to higher inventory and trade receivables. Its inventory increased from Rs 5.13 crore to Rs 41.05 crore over the same period. If the company is unable to efficiently manage or fund working capital, including due to higher inventory levels, longer receivable cycles or difficulty accessing additional financing, the company’s liquidity, operations and financial performance could be impacted.
• The company’s purchases are highly concentrated among a limited number of suppliers, with its top 10 suppliers accounting for 86.16%, 94.31% and 87.05% of total purchases in FY26, FY25 and FY24, respectively. Its largest supplier alone accounted for 55.11%, 49.45% and 40.25% of total purchases during the same periods. Any disruption in the supply of gold bullion or lab-grown diamonds, or adverse changes in pricing, credit terms or delivery conditions from key suppliers, could adversely affect the company’s production, costs and financial performance.
• The company’s manufacturing operations are concentrated at a single 7,000 sq. ft. facility in Surat, Gujarat, with no alternative manufacturing facility. The facility had an installed capacity of 360 kg per annum, while capacity utilisation was 45.21%, 32.00% and 20.14% in FY26, FY25 and FY24, respectively. Any disruption at the facility, machinery breakdown, quality issues or continued underutilisation of capacity could adversely affect the company’s production, operating margins and financial performance.
• The company has reported negative cash flows from operating and investing activities in each of FY24, FY25 and FY26. Net cash used in operating activities was Rs 1.05 crore, Rs 10.05 crore and Rs 14.73 crore, respectively, primarily due to higher deployment of working capital in inventories and trade receivables, while net cash used in investing activities was Rs 0.82 crore, Rs 0.42 crore and Rs 1.99 crore, mainly due to capital expenditure on property, plant and equipment and manufacturing capabilities. Continued negative cash flows could adversely affect the company’s liquidity, ability to fund working capital and growth plans.
• The company had trade receivables of Rs 21.46 crore as of March 31, 2026, indicating a significant amount of funds outstanding from its customers. Any delay or failure in recovering these receivables could adversely affect the company’s cash flows, working capital position and financial condition.
• The company had consolidated outstanding borrowings of Rs 13.83 crore as of August 31, 2026. The company’s indebtedness and related financing obligations could increase its financial costs and affect its cash flows and financial condition.
• The company was incorporated in 2022 and therefore has a short history of operations. This can make it difficult for investors to study its past performance trends and future prospects.

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