IPO closes on 5 Oct'26
Nityas Gems and Jewellery Limited
Minimum Investment
₹ 15,000 / 200 shares
Our Verdict:
Neutral
- Growth has been exceptionally strong — Revenue from ₹53.66cr (FY24) to ₹203.33cr (FY26), roughly doubling year-on-year, with PAT up from ₹4.02cr to ₹22.32cr over the same period — but growth this rapid, off a small base, is harder to extrapolate forward than a steadier multi-year trend.
- Working capital needs are rising sharply per the company's own disclosures, and the business depends heavily on a small number of B2B customers — a change in buying patterns at even one major customer could meaningfully affect sales and cash collections.
- As a lab-grown diamond (LGD) jewellery business, the company also carries category-level risk beyond its own execution: LGD adoption and pricing versus natural diamonds is still evolving, and the company's own brand (via its Aayaani D2C subsidiary) has comparatively low recognition and needs consumer education to build the retail side of the business.
About the company
Founded in
26 Apr'22
Managing director
Rajnikant Lallubhai Chanchad
- Nityas Gems and Jewellery Limited is a Surat, Gujarat-based manufacturer and seller of lab-grown diamond (LGD) studded gold jewellery, operating through both B2B (supplying jewellery retailers and wholesalers) and D2C channels.
- The company's D2C retail presence operates under the Aayaani brand (a subsidiary in which it holds a 50.04% stake, acquired in 2025), alongside in-house CAD/CAM design and manufacturing with approximately 192 employees as of August 2026.
- Revenue more than doubled year-on-year in both FY25 and FY26, growing from ₹53.66 crore (FY24) to ₹203.33 crore (FY26).
- Promoters: Rajnikant Lallubhai Chanchad (Chairman & Managing Director), Sonalben Rajnikant Chanchad and Savaliya Dhruv Janakbhai
STRENGTHS
- Rapid Revenue and Profit Growth: Revenue grew from ₹53.66 crore (FY24) to ₹203.33 crore (FY26), while PAT grew from ₹4.02 crore to ₹22.32 crore over the same period.
- Strong Capital Efficiency: FY26 RoCE of 42.93% and RoE of 43.75% indicate efficient use of capital relative to the company's asset base.
- Low Leverage: Debt-to-equity of just 0.29x provides balance-sheet flexibility as the company scales.
- Dual B2B and D2C Distribution: Operates both a wholesale/retailer-facing B2B channel and a direct-to-consumer omnichannel presence through the Aayaani subsidiary.
- In-House Design and Manufacturing: In-house CAD/CAM design and manufacturing capabilities in Surat support quality control and product development for lab-grown diamond jewellery.
RISK FACTORS
- High Customer Concentration: Revenue depends heavily on a small number of B2B customers, and a change in buying patterns by a major customer could meaningfully affect sales and cash collections.
- Rising Working Capital Needs: The company's own disclosures flag working capital requirements rising sharply, which could pressure liquidity as the business continues to scale rapidly.
- Growth Rate May Not Be Sustainable: Revenue and PAT growth of roughly 110% and 128% year-on-year in FY26 came off a small base; such rates are inherently difficult to sustain as the company grows larger.
- Category-Level Adoption Risk: As a lab-grown diamond jewellery business, demand and pricing depend partly on how LGD adoption and consumer perception evolve relative to natural diamonds, a factor outside the company's direct control.
- Low Brand Recognition in D2C Retail: The Aayaani D2C brand has comparatively low recognition and requires consumer education, which may require sustained marketing investment to build.
Financials
All Values are in Cr.
Issue details
Issue type
Mainboard
Issue size
₹ 108.35 crore
Fresh Issue
₹ 108.35 crore
OFS
₹ -
Price range
₹ 70 - 75
Lot size
200 shares
Issue Objective
- Net proceeds from the Fresh Issue of ₹108.35 crore are proposed to be used per the Objects of the Issue set out in the RHP; this is entirely a Fresh Issue with no Offer for Sale component.
Dates
Bidding open
30 Sep'26
Bidding close
5 Oct'26
Allotment date
6 Oct'26
Refund date
7 Oct'26
Listing
8 Oct'26
IPO Reservations
Qualified institutional buyers
<50%
Non-institutional investors
>15%
Retail individual investors
>35%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
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