| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹70 to ₹75 | 200 | 30th Sep, 2026 – 05th Oct, 2026 | ₹108 Cr |
Nityas Gems and Jewellery Limited
Nityas Gems and Jewellery is engaged in the design, manufacturing and sale of lab-grown diamond (“LGD”) studded gold jewellery, operating through an integrated B2B and D2C business model spanning product design, raw material procurement, manufacturing, quality control, distribution and retail. Its product portfolio comprises rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles across daily-wear, occasion-based, men’s and customised segments. Nityas commenced operations in July 2022 as a B2B manufacturer and supplier and caters to organised jewellery retailers including GIVA, Palmonas, ONYA and Ladia Diamonds, besides standalone retailers and wholesalers. Its B2B network spans 18 states and 2 union territories in India, with overseas customers across the UAE, Australia, Canada, Taiwan and Kenya. The company operates a manufacturing facility in Surat, Gujarat, with an installed capacity of 360 kg p.a., supported by in-house designing, prototyping and production capabilities. In July 2025, Nityas acquired Ayaani Diamonds and Jewellery, adding an omnichannel D2C platform comprising an online storefront and 10 physical stores across eight Indian cities. In FY26, B2B operations contributed 95.6% of revenue from operations, led by standalone retailers at 42.8%, wholesalers at 28.3% and retail chains at 24.6%, while D2C contributed 4.3%; geographically, domestic sales accounted for 97.4% and overseas sales for 2.6%.
Objective of Nityas Gems and Jewellery Limited
The IPO consists of a fresh issue of Rs. 108 crores. The company proposes to utilize the proceeds from the issue towards the following objects:
- Funding working capital requirements of the company; and
- General corporate purposes
Rationale To Nityas Gems and Jewellery Limited
Investment Rationale
Integrated B2B-D2C model supports customer diversification and scalable growth
Nityas’ integrated B2B and D2C model provides multiple avenues to expand its customer base, diversify revenue, and strengthen market reach. Its B2B customer base increased from 74 in FY24 to 108 in FY25 and further to 323 in FY26, with revenue from B2B operations rising 109.5% YoY to Rs. 2,029 million in FY26. The company’s B2B network spans organized retailers, standalone retailers, and wholesalers across 18 states and 2 union territories, while its overseas presence across the UAE, Australia, Canada, Taiwan, and Kenya provides additional geographic diversification. The acquisition of Ayaani has further added a D2C omnichannel platform comprising 10 stores across eight cities alongside digital channels, enabling direct consumer engagement and greater visibility into evolving preferences. Going forward, Nityas intends to broaden its B2B customer base by onboarding new retailers and wholesalers, including established jewellery players yet to meaningfully enter the LGD segment, while expanding into daily wear, self-purchase, bridal, and engagement categories. Its focus on Gen Z and Millennials, supported by the affordability and design-led proposition of LGD jewellery, together with personalised marketing and customer retention initiatives across B2B and D2C channels, could support wider adoption and repeat purchases. The combination of a growing and diversified customer base, multi-channel distribution, and expansion across customer and occasion-based segments provides a platform for scaling revenues while reducing dependence on individual customers or channels.
Integrated manufacturing and technology-led design capabilities drive scalability and omnichannel retail expansion
Nityas operates an integrated manufacturing facility in Surat, Gujarat, covering approximately 7,000 sq. ft. with an aggregate installed capacity of 360 kg p.a., equipped across key end-to-end processes including waxing, casting, filling, setting, polishing, and rhodium. Benefiting from Surat’s established diamond processing ecosystem and skilled labour base, the company supports both its B2B supply and D2C retail operations while maintaining stringent quality control and turnaround schedules. Production is complemented by an in-house design team and CAD/CAM technology integration, which has expanded its design repository from 3,000 designs in FY23 to over 32,000 designs as of August 2026 across rings, earrings, pendants, and bangles. Looking forward, Nityas plans to leverage channel consumer insights to deepen its product portfolio into lightweight bridal wear, daily wear, and higher-value occasion collections, improving product mix and realization. Concurrently, the company is scaling its D2C footprint under Ayaani through a capital-efficient, franchise-led model in Tier-2 and Tier-3 markets, backed by company-operated experience stores, shop-in-shop formats, and an integrated digital presence across social platforms with over 45,000 followers. The convergence of captive manufacturing, rapid design iteration, and omnichannel distribution positions Nityas to capture retail margins, enhance customer lifetime value, and support scalable volume growth.
Valuation of Nityas Gems and Jewellery Limited
Nityas Gems and Jewellery is an integrated lab-grown diamond (“LGD”) studded gold jewellery player with operations spanning in-house design, raw material procurement, manufacturing, B2B wholesale distribution, and omnichannel D2C retail through its subsidiary, Ayaani Diamonds and Jewellery. The company’s growth prospects are supported by its integrated business model, captive manufacturing facility in Surat with an installed capacity of 360 kg p.a., an extensive design portfolio exceeding 32,000 designs, and rapid retail expansion across Tier-2 and Tier-3 cities via a capital-efficient franchise network. The company is also expanding into high-value occasion-wear and bridal segments while broadening its B2B partnerships with leading retail chains, which is expected to support volume scalability and enhance retail realization. Financial performance expanded significantly, with Revenue from Operations, EBITDA, and PAT growing at a CAGR of 94.4%, 135.5%, and 136.1%, respectively, during FY24-FY26. EBITDA margin expanded from 10.2% in FY24 to 15.1% in FY26, while PAT margin improved from 7.5% to 11.0% over the same period. The balance sheet remains comfortable with a debt-to-equity ratio of 0.3x in FY26, down from 0.7x in FY24, accompanied by a healthy RoCE of 27.2% and RoE of 28.1%. At the upper price band of Rs. 75, the stock is valued at a P/E of 13.6x and an EV/EBITDA of 14.9x based on FY26 diluted EPS of Rs. 5.5. Considering the company’s robust revenue momentum, expanding margin profile, sound return ratios, and growing consumer adoption of lab-grown diamonds, the current valuation multiples leave room for sustained earnings growth. Accordingly, we recommend “SUBSCRIBE” to the issue.
What is the Nityas Gems and Jewellery Limited IPO?
The initial public offer (IPO) of Nityas Gems and Jewellery Limited an early investment opportunity in. A stock market investor can buy Nityas Gems and Jewellery Limited IPO shares by applying in IPO before Nityas Gems and Jewellery Limited get listed at the stock exchanges. An investor could invest in Nityas Gems and Jewellery Limited for short term listing gain or a long term.
How to apply for the Nityas Gems and Jewellery Limited IPO through StoxBox?
To apply for the Nityas Gems and Jewellery Limited through StoxBox one can apply from the website and also from the app. Click here
When will the Nityas Gems and Jewellery Limited IPO open?
Nityas Gems and Jewellery Limited is opening on 30th Sep 2026. Apply Now
What is the lot size of the Nityas Gems and Jewellery Limited IPO?
The Lot Size of Nityas Gems and Jewellery Limited 200 equity shares. Login to your account now.
When is the Nityas Gems and Jewellery Limited IPO allotment date?
The allotment Date for Nityas Gems and Jewellery Limited IPO 06th oct 2026. Login to your account now.
When is the Nityas Gems and Jewellery Limited IPO listing date?
The listing Date for Nityas Gems and Jewellery Limited is 8th Oct 2026. Login to your account now
What is the minimum investment required for the Nityas Gems and Jewellery Limited IPO?
In the Retail segment the minimum investment required is Rs 15,000 Login to your account now
What is the maximum investment allowed for Nityas Gems and Jewellery Limited IPO?
In the Retail segment the maximum investment requirement Rs 1,95,000 Login to your account now
What are the risks associated with investing in the Nityas Gems and Jewellery Limited IPO?
- The company’s purchases are significantly concentrated among a limited number of suppliers, with its top 10 suppliers contributing 86.2%, 94.3%, and 87.1% of its total purchases during FY26, FY25, and FY24, respectively. Any disruption in supply or adverse changes in terms from such suppliers could materially and adversely affect its business, results of operations, financial condition, and cash flows.
- Revenue from operations exhibits significant geographic concentration, with five key states, Gujarat, Karnataka, Maharashtra, Telangana, and Tamil Nadu, accounting for 85.0% of revenues in FY26 (Rs. 1,725 million), compared to 92.7% in FY25 and 94.4% in FY24. Any localized economic slowdown, regional shifts in consumer preferences, supply chain interruptions, or regulatory changes across these core states could materially affect sales and financial performance.
- The company’s manufacturing operations are concentrated at a single facility in Surat, Gujarat, and any disruption in operations, failure of machinery, inability to maintain quality standards, or underutilisation of capacity could materially and adversely affect its business, financial condition, results of operations, and cash flows.
When will the Nityas Gems and Jewellery Limited IPO shares be credited to my Demat account?
The Nityas Gems and Jewellery Limited will be credited to the account on allotment date which is 06th Oct 2026. Login to your account
Where can I find the Nityas Gems and Jewellery Limited IPO prospectus?
The prospectus of Nityas Gems and Jewellery Limited IPO prospectus can be found on the website of SEBI, NSE and BSE
