Nityas Gems & Jewellery IPO is a book-built issue comprising an entirely fresh issue of 1.45 crore equity shares aggregating up to ₹108.42 crore at the upper end of the price band.
The IPO will open for subscription on September 30, 2026, and close on October 5, 2026. The allotment is expected to be completed on October 6, 2026, with the equity shares tentatively scheduled to list on NSE and BSE on October 8, 2026.
The price band has been fixed at ₹70 to ₹75 per share, with a lot size of 200 shares. At the upper end of the price band, retail investors will need a minimum investment of ₹15,000 for one lot. Choice Capital Advisors Pvt. Ltd. is the book-running lead manager for the issue, while Bigshare Services Pvt. Ltd. has been appointed as the registrar.
Investors can refer to the Nitya’s Gems & Jewellery IPO Red Herring Prospectus (RHP) for detailed information about the company and the offer.
Company Overview
Incorporated in April 2022, Nityas Gems and Jewellery Limited designs, manufactures and sells lab-grown diamond-studded gold jewellery in India. The Company operates an integrated B2B and D2C business model covering manufacturing, distribution and retail. Its subsidiary, Ayaani Diamonds and Jewellery Private Limited, manages the D2C segment through an online platform and physical stores.
Its product range includes rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles. The portfolio includes daily-wear, occasion-based, men’s and customised jewellery, with a focus on lightweight and affordable products. B2B customers include GIVA, Palmonas, ONYA and Ladia Diamonds, among others.
The Company began operations in July 2022 as a B2B manufacturer and supplier. It serves customers across 18 states and two Union Territories in India, along with markets including the UAE, Australia, Canada, Taiwan and Kenya. Its manufacturing facility in Surat, Gujarat, supports in-house designing, prototyping and production.
In July 2025, Nityas acquired Ayaani, which operates 10 physical stores across eight Indian cities besides its online storefront. As of August 31, 2026, the Company had 192 full-time employees, including 122 karigars and 29 designers.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 30 Sep to 5 Oct, 2026 |
| Allotment | Tue, Oct 6, 2026 |
| Listing Date | Thu, Oct 8, 2026 |
| Face Value | ₹5 per share |
| Price Band | ₹70 to ₹75 per share |
| Lot Size | 200 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital only |
| Total Issue Size | 1,44,56,000 shares (agg. up to ₹108 Cr) |
| Fresh Issue | 1,44,56,000 shares (agg. up to ₹108 Cr) |
| Shareholding Pre-Issue | 4,31,37,248 shares |
| Shareholding Post-Issue | 5,75,93,248 shares |
| Employee Discount | ₹7.00 per share |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Industry Context
- India’s gems and jewellery market reached around ₹9,998 billion in CY25 and is projected to grow at a 12.8% CAGR through CY30.
- Consumers, particularly in metro and Tier I cities, are increasingly showing preference for branded jewellery, supporting growth in the organised segment.
- Lab-grown diamonds are gaining acceptance due to their affordability, technological advancements and changing consumer preferences, particularly among younger buyers.
- The lab-grown diamond jewellery segment is expected to grow faster than the broader jewellery market, supported by affordability and increasing consumer acceptance.
- The segment faces competition from natural diamonds, established jewellery brands, digital-first businesses and other lab-grown diamond players.
Business Strengths
- Nityas combines B2B manufacturing and distribution with D2C retail through Ayaani, giving it exposure to multiple jewellery sales channels.
- The Company supplies organised retailers, standalone retailers and wholesalers across 18 states and two Union Territories, with customers including GIVA, Palmonas and ONYA.
- Its Surat facility supports jewellery designing, prototyping and manufacturing, while its team of karigars and designers supports product development and customised requirements.
- Ayaani operates an online storefront and 10 physical stores across eight Indian cities, providing the Company with an omnichannel retail presence.
- The Company offers lightweight, design-led lab-grown diamond-studded gold jewellery across daily-wear, occasion-based, men’s and customised categories.
Business Risks
- The Company derives a significant portion of its revenue from its key customers. Any loss of major customers, reduction in orders or deterioration in their financial condition could adversely affect revenue.
- Working capital requirements increased significantly to ₹449.46 million in FY26, with substantial funds deployed towards inventory and trade receivables, increasing funding requirements.
- A significant portion of revenue is generated from a limited number of Indian states. Any adverse change in demand or business conditions in these markets could affect overall revenue.
- The Company relies on key suppliers for gold, lab-grown diamonds and other raw materials. Supply disruptions or changes in raw material prices could affect production and margins.
- The Company operates a manufacturing facility in Surat and is expanding its D2C presence through physical stores and online channels. Operational disruptions or challenges in managing this expansion could affect business performance.
Financial Performance
Nitya’s Gems & Jewellery Ltd. – Financials (₹ in Million)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 2,028.94 | 968.45 | 536.55 |
| EBITDA | 309.74 | 129.01 | 54.76 |
| EBITDA Margin (%) | 15.27% | 13.32% | 10.21% |
| Profit After Tax (PAT) | 223.15 | 97.88 | 40.24 |
| PAT Margin (%) | 11.00% | 10.11% | 7.50% |
| Return on Capital Employed (%) | 42.93% | 63.14% | 88.39% |
| Return on Net Worth (%) | 43.75% | 70.17% | 122.44% |
(Source: RHP)
Key Ratios & Metrics
| KPI (Mar 31, 2026) | Value |
|---|---|
| Return on Capital Employed (ROCE) | 42.93% |
| Debt-to-Equity Ratio | 0.29 |
| Return on Net Worth (RoNW) | 43.75% |
| PAT Margin | 11.00% |
| EBITDA Margin | 15.27% |
| Net Asset Value (NAV per share) | ₹15.13 |
(Source: RHP)
Objects of the Offer
- Funding working capital requirements: Up to ₹700 million.
- General corporate purposes: The remaining proceeds will be used for general corporate purposes, subject to the applicable limit under the SEBI ICDR Regulations.
Conclusion
Nityas Gems & Jewellery operates in a growing jewellery market, with a focus on lab-grown diamond-studded gold jewellery and an integrated B2B and D2C business model. Its in-house manufacturing capabilities, established B2B customer base and D2C presence through Ayaani provide exposure to multiple jewellery channels.
The Company has reported significant growth in revenue and profitability, while the IPO proceeds are primarily intended to fund working capital requirements. At the same time, investors should consider risks related to customer and supplier concentration, geographic concentration, raw material prices, working capital requirements and the execution of its D2C operations.
The future performance of the Company will depend on its ability to sustain business growth, manage working capital efficiently, maintain customer relationships and respond to changing consumer preferences in the jewellery and lab-grown diamond markets.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory.Opening of account will not guarantee allotment of shares in IPO. Investors are requested to do their own due diligence before investing in any IPO.
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