Nityas Gems & Jewellery IPO Review: Key Details, Company Overview and Financials
- September 28, 2026
- Posted by: Harsh Piplani
- Category: IPO
Nityas Gems & Jewellery IPO price band Rs 70 to Rs 75. Opens 30 Sep, closes 5 Oct 2026. Issue size about Rs 108 Cr. Lists 8 Oct on BSE, NSE.
Quick Answer
The Nityas Gems & Jewellery IPO is a bookbuilding issue of around Rs 108 crore priced between Rs 70 and Rs 75 per share, open for bidding from 30 September to 5 October 2026. The Surat based designer and manufacturer of lab-grown diamond studded gold jewellery is raising the entire issue as a fresh issue, with no offer for sale. Shares are proposed to list on BSE and NSE around 8 October 2026, on the back of very sharp revenue and profit growth.
The Nityas Gems & Jewellery IPO is a bookbuilding issue consisting entirely of a fresh issue of up to 1,44,56,000 equity shares, aggregating to around Rs 108 crore at the upper price band, with no offer for sale component. The IPO will open for subscription on 30 September 2026 and close on 5 October 2026. The allotment is expected to be finalised on 6 October 2026, while the shares are proposed to list on both BSE and NSE around 8 October 2026.
The Nityas Gems & Jewellery IPO price band is set at Rs 70 to Rs 75 per share, with a lot size of 200 shares. Retail investors must apply for a minimum of 200 shares, requiring an investment of Rs 15,000 at the upper price band.
Choice Capital Advisors Pvt. Ltd. is the book-running lead manager for the Nityas Gems & Jewellery IPO, while Bigshare Services Pvt. Ltd. is the registrar to the issue.
For detailed information on the company’s business, financials, risk factors and the proposed utilisation of proceeds, investors should refer to the Nityas Gems & Jewellery IPO Red Herring Prospectus (RHP) before making an investment decision.
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Company Overview
Incorporated in 2022 as Nityas Gems and Jewellery Private Limited and converted into a public limited company in 2025, Nityas Gems and Jewellery Limited designs, manufactures and sells 14-karat and 18-karat gold jewellery studded with lab-grown diamonds. The company began operations in July 2022 as a B2B manufacturer and supplier to organised and standalone jewellery retailers and wholesalers, with a focus on lightweight and affordable lab-grown diamond jewellery. Prominent B2B customers include GIVA, Palmonas, ONYA and Ladia Diamonds.
Nityas operates an integrated model that combines B2B manufacturing and distribution with a direct to consumer omnichannel route through its subsidiary, Ayaani Diamonds and Jewellery Private Limited. The company handles raw material sourcing, design, in-house manufacturing with karigars, quality control and distribution, and its product range covers daily wear, occasion wear, men’s jewellery and customised designs. The company is promoted by Rajnikant Lallubhai Chanchad, Sonalben Rajnikant Chanchad and Savaliya Dhruv Janakbhai.
Read on for the complete Nityas Gems & Jewellery IPO details, including price band, lot size, listing timeline and the company’s financial track record.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 30 September to 5 October 2026 |
| Allotment | Tue, 6 October 2026 |
| Listing Date | Thu, 8 October 2026 (tentative) |
| Price Band | Rs 70 to Rs 75 |
| Lot Size | 200 Shares |
| Issue Type | Bookbuilding IPO (Mainboard) |
| Sale Type | Fresh Issue only (no OFS) |
| Total Issue Size | 1,44,56,000 shares (agg. around Rs 108 Cr) |
| Fresh Issue | 1,44,56,000 shares |
| Offer for Sale | Nil |
| Listing Exchange | BSE, NSE |
(Compiled from the RHP/DRHP and market updates)
Industry Context
- Lab-grown diamond jewellery is one of the fastest growing categories in India’s jewellery market, helped by lower prices than natural diamonds and rising acceptance among younger, fashion-led buyers.
- Lightweight gold jewellery in 14-karat and 18-karat formats has gained ground as gold prices rise, letting consumers buy designer pieces at more accessible ticket sizes.
- Direct to consumer and omnichannel jewellery brands are expanding quickly, creating steady demand for manufacturers that can supply design-led collections at scale to online and offline retailers.
- Jewellery manufacturing is working-capital intensive, since gold, lab-grown diamonds and finished inventory must be funded before customers pay.
- The segment depends on a concentrated set of suppliers and a small set of large retail customers, which makes supplier terms and customer payment cycles important variables for manufacturers.
Business Strengths
Here are the key strengths investors evaluating the Nityas Gems & Jewellery IPO should weigh:
- Presence in the fast growing lab-grown diamond jewellery segment, with a design-led product portfolio and in-house karigars.
- Very rapid financial scale-up, with revenue from operations rising from Rs 11.67 crore in FY23 to Rs 96.85 crore in FY25 and profit after tax rising from Rs 0.25 crore to Rs 9.79 crore.
- A gradually diversifying customer base, with the top 10 B2B customers contributing 61.08 percent of revenue in H1 FY26, down from 76.68 percent in FY25 and 97.17 percent in FY23.
- An integrated B2B and direct to consumer model through the Ayaani Diamonds and Jewellery subsidiary, giving the company a second route to market.
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Business Risks
Alongside these strengths, the Nityas Gems & Jewellery IPO also carries the following business risks:
- The business is highly working-capital intensive, with the working capital requirement estimated to rise from about Rs 44.95 crore in FY26 to about Rs 110.31 crore in FY27, and Rs 70 crore of the fresh issue is earmarked to fund it.
- Supplier concentration is very high, with the top 10 suppliers accounting for 90.66 percent of purchases in H1 FY26, and five states together contributed 82.27 percent of revenue.
- At the upper price band, the post-issue valuation is around 44 times FY25 earnings by one estimate, which leaves limited room for execution slips.
- Delayed customer payments or inadequate working capital management could strain cash flows, and the direct to consumer route is still at an early stage.
Financial Performance
The Nityas Gems & Jewellery IPO comes after a very steep growth phase. Revenue from operations rose from Rs 11.67 crore in FY23 to Rs 96.85 crore in FY25, while profit after tax rose from Rs 0.25 crore to Rs 9.79 crore. FY25 total income was about 80 percent higher than FY24 and profit more than doubled over the same period.
Nityas Gems & Jewellery Ltd. – Financials (Rs in Lakh)
| Particulars | Fiscal 2025 | Fiscal 2023 |
|---|---|---|
| Revenue from Operations | 9,685.00 | 1,167.00 |
| Profit After Tax (PAT) | 979.00 | 24.50 |
| PAT Margin (%) | 10.11% (computed) | 2.10% (computed) |
Amounts in Rs Lakh unless stated otherwise, compiled from published Nityas Gems and Jewellery IPO disclosures. PAT margin figures are computed from disclosed absolute figures. FY24 and FY26 absolute figures were not separately available in the sources used for this review; investors should refer to the RHP for the complete restated financial statements.
Key Ratios and Metrics
The table below summarises the key ratios and metrics relevant to the Nityas Gems & Jewellery IPO as of the latest reported periods.
These ratios offer a quick snapshot of how the Nityas Gems & Jewellery IPO is priced relative to the company’s profitability and net worth.
| KPI (FY25 / H1 FY26) | Value |
|---|---|
| PAT Margin (FY25) | 10.11% |
| Top 10 B2B Customers (H1 FY26) | 61.08% of revenue |
| Top 10 Suppliers (H1 FY26) | 90.66% of purchases |
| Top 5 States (H1 FY26) | 82.27% of revenue |
| Estimated Working Capital Need (FY27) | about Rs 110.31 Cr |
Objects of the Offer
The company proposes to utilise the net proceeds from the Nityas Gems & Jewellery IPO towards the following objects.
- Funding working capital requirements of the company (Rs 70.00 Cr)
- General corporate purposes
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Conclusion
Here is the bottom line on the Nityas Gems & Jewellery IPO.
The Nityas Gems & Jewellery IPO reflects a fast growing lab-grown diamond jewellery manufacturer with an integrated B2B and direct to consumer model, entirely funded through a fresh issue.
However, very high working-capital needs, heavy supplier concentration, a full valuation and an early stage consumer business are factors that could affect the investment case for the Nityas Gems & Jewellery IPO.
Overall, investors weighing the Nityas Gems & Jewellery IPO should evaluate the company’s business model, financial performance, industry outlook, competitive positioning, valuation and risk factors in detail, and carefully review the Red Herring Prospectus (RHP) before making an informed investment decision.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data independently before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Univest does not publish grey market premium figures. Grey market premium is an unofficial and unregulated indicator collected informally outside the stock exchanges. It is not published, verified or endorsed by SEBI, NSE or BSE, can vary widely between trackers, and is not always accurate.
FAQs
What are the Nityas Gems & Jewellery IPO dates, and when will it list?
Ans. The Nityas Gems & Jewellery IPO opens for subscription on 30 September 2026 and closes on 5 October 2026. The allotment is expected on 6 October 2026, and the shares are tentatively scheduled to list on both BSE and NSE on 8 October 2026.
What is the price band and minimum investment for the Nityas Gems & Jewellery IPO?
Ans. The price band is Rs 70 to Rs 75 per equity share, with a lot size of 200 shares. Retail investors must apply for at least one lot, which costs Rs 15,000 at the upper price band.
What does Nityas Gems and Jewellery Limited actually do?
Ans. The company designs, manufactures and sells 14-karat and 18-karat gold jewellery studded with lab-grown diamonds. It supplies organised and standalone jewellery retailers and wholesalers under a B2B model, with customers such as GIVA, Palmonas, ONYA and Ladia Diamonds, and sells directly to consumers through its subsidiary Ayaani Diamonds and Jewellery Private Limited.
Is the Nityas Gems & Jewellery IPO a fresh issue or does it include an offer for sale?
Ans. The issue is a 100 percent fresh issue of up to 1,44,56,000 equity shares with no offer for sale. Subject to issue expenses, all proceeds flow into the company rather than to selling shareholders.
How has Nityas Gems performed financially?
Ans. Revenue from operations rose from Rs 11.67 crore in FY23 to Rs 96.85 crore in FY25 and profit after tax rose from Rs 0.25 crore to Rs 9.79 crore. FY25 total income was about 80 percent higher than FY24, and investors should review the FY26 and half-year figures in the RHP to confirm the current trajectory.
How will Nityas Gems use the proceeds from its fresh issue?
Ans. The company plans to deploy Rs 70 crore towards working capital requirements in FY27, when its estimated working capital need is expected to rise to about Rs 110.31 crore from about Rs 44.95 crore in FY26. The company has stated that the fresh issue proceeds are not intended to repay short-term borrowings, and the balance goes to general corporate purposes.
What are the main risks or concerns flagged for the Nityas Gems & Jewellery IPO?
Ans. The business needs large amounts of working capital to fund gold, lab-grown diamonds and inventory ahead of customer payments. Supplier concentration is very high, with the top 10 suppliers at 90.66 percent of purchases, five states account for more than 82 percent of revenue, and the valuation is around 44 times FY25 earnings by one estimate.
Who are the lead manager and registrar for the Nityas Gems & Jewellery IPO?
Ans. Choice Capital Advisors Pvt. Ltd. is the book-running lead manager for the Nityas Gems & Jewellery IPO, responsible for structuring and managing the offer process. Bigshare Services Pvt. Ltd. is the registrar to the issue and will handle the allotment process and crediting of shares to successful applicants’ demat accounts.
Is the Nityas Gems & Jewellery IPO a good investment?
Ans. Nityas Gems offers exposure to a fast growing lab-grown diamond jewellery manufacturer with a two-channel model, which may interest investors following this category. At the same time, working-capital intensity, supplier concentration and a full valuation call for a careful, selective approach. Investors should study the RHP in detail and assess their own risk appetite before applying.
