What are the opening and closing dates of Nityas Gems & Jewellery IPO?

The Nityas Gems & Jewellery IPO will open for subscription on 30 Sep 2026 and will close on 5 Oct 2026 for investors.

What is the Nityas Gems & Jewellery IPO allotment date?

Nityas Gems & Jewellery IPO allotment will take place on 6 Oct 2026.

What is the Nityas Gems & Jewellery IPO listing date?

Nityas Gems & Jewellery shares will list on the stock exchanges on 8 Oct 2026.

Nityas Gems & Jewellery IPO

Nityas Gems & Jewellery LtdMainboard

This IPO opens on 30 Sep 2026.

Open date: 30 Sep 2026
Close date: 5 Oct 2026

Min. Investment: ₹15,000
Lot Size: -
Fresh Issue: ₹108.42 Cr
Price Range: -
Face Value: -
IPO Document: DRHP - PDF(opens in a new tab)

Subscription rate

Qualified Institutional Buyers0.00x
Non-Institutional Investors0.00x
Retail-Individual Investors0.00x
Total0.00x

Schedule

Current step: IPO open date30 Sep 2026
Upcoming: IPO close date5 Oct 2026
Upcoming: Allotment date6 Oct 2026
Upcoming: Funds unblock or debit7 Oct 2026
Upcoming: Tentative listing date8 Oct 2026

About

Promoter shareholding in Nityas Gems & Jewellery Ltd, before and after the issue.

Promoter holding, pre and post issue
Promoter	Pre-issue shares	Pre-issue %	Post-issue shares	Post-issue %
Rajnikant Lallubhai Chanchad	2,24,40,000	52.02%	2,24,40,000	38.96%
Sonalben Rajnikant Chanchad	17,16,000	3.98%	17,16,000	2.98%
Savaliya Dhruv Janakbhai	0	0.00%	0	0.00%
Janakbhai N Savaliya	9,05,520	2.10%	9,05,520	1.57%

Financials of Nityas Gems & Jewellery IPO

Total Income
Total Expenses
Total Profit

*All values are in INR Crore

Income Statement, all values in INR crore
Key Performance Indicators	Mar 2023	Mar 2024	Mar 2025
Operating Revenue	-	-	-
Other Income	-	-	-
Total Income	11.67	53.66	96.85
Total Expenses	11.36	48.74	84.96
Profit Before Tax	-	-	-
Total Profit	0.25	4.03	9.79

Nityas Gems & Jewellery IPO Strengths & Risks

Integrated and scalable business model.
Expanding customer base and market reach.
Design-Led manufacturing with strong product portfolio and supported by in-house karigars.
Presence in a high-growth lab-grown diamond jewellery segment.
Strong Financial Performance with Improving Margins.

Risks Relating to the Business: The company's revenue from operations is significantly concentrated among a limited number of B2B customers. During the six-month period ended September 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023, our top 10 customers contributed 61.08%, 76.68%, 84.24% and 97.17% of its revenue from operations, respectively. Any reduction in business from such customers or inability to diversify the company's customer base may materially and adversely affect the company's business, financial condition, results of operations, cash flows and prospects.
Risks Relating to the Business: A substantial portion of the company's revenue from operations is derived from a limited number of states in India, particularly Gujarat, Karnataka, Telangana, Tamil Nadu and Maharashtra, which together contributed Rs.728.39 million, Rs.897.85 million, Rs.506.63 million and Rs.115.46 million, aggregating to 82.27%, 92.72%, 94.44% and 98.96% of its revenue from operations during the six-month period ended September 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Any adverse developments in these regions could materially and adversely affect the company's business, financial condition, results of operations, cash flows and prospects.
Risks Relating to the Business: The company's business is dependent on the availability and price of lab-grown diamonds and gold bullion, which together constituted 88.82%, 88.38%, 95.14% and 99.26% of its total raw material purchases during the six-month period ended September 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Any volatility in the prices or disruption in the supply of such materials could materially and adversely affect its business, results of operations, financial condition and cash flows.
Risks Relating to the Business: The company's purchases are significantly concentrated among a limited number of suppliers, with its top 10 suppliers contributing 90.66%, 94.31%, 87.05% and 82.19% of our total purchases during the sixmonth period ended September 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023, 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.
Risks Relating to the Business: The company's manufacturing operations are concentrated at a single facility in Surat, Gujarat, and any disruption in operations, failures of machinery, or inability to maintain quality standards could materially and adversely affect its business, financial condition, results of operations and prospects.
Risks Relating to the Business: The company's business is working capital intensive, and the company's working capital requirements have increased from Rs.12.42 million in Fiscal 2023 to Rs.461.77 million as of September 30, 2025. The company intend to utilise a portion of the Net Proceeds towards funding our working capital requirements. Any inability to fund or efficiently manage its working capital could materially and adversely affect its business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company is exposed to counterparty credit risk due to the extension of credit to the company's customers, and the company's trade receivables have increased from Rs.40.64 million in Fiscal 2024 to Rs.263.73 million as of September 30, 2025, with receivable days increasing to 36 days. Any delay in, or non-receipt of, payments could materially and adversely affect its cash flows, working capital position and results of operations.
Risks Relating to the Business: Demand for lab-grown diamond studded gold jewellery is discretionary in nature, and any sustained decline in discretionary consumer spending, adverse macroeconomic conditions or shifts in consumer preferences could materially and adversely affect its business, results of operations, cash flows and financial condition.
Risks Relating to the Business: The company's business is subject to seasonal fluctuations, and lower-than-expected sales during peak periods may have a disproportionate effect on its results of operations, cash flows and financial condition.
Risks Relating to the Business: preferences, including acceptance of the company's designs. Any decline in such demand, failures to anticipate design trends or inability to achieve market acceptance for its designs could materially and adversely affect the company's business, results of operations, cash flows and financial condition.
Risks Relating to the Business: The company's business is dependent on its manufacturing capabilities at Surat facility, and any disruption in operations or inability to effectively utilise the company's production capacity could materially and adversely affect its business, results of operations, cash flows and financial condition.
Risks Relating to the Business: The company may not be able to effectively hedge against fluctuations in gold prices, and any volatility in gold prices could materially and adversely affect its margins, cash flows and financial condition.
Risks Relating to the Business: The company has experienced negative cash flows from operating and investing activities in previous periods and cannot assure that the company will not experience negative cash flows in future periods. Negative cash flows may adversely affect its financial condition, results of operations and prospects.
Risks Relating to the Business: The company's registered office, manufacturing facilities and key operational premises, including those of its subsidiaries, are located on leased properties, including from related parties, and any inability to renew or retain such premises could materially and adversely affect the company's business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company has contingent liabilities in respect of tax matters under dispute amounting to Rs.26.83 million. Any adverse outcome in such matters could materially and adversely affect its financial condition, results of operations and cash flows.
Risks Relating to the Business: The company's ability to protect and maintain our intellectual property, including its trademarks and designs, is important to the company's business. Any failure to adequately protect its intellectual property rights, including the fact that the company's designs are not registered, could adversely affect its brand, competitive position and business.
Risks Relating to the Business: There are outstanding legal proceedings involving the Company, its Subsidiaries and our Promoters. Any adverse outcome in such proceedings may adversely affect our reputation, business, results of operations, cash flows and financial condition.
Risks Relating to the Business: There have been certain instances of delays in payment of statutory dues by the Company. Any further delays in payment of statutory dues may attract financial penalties and may adversely affect its business, financial condition and results of operations.
Risks Relating to the Business: There have been certain instances of delays and non-compliances with respect to statutory corporate filings in the past, which could expose the company to regulatory actions and penalties.
Risks Relating to the Business: The company operates in a high-value commodity sector and are exposed to risks associated with the storage, handling, transit and delivery of gold and lab-grown diamond jewellery. Any loss, theft or damage could materially and adversely affect its business, financial condition, results of operations and cash flows.
Risks Relating to the Business: We have experienced significant growth in our revenue from operations, EBITDA and profitability in recent periods, with revenue from operations increasing from Rs.116.68 million in Fiscal 2023 to Rs.968.45 million in Fiscal 2025 and ?885.45 million in the six-month period ended September 30, 2025, and EBITDA increasing from Rs.4.88 million in Fiscal 2023 to Rs.129.01 million in Fiscal 2025 and Rs.114.56 million in the six-month period ended September 30, 2025, from Restated Consolidated Financial Information. However, such growth may not be indicative of its future performance, and any inability to sustain such growth could materially and adversely affect the company's business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company relies on third-party logistics providers for the transportation of gold, lab-grown diamonds and finished jewellery, and any loss, theft, damage, delay or failure in such logistics arrangements, notwithstanding insurance coverage, could materially and adversely affect its business, results of operations, financial condition and cash flows.
Risks Relating to the Business: The Company has in the six-month period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, entered into certain related party transactions with related parties, in the ordinary course of its business and the company cannots assure you that such transactions will not adversely affect its financial condition and results of operations.
Risks Relating to the Business: The company's D2C operations under Ayaani are subject to risks associated with omnichannel retail operations, including store performance, franchise management, customer experience and buyback obligations. Any inability to effectively manage or scale such operations could materially and adversely affect its business, financial condition, results of operations and prospects.
Risks Relating to the Business: The company's revenues are predominantly derived from domestic markets, and the company's limited presence in export markets may restrict our ability to diversify geographic risks. Any adverse developments in the domestic market or inability to scale export operations could materially and adversely affect its business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company has incurred indebtedness of Rs.60.08 million as of February 28, 2026 under the company's secured financing arrangements, which are subject to repayment obligations and restrictive covenants. Any inability to comply with such obligations or covenants could materially and adversely affect its business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company's Promoters have provided personal guarantees and created security over immovable properties for certain loan facilities availed by the Company, and any default by the company could result in enforcement actions against such Promoters and properties, which may adversely affect its business, financial condition and operations.
Risks Relating to the Business: The company's business is capital intensive, and its ability to raise additional financing on acceptable terms, or at all, is critical to sustaining the company's operations and growth. Any inability to do so could materially and adversely affect its business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company's business is dependent on demand for its customers' products and end-consumer preferences for lab-grown diamond studded gold jewellery, and any decline in such demand could materially and adversely affect the company's business, results of operations, cash flows and financial condition.
Risks Relating to the Business: The company operates in a highly competitive and fragmented jewellery market, and the company's inability to effectively compete on pricing, design, quality, delivery timelines and customer relationships could result in loss of market share and materially and adversely affect its business, financial condition, results of operations and prospects.
Risks Relating to the Business: The company is subject to stringent quality requirements, and any failures to maintain quality standards, including instances of product returns by customers, could materially and adversely affect the company's business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company's business, growth, operational execution and strategic direction are significantly dependent on the continued services of its Promoters, Directors, Key Managerial Personnel, senior management and the company's ability to attract, retain and effectively manage skilled personnel, including designers and karigars, and any inability to do so could materially and adversely affect its business, financial condition, results of operations, cash flows and prospects.
Risks Relating to the Business: The company's insurance coverage may not be adequate to cover all losses, and any uninsured or underinsured losses could materially and adversely affect its business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company's business is dependent on the efficient functioning of its information technology systems, including third-party software, and any disruption, failures or inadequacy of such systems could materially and adversely affect the company's business, operations, financial condition and results of operations.
Risks Relating to the Business: The company's ability to effectively market oproducts and maintain customer relationships is critical to the company's business, and any inability to do so, including limited marketing expenditure, could materially and adversely affect its business, financial condition, results of operations and prospects.
Risks Relating to the Business: The company's business is dependent on effective inventory management, and any inability to accurately plan, monitor and control inventory across its B2B and D2C operations could materially and adversely affect the company's business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company's pricing is influenced by fluctuations in the prices of gold and lab-grown diamonds, and any inability to effectively pass on such cost variations or maintain competitive pricing could materially and adversely affect its margins, business, financial condition and results of operations.
Risks Relating to the Business: The company's manufacturing operations are dependent on adequate and uninterrupted supply of electricity and any disruption or shortage may adversely affect its operations, increase costs and impact the company's margins and profitability.
Risks Relating to the Business: The company's installed manufacturing capacity and capacity utilisation are based on certain assumptions and estimates, and any variation in actual production levels or utilisation may adversely affect its operational efficiency, margins and financial performance.
Risks Relating to the Business: The company may not be able to successfully manage the growth of its business or effectively implement the company's strategies, which could materially and adversely affect its business, financial condition, results of operations and cash flows.
Risks Relating to the Business: Any failures to obtain, renew or maintain requisite statutory and regulatory licences, permits and approvals required for the company's operations could materially and adversely affect its business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company's Promoters will continue to retain majority shareholding in the Company subsequent to the Issue, which will enable them to exercise significant influence over the Company, and any substantial change in their shareholding may adversely affect the trading price of its Equity Shares.
Risks Relating to the Business: Except for one of the company's Independent Directors, none of its Directors have prior experience serving on the board of a listed company, which may require additional time for them to fully adapt to the regulatory and governance requirements applicable to listed entities.
Risks Relating to the Business: The company's Promoters and Directors have interests in the Company in addition to their remuneration and reimbursement of expenses, which may give rise to potential conflicts of interest.
Risks Relating to the Business: Conflicts of interest may arise between the Company and certain of the company's Promoters, Directors and Promoter Group entities, which could adversely affect its business, results of operations, cash flows and financial condition.
Risks Relating to the Business: The company's ability to pay dividends in the future will depends on its future earnings, financial condition, cash flows, working capital requirements, capital expenditure plans and the terms of the company's financing arrangements, and there can be no assurance that dividends will be declared or paid.
Risks Relating to the Business: The Company has not obtained any credit ratings, which may adversely affect its ability to access debt on favourable terms or at all.
Risks Relating to the Business: Certain sections of this Draft Red Herring Prospectus disclose information from the CarEdge Report which have been commissioned and paid for by the company exclusively in connection with the Issue and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
Risks Relating to the Business: The objects of the Issue for which the funds are raised have not been appraised by any bank or financial institutions and are based on management estimates. Any revision in the estimates may require the company to reschedule the company's expenditure and may have a bearing on the company's expected revenues and earnings. Further, if there are any delays or cost overruns, the company's business, financial condition and results of operations may be adversely affected.
Risks Relating to the Business: Any variation in the utilisation of proceeds from the Issue shall be subject to applicable law.
Risks Relating to the Business: This Draft Red Herring Prospectus includes certain Non-GAAP Measures, financial and operational performance indicators and other industry measures related to the company's operations and financial performance. The Non-GAAP Measures and industry measures may vary from any standard methodology that is applicable across the industry and, therefore, may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
Risks Relating to the Business: If the company is unable to establish and maintain an effective internal controls and compliance system, the company's business and reputation could be adversely affected.
Risks Relating to the Business: Fraud, employee negligence or similar incidents may adversely affect its results of operations and cash flows.
Risks Relating to the Business: Any future bonus issuances of Equity Shares are dependent upon adequate availability of reserves. Lack of adequate reserves may restrict the company's ability to enhance liquidity of Equity Shares.
Risks Relating to the Business: The requirements of being a publicly listed company may strain its resources.
Risks Relating to the Business: The average cost of acquisition of Equity Shares acquired by the company's Promoters may be less than the Issue Price.
Risks Relating to the Business: The company's revenue from operations is significantly concentrated among a limited number of B2B customers. During Fiscal 2026 Fiscal 2025 and Fiscal 2024, the company's top 10 customers contributed Rs.1,125 million, Rs.742.62 million and Rs.451.99 million, representing 55.49%, 76.68% and 84.24% of its revenue from operations, respectively. Any reduction in business from such customers or inability to diversify the company's customer base may materially and adversely affect its business, financial condition, results of operations, cash flows and prospects.
Risks Relating to the Business: A substantial portion of the company's revenue from operations is derived from a limited number of states in India, particularly Gujarat, Karnataka, Telangana, Tamil Nadu and Maharashtra, which together contributed Rs.1725.20 million, Rs.897.85 million and Rs.506.63 million, aggregating to 85.03%, 92.71%, and 94.44% of its revenue from operations during the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any adverse developments in these regions could materially and adversely affect the company's business, financial condition, results of operations, cash flows and prospects.
Risks Relating to the Business: The company's business is working capital intensive, and its working capital requirements have increased from Rs.67.65 million in Fiscal 2024 to Rs.449.46 million as of fiscal 2026. The company intends to utilise a portion of the Net Proceeds towards funding its working capital requirements. Any inability to fund or efficiently manage the company's working capital could materially and adversely affect its business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company's purchases are significantly concentrated among a limited number of suppliers, with its top 10 suppliers contributing 86.16%, 94.31% and 87.05% of the company's total purchases during the Fiscal 2026, Fiscal 2025 and Fiscal 2024, 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.
Risks Relating to the Business: The company's manufacturing operations are concentrated at a single facility in Surat, Gujarat, and any disruption in operations, failures of machinery, inability to maintain quality standards or underutilisation of capacity could materially and adversely affect the company's business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company is subject to stringent quality requirements, and any failures to maintain quality standards, including instances of product returns by customers, could materially and adversely affect the company's business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company has experienced negative cash flows from operating and investing activities in previous periods and cannot assure that its will not experience negative cash flows in future periods. Negative cash flows may adversely affect the company's financial condition, results of operations and prospects.
Risks Relating to the Business: The Company has in the Fiscals 2026, 2025 and 2024, entered into certain related party transactions with related parties, in the ordinary course of its business. The absolute sum of all related party transactions as a percentage of revenue from operations for the respective periods was 33.37%, 38.88%, 17.59%, respectively and cannot assure you that such transactions will not adversely affect the company's financial condition and results of operations.
Risks Relating to the Business: The P/E ratio of the Company at the higher and lower ends of the Price Band may be at a premium to the average P/E ratio of the company's listed industry peers, and the Issue Price may not be indicative of the market price of its Equity Shares after listing.
Risks Relating to the Business: At the time of filing the DRHP, the company's net tangible assets for Fiscal 2023 and its average operating profit for Fiscals 2025, 2024 and 2023 were below the thresholds prescribed under Regulations 6(1)(a) and 6(1)(b), respectively, of the SEBI ICDR Regulations. Although, following the inclusion of Fiscal 2026, the company currently satisfy these eligibility requirements and the Issue is now proposed to be undertaken pursuant to Regulation 6(1) of the SEBI ICDR Regulations, its average operating profit marginally exceeds the prescribed threshold, and the company cannot assure you that its will maintain or improve the company operating profit or other financial parameters in the future.
Risks Relating to the Business: Demand for lab-grown diamond studded gold jewellery is discretionary in nature, and any sustained decline in discretionary consumer spending, adverse macroeconomic conditions or shifts in consumer preferences could materially and adversely affect the company's business, results of operations, cash flows and financial condition.
Risks Relating to the Business: The company's business is subject to seasonal fluctuations, and lower-than-expected sales during peak periods may have a disproportionate effect on its results of operations, cash flows and financial condition.
Risks Relating to the Business: The company D2C operations under Ayaani are subject to risks associated with omnichannel retail operations, including store performance, franchise management, customer experience and buyback obligations. Any inability to effectively manage or scale such operations could materially and adversely affect the company's business, financial condition, results of operations and prospects.
Risks Relating to the Business: An FIR has been filed in relation to alleged misappropriation of inventory, and any fraud, employee negligence, alleged misappropriation of inventory or similar incidents may adversely affect the company's results of operations and cash flows.
Risks Relating to the Business: One of the company's Independent Directors was previously associated with a company which was subsequently struck off by the Registrar of Companies. Any adverse regulatory observation in relation to such association may affect its reputation.
Risks Relating to the Business: The company's business is dependent on the availability and price of lab-grown diamonds and gold bullion, which together constituted 90.77%, 88.38% and 95.14% of its total raw material purchases during the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any volatility in the prices or disruption in the supply of such materials could materially and adversely affect the company's business, results of operations, financial condition and cash flows.
Risks Relating to the Business: The company's pricing is influenced by fluctuations in the prices of gold and lab-grown diamonds, and any inability to effectively pass on such cost variations or maintain competitive pricing could materially and adversely affect its margins, business, financial condition and results of operations.
Risks Relating to the Business: The company's business is dependent on demand for its customers products and evolving end-consumer preferences, including acceptance of the company's designs. Any decline in such demand, failures to anticipate design trends or inability to achieve market acceptance for its designs could materially and adversely affect the company's business, results of operations, cash flows and financial condition.
Risks Relating to the Business: The Company has not obtained any credit ratings, which may adversely affect its ability to access debt on favourable terms or at all.
Risks Relating to the Business: Except for one of the company's Independent Directors, none of its Directors have prior experience serving on the board of a listed company, which may requires additional time for them to fully adapt to the regulatory and governance requirements applicable to listed entities.
Risks Relating to the Business: The company's ability to protect and maintain its intellectual property, including the company's trademarks and designs, is important to its business. Any failures to adequately protect the company's intellectual property rights, including the fact that its designs are not registered, could adversely affect the company's brand, competitive position and business.
Risks Relating to the Business: The company may not be able to effectively hedge against fluctuations in gold prices, and any volatility in gold prices could materially and adversely affect its margins, cash flows and financial condition.
Risks Relating to the Business: The company's registered office, manufacturing facilities and key operational premises, including those of its subsidiaries, are located on leased properties, including from related parties, and any inability to renew or retain such premises could materially and adversely affect the company's business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company's insurance coverage may not be adequate to cover all losses, and any uninsured or underinsured losses could materially and adversely affect its business, financial condition, results of operations and cash flows.
Risks Relating to the Business: There have been certain instances of delays in payment of statutory dues by the Company. Any further delays in payment of statutory dues may attract financial penalties and may adversely affect its business, financial condition and results of operations.
Risks Relating to the Business: The company's ability to pay dividends in the future will depends on its future earnings, financial condition, cash flows, working capital requirements, capital expenditure plans and the terms of the company's financing arrangements, and there can be no assurance that dividends will be declared or paid.
Risks Relating to the Business: The company is exposed to counterparty credit risk due to the extension of credit to its customers, and the company trade receivables have increased from Rs.40.64 million in Fiscal 2024 to Rs.160.64 million as of fiscal 2026, with receivable days increasing to 22 days. Any delay in, or non-receipt of, payments could materially and adversely affect its cash flows, working capital position and results of operations.
Risks Relating to the Business: The company has contingent liabilities in respect of tax matters under dispute amounting to Rs.28.84 million as of Fiscal 2026. Any adverse outcome in such matters could materially and adversely affect the company's financial condition, results of operations and cash flows.
Risks Relating to the Business: There are outstanding legal proceedings involving the Company, its Subsidaries and the company's Promoters. Any adverse outcome in such proceedings may adversely affect its reputation, business, results of operations, cash flows and financial condition.
Risks Relating to the Business: The company's business, growth, operational execution and strategic direction are significantly dependent on the continued services of its Promoters, Directors, Key Managerial Personnel, senior management and the company's ability to attract, retain and effectively manage skilled personnel, including designers and karigars, and any inability to do so could materially and adversely affect its business, financial condition, results of operations, cash flows and prospects.
Risks Relating to the Business: There have been certain instances of delays and non-compliances with respect to statutory corporate filings in the past, which could expose it to regulatory actions and penalties.
Risks Relating to the Business: The company operates in a high-value commodity sector and is exposed to risks associated with the storage, handling, transit and delivery of gold and lab-grown diamond jewellery. Any loss, theft or damage could materially and adversely affect the company's business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company has experienced significant growth in its revenue from operations, which increased from Rs.536.55 million in Fiscal 2024 to Rs.968.45 million in Fiscal 2025 and Rs.2,028.94 million in Fiscal 2026, and in its EBITDA, which increased from Rs.54.76 million to Rs.129.01 million and Rs.309.74 million, respectively, during the same periods. Further, the company's profit after tax increased from Rs.40.24 million in Fiscal 2024 to Rs.97.88 million in Fiscal 2025 and Rs.223.15 million in Fiscal 2026. However, its business has scaled significantly over a relatively short period, and such historical growth may not be sustained or may not be indicative of the company's future performance. Any inability to sustain its growth, margins or profitability or to effectively manage the scaling of the company operations could materially and adversely affect its business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company relies on third-party logistics providers for the transportation of gold, lab-grown diamonds and finished jewellery, and any loss, theft, damage, delay or failures in such logistics arrangements, notwithstanding insurance coverage, could materially and adversely affect its business, results of operations, financial condition and cash flows.
Risks Relating to the Business: Based on the comparison of the company's key performance indicators with listed industry peers for the periods included in the Restated Consolidated Financial Information, its scale of operations is lower than such listed industry peers and certain of the company operational metrics, including inventory days, net working capital days and creditor days, may not be comparable with, or may compare unfavourably to, certain listed industry peers. Any inability to improve the company scale of operations and manage its working capital cycle may adversely affect the company's liquidity, business operations, financial condition and cash flows.
Risks Relating to the Business: The company's revenue is predominantly derived from domestic markets which contributed Rs.1,977.09 million, Rs.967.77 million, and Rs.531.97 million, representing 97.44%, 99.93% and 99.15% of the company's total revenue from operations for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Its limited presence in export markets may restrict the company's ability to diversify geographic risks. Any adverse developments in the domestic market or inability to scale export operations could materially and adversely affect the company's business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company has incurred indebtedness of Rs.133.12 million as of August 31, 2026 under its secured financing arrangements, which are subject to repayment obligations and restrictive covenants. Any inability to comply with such obligations or covenants could materially and adversely affect the company's business, financial condition, results of operations and cash flows.
Risks Relating to the Business: Certain of the company's Promoters and a member of its senior management personnel (who is a former director) have provided personal guarantees and created security over immovable properties for certain loan facilities availed by the Company, and any default by it could result in enforcement actions against such Promoters and properties, which may adversely affect the company's business, financial condition and operations.
Risks Relating to the Business: The company's business is capital intensive, and its ability to raise additional financing on acceptable terms, or at all, is critical to sustaining the company operations and growth. Any inability to do so could materially and adversely affect its business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company's business is dependent on demand for its customers products and end-consumer preferences for lab-grown diamond studded gold jewellery, and any decline in such demand could materially and adversely affect the company's business, results of operations, cash flows and financial condition.
Risks Relating to the Business: The company operates in a highly competitive and fragmented jewellery market, and its inability to effectively compete on pricing, design, quality, delivery timelines and customer relationships could result in loss of market share and materially and adversely affect the company's business, financial condition, results of operations and prospects.
Risks Relating to the Business: The company's business is dependent on the efficient functioning of its information technology systems, including third-party software, and any disruption, failures or inadequacy of such systems could materially and adversely affect the company's business, operations, financial condition and results of operations.
Risks Relating to the Business: The company's ability to effectively market its products and maintain customer relationships is critical to the company's business, and any inability to do so, including limited marketing expenditure, could materially and adversely affect the company's business, financial condition, results of operations and prospects.
Risks Relating to the Business: The company's business is dependent on effective inventory management, and any inability to accurately plan, monitor and control inventory across its B2B and D2C operations could materially and adversely affect the company's business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company's manufacturing operations are dependent on adequate and uninterrupted supply of electricity and any disruption or shortage may adversely affect its operations, increase costs and impact the company's margins and profitability.
Risks Relating to the Business: The company may not be able to successfully manage the growth of its business or effectively implement the company's strategies, which could materially and adversely affect its business, financial condition, results of operations and cash flows.
Risks Relating to the Business: Any failures to obtain, renew or maintain requisite statutory and regulatory licences, permits and approvals required for the company operations could materially and adversely affect its business, financial condition, results of operations and cash flows.
Risks Relating to the Business: The company's Promoters will continue to retain majority shareholding in the Company subsequent to the Issue, which will enable them to exercise significant influence over the Company, and any substantial change in their shareholding may adversely affect the trading price of its Equity Shares.
Risks Relating to the Business: The company's Promoters and Directors have interests in the Company in addition to their remuneration and reimbursement of expenses, which may give rise to potential conflicts of interest.
Risks Relating to the Business: Conflicts of interest may arise between the Company and certain of its Promoters, Directors and Promoter Group entities, which could adversely affect the company's business, results of operations, cash flows and financial condition.
Risks Relating to the Business: Certain sections of this Red Herring Prospectus disclose information from the CarEdge Report which have been commissioned and paid for by the company exclusively in connection with the Issue and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
Risks Relating to the Business: The objects of the Issue for which the funds are raised have not been appraised by any bank or financial institutions and are based on management estimates. Any revision in the estimates may require it to reschedule the company's expenditure and may have a bearing on its expected revenues and earnings. Further, if there are any delays or cost overruns, the company's business, financial condition and results of operations may be adversely affected.
Risks Relating to the Business: Any variation in the utilisation of proceeds from the Issue shall be subject to applicable law.
Risks Relating to the Business: This Red Herring Prospectus includes certain Non-GAAP Measures, financial and operational performance indicators and other industry measures related to the company operations and financial performance. The Non-GAAP Measures and industry measures may vary from any standard methodology that is applicable across the industry and, therefore, may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
Risks Relating to the Business: If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected.
Risks Relating to the Business: Any future bonus issuances of Equity Shares are dependent upon adequate availability of reserves. Lack of adequate reserves may restrict the company's ability to enhance liquidity of Equity Shares.
Risks Relating to the Business: The requirements of being a publicly listed company may strain its resources.
Risks Relating to the Business: The average cost of acquisition of Equity Shares acquired by the company's Promoters may be less than the Issue Price.