Nityas Gems & Jewellery Ltd IPO
Diamond, Gems and Jewellery
Price Band
₹70 – ₹75
Lot Size
200
Minimum Bid Quantity
200
Minimum Investment
₹15000
Issue Size
₹108.42Cr
Opens
2026-09-30
Closes
2026-10-05
Listing
08-10-2026
Subscription Status
Qualified Institutional Buyers
1.06 x
Non-Institutional Investor
2.03 x
Retail Individual Investor
3.88 x
Total
2.19 x
IPO Details
Issue Type
EQUITY
Face Value
₹5
Tick Size
1
ISIN
INE211501023
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Nityas Gems and Jewellery Limited is engaged in the design, manufacturing and sale of lab-grown diamond-studded gold jewellery in India. The company operates through B2B manufacturing and distribution to organised retailers, standalone retailers and wholesalers, and D2C omnichannel retail through its subsidiary, Ayaani Diamonds and Jewellery Private Limited. Its product range includes rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles across daily wear, occasion-based, men’s and customised segments. The company commenced B2B operations in July 2022 and supplies jewellery to customers in India and overseas markets. Its manufacturing facility is located in Surat, Gujarat, and includes in-house designing, prototyping and production. Ayaani operates an online storefront and nine physical retail stores in India.
Pros
- • The company’s B2B customer base increased from 74 in FY24 to 108 in FY25 and 323 in FY26. Its B2B customers include organised retailers, standalone retailers and wholesalers across 18 states and two Union Territories, along with customers in the UAE, Australia, Canada, Taiwan and Kenya.
- • The company operates an integrated B2B and D2C business model. Its subsidiary, Ayaani, operates an online storefront and 10 retail stores across eight cities as of August 31, 2026, while the company supplies jewellery through its B2B network.
- • The company has a manufacturing facility of approximately 7,000 sq. ft. in Surat, Gujarat, with an installed production capacity of approximately 360 kg of lab-grown diamond-studded gold jewellery per annum. It claims to have machinery for processes including wax cleaning, casting, filling, setting, polishing and rhodium.
Cons
- • The company’s revenue is highly concentrated among a limited number of B2B customers. Its top 10 customers contributed Rs 112.59 crore (55.49%), Rs 74.26 crore (76.68%), and Rs 45.20 crore (84.24%) to revenue from operations in FY26, FY25, and FY24, respectively. Any reduction in orders from these customers, changes in their procurement strategies, or inability to diversify the customer base could adversely affect the company’s business and financial performance.
- • The company’s revenue is also substantially dependent on B2B operations, which accounted for Rs 193.92 crore (95.58%) of revenue from operations in FY26, compared with Rs 96.84 crore (99.99%) in FY25 and Rs 53.65 crore (99.99%) in FY24. Any slowdown in orders from retail chains, standalone retailers or wholesalers could adversely affect its revenue and cash flows.
- • A substantial portion of the company’s revenue from operations is concentrated in Gujarat, Karnataka, Maharashtra, Telangana and Tamil Nadu. These five states contributed Rs 172.52 crore (85.03%), Rs 89.78 crore (92.71%) and Rs 50.66 crore (94.42%) to revenue from operations in FY26, FY25 and FY24, respectively. Any adverse economic, regulatory, consumer demand or supply chain developments in these states could hurt the company’s business and financial performance.
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