Nityas Gems & Jewellery Limited IPO: Jewellery Manufacturing Company Opens for Subscription Today; Check the GMP
Nityas Gems & Jewellery Limited is launching its Initial Public Offering (IPO) to raise funds for Working Capital requirements and general corporate purposes. The IPO size aggregates up to Rs. 108.35 crore, comprising a fully fresh issue of 1.45 crore equity shares totalling Rs. 108.35 crore.
Nityas Gems & Jewellery Limited’s IPO price band is set at Rs. 70 to Rs. 75 per share. The IPO opens for subscription on September 30, 2026, and closes on October 05, 2026. The shares will be listed on the NSE and BSE on Thursday, October 08, 2026. Here's everything you need to know.
GMP of Nityas Gems & Jewellery Limited IPO
As of September 29th, 2026, the shares of Nityas Gems & Jewellery Limited in the grey market were trading at an 12 percent premium. The shares in the Grey Market traded at Rs. 84. This gives it a premium of Rs. 9 per share over the cap price of Rs. 75.
Overview of Nityas Gems & Jewellery Limited
Nityas Gems & Jewellery is engaged in the design, manufacturing and sale of lab-grown diamond-studded gold jewellery. The company follows an integrated model covering B2B manufacturing and distribution as well as D2C retail operations.
Its B2B business supplies jewellery to organised retailers, standalone retailers and wholesalers. The company caters to both standardised and customised requirements and supplies its products across 18 states and two union territories in India. It has also supplied products to customers in the UAE, Australia, Canada, Taiwan and Kenya.
In July 2025, the company acquired Ayaani Diamonds and Jewellery, which enabled it to enter the D2C segment. As of August 31, 2026, Ayaani operated 10 physical retail stores across eight cities, along with an online storefront.
The company has developed a portfolio of more than 32,000 jewellery designs, supported by an in-house design team using CAD and CAM technology. Its product portfolio includes rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles.
Nityas Gems operates a manufacturing facility in Surat spread across approximately 7,000 sq. ft., with an installed production capacity of around 360 kg of lab-grown diamond-studded gold jewellery annually.
The company generated Rs. 202.89 crore of revenue from B2B operations in FY2026. D2C operations contributed Rs. 8.81 crore during the year, with the D2C business being consolidated following the acquisition of Ayaani.
Promoters of Nityas Gems & Jewellery
The promoters of Nityas Gems & Jewellery are Rajnikant Lallubhai Chanchad, Sonalben Rajnikant Chanchad and Savaliya Dhruv Janakbhai. Rajnikant Lallubhai Chanchad is the Chairman and Managing Director of the company. Sonalben Rajnikant Chanchad is an Executive Director, while Savaliya Dhruv Janakbhai is a Non-Executive Director.
As per the report,Rajnikant Lallubhai Chanchad held 52.02 percent of the pre-issue equity share capital, while Sonalben Rajnikant Chanchad held 3.98 percent. The promoters collectively held 58.10 percent of the pre-issue equity share capital of the company.
Selling Shareholders of Nityas Gems & Jewellery
There are no selling shareholders in the Nityas Gems & Jewellery IPO. The issue is entirely a fresh issue of 14,456,000 equity shares, with no Offer for Sale component.
Lead Manager of Nityas Gems & Jewellery IPO
Choice Capital Advisors Private Limited is the sole Book Running Lead Manager to the Nityas Gems & Jewellery IPO, while Bigshare Services Private Limited is the registrar to the issue.
Objectives of the IPO Offer
Nityas Gems & Jewellery proposes to utilise the IPO proceeds primarily towards strengthening its working capital requirements. The company plans to utilise Rs. 70 crore from the net proceeds towards working capital requirements. The remaining proceeds are proposed to be used for general corporate purposes, subject to applicable limits and issue-related expenses.
The working capital requirement is important for the company because its business involves procurement of gold bullion and lab-grown diamonds, maintaining inventory, and extending credit to customers.
Financial Analysis of Nityas Gems & Jewellery
Nityas Gems & Jewellery has reported strong growth in revenue and profitability over the last three financial years. Revenue from operations increased from Rs. 53.66 crore in FY2024 to Rs. 96.85 crore in FY2025 and further to Rs. 202.89 crore in FY2026. Profit after tax increased from Rs. 4.02 crore in FY2024 to Rs. 9.79 crore in FY2025 and Rs. 22.32 crore in FY2026.
EBITDA increased from Rs. 5.48 crore in FY2024 to Rs. 12.90 crore in FY2025 and Rs. 30.97 crore in FY2026. The company's EBITDA margin improved from 10.21 percent in FY2024 to 13.32 percent in FY2025 and further to 15.27 percent in FY2026. PAT margin also increased from 7.50 percent in FY2024 to 10.11 percent in FY2025 and 11.00 percent in FY2026.
The company's basic and diluted EPS for FY2026 stood at Rs. 5.52, while NAV per share was Rs. 15.13. RoNW stood at 43.75 percent in FY2026. The debt-equity ratio was relatively low at 0.29 times in FY2026, compared with 0.34 times in FY2025 and 0.69 times in FY2024.
Nityas Gems and Jewellery Limited Vs Peers
Nityas Gems and Jewellery Limited reported revenue from operations of Rs. 2,028.94 crore, with basic and diluted EPS of Rs. 5.52 and a RoNW of 43.75 percent. Its NAV per share stood at Rs. 15.13.
In comparison, Golkunda Diamonds & Jewellery Limited reported revenue from operations of Rs. 2,815.02 crore, with basic and diluted EPS of Rs. 19.66 and a RoNW of 18.81 percent. Its NAV per share stood at Rs. 115.22.
Goldiam International Limited reported revenue from operations of Rs. 9,768.57 crore, with basic EPS of Rs. 15.11 and diluted EPS of Rs. 15.43, while its RoNW stood at 18.38 percent and NAV per share at Rs. 97.95. Renaissance Global Limited reported revenue from operations of Rs. 28,130.31 crore, with basic and diluted EPS of Rs. 8.40, a RoNW of 6.09 percent and NAV per share of Rs. 140.62.
The comparison shows that Nityas Gems and Jewellery is smaller than its listed peers in terms of revenue, while its RoNW stood at 43.75 percent. The company’s EPS and NAV per share are also lower than those of the listed peers. Investors should consider differences in business scale, customer base, product mix, operating model, and financial structure while comparing Nityas Gems and Jewellery with its listed industry peers.
Strengths of Nityas Gems & Jewellery Limited
Integrated B2B and D2C model: The company combines wholesale supply with its own consumer-facing retail and online business.
Rapid customer-base expansion: B2B customers increased from 74 in FY2024 to 108 in FY2025 and 323 in FY2026.
Large design portfolio: The company has developed more than 32,000 jewellery designs supported by in-house CAD and CAM capabilities.
Customised manufacturing capabilities: Its manufacturing setup allows the company to produce standardised as well as customised jewellery.
Growing lab-grown diamond segment: The company operates in the expanding lab-grown diamond jewellery market in India.
Expanding D2C presence: Ayaani operates 10 physical stores across eight cities along with its online platform.
Strong financial growth: Revenue, EBITDA, and PAT increased significantly between FY2024 and FY2026.
Improving operating margins: EBITDA margin increased from 10.21 percent in FY2024 to 15.27 percent in FY2026.
Weaknesses of Nityas Gems & Jewellery Limited
Working-capital intensive business: Net working capital days increased sharply to 135 days in FY2026.
Negative operating cash flow: T he company reported negative operating cash flow of Rs. 14.73 crore in FY2026.
Supplier concentration: The top 10 suppliers accounted for 86.16 percent of total purchases in FY2026.
High dependence on largest supplier: The company's top supplier alone contributed 55.11 percent of total purchases in FY2026.
Customer concentration: The top 10 customers contributed 55.49 percent of revenue from operations in FY2026.
Raw material dependence: Gold bullion and lab-grown diamonds are key raw materials for the company's operations.
Manufacturing concentration: The company's manufacturing operations are centred at its Surat facility.
D2C business remains relatively new: D2C revenue accounted for 4.34 percent of total revenue in FY2026 after the Ayaani acquisition.
Conclusion:
Nityas Gems & Jewellery is entering the public market with a Rs. 108.35 crore fresh issue at a price band of Rs. 70-75 per share. The company operates across B2B manufacturing, wholesale distribution and D2C retail of lab-grown diamond-studded gold jewellery.
The company has recorded substantial growth in revenue, EBITDA and PAT between FY2024 and FY2026. Its B2B customer base has also expanded significantly, while the acquisition of Ayaani has added a consumer-facing retail and online channel.
At the same time, investors need to consider the company's increasing working capital requirements, negative operating cash flow in FY2026, customer concentration, supplier concentration and dependence on gold and lab-grown diamonds. The RHP also highlights that the proposed IPO proceeds are primarily intended to support working capital requirements.
The IPO is scheduled to open on September 30, 2026 and close on October 5, 2026, with listing proposed on BSE and NSE on October 8, 2026, subject to the applicable IPO process.