A Jaipur-based handcrafted jewellery maker behind the “Rambhajo” brand hits the market with a Rs 165 crore fresh issue
Advit Jewels Ltd., a Jaipur-based jewellery company specialising in handcrafted fine jewellery under the brand name “Rambhajo”, opens for subscription on June 23 with the issue closing on June 25. Incorporated in 2019, the company has expertise in Kundan, Polki, Diamond, and Studded pieces, operating primarily on a B2B model supplying dealers, showrooms, and retailers, while also serving B2C customers for made-to-order jewellery. Swastika Investmart recommends applying, while Equivision takes a more cautious view on valuation.
What the Company Does
Advit Jewels blends traditional craftsmanship with modern design, with its jewellery being 100% handmade by skilled artisans. Its product portfolio spans necklaces, earrings, rings, bangles, and customised pieces crafted in 14K and 18K gold with diamonds and coloured stones.
Gold Kundan Meena Polki Jadau jewellery is by far the largest revenue contributor. Despite being Jaipur-based, the company has a PAN-India revenue footprint across states including Maharashtra, Haryana, Gujarat, Delhi, Punjab, Rajasthan, West Bengal, Uttar Pradesh, and Telangana.
As Swastika Investmart notes in its report, the company “blends traditional jewellery craftsmanship with modern manufacturing technology” and benefits from centralized production that supports quality control and cost efficiency.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | June 23, 2026 |
| Issue Closes | June 25, 2026 |
| Listing Date | July 1, 2026 (BSE & NSE) |
| Price Band | Rs 130 – Rs 138 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 165 crore (entirely Fresh Issue) |
| Market Lot | 100 shares |
| Pre-IPO Market Cap | Rs 632.18 crore |
| QIB / NII / Retail Split | 50% / 15% / 35% |
| Lead Manager | Holani Consultants Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
Promoter shareholding declines from 94.59% pre-issue to 69.88% post-issue.
Objects of the Issue
The fresh issue proceeds will primarily fund incremental working capital requirements (around Rs 65 crore) and repayment or pre-payment of certain outstanding bank borrowings (around Rs 65 crore), with the balance towards general corporate purposes.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | 9M FY26 |
|---|---|---|---|
| Revenue from Operations | 69.44 | 124.94 | 123.79 |
| EBITDA | 18.95 | 37.15 | 36.68 |
| EBITDA Margin | 27.29% | 29.73% | 29.63% |
| PAT | 14.71 | 25.37 | 25.44 |
| PAT Margin | 21.18% | 20.30% | 20.55% |
| RoE | 57.82% | 55.79% | 35.89% |
| Debt/Equity (x) | 0.60 | 1.29 | 0.78 |
Revenue nearly doubled from Rs 69.44 crore in FY24 to Rs 124.94 crore in FY25, with EBITDA margins holding steady around 29–30% and net profit growing strongly. The 9M FY26 numbers already nearly match full-year FY25, suggesting continued momentum.
On the quality of the business, Equivision states in its note that the company’s “ability to maintain healthy operating margins alongside robust revenue growth reflects operational efficiency, effective cost management, and a scalable business model.” One point to watch: inventory days have risen sharply from 91 days in FY23 to 199 days in FY25, which ties up working capital.
Valuation and Peer Comparison
At the upper band of Rs 138, the issue is valued at a P/E of around 18.4x on FY25 earnings and a P/B of roughly 7.6x. The picture is mixed — the P/E is higher than most listed peers, but the return ratios are notably stronger.
| Company | EPS (Rs) | P/E (x) | RoNW (%) | Revenue (Rs cr) |
|---|---|---|---|---|
| Advit Jewels | 7.92 | 18.41 | 43.64 | 124.94 |
| Bluestone Jewellery | (78.86) | NA | (24.00) | 1,829.92 |
| RBZ Jewellers | 9.70 | 12.86 | 15.83 | 530.75 |
| Radhika Jeweltech | 5.09 | 11.10 | 18.63 | 588.29 |
The two brokerages diverge on valuation. Swastika Investmart argues the premium is partly justified, noting that the “P/E of 18.4x is higher than peers, but RoNW of 43.6% is significantly better than both peers.” Equivision is more cautious, stating that at Rs 138, “the valuation appears expensive when compared to its listed peers.” On balance, Swastika recommends subscribing with a short-to-mid-term perspective and for listing gains.
Risks to Consider
Earnings are highly sensitive to fluctuations in gold, Polki diamond, and precious stone prices, and any supply disruption could hurt margins. The company is just a few years old, promoter-heavy, and concentrated in Jaipur for both manufacturing and a substantial portion of raw material sourcing, creating geographic concentration risk. Rising inventory days point to working-capital and liquidity pressure, and post-listing liquidity in the stock could be thin given the small size. Pending trademark approvals for the “Rambhajo” and “Advit” brands create some legal and regulatory uncertainty, and the lack of long-term supplier contracts could affect raw material availability.
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