A maker of lab-grown diamond studded gold jewellery is raising Rs 108.35 crore through a mainboard issue.
Nityas Gems & Jewellery designs, manufactures and sells lab-grown diamond studded gold jewellery in India. It was incorporated in April 2022.
It runs an integrated model with two parts: business-to-business (B2B) manufacturing and distribution to organised retailers, standalone retailers and wholesalers, and direct-to-consumer (D2C) omnichannel retail through its subsidiary, Ayaani Diamonds and Jewellery Private Limited.
Its work covers raw-material procurement, design, manufacturing, quality control, distribution, branded retail and direct sales.
The product range includes rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles, across daily-wear, occasion, men’s and customised segments. The company focuses on lightweight, affordable lab-grown diamond jewellery aimed at younger buyers looking for affordable luxury and everyday pieces.
Its main B2B customers include organised jewellery retailers such as GIVA, Palmonas, ONYA and Ladia Diamonds, along with standalone retailers and wholesalers.
It supplies jewellery made to its own designs and customised to each customer’s purity, weight, design and finishing requirements. B2B accounts for more than 96% of revenue, with D2C making up the rest.
In July 2025, NGJL acquired Ayaani, previously one of its key B2B customers. Ayaani runs an online storefront and 10 physical stores in 8 cities: Ahmedabad, Surat, Mathura, Delhi, Chandigarh, Jodhpur, Raipur and Udaipur. Seven of the stores are company-operated and three are franchise-operated. As of August 31, 2026, the company had 29 employees on its payroll.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 30, 2026 |
| Issue Closes | October 5, 2026 |
| Allotment (expected) | October 6, 2026 |
| Listing | BSE and NSE (Mainboard) |
| Listing Date (tentative) | October 8, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 70 – Rs 75 per share |
| Face Value | Rs 5 |
| Issue Size | Rs 108.35 crore (1,44,56,000 shares, entirely fresh) |
| Employee Reservation | 1,00,000 shares (Rs 7 per share discount) |
| Lot Size | 200 shares |
| Min. Retail Investment | Rs 15,000 |
| Post-IPO Market Cap | Rs 431.95 crore |
| IPO as % of Post-IPO Capital | 25.10% |
| Book Running Lead Manager | Choice Capital Advisors Pvt Ltd |
| Registrar | Bigshare Services Pvt Ltd |
| Syndicate Member | Choice Equity Broking Pvt Ltd |
After the employee reservation, the issue allocates not more than 50% to QIBs, not less than 15% to HNIs and not less than 35% to retail investors. From the net proceeds, NGJL will use Rs 70.00 crore for working capital and the rest for general corporate purposes.
Post-IPO, paid-up equity capital rises from Rs 21.57 crore (4,31,37,248 shares) to Rs 28.80 crore (5,75,93,248 shares).
Price Band Analysis
At the Rs 75 upper band, with FY26 earnings attributed to the fully diluted post-IPO equity, the issue is valued at a P/E of 19.38x, or 44.12x on FY25 earnings. The P/BV is 4.96 on the March 31, 2026 NAV of Rs 15.13, and 2.45 on the post-IPO NAV of Rs 30.65. The post-IPO market cap is Rs 431.95 crore.
Analysts consider the issue aggressively priced, but say only well-informed or cash-surplus investors may park moderate funds for the long term.
GMP Watch
The Nityas Gems & Jewellery IPO GMP ranges from ₹5 to ₹9. That indicates a listing price of about ₹80 to ₹84, or 6.7% to 12% over the upper band. Subscription figures were not available at the time of writing.
GMP is unofficial, unregulated and unendorsed.
Financial Performance
| Particulars (Rs cr, consolidated) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 53.66 | 96.85 | 203.33 |
| Net Profit (PAT) | 4.02 | 9.79 | 22.32 |
| PAT Margin (%) | 7.50 | 10.11 | 11.00 |
| RoCE (%) | 88.39 | 63.14 | 42.93 |
On a consolidated basis, total income rose from Rs 53.66 crore in FY24 to Rs 96.85 crore in FY25 and Rs 203.33 crore in FY26.
Net profit rose from Rs 4.02 crore to Rs 9.79 crore and then Rs 22.32 crore. The PAT margin increased from 7.50% to 11.00%, while RoCE fell from 88.39% to 42.93%.
Trade receivables rose from Rs 4.06 crore as of March 31, 2024 to Rs 21.46 crore as of March 31, 2026. Contingent liabilities stood at Rs 2.88 crore as of March 31, 2026. Over the last three fiscals, the company reported an average EPS of Rs 4.52 and an average RoNW of 65.67%.
Peer Comparison
| Company | P/E (x) |
|---|---|
| Nityas Gems & Jewellery (FY26, post-IPO) | 19.38 |
| Golkunda Diamond | 14.1 |
| Goldiam International | 23.1 |
| Renaissance Global | 16.0 |
Risks to Consider
A surge in receivables. Trade receivables rose from Rs 4.06 crore in FY24 to Rs 21.46 crore in FY26, and Rs 70.00 crore of the proceeds is earmarked for working capital.
Concentration in B2B. More than 96% of revenue comes from B2B sales to retailers and wholesalers, and the D2C business was added only through the acquisition of Ayaani in July 2025.
Input prices. The products combine gold and lab-grown diamonds, so movements in gold prices and lab-grown diamond prices affect costs and demand.
A short track record and falling returns. The company was incorporated in April 2022 and had 29 employees as of August 31, 2026. RoCE declined from 88.39% in FY24 to 42.93% in FY26.
Valuation. The issue is priced at 4.96 times pre-IPO book value and 44.12 times FY25 earnings. The promoters’ average acquisition costs are Rs 3.43 and Rs 11.82 per share, and contingent liabilities stood at Rs 2.88 crore.
This article is for informational purposes and is not personalised investment advice; investors should do their own due diligence or consult a SEBI-registered adviser before acting.
