A Chandigarh-based retail jeweller selling natural-diamond jewellery under the “Omara” brand is raising Rs 41.99 crore through a BSE SME issue.
Omara Ventures India is a retail jewellery business. It sells diamond jewellery made with natural diamonds and precious and semi-precious gemstones, set in gold, platinum and silver
. The company was incorporated in 2020 and is based in Chandigarh. Its jewellery is sold under the “Omara” brand, mainly through its retail boutique.
The product range includes necklaces, earrings, rings, bracelets and other jewellery, covering wedding, special-occasion, festive and everyday wear at different price points.
The business centres on in-house concept development, design, analysis of customer preferences, product curation and retail merchandising. Collections are made in limited quantities to keep them exclusive, and every piece is marked with the “Omara” logo.
OVIL has a product development and supply arrangement with a partner that makes jewellery to its approved designs, specifications and quality standards.
It also offers customisation, so customers can personalise designs. Its products carry BIS hallmarking for precious metals and, where applicable, diamond grading and certification from recognised laboratories such as the Gemological Institute of America (GIA).
The company mainly serves retail customers through its boutique. As of June 30, 2026, it had 17 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 SME |
| Listing Date (tentative) | October 8, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 296 – Rs 311 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 41.99 crore (13,50,000 shares, entirely fresh) |
| Lot Size | 400 shares |
| Min. Retail Application | 800 shares (2 lots) |
| Min. Retail Investment | Rs 2,48,800 |
| Post-IPO Market Cap | Rs 135.60 crore |
| IPO as % of Post-IPO Capital | 30.96% |
| Lead Manager | Wealth Mine Networks Ltd |
| Market Maker | Rikhav Securities Ltd |
| Registrar | Bigshare Services Pvt Ltd |
| Syndicate Member | Rikhav Securities Ltd |
From the net proceeds, OVIL will use Rs 18.00 crore to repay or prepay certain borrowings, Rs 10.00 crore for working capital, Rs 2.00 crore to renovate and expand its jewellery boutique, and Rs 2.00 crore for marketing and promotion of the “Omara” brand. The rest will go to general corporate purposes.
Post-IPO, paid-up equity capital rises from Rs 3.01 crore (30,10,000 shares) to Rs 4.36 crore (43,60,000 shares).
Price Band
At the Rs 311 upper band, with FY26 earnings attributed to the fully diluted post-IPO equity, the issue is valued at a P/E of 14.48x, or 49.60x on FY25 earnings. The P/BV is 7.47 on the March 31, 2026 NAV of Rs 41.61. The post-IPO market cap is Rs 135.60 crore.
Analysts consider the issue exorbitantly priced and are saying avoid.
GMP
As per market channels, the Omara Ventures India IPO GMP is ₹0. That indicates a listing price of ₹311, flat to the upper band. Subscription figures were not available at the time of writing.
GMP is unofficial, unregulated and unendorsed.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 23.19 | 23.52 | 45.87 |
| Net Profit (PAT) | 0.31 | 2.73 | 9.37 |
| PAT Margin (%) | 1.34 | 11.61 | 20.42 |
| RoCE (%) | 71.34 | 82.36 | 85.38 |
Total income was Rs 23.19 crore in FY24 and Rs 23.52 crore in FY25, then rose to Rs 45.87 crore in FY26. Net profit rose from Rs 0.31 crore in FY24 to Rs 2.73 crore in FY25 and Rs 9.37 crore in FY26. The PAT margin increased from 1.34% to 11.61% and then 20.42%, and RoCE went from 71.34% to 85.38%.
Borrowings stood at Rs 22.43 crore against a net worth of Rs 12.52 crore. Over the last three fiscals, the company reported an average EPS of Rs 18.75 and an average RoNW of 78.37%. It hasn’t paid any dividends since incorporation.
Peer Comparison
| Company | P/E (x) |
|---|---|
| Omara Ventures India (FY26, post-IPO) | 14.48 |
| BlueStone Jewellery | 218.0 |
| PNGS Reva | 19.3 |
| PN Gadgil Jewellers | 19.2 |
| Advit Jewels | 36.3 |
Risks to Consider
Valuation. The issue is priced at 7.47 times pre-IPO book value and 49.60 times FY25 earnings, and analysts consider it exorbitantly priced.
Sharp jump in FY26 results. Total income was nearly flat between FY24 and FY25, then almost doubled in FY26. The PAT margin rose from 1.34% in FY24 to 20.42% in FY26, which is higher than the margins of its listed peers.
Leverage. Borrowings of Rs 22.43 crore exceed the company’s net worth of Rs 12.52 crore, and Rs 18.00 crore of the proceeds is earmarked for debt repayment.
Single boutique and outsourced manufacturing. Sales come mainly from one retail boutique, jewellery is made by a product development and supply partner, and the company had 17 employees as of June 30, 2026.
Gold and diamond prices and discretionary demand. Jewellery demand depends on discretionary spending and on gold and diamond prices, and the market is highly competitive.
Disclosure and SME-specific risks. The promoters’ average acquisition cost and post-IPO NAV are missing from the offer documents, and the issue follows a 300:1 bonus in December 2025. Post-IPO equity of Rs 4.36 crore points to a long wait before any migration to the main board. The minimum retail investment is Rs 2.49 lakh, and liquidity on the SME platform is limited.
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.
