A Jaipur-based gold jewellery manufacturer plans to raise Rs 41.66 crore via the BSE SME platform.
Yaashvi Jewellers Ltd., a Jaipur-based manufacturer and trader of gold jewellery with a focus on machine-made gold chains, opens for subscription on May 25 with the issue closing on May 27. The company is listing on the BSE SME platform through a fixed-price issue at Rs 83 per share.
What the Company Does
Yaashvi Jewellers specialises in machine-made gold chains — its primary product — across 9K, 14K, 18K, 20K, and 22K purity. Beyond chains, its portfolio includes studded gold jewellery, diamond jewellery, fashion silver jewellery, and gold bullion. Machine-made chains are lightweight, affordable, versatile components used across jewellery types including mangalsutras, bracelets, anklets, and earrings, giving the product broad addressable demand among both wholesale and retail buyers.
The company operates primarily on a B2B model, supplying dealers, showrooms, and small jewellery shops in wholesale quantities, while also making inroads into retail (B2C). It has been expanding its B2B arrangements where long-term business partners act as both buyers of finished pieces and suppliers of primary gold bullion — a dual-role relationship that helps optimise working capital.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | May 25, 2026 |
| Issue Closes | May 27, 2026 |
| Listing | BSE SME (June 2, 2026) |
| Issue Price | Rs 83 per share (Fixed Price) |
| Face Value | Rs 10 |
| Issue Size | Rs 41.66 crore (100% Fresh Issue) |
| Lot Size | 1,600 shares (min 2 lots = 3,200 shares) |
| Min. Retail Investment | Rs 2,65,600 |
| BRLM | Smart Horizon Capital Advisors Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Market Maker | Shreni Shares Ltd. |
Financial Performance
| Particulars (Rs cr) | FY25 | FY26 |
|---|---|---|
| Revenue | 297.76 | 449.74 |
| PAT | 11.28 | 18.28 |
| PAT Margin | 3.79% | 4.06% |
| Revenue Growth | — | 51% |
| PAT Growth | — | 62% |
Revenue and profitability have grown strongly — 51% and 62% year-on-year respectively. However, it should be noted that gold jewellery businesses inherently carry high revenue relative to margin — the absolute revenue numbers are largely a function of gold prices and volumes, while the business value is better assessed through PAT margins (4%) and absolute PAT. At a fixed price of Rs 83 and post-issue paid-up equity of Rs 17.56 crore, the issue is priced at a P/E of approximately 10.8x on FY26 earnings — which appears modest in absolute terms.
Risks to Consider
Gold price volatility is the primary financial risk — as the single largest input cost, any sharp movement in gold prices can expand or compress margins and working capital requirements significantly. The jewellery business is inherently working-capital intensive, requiring inventory financing. The company’s relatively short formal track record in its current structure and the thin margin profile typical of the jewellery B2B trade are characteristics investors should factor into their assessment. Post-listing liquidity in this micro-cap issue may also be limited.
Analyst View
Independent review sources note that the company has reported strong financial growth in FY26 while return ratios remain impressive for an SME. The valuation appears reasonable considering the earnings profile and business expansion. However, the jewellery segment is highly working-capital intensive and sensitive to gold price volatility, and borrowings remain on the higher side relative to equity.