Minerva Capital Research Solutions

Nityas Gems & Jewellery

RHP
ListedListed 8 Oct 2026MainboardNSE: NITYASCheck allotment
Current price₹ 67.39−10.15% since issue
Listing day+6.67%
Issue price
₹ 75
Issue size
₹ 108.35 Cr.
Min. investment
₹ 15,000
Listing price
₹ 80
Subscribed
2.25x
Lot size
200 shares
P/E
19.38
RoNW
43.75%
RoCE
42.93%
Debt / Equity
0.29
PAT margin
11.00%
EBITDA margin
15.27%
EPS
₹ 3.87
NAV
₹ 15.13
Promoter stake
43.51%

About

Nityas Gems and Jewellery Limited was incorporated in April 2022 and began operations in July 2022 as a business-to-business maker and supplier of lab-grown diamond studded gold jewellery. Its range covers rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles, aimed at daily wear, occasion wear, men's jewellery and customised orders, with a focus on lightweight and lower priced pieces. It supplies both its own designs and jewellery made to a customer's own specification for purity, weight, design and finish. Its B2B customers include GIVA, Palmonas, ONYA and Ladia Diamonds. It sells across 18 states and 2 Union Territories in India and exports to the UAE, Australia, Canada, Taiwan and Kenya. In July 2025 it acquired Ayaani Diamonds and Jewellery Private Limited, a direct-to-consumer lab-grown diamond jewellery brand with an online store and 10 physical stores in eight cities, run both by the company and by franchisees. The manufacturing facility at Surat handles designing, prototyping and production in house. As on 31 August 2026 the company had 192 full-time employees, including 122 karigars and 29 designers.

Timeline

  1. Opens
    30 Sep
    done
  2. Closes
    5 Oct
    done
  3. Allotment
    6 Oct
    done
  4. Refunds
    7 Oct
    done
  5. Demat credit
    7 Oct
    done
  6. Listing
    8 Oct
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 9 on 28 Sep 2026
Lowest
₹ 0 on 26 Sep 2026
First quoted
₹ 0 on 26 Sep 2026

Subscription

How many times each investor group bid for its share, as of 08 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)1200₹ 15,000
Retail (Max)132,600₹ 1,95,000
S-HNI (Min)142,800₹ 2,10,000
B-HNI (Min)6713,400₹ 10,05,000

Company overview

Financials

Financials by year
Assets116.4239.8711.75
Total Income203.3396.8553.66
Profit After Tax22.329.794.02
EBITDA30.9712.95.48
NET Worth79.4322.575.33
Reserves and Surplus40.8720.114.28
Total Borrowing9.087.113.26

Strengths

  • Revenue has grown very fast, from Rs 53.66 crore in FY2024 to Rs 96.85 crore in FY2025 and Rs 203.33 crore in FY2026.
  • Profit after tax has grown even faster, from Rs 4.02 crore in FY2024 to Rs 9.79 crore in FY2025 and Rs 22.32 crore in FY2026.
  • Return ratios are high, with RoCE of 42.93% and RoNW of 43.75%.
  • EBITDA rose from Rs 5.48 crore in FY2024 to Rs 30.97 crore in FY2026, an EBITDA margin of 15.27%, and the PAT margin is 11.00%.
  • Borrowing is low at Rs 9.08 crore against a net worth of Rs 79.43 crore, a debt to equity ratio of 0.29.
  • The business runs on both sides of the market, manufacturing for retailers and wholesalers and selling direct to consumers through Ayaani, which has an online store and 10 outlets in eight cities.
  • Design, prototyping and production are done in house at Surat with 122 karigars and 29 designers on the payroll, which keeps job work dependence low.
  • The whole Rs 108.35 crore issue is fresh capital with no offer for sale, of which Rs 70 crore funds working capital.

Risks

  • Return on equity is not stated in the data available to us, so only return on net worth of 43.75% can be checked.
  • The company is barely four years old, incorporated in April 2022 and trading only since July 2022, so there is no record of how it performs through a weak year.
  • The direct-to-consumer arm was bought in July 2025, so the FY2026 figures combine a part year of Ayaani with the older B2B business and are not comparable with earlier years.
  • Rs 70 crore of the Rs 108.35 crore issue goes into working capital. That money funds stock and customer credit rather than new capacity, and jewellery working capital rises again as sales grow.
  • Net worth jumped from Rs 22.57 crore to Rs 79.43 crore in one year while profit was Rs 22.32 crore, so a large part of the increase came from capital raised rather than from earnings.
  • The issue is priced at 19.38 times post issue earnings on an EPS of Rs 3.87, against 14.51 times on a pre issue EPS of Rs 5.17.
  • B2B sales rest on a handful of named buyers such as GIVA, Palmonas, ONYA and Ladia Diamonds, and losing one would take away a large share of orders.
  • All manufacturing is at one plant in Surat, so any disruption there stops supply.
  • Lab-grown diamonds are a young and fast changing category, and both the price of the stones and the gold price feed straight into the cost of each piece.
  • Promoter holding falls from 58.1% to 43.51% after the issue, leaving the promoters with under half the company.

What the money is for

Objects of the issue
Funding Working Capital requirements of the Company70
General corporate purposes—

Promoters

  • Rajnikant Lallubhai Chanchad
  • Sonalben Rajnikant Chanchad
  • Savaliya Dhruv Janakbhai
Promoter holding58.1%→43.51%before → after the issue · down 14.59 points

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 5 a share
Registrar
Bigshare Services Private Limited
Lead managers
Choice Capital Advisors Pvt.Ltd.
Red herring prospectus (RHP)
Open
Draft prospectus (DRHP)
Open
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.