Advit Jewels Limited

1. Overview

Advit Jewels Limited is a Jaipur-headquartered manufacturer and seller of traditional and contemporary handcrafted fine jewellery, specializing in Kundan, Polki, Diamond and Studded pieces, marketed under the heritage brand "Rambhajo since 1921". The brand traces its origins to a jewellery trading and brokerage venture founded in 1921 by Late Shri Kishan Gilara in Jaipur. To carry forward this 100-year-old legacy in a corporate structure, the Company was incorporated in 2019 and subsequently converted into a public limited company in April 2025.

The Company operates a centralized manufacturing facility at Jaipur with a built-up area of 6,450 sq. ft. and an installed annual capacity of 400 kg. The facility houses the entire production cycle — from melting, sheet and chain making, stone setting, polishing, to quality inspection — under one roof, supported by advanced equipment such as 3D printers, laser cutting and engraving systems, casting units, and CAD design tools. The Company sells across 18–21 Indian states, with a recently initiated export footprint into the USA and Hong Kong during the 9M ended December 2025.

The business is predominantly B2B, supplying dealers, showrooms and jewellery retailers, while also catering to B2C clients for bespoke and high-value orders. The Company has built a portfolio of approximately 2,000+ jewellery designs, all rendered in 14 Carat and 18 Carat gold.

2. Business Model and Revenue Streams

Revenue by Channel

The Company operates a predominantly B2B model, with B2B sales contributing the dominant share of revenue across reporting periods. The Company offers 40–45 days credit to B2B customers, while sourcing gold against immediate cash payments — creating a structurally working-capital-intensive operating model.

Revenue by Geography (Top States, FY 2025)

The Company has a multi-state distribution footprint across India but is concentrated in a few key markets. The top states by revenue in FY 2025 were:

Export sales were nil in FY 2023–FY 2025 but commenced in the 9M ended December 2025, with ₹1.61 Cr (1.28% of revenue) generated from USA and Hong Kong.

Customer & Supplier Concentration

• Top 10 customers contributed 54.17%, 43.06% and 75.47% of revenue in FY 2025, FY 2024 and FY 2023 respectively. The single largest customer contributed 9.85% in FY 2025.
• Top 5 suppliers accounted for 76.55%, 73.15% and 82.93% of raw material purchases in FY 2025, FY 2024 and FY 2023 respectively.
• Geographic dependence: ~77–80% of raw materials and ~35–42% of revenue is sourced from / generated in Jaipur city.

Industry-Specific Operating Metrics

• Net Working Capital Days: 159 days (FY 2025), 165 days (FY 2024), 140 days (FY 2023) — reflecting inventory + receivables intensity
• Inventory Holding Days: 199 days (FY 2025), 158 days (FY 2024), 91 days (FY 2023) — significant increase tied to scale-up
• Gold price exposure: Gold prices rose from ₹5,230/gram in FY 2023 to ₹7,364/gram (9M Dec 2025), structurally inflating raw material cost

3. Products and Service Portfolio

Product Mix (% of Revenue)

The Company manufactures jewellery exclusively in Gold Kundan Meena Polki Jadau (96–100% of total revenue across periods) and Cut-setted Diamond jewellery with Polki (1.3–2.7% of revenue). Job work is a small ancillary stream (~0.2–3.2%).

Necklace Sets and Chick Sets are the two largest revenue drivers, together contributing 67% in 9M FY26 and 68% in FY 2025. The product portfolio is highly concentrated: the top 5 product categories (Necklace Sets, Chick Sets, Bracelets & Bangles, Earring Sets and Pendant Sets) accounted for 94.90%, 85.16%, 80.67% and 88.00% of revenue across the reporting periods.

Capacity & Utilisation

The Company operates at significantly under-utilised capacity, reflecting the labour-intensive, Karigar-dependent nature of handcrafted Kundan-Polki manufacturing:

4. Key Business Strengths

• Centralised Handcrafted Manufacturing Under One Roof: The Company operates a single integrated 6,450 sq. ft. facility in Jaipur equipped with 3D printers, laser systems, casting units and hydraulic presses, enabling end-to-end control from gold processing to final finishing while securing quality, security and shorter lead times.
• Specialised Kundan-Polki Heritage with 100-Year Legacy: The "Rambhajo since 1921" brand carries four-generation jewellery heritage, with founder-promoter Mr. Nitin Gilara bringing 26+ years of industry experience in heavy bridal and traditional jewellery design.
• Design Innovation and Bespoke Customisation: A portfolio of 2,000+ unique designs spanning Antique, Bridal, Traditional, Contemporary and Fusion styles, with an in-house design team enabling customer-specific customisation rather than fixed catalogues — a key competitive differentiator in the wholesale jewellery market.
• Established B2B Dealer Network and Customer Stickiness: Long-standing relationships with wholesalers and retailers across 21 Indian states drive repeat orders and ready-inventory turnover, with the customer base growing from 96 to 258 between FY 2023 and FY 2025.
• Skilled Karigar Workforce and Multi-Stage Quality Control: An in-house team of trained artisans (Karigars) supported by a dedicated 3-member QC/QA team ensures consistent quality across design accuracy, gold purity, polishing finish and product dimensions.

5. Future Growth Strategy

• Strengthening Working Capital Capabilities: The Company plans to deploy ₹65.00 Cr from the IPO into incremental working capital and a further ₹65.00 Cr into debt repayment, easing the structural liquidity strain caused by gold-cash purchases and 40–45-day customer credit cycles.
• Flagship Retail Store in Jaipur: Construction of a flagship retail store at Chomu House, C-Scheme, Jaipur (land area 600 sq. yards, constructed area 27,790 sq. ft.), pursuant to Board approval dated June 30, 2025, intended to moderate B2C credit dependency and showcase brand standards for future outlets.
• Franchise Development Programme for Geographic Expansion: Board-approved (August 1, 2025) franchise model to enter Tier 1 and Tier 2 cities with lower capital requirements, accelerating retail network expansion across India.
• Continued Focus on Original Design and Industry Events: Active participation in industry showcases such as Couture India 2025 and Jewelers Association Show (JAS) 2025 to refresh design pipelines and tap new B2B clients; the in-house design team continually develops new collections to maintain relevance amid evolving customer preferences.