In Progress
Valuation
Market Cap
₹431.95 Cr
P/E Ratio
13.59x
P/B Ratio
4.96x
Nityas Gems IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
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Business Overview
Nityas Gems and Jewellery is engaged in the design, manufacturing and sale of lab-grown diamond studded gold jewellery in India, operating through an integrated B2B and D2C business model. The Company supplies jewellery to organised retail chains, standalone retailers and wholesalers across 18 states and 2 union territories in India, and also serves overseas customers in the UAE, Australia, Canada, Taiwan and Kenya. Its manufacturing facility in Surat, Gujarat undertakes design, production and finishing of jewellery across categories including rings, earrings and bracelets. In July 2025, the Company expanded into direct-to-consumer retail through its subsidiary Ayaani Diamonds and Jewellery Private Limited, operating an online storefront and physical stores across Indian cities.
Lots & IPO Size
Nityas Gems IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 200 | ₹15,000 |
| Retail (Max) | 13 | 2,600 | ₹1,95,000 |
| S-HNI (Min) | 14 | 2,800 | ₹2,10,000 |
| S-HNI (Max) | 66 | 13,200 | ₹9,90,000 |
| B-HNI (Min) | 67 | 13,400 | ₹10,05,000 |
Category Reservation
QIB 50%
NII 15%
Ret 35%
Employee
Up to 100,000 Equity Shares
Shareholder
₹0.00
Nityas Gems IPO Size
Total
₹108 Cr
Fresh Issue
₹108 Cr
(1.45 Cr
Shares)
Offer For Sale
₹0
(0.00
Shares)
Objects of the Issue
Funding working capital requirements of the Company
General Corporate Purposes & Issue Expenses
Total
Key Risk Factors
Revenue concentration in a limited number of B2B customers: the Company's top 10 customers contributed 55.49%, 76.68% and 84.24% of revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any reduction in business from, or inability to diversify beyond, such customers could materially and adversely affect the Company's business and results of operations.
Key Risk Factors
Revenue concentration in a limited number of B2B customers: the Company's top 10 customers contributed 55.49%, 76.68% and 84.24% of revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any reduction in business from, or inability to diversify beyond, such customers could materially and adversely affect the Company's business and results of operations.
Geographic revenue concentration: Gujarat, Karnataka, Telangana, Tamil Nadu and Maharashtra together contributed 85.03%, 92.71% and 94.44% of revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Adverse developments in these regions could materially affect the Company's business and financial condition.
Working capital intensive operations: working capital requirements increased from ₹67.65 million in Fiscal 2024 to ₹449.46 million in Fiscal 2026, driven by inventory and receivables. Any inability to fund or efficiently manage working capital could adversely affect the business, financial condition and cash flows.
Supplier concentration: the Company's top 10 suppliers contributed 86.16%, 94.31% and 87.05% of total purchases in Fiscals 2026, 2025 and 2024, respectively. Any disruption in supply or adverse changes in supplier terms could materially affect operations and results.
Single manufacturing location risk: all manufacturing is carried out at a single facility in Surat, Gujarat. Any disruption, machinery failure, inability to maintain quality, or underutilisation of capacity at this facility could materially and adversely affect the business.
Quality and product return risk: the jewellery business is subject to stringent quality requirements across design, purity and finishing. Product returns stood at 11.91%, 17.64% and 6.05% of gross sales in Fiscals 2026, 2025 and 2024, respectively, and any increase could adversely affect margins and customer relationships.
Negative operating and investing cash flows: the Company recorded negative cash flows from operating and investing activities in each of the last three Fiscals, funded by financing inflows. There is no assurance that this will not recur, which could constrain liquidity.
Related party transactions: the absolute sum of related party transactions represented 33.37%, 38.88% and 17.59% of revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Such transactions, though at arm's length, may not always be on terms as favourable as with unrelated parties.
Valuation and P/E premium risk: the Company's P/E ratio at the upper and lower ends of the Price Band may be at a premium to the average P/E of 20.16 times of its listed industry peers, and the Issue Price may not be indicative of the post-listing market price.
Eligibility route change under SEBI ICDR Regulations: at the DRHP stage the Company did not meet the net tangible assets and average operating profit thresholds under Regulation 6(1) and the Issue was proposed under Regulation 6(2); following inclusion of Fiscal 2026 results the Company now qualifies under Regulation 6(1), though its average operating profit only marginally exceeds the prescribed threshold.
Nityas Gems IPO Details Live GMP
GMP
₹8
Est. Price
₹83
Est. Gain
10.67%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 28 Sep | ₹8 (10.7%) | ₹83 |
| 27 Sep | ₹0 (0%) | ₹75 |
Nityas Gems IPO Peer Comparison
(Rs. in crores)
| Particulars | Nitya Gems | Golkunda Diamonds | Goldiam International | Renaissance Global |
|---|---|---|---|---|
| Revenue | 202.89 | 281.50 | 976.86 | 2,813.03 |
| PAT | 22.32 | 13.69 | 170.59 | 90.26 |
| EPS (₹) | 5.52 | 19.66 | 15.43 | 8.40 |
| NAV (₹) | 15.13 | 115.22 | 97.95 | 140.62 |
| RONW | 43.75% | 18.81% | 18.38% | 6.09% |
| EBITDA | 15.27% | 8.11% | 25.46% | 7.25% |
| PAT Mrgn | 11.00% | 4.86% | 17.46% | 3.21% |
| PE Ratio | 13.59 | 16.61 | 21.69 | 18.63 |
| Debt to Equity | 0.29 | 0.43 | 0.07 | 0.42 |
All information pertains to FY 2025-26. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of September 10, 2026 for Peers
Nityas Gems IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 202.89 | 96.85 | 53.66 |
| Profit | 22.32 | 9.79 | 4.02 |
| Net Worth | 79.43 | 22.57 | 5.33 |
| Borrowings | 9.08 | 7.11 | 3.26 |
| Assets | 116.42 | 39.87 | 11.75 |
| NAV (₹) | 15.13 | 9.53 | 2.40 |
| EPS (₹) | 5.52 | 4.37 | 1.83 |
Key Performance Indicators (KPIs)
Debt to Equity
0.29
Net WC Days
135.00
Inventory Days
81.00
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Financial Margin Trends
Nityas Gems IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 202.89 | 96.85 | 53.66 |
| Other Income | 0.43 | 0.00 | 0.01 |
| Total Income | 203.33 | 96.85 | 53.66 |
| Materials consumed | 167.49 | 87.67 | 45.67 |
| Purchases of stock | 6.53 | 0.01 | 0.00 |
| Manufacturing Expenses | 7.83 | 4.46 | 3.14 |
| Changes in Inventories | -15.91 | -9.44 | -1.84 |
| Employee Expense | 3.18 | 0.58 | 0.86 |
| Finance Costs | 1.46 | 0.47 | 0.18 |
| Depreciation | 2.59 | 0.54 | 0.37 |
| Other Expenses | 3.23 | 0.66 | 0.35 |
| Total Expenses | 176.40 | 84.95 | 48.73 |
| Profit Before Tax | 26.92 | 11.89 | 4.93 |
| Tax Expense | 4.61 | 2.11 | 0.90 |
| Profit After Tax | 22.32 | 9.79 | 4.02 |
| EPS — Basic (₹) | 5.52 | 4.37 | 1.83 |
| EPS — Diluted (₹) | 5.52 | 4.37 | 1.83 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 21.57 | 1.24 | 1.00 |
| Reserves & Surplus | 57.86 | 21.33 | 4.33 |
| Total Equity | 79.43 | 22.57 | 5.33 |
| Total Borrowings | 9.08 | 7.11 | 3.26 |
| Trade Payables | 8.39 | 2.76 | 1.81 |
| Lease Liabilities | 14.35 | 0.49 | 0.43 |
| Other Liabilities | 5.17 | 6.94 | 0.92 |
| Total Equity & Liab | 116.42 | 39.87 | 11.75 |
| Fixed Assets | 4.35 | 1.68 | 1.63 |
| Inventories | 63.59 | 26.22 | 5.27 |
| Right-of-use Assets | 13.68 | 0.46 | 0.42 |
| Goodwill | 7.86 | 0.00 | 0.00 |
| Trade Receivables | 21.46 | 10.61 | 4.06 |
| Cash & Bank Bal | 0.54 | 0.30 | 0.05 |
| Other Assets | 4.93 | 0.61 | 0.31 |
| Total Assets | 116.42 | 39.87 | 11.75 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Cash Flow from Operating Activities | -14.73 | -10.05 | -1.05 |
| Cash Flow from Investing Activities | -1.99 | -0.42 | -0.83 |
| Cash Flow from Financing Activities | 16.86 | 10.72 | 1.73 |
| Net Change in Cash & Equivalents | 0.13 | 0.24 | -0.15 |
| Cash & Equivalents at End of Period | 0.54 | 0.30 | 0.05 |
Promoter Holding
Promoter
58.10%
Public
41.90%
Rajnikant Chanchad
52.02%
Sonalben Chanchad
3.98%
Janakbhai N Savaliya
2.10%
Management
Rajnikant Lallubhai Chanchad
Age: 43
Chairman & MD
Remuneration
₹₹0.80 million per month (~₹9.6 million p.a.) plus PF, superannuation and gratuity as per Company policy
Education
No formal education
Prior Experience
Over 20 years in the gems and jewellery sector; associated with the Company since incorporation; recognised with the "Icon of the Jewellery Industry 2024" award.
Denish Bharatbhai Kalyanpremchandwala
CFO
Remuneration
₹₹0.27 million (actual compensation paid in Fiscal 2026)
Education
B.Com, Veer Narmad South Gujarat University
Prior Experience
Over 7 years in finance and accounting; joined the Company as Senior Accountant in December 2025 and was promoted to CFO in January 2026.
Registrar & Lead Managers
Registrar
Bigshare Services
Lead Managers (1)
Company Details
Name: Nityas Gems and Jewellery Limited
Address: Sector-1, 6th & 7th Floor, Ratih House, SY-376, TPS-4, PI-7, Paiki Part-B, Parshottam Farm Compound, Opp. Podar Arcade, Varachha Road, A. K. Road, Surat – 395 008, Gujarat, India
Number: +91 7046219807
Email: cs@nityas.in
Website: https://nityas.in
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Frequently Asked Questions (FAQs)
What is Nityas Gems IPO?
Nityas Gems IPO is a Mainboard IPO having an issue size of
₹108 Crs.
Nityas Gems IPO is priced at
₹70 - ₹75 per
share.
The
issue opens on 30 Sep 26
and
closes on 05 Oct 26.
When will Nityas Gems IPO open?
Nityas Gems IPO opens on
30 Sep 26 and closes on
05 Oct 26.
What is the GMP of Nityas Gems IPO?
The estimated Grey Market Premium of Nityas Gems IPO is
₹8 per share (10.67%).
What is the lot size of Nityas Gems IPO?
The minimum lot size of Nityas Gems IPO is
200 shares & the minimum application amount
is
Rs.
15000.
When is the allotment of Nityas Gems IPO?
The allotment date of Nityas Gems IPO is
06 Oct 26.
What is the listing date of Nityas Gems IPO?
The listing date of Nityas Gems IPO is
08 Oct 26.
What is the subscription of Nityas Gems IPO?
Nityas Gems IPO is subscribed
-.
What is the price band of Nityas Gems IPO?
Nityas Gems IPO is priced at
₹70 - ₹75 per
share.
How to check allotment status of Nityas Gems IPO?
Click the allotment link on Nityas Gems IPO page of IPO360.
How to apply Nityas Gems IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Nityas Gems IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Nityas Gems IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Nityas Gems IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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