Nityas Gems & Jewellery IPO

Last updated: October 1, 2026 at 5:42 pm IST

Nityas Gems & Jewellery IPO Price Range is ₹70 - ₹75, with a minimum investment of ₹15,000 for 200 shares per lot.

Subscription Rate

0.69x

as on 02 Oct 2026, 12:57AM IST

Minimum Investment

₹15,000

/ 200 shares

IPO Status

Live

Price Band

₹70 - ₹75

Bidding Dates

Sep 30, 2026 - Oct 5, 2026

Issue Size

₹108.42 Cr

Lot Size

200 shares

Min Investment

₹15,000

Listing Exchange

BSE

IPO Doc

RHP PDF

Nityas Gems & Jewellery IPO Application Timeline

Open Date30 Sep 2026

Close Date5 Oct 2026

Allotment Date6 Oct 2026

Listing Date8 Oct 2026

IPO Subscription Status

as on 02 Oct 2026, 12:57AM IST

IPO subscribed over

🚀 0.69x

This IPO has been subscribed by 1.309x in the retail category and 0.378x in the QIB category.

Subscription Rate

Total Subscription	0.69x
Retail Individual Investors	1.309x
Qualified Institutional Buyers	0.378x
Non Institutional Investors	0.273x

Objectives of IPO

Nityas Gems and Jewellery Limited is launching an Initial Public Offering (IPO) of up to 14,456,000 equity shares with a face value of ₹5 each. The issue is entirely a fresh issue, meaning all the shares being offered are newly issued by the company and there is no offer for sale by existing shareholders. After issue expenses are deducted, the net proceeds will be used for the purposes outlined in the prospectus under the Objects of the Issue section. The company has identified two specific objectives for these funds
The main objective is to fund incremental working capital requirements, with ₹70 crore from the net proceeds planned for use in FY27. Working capital is essentially the money a business needs to keep its day-to-day operations running, such as buying gold bullion and lab-grown diamonds before receiving payment from customers. Since B2B buyers are often given credit, there can be a gap between when the company pays suppliers and when it collects money from customers. The company's standalone working capital requirement increased from ₹6.77 crore in FY24 to ₹25.11 crore in FY25 and ₹44.95 crore in FY26, while the requirement for FY27 is estimated at ₹110.31 crore. The ₹70 crore allocation is therefore intended to support this growing requirement. Using equity funding rather than additional bank borrowing can also reduce interest costs, while giving the company more room to maintain jewellery and raw material inventory, offer more than 32,000 designs, and fulfil orders across India.
The remaining net proceeds will be used for general corporate purposes, after meeting the ₹70 crore working capital requirement and issue expenses, subject to the regulatory limit of 25% of gross fresh issue proceeds. In practical terms, this gives the management some flexibility to use the funds for changing business requirements without depending entirely on bank funding. As stated in the prospectus, the money may be used for strategic initiatives, brand building and marketing campaigns, capital expenditure, supporting growth in subsidiary companies, and other routine corporate requirements approved by the board of directors.

Financial Performance of Nityas Gems & Jewellery

*Value in ₹ crore

Details	FY24	FY25	FY26
Total Revenue	₹53.66	₹96.85	₹202.89
Total Assets	₹11.75	₹39.87	₹116.42
Total Profit	₹4.02	₹9.79	₹22.32

Nityas Gems and Jewellery Limited has seen a sharp rise in revenue over the last three financial years. Revenue from operations increased from ₹53.66 crore in FY24 to ₹96.85 crore in FY25, an 80.50% year-on-year increase, and then climbed further to ₹202.89 crore in FY26, up 109.50%. The growth was mainly supported by higher sales of lab-grown diamond jewellery as demand for more affordable luxury increased, along with the expansion of B2B retail partnerships and the acquisition of the Ayaani direct-to-consumer brand in FY26.

Profitability improved alongside the rise in sales. EBITDA increased from ₹5.48 crore in FY24 to ₹12.90 crore in FY25 and ₹30.97 crore in FY26. As a result, the EBITDA margin improved from 10.21% to 13.32% and then 15.27%. Profit after tax also climbed from ₹4.02 crore in FY24 to ₹9.79 crore in FY25 and ₹22.32 crore in FY26. PAT margin, which shows how much of each rupee of revenue remains as net profit, improved from 7.50% to 11.00%. These improvements suggest that the company has been able to spread its fixed manufacturing and overhead costs across a much larger sales base as the business has grown.

The balance sheet also became stronger, with total equity increasing from ₹5.33 crore in FY24 to ₹22.57 crore in FY25 and ₹79.43 crore in FY26. Cash balances stood at ₹0.54 crore in FY26. However, operating cash flow remained negative and widened from -₹1.05 crore in FY24 to -₹10.05 crore in FY25 and -₹14.73 crore in FY26. In simple terms, the company was growing quickly, but that growth was absorbing cash. A large amount of money was tied up in inventory, which stood at ₹63.59 crore in FY26, and trade receivables, which stood at ₹21.46 crore. So, while profits increased, the business continued to require significant cash to support its expansion.

Return on capital employed (ROCE), which measures how efficiently the company uses its capital to generate operating returns, stood at 42.93% in FY26 compared with 88.39% in FY24. Return on net worth (ROE), which measures the return generated on shareholders' equity, moderated from 122.44% in FY24 to 43.75% in FY26 as the company's equity base expanded significantly. At the same time, the debt-to-equity ratio improved from 0.69 in FY24 to 0.29 in FY26, indicating lower financial leverage. However, net working capital days increased from 47 days in FY24 to 135 days in FY26. This was mainly driven by higher inventory days of 81 and debtor days of 29, reflecting the additional capital needed to maintain a wider range of designs and provide credit terms to key wholesale customers.

Strengths and Risks

Strengths

The company combines wholesale distribution across 18 states and 2 union territories with direct-to-consumer retail under the Ayaani brand. Having both channels gives Nityas access to wholesale volumes as well as direct feedback from retail shoppers. These buying trends can then be used to guide product designs and inventory planning for wholesale customers, which can help reduce outdated stock and improve visibility into what customers are looking for.
Its manufacturing setup also supports operational efficiency. The company operates a 7,000 square foot facility in Surat, Gujarat, with an annual production capacity of 360 kilograms. The facility uses computer-aided design and manufacturing technology, helping the company's design library grow from 3,000 designs in FY23 to more than 32,000 by August 2026. This technology can shorten the time needed to develop new products, speed up deliveries, and maintain more consistent quality across both standard and customised orders.
The company also has an in-house production team of 122 skilled karigars, or craftsmen, and 29 designers who handle the manufacturing process from start to finish. Keeping these activities in-house reduces the company's dependence on outside job workers, while also helping protect its designs and giving it greater control over production schedules. Direct oversight of activities such as casting, diamond setting, and final polishing can also help maintain finished-product quality and reduce returns and unnecessary operating costs.
Another part of the company's positioning comes from the growing lab-grown diamond market. These diamonds can cost 60% to 80% less than mined diamonds while having the same physical properties. That price difference can make diamond jewellery more accessible to younger Gen Z and millennial consumers who are looking for affordable luxury and lightweight jewellery for everyday use. Lab-grown stones can also be produced to order within weeks, which can help reduce some inventory-related risks and support better gross margins compared with traditional jewellery models.
The business has also shown strong growth as it has scaled. Revenue grew at a two-year compound annual growth rate of 94.46%, increasing from ₹53.66 crore in FY24 to ₹202.89 crore in FY26. Profit after tax rose from ₹4.02 crore in FY24 to ₹9.79 crore in FY25 and ₹22.32 crore in FY26, representing a 135.48% compound annual growth rate over the same period. At the same time, EBITDA margin, which shows how much operating profit the company generates before interest, tax, depreciation, and amortisation, improved from 10.21% in FY24 to 15.27% in FY26. This indicates that the higher business volume has been accompanied by improving operating profitability.
The company's strategic direction is supported by an experienced promoter group with more than 29 years of combined experience in the gems and jewellery industry. Promoter Rajnikant Lallubhai Chanchad has more than 20 years of experience across areas such as design oversight, raw material procurement, and client relationship management. This industry experience can support day-to-day execution, inventory planning, manufacturing management, and the company's expansion across India.

Risks

A significant portion of the company's revenue comes from a relatively small group of buyers. In FY26, the top ten B2B customers contributed ₹112.60 crore or 55.49% of operating revenue, while the largest customer alone accounted for ₹26.33 crore or 12.98%. Since these sales are order-driven and are not backed by long-term binding contracts, the loss or reduction of orders from a major customer could affect revenue, cash flows, and profitability. Changes in a customer's vendor strategy or financial position could also have a noticeable impact on the business.
The company is also dependent on a limited group of suppliers for its raw materials. Its top ten suppliers accounted for 86.16% of total purchases in FY26, while the largest supplier alone contributed 55.11%. Because the company does not have long-term supply agreements in place, any shortage of raw materials, increase in prices, or change in credit terms could affect production schedules and put pressure on profit margins.
The business requires a significant amount of working capital to operate. Standalone working capital requirements increased from ₹6.77 crore in FY24 to ₹44.95 crore in FY26, while net working capital days reached 135 days. The basic issue is that the company needs to pay for gold and diamonds upfront, while B2B customers may receive credit and pay later. This gap can keep a large amount of cash tied up in the business, increasing liquidity pressure and the need for external funding.
Raw material prices also create another source of risk. Gold bullion and lab-grown diamonds together accounted for 90.77% of total purchases in FY26, with gold alone making up 72.33%. The company does not have a formal hedging mechanism for gold prices. As a result, a sharp change in gold prices between procurement and the final sale could affect inventory values and margins, particularly if the company is unable to pass higher costs on to customers.
All of the company's production is currently concentrated in one leased 7,000 square foot facility in Surat, Gujarat. The facility operated at 45.21% capacity utilisation in FY26 against an installed capacity of 360 kilograms. Since there is no alternative manufacturing facility, an issue such as machinery failure, a power outage, labour disruption, or a problem with the lease could interrupt production. Any prolonged disruption could delay customer orders and affect revenue.
The company's revenue is also largely tied to the Indian market. Domestic sales contributed 97.44% of operating revenue in FY26, while its top five states generated ₹172.52 crore or 85.03%. Its relatively small international presence means the company has limited geographic diversification. A slowdown in consumer spending, weaker demand in key domestic markets, or changes in state-level regulations could therefore affect business performance.

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Listed Competitors of Nityas Gems & Jewellery

Company	Operating Revenue	EBITDA	EBITDA Margin	P/E Ratio	PAT	PAT Margin	ROE	ROCE	Debt-to-Equity	Net Working Capital Days
Nityas Gems and Jewellery	₹202.89 Cr	₹30.97 Cr	15.27%	19.36	₹22.32 Cr	11.00%	43.75%	42.93%	0.29	135
Golkunda Diamonds & Jewellery	₹281.5 Cr	₹22.84 Cr	8.11%	16.61	₹13.69 Cr	4.86%	18.81%	19.98%	0.43	112
Goldiam International	₹976.86 Cr	₹248.67 Cr	25.46%	21.69	₹170.59 Cr	17.46%	18.38%	23.72%	0.07	290
Renaissance Global	₹2,813.03 Cr	₹204.03 Cr	7.25%	18.63	₹90.26 Cr	3.21%	6.09%	7.85%	0.42	216

Nityas Gems & Jewellery Shareholding Pattern

Promoters & Promoter Group		58.1%
Name	Role	Stakeholding
Rajnikant Lallubhai Chanchad	Promoter	52.02%
Sonalben Rajnikant Chanchad	Promoter	3.98%
Savaliya Dhruv Janakbhai	Promoter
Janakbhai N Savaliya	Promoter Group	2.1%
Wealthwave Capital TrustWealthwave Capital Fund	Public	5.1%
Monpara Raj Dineshbhai	Public	4.08%
Riteshkumar Binod Kejriwal (Sk Family Trust)	Public	3.83%
Astha Aditya Kanodia	Public	3.83%
Rishabhkumar Mukeshbhai Bothra	Public	3.57%
Aditya Kanodia	Public	2.04%
Sulochana Binod Kejriwal	Public	2.04%
Gajera Hiteshbhai Babubhai	Public	1.96%
Namahratna Services Private Limited	Public	1.79%
Rajesh Pragjibhai Malaviya	Public	1.79%
Others	Public	11.87%

About Nityas Gems & Jewellery

Think of Nityas Gems and Jewellery Limited like a clothing maker that designs and produces garments in bulk for large retail brands, while also running its own stores for individual shoppers. The company follows a similar model in jewellery. It designs, manufactures, and sells gold jewellery studded with lab-grown diamonds across daily wear, bridal, and customised designs. In FY26, it generated ₹202.89 crore in operating revenue, of which the business-to-business (B2B) segment contributed ₹193.92 crore or 95.58%. This included ₹86.74 crore (42.75%) from standalone retailers, ₹57.33 crore (28.25%) from wholesalers, and ₹49.85 crore (24.57%) from retail chains. Its direct-to-consumer (D2C) business under the Ayaani brand contributed another ₹8.81 crore or 4.34% through online sales and retail stores. The range includes rings, earrings, necklaces, bracelets, pendants, bangles, mangalsutras, and nose pins, although the company does not separately disclose revenue by individual product category.

The company serves the jewellery retail market and supplies customers such as GIVA, Palmonas, ONYA, and Ladia Diamonds, along with standalone jewellers, wholesalers, and retail shoppers. Its network covers 18 states and 2 union territories in India, with smaller order-based exports to markets such as the United Arab Emirates and Australia. India remained its main market in FY26, contributing ₹197.71 crore or 97.44% of operating revenue, while overseas sales accounted for ₹5.19 crore or 2.56%. This shows that the business is still heavily focused on India, particularly states such as Gujarat, Karnataka, Maharashtra, and Telangana. Customer concentration is another important point. The top customer contributed ₹26.33 crore or 12.98% of revenue, while the top five and top ten customers
accounted for ₹81.21 crore (40.02%) and ₹112.60 crore (55.49%), respectively. In simple terms, more than half of FY26 revenue came from just ten customers.

A key part of the company's operating model is its integrated manufacturing facility in Surat, Gujarat, one of India's major diamond processing hubs. The 7,000 square foot facility can produce up to 360 kilograms of jewellery a year and has an in-house team of 122 skilled karigars, or craftsmen, along with 29 designers. Having these activities under one roof allows the company to manage the process from design to final polishing itself. This gives it greater control over product quality, delivery timelines, and manufacturing costs, while supporting a portfolio of more than 32,000 designs. The wholesale and retail businesses also complement each other. Buying patterns seen in its own retail stores can provide useful inputs for product design and inventory planning for its wholesale customers.

The company operates in the lab-grown diamond market, where diamonds are produced in laboratories but have the same physical and chemical properties as mined diamonds. Lab-grown diamonds typically cost 60% to 80% less than natural diamonds, making diamond jewellery more accessible to younger customers looking for affordable, lightweight daily wear. Against this backdrop, the company's operating revenue increased from ₹53.66 crore in FY24 to ₹96.85 crore in FY25 and ₹202.89 crore in FY26. Profit after tax also rose from ₹4.02 crore in FY24 to ₹9.79 crore in FY25 and ₹22.32 crore in FY26. This growth suggests that the company has been able to scale its operations while improving manufacturing efficiency and profitability.

For more details, visit here: https://nityas.in/

The People Behind the Company: Leadership and Expertise

The Promoter

Nityas Gems and Jewellery Limited is promoted by Rajnikant Lallubhai Chanchad, Sonalben Rajnikant Chanchad, and Savaliya Dhruv Janakbhai. As on the date of the prospectus, the promoter group collectively holds 56.00% of the company's pre-IPO paid-up equity share capital, comprising 24,156,000 equity shares of face value ₹5 each. Individually, Rajnikant Lallubhai Chanchad holds 22,440,000 equity shares (52.02%), Sonalben Rajnikant Chanchad holds 1,716,000 equity shares (3.98%), and Savaliya Dhruv Janakbhai holds Nil shares (Nil%). In addition, promoter group member Janakbhai N Savaliya holds 905,520 equity shares (2.10%).

The promoters possess over 29 years of collective experience in the gems and jewellery industry, actively guiding key business functions including design oversight, manufacturing coordination, quality assurance, procurement, and customer engagement. Rajnikant Lallubhai Chanchad brings over 20 years of sector experience, Sonalben Rajnikant Chanchad possesses over 5 years of experience, and Savaliya Dhruv Janakbhai has 4 years of industry involvement.

The business was originally incorporated as 'Nityas Gems and Jewellery Private Limited' on April 26, 2022, under the Companies Act, 2013, as a private limited company in Surat, Gujarat. Subsequently, the company was converted into a public limited company named 'Nityas Gems and Jewellery Limited' pursuant to resolutions passed by the Board on May 20, 2025, and by shareholders on May 24, 2025, receiving a fresh certificate of incorporation from the Registrar of Companies on July 2, 2025.

Key Leadership and Management

Rajnikant Lallubhai Chanchad

Background: Rajnikant Lallubhai Chanchad, aged 43 years (born June 1, 1983), is one of the Promoters, Chairman, and Managing Director of the company. He has been associated with the company since its incorporation on April 26, 2022, and was appointed Managing Director for a five-year term starting July 17, 2025. He holds 22,440,000 equity shares, representing 52.02% of the pre-IPO equity capital. In Fiscal 2026, he received remuneration of ₹51.00 lakh from the company, and under his revised Managing Director agreement dated February 6, 2026, he is entitled to a salary of up to ₹8.00 lakh per month. His related-party transactions in FY26 include receiving ₹26.60 lakh in rent expenses for leasing the company's registered office and manufacturing premises at Ratih House, Surat, an unsecured loan transaction where ₹10.00 lakh was taken and ₹110.00 lakh repaid, the provision of personal guarantees and the mortgage of personal immovable property to secure company credit facilities, and outstanding balances of ₹3.90 lakh in trade payables for rent and ₹6.10 lakh in employee dues payable as of March 31, 2026.
Qualification: He does not possess formal educational qualifications. He brings over 20 years of practical domain experience in the gems and jewellery sector. He was honoured with the "Icon of the Jewellery Industry 2024" award by IDT in recognition of his contributions to the sector.
Contribution: He provides strategic direction across key operational functions, overseeing product design, manufacturing execution, supply chain management, raw material procurement, financial control, and client relationship management.
Legal / Regulatory Matters: He was party to a joint compounding application filed before the Regional Director, North-Western Region, regarding late compliance under Section 134(3)(o) of the Companies Act, 2013 concerning CSR policy disclosures. The application was allowed on May 26, 2026, upon payment of a compounding fee of ₹0.30 lakh by him and ₹1.50 lakh by the company. As of the prospectus date, there are no outstanding criminal, material civil, or tax proceedings pending against him.

Sonalben Rajnikant Chanchad

Background: Sonalben Rajnikant Chanchad, aged 39 years (born November 17, 1986), is one of the Promoters and Executive Director of the company. She has been associated with the company as a Director since May 24, 2025, and was re-designated as Executive Director for a five-year term starting December 19, 2025. She holds 1,716,000 equity shares, representing 3.98% of the pre-IPO equity capital. In Fiscal 2026, she received remuneration of ₹9.00 lakh from the parent company and ₹9.00 lakh from subsidiary Ayaani Diamonds and Jewellery Private Limited, with an agreement entitling her to a salary of up to ₹3.00 lakh per month. Her related-party transactions in FY26 include ₹5.00 lakh in sales and ₹5.30 lakh in purchases, an unsecured loan transaction of ₹100.00 lakh taken and ₹100.00 lakh repaid, personal guarantees and a property mortgage (Floor 4, Ratih House) provided for company bank borrowings, and outstanding employee dues payable of ₹2.50 lakh as of March 31, 2026.
Qualification: She does not possess formal educational qualifications. She has over 5 years of industry experience in the gems and jewellery sector.
Contribution: She leads the in-house design development function, focusing on manual sketching and Computer-Aided Design (CAD) modeling using tools such as Rhino and MatrixGold, and coordinates with production teams for design feasibility and execution. She also serves as Chairperson of the Corporate Social Responsibility Committee.
Legal / Regulatory Matters: As of the prospectus date, there are no outstanding criminal, tax, material civil, or regulatory proceedings pending against her.

Savaliya Dhruv Janakbhai

Background: Savaliya Dhruv Janakbhai, aged 27 years (born June 3, 1999), is one of the Promoters and Non-Executive Director of the company. He has been associated with the company as a Director since July 22, 2025. He holds Nil equity shares in the company. In Fiscal 2026, he received director remuneration of ₹7.80 lakh from the parent company and ₹10.80 lakh from subsidiary Ayaani Diamonds and Jewellery Private Limited. His related-party transactions in FY26 include ₹9.00 lakh in unsecured loan repayments and ₹1.50 lakh in sales.
Qualification: He holds a Bachelor of Civil Engineering degree from Gujarat Technological University and is the author of the book titled 'Choose Wealth'. He possesses approximately 4 years of experience in the gems and jewellery sector through his associations with subsidiaries Ratna LGD Private Limited and Ayaani Diamonds and Jewellery Private Limited.
Contribution: He serves as Chairman of the Stakeholders' Relationship Committee and as a member of the Nomination and Remuneration Committee, contributing to corporate governance, investor relations, and board committee functions.
Legal / Regulatory Matters: As of the prospectus date, there are no outstanding criminal, tax, material civil, or regulatory proceedings pending against him.

Dineshbhai Manjibhai Bhimani

Background: Dineshbhai Manjibhai Bhimani, aged 60 years (born March 16, 1966), is a Non-Executive Independent Director of the company. He was appointed for a five-year term starting July 17, 2025, through July 16, 2030. He holds Nil equity shares in the company. In Fiscal 2026, he received director sitting fees of ₹0.80 lakh. Related-party outstanding balances include expense payables of ₹0.80 lakh as of March 31, 2026.
Qualification: He holds a Bachelor of Commerce from South Gujarat University, a Diploma in Co-operation and Accountancy from the Government of Gujarat, an Advanced Course in Journalism, Mass Communication and Public Relations from South Gujarat University, and completed a Management Development Programme at the National Institute of Co-operative Management. He possesses over 30 years of experience in banking and finance, having previously served as an officer at Sarvodaya Sahakari Bank Limited.
Contribution: He serves as Chairman of the Audit Committee and Chairman of the Nomination and Remuneration Committee, bringing independent banking and financial evaluation expertise to board governance.
Legal / Regulatory Matters: As of the prospectus date, there are no outstanding legal, tax, or regulatory proceedings pending against him.

Anu Ashish Amodia

Background: Anu Ashish Amodia, aged 43 years (born March 3, 1983), is a Non-Executive Independent Director of the company. She was appointed for a five-year term starting March 13, 2026, through March 12, 2031. She holds Nil equity shares in the company. In Fiscal 2026, she received director sitting fees of ₹0.10 lakh. Related-party outstanding balances include expense payables of ₹0.10 lakh as of March 31, 2026.
Qualification: She holds a Master of Commerce from Veer Narmad South Gujarat University, a Post Graduate Diploma in Business Administration, and is a qualified Company Secretary and Fellow Member of the Institute of Company Secretaries of India (ICSI). She possesses over 12 years of experience in corporate secretarial affairs.
Contribution: She provides independent guidance on secretarial standards, corporate governance compliance, regulatory framework adherence, and statutory disclosures.
Legal / Regulatory Matters: As of the prospectus date, there are no outstanding legal, tax, or regulatory proceedings pending against her.

Nair Ajit Velayudhan

Background: Nair Ajit Velayudhan, aged 58 years (born October 26, 1967), is a Non-Executive Independent Director of the company. He was appointed for a five-year term starting January 12, 2026, through January 11, 2031. He holds Nil equity shares in the company. In Fiscal 2026, he received director sitting fees of ₹0.30 lakh. Related-party outstanding balances include expense payables of ₹0.30 lakh as of March 31, 2026.
Qualification: He holds a Bachelor of Commerce from the University of Bombay and is a qualified Chartered Accountant registered with the Institute of Chartered Accountants of India (ICAI). He possesses over 33 years of experience in finance and accounting, having held financial leadership roles at Bic-Cello (India) Private Limited, Zee Telefilms Limited, Warner-Lambert India Private Limited, and A.F. Ferguson & Co.
Contribution: He serves as a member of the Audit Committee, Nomination and Remuneration Committee, Stakeholders' Relationship Committee, and Corporate Social Responsibility Committee, providing financial audit and internal control oversight.
Legal / Regulatory Matters: He was previously associated with a company that was subsequently struck off by the Registrar of Companies. There are no direct adverse regulatory observations or pending legal proceedings against him personally.

Denish Bharatbhai Kalyanpremchandwala

Background: Denish Bharatbhai Kalyanpremchandwala is the Chief Financial Officer of the company, associated since December 1, 2025, as Senior Accountant and promoted to CFO on January 5, 2026. He holds Nil equity shares in the company. In Fiscal 2026, he received compensation of ₹2.10 lakh in salary and ₹2.70 lakh total compensation. Outstanding related-party balances include employee dues payable of ₹0.70 lakh as of March 31, 2026.
Qualification: He holds a Bachelor of Commerce degree from Veer Narmad South Gujarat University and possesses over 7 years of professional experience in accounting and corporate finance.
Contribution: He oversees accounting operations, statutory compliance, financial reporting, auditor coordination, cash flow management, and provides financial analysis and MIS reporting to management.
Legal / Regulatory Matters: As of the prospectus date, there are no outstanding criminal, tax, civil, or regulatory litigations pending against him.

Manvi Meet Shah

Background: Manvi Meet Shah is the Company Secretary and Compliance Officer of the company, associated since January 5, 2026. She holds Nil equity shares in the company. In Fiscal 2026, she received compensation of ₹0.50 lakh. Outstanding related-party balances include employee dues payable of ₹0.10 lakh as of March 31, 2026.
Qualification: She holds a Bachelor of Commerce degree from Veer Narmad South Gujarat University and is a qualified Company Secretary with over 2.5 years of experience in corporate secretarial affairs.
Contribution: She manages secretarial compliance, board and committee meetings, regulatory filings with the Registrar of Companies and SEBI, and handles investor grievance redressal.
Legal / Regulatory Matters: As of the prospectus date, there are no outstanding criminal, tax, civil, or regulatory litigations pending against her.

Industry Overview

India's gems and jewellery market is worth around ₹9,99,800 crore in CY25 and is growing 12.8% annually to reach ₹18,27,200 crore by CY30. Within this market, Nityas Gems and Jewellery Limited remains a fast-scaling player, recording an operating revenue of ₹202.89 crore in FY26.
Offline retail channels dominate India's retail lab-grown diamond jewellery market, accounting for over 85% of total sales volume. Operating primarily as a B2B supplier, Nityas Gems and Jewellery Limited generated ₹193.92 crore or 95.58% of its FY26 operating revenue through 323 B2B customers.
India's lab-grown diamond jewellery market grew at a 20.4% CAGR to reach ₹3,450.10 crore in CY25 and is projected to touch ₹7,189 crore by CY30. Nityas Gems and Jewellery Limited has outpaced this demand, with its operating revenue growing at a 94.46% CAGR from ₹53.66 crore in FY24 to ₹202.89 crore in FY26.
Top key states like Gujarat, Karnataka, Maharashtra, Telangana, and Tamil Nadu drive major regional consumption in India's gems and jewellery sector. Nityas Gems and Jewellery Limited has a strong presence in these markets, with these five states contributing ₹172.52 crore or 85.03% of its FY26 operating revenue.

Nityas Gems & Jewellery IPO GMP

As per InvestorZone, As of October 1, 2026, Nityas Gems & Jewellery IPO GMP is around ₹5, indicating an expected listing gain of approximately 6.7% over the upper issue price of ₹75

However, GMP is an unofficial and unregulated market indicator that can change rapidly and does not guarantee the actual listing price or future returns. We do not promote or endorse GMP as a basis for investment decisions. Investors should instead evaluate Nityas Gems & Jewellery’s fundamentals, valuation, financial performance, growth prospects and business risks before making an investment decision.

Read our detailed guide on IPO GMP to understand how it works and its limitations.

Know more about Nityas Gems & Jewellery

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Frequently Asked Questions of Nityas Gems & Jewellery IPO

What is the size of the Nityas Gems & Jewellery IPO?

The size of the Nityas Gems & Jewellery IPO is ₹108.42 Cr.

What is the allotment date of the Nityas Gems & Jewellery IPO?

Nityas Gems & Jewellery IPO allotment date is Oct 6, 2026 (tentative).

What are the open and close dates of the Nityas Gems & Jewellery IPO?

The Nityas Gems & Jewellery IPO will open on Sep 30, 2026 and close on Oct 5, 2026

What is the lot size of Nityas Gems & Jewellery IPO?

The lot size for the Nityas Gems & Jewellery IPO is 200.

When will my Nityas Gems & Jewellery IPO order be placed?

Your Nityas Gems & Jewellery IPO order will be placed on Sep 30, 2026

Can we invest in Nityas Gems & Jewellery IPO?

Yes, once Nityas Gems & Jewellery IPO opens, you can invest in the shares of the company.

What would be the listing gains on the Nityas Gems & Jewellery IPO?

The potential listing gains on the Nityas Gems & Jewellery IPO will depend on various market factors and cannot be predicted with certainty.

What is 'pre-apply' for Nityas Gems & Jewellery IPO?

'Pre-apply' for Nityas Gems & Jewellery IPO indicates your interest in the IPO before it opens for subscription. This ensures quick application when the IPO goes live.

Who are the promoters of Nityas Gems & Jewellery?

Nityas Gems and Jewellery Limited is promoted by Rajnikant Lallubhai Chanchad, Sonalben Rajnikant Chanchad, and Savaliya Dhruv Janakbhai. They collectively hold 56.00% of the company's pre-IPO equity share capital, with Rajnikant Lallubhai Chanchad holding 22,440,000 shares (52.02%), Sonalben Rajnikant Chanchad holding 1,716,000 shares (3.98%), and Savaliya Dhruv Janakbhai holding Nil shares (Nil%).

Who are the competitors of Nityas Gems & Jewellery?

The key competitors of Nityas Gems and Jewellery Limited include Golkunda Diamonds & Jewellery Limited, Goldiam International Limited, and Renaissance Global Limited. These companies operate in the same or closely related industry and compete with Nityas Gems and Jewellery Limited across similar products, services, or markets.

How does Nityas Gems & Jewellery make money?

Nityas Gems and Jewellery Limited primarily earns money by designing, manufacturing, and selling gold jewellery studded with lab-grown diamonds through B2B and D2C channels. In FY26, the company generated ₹202.89 crore in operating revenue. Its B2B business contributed ₹193.92 crore or 95.58%, mainly through standalone retailers at ₹86.74 crore or 42.75%, wholesalers at ₹57.33 crore or 28.25%, and organised retail chains at ₹49.85 crore or 24.57%. The remaining ₹8.81 crore or 4.34% came from its D2C business under the Ayaani brand, including ₹7.02 crore or 3.46% from online sales and ₹1.79 crore or 0.88% from physical retail stores.

What is the GMP of Nityas Gems & Jewellery IPO?

As per InvestorZone, As of October 1, 2026, Nityas Gems & Jewellery IPO GMP is around ₹5, indicating an expected listing gain of approximately 6.7% over the upper issue price of ₹75
However, GMP is an unofficial and unregulated market indicator that can change rapidly and does not guarantee the actual listing price or future returns. We do not promote or endorse GMP as a basis for investment decisions. Investors should instead evaluate Nityas Gems & Jewellery’s fundamentals, valuation, financial performance, growth prospects and business risks before making an investment decision.

Should I Apply for Nityas Gems & Jewellery IPO?

Whether to apply for Nityas Gems & Jewellery IPO depends on your assessment of its valuation, growth sustainability, working-capital requirements and business risks. At the upper IPO price of ₹75, the company is valued at about 19.38x post-issue FY26 earnings. Nityas reported FY26 revenue of ₹203.33 crore and PAT of ₹22.32 crore, up sharply from ₹96.85 crore and ₹9.79 crore respectively in FY25, while its EBITDA margin improved to 15.27%.

However, the rapid growth has also made the business increasingly working-capital intensive. Net working-capital days increased to around 135 days in FY26, while operating cash flow remained negative and ₹70 crore of the IPO proceeds is proposed to fund working-capital requirements. Revenue also has meaningful geographic concentration, with five states contributing about 85% of FY26 revenue. Investors should weigh these factors along with the company's growth prospects, valuation and their own risk tolerance before making a decision.