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Nityas Gems and Jewellery Limited is a Surat-based jewellery company that has filed its DRHP for an IPO consisting of a fresh issue of equity shares. The company is in the gems and jewellery business and has subsidiaries involved in similar activities.
The company's performance may be influenced by factors such as consumer demand, precious metal prices, export markets and changes in customer preferences. The company also faces risks related to raw material pricing, competition, regulatory constraints and working capital demands.
India’s gems and jewellery industry is one of the country’s key industrial and export-oriented sectors. The company operates in this dynamic ecosystem through its jewellery manufacturing and distribution business, according to the Draft Red Herring Prospectus (DRHP).
Nityas Gems and Jewellery Limited filed its Draft Red Herring Prospectus (DRHP), dated March 30, 2026, with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The company is engaged in designing, manufacturing, and selling jewellery products, and it also has subsidiaries involved in related activities. The DRHP outlines the company’s operations, financial position, industry background, and proposed use of IPO proceeds.
For readers looking to understand the company before the public issue, this article presents the key information from the DRHP in a simple and easy-to-read format.
The table below summarises the key details available in the DRHP. Certain information, including the price band, lot size, and issue dates, is yet to be announced.
Particulars | Details |
IPO Type | Book-Built Issue |
IPO Open Date | To be announced |
IPO Close Date | To be announced |
Face Value | ₹5 per equity share |
Price Band | To be announced |
Lot Size | To be announced |
Fresh Issue | Up to 1,44,56,000 equity shares |
Offer for Sale | Not applicable |
Total Issue Size | Up to 1,44,56,000 equity shares |
Listing Exchange | NSE and BSE |
The IPO consists entirely of a fresh issue of equity shares. According to the DRHP, there is no Offer for Sale component in the proposed public issue. The final issue size in monetary terms, price band, and bidding dates will be disclosed closer to the launch of the IPO.
Nityas Gems and Jewellery Limited was originally incorporated as Nityas Gems and Jewellery Private Limited on April 26, 2022. It was subsequently converted into a public limited company and renamed Nityas Gems and Jewellery Limited in July 2025. The company’s registered office is located in Surat, Gujarat. Its promoters are Rajnikant Lallubhai Chanchad, Sonalben Rajnikant Chanchad, and Savaliya Dhruv Janakbhai.
According to the DRHP, the company is engaged in the design, manufacture and sale of jewellery products. It also has subsidiaries such as Ratna LGD Private Limited and Ayaani Diamonds and Jewellery Private Limited that support its business activities.
According to the DRHP, the company is engaged in manufacturing and trading products across the jewellery value chain.
Nityas Gems and Jewellery generates revenue through the sale of jewellery products to customers in domestic and overseas markets. The company generates revenue from the manufacture and sale of jewellery products in domestic and overseas markets.
The company operates within India’s organised gems and jewellery industry, where manufacturers cater to wholesalers, retailers, exporters, and institutional customers. The company has subsidiaries engaged in lab-grown diamond-related activities.
India is a major hub for jewellery manufacturing and diamond processing. Demand is driven by consumer spending, weddings, festivals, exports and changing fashion trends. Interest in lab-grown diamonds has grown due to technological advances and changing consumer preferences, while traditional jewellery remains popular for cultural and investment purposes. The industry is also influenced by gold prices, foreign exchange rates and global demand.
Financials (₹ crore) | FY2025 | FY2024 | FY2023 |
Assets | 225.65 | 53.30 | 12.44 |
Revenue from operations | 968.45 | 536.55 | 116.68 |
Profit After Tax | 97.88 | 40.24 | 2.45 |
EBITDA | 129.01 | 54.76 | 4.88 |
Net Worth | 213.51 | 52.82 | 12.45 |
The company sells jewellery through both B2B and direct-to-consumer (D2C) channels, allowing it to serve wholesalers, retailers and end customers.
Nityas Gems and Jewellery serves customers across 18 states and 2 union territories in India and exports to markets including the UAE, Australia, Canada, Taiwan and Kenya.
The company undertakes jewellery design and manufacturing through its in-house facilities.
Along with its related entities, the company operates in the lab-grown diamond jewellery segment, in addition to its traditional jewellery business.
Manufacturing is supported by an in-house production workforce, according to the DRHP.
According to the financial information disclosed in the DRHP, revenue from operations and profit after tax increased between FY2023 and FY2025.
According to the DRHP, the company uses technology in its jewellery design and manufacturing processes.
Changes in the prices of gold, diamonds, and other raw materials may influence production costs and operating margins.
Demand for jewellery can vary based on economic conditions, discretionary spending, and seasonal buying patterns.
The gems and jewellery sector includes numerous organised and unorganised participants, which may affect pricing and market share.
Businesses in this sector are subject to tax, import-export, hallmarking, and other regulatory requirements. Changes in applicable regulations may affect operations.
The jewellery business requires significant working capital for inventory and receivables. Any constraints in working capital availability could affect business operations.
The company's international operations may be affected by foreign exchange movements, global demand conditions and geopolitical developments.
Before evaluating the IPO, readers may consider factors such as:
The company’s business model and product offerings.
Its position within the organised gems and jewellery industry.
The structure of the IPO as a fresh issue without an Offer for Sale component.
Historical financial performance disclosed in the DRHP.
The role of subsidiaries in supporting business operations.
Industry trends affecting jewellery demand and lab-grown diamond adoption.
Exposure to raw material price movements.
Regulatory and compliance obligations applicable to the sector.
Working capital needs and inventory management.
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