Nityas Gems & Jewellery IPO
Nityas Gems & Jewellery IPO is a mainboard IPO raising ₹108 Cr at ₹70 – ₹75 a share. It listed on 8 Oct 2026 at ₹80, +6.7% against its issue price of ₹75, and trades at ₹69 today (−7.7% since issue). It was subscribed 2.25× in total.
2.3 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Designs, manufactures and sells lab-grown diamond (LGD) studded gold jewellery in India - rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflings and bangles - across daily-wear, occasion-based, men's and customised segments, focused on lightweight affordable pieces for younger consumers. Operates an integrated model: (i) B2B supply to organised jewellery retailers, standalone retailers and wholesalers across 18 states and 2 union territories in India, plus overseas customers in the UAE, Australia, Canada, Taiwan and Kenya; and (ii) D2C omnichannel retail through subsidiary Ayaani, which runs an online storefront and 9 physical stores across 7 cities. Manufacturing is at a single facility in Surat, Gujarat (approx. 7,000 sq ft, installed capacity approx. 360 kg of LGD studded gold jewellery per annum). All amounts originally in Rs million; converted to crore by dividing by 10 (1 crore = 10 million).
How it earns
Primarily sells manufactured LGD studded gold jewellery on a B2B basis to jewellery chains, standalone retailers and wholesalers, with a small but growing D2C contribution from retail-store and online sales under the Ayaani brand (D2C began only after the July 2025 acquisition of Ayaani).
Who buys
Prominent named B2B customers: GIVA, Palmonas, ONYA and Ladia Diamonds; also serves standalone retailers and wholesalers. B2B customer count grew from 29 (FY23) to 74 (FY24) to 108 (FY25) to 190 as of 30 Sept 2025. No specific customer-concentration percentages are disclosed in the text. Domestic vs overseas revenue split: FY25 domestic Rs 96.78 crore (99.93%) and overseas Rs 0.07 crore (0.07%); H1 FY26 domestic Rs 85.77 crore (96.87%) and overseas Rs 2.77 crore (3.13%).
Scale
Approximately 7,000 sq ft manufacturing facility in Surat with installed capacity of approximately 360 kg per year; 205 permanent employees as of 28 Feb 2026, including 29 in-house designers and 136 Karigars; 9 Ayaani retail stores across 7 cities (6 company-operated, 3 franchise); distribution across 18 states and 2 union territories in India plus overseas customers in UAE, Australia, Canada, Taiwan and Kenya; design portfolio of 28,000+ designs.
What it says sets it apart
- Integrated B2B plus D2C model with a rapidly scaling B2B customer base (29 to 74 to 108 to 190 from FY23 to Sept 2025) serving 18 states and 2 union territories plus 5 overseas markets.
- In-house design team of 29 with a portfolio of over 28,000 jewellery designs (up from 3,000 in FY23), supported by CAD/CAM tools for prototyping and customisation.
- Single Surat manufacturing facility of approximately 7,000 sq ft with installed capacity of approximately 360 kg of LGD studded gold jewellery per annum, equipped for end-to-end processes (casting, filling, setting, polishing, rhodium plating); multi-stage quality control from raw material to final inspection.
- Skilled in-house workforce of 136 Karigars under direct supervision, reducing dependence on external job-work and enabling control over quality and lead times for customised B2B orders.
- Strong financial trajectory: revenue from operations grew from Rs 11.67 crore (FY23) to Rs 53.66 crore (FY24) to Rs 96.85 crore (FY25), with EBITDA margin rising from 4.19% to 13.32% (H1 FY26 revenue Rs 88.55 crore, EBITDA margin 12.94%).
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs75 / stated EPS Rs4.37 (FY2025 diluted EPS (Basic and Diluted both stated as ₹4.37), restated consolidated, adjusted for share split and 10:1 bonus issue). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (Restated Consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| Year ended March 31, 2025 | ₹97 Cr | ₹10 Cr | 10.1% | ₹23 Cr | ₹7 Cr |
| Year ended March 31, 2024 | ₹54 Cr | ₹4 Cr | 7.5% | ₹5 Cr | ₹3 Cr |
| Period ended September 30, 2025 | ₹89 Cr | ₹9 Cr | 9.6% | ₹66 Cr | ₹7 Cr |
| Period ended March 31, 2023 | ₹12 Cr | ₹0 Cr | 2.1% | ₹1 Cr | ₹1 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Retail: 4.04× their allocation. QIB: 1.06×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
Led by Choice Capital Advisors Private Limited — median +0.3% across the 13 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 16 Nov 2026.
What to watch
- Priced at 17.2× earnings — 2% above the median of the peers the issuer itself names.
- Its cohort's record: median +9.4% since issue price, 36.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
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Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.