This company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Nityas Gems and Jewellery Limited (formerly Nityas Gems and Jewellery Private Limited) is a Surat-headquartered company engaged in the manufacturing, processing, and trading of gold, silver, and diamond jewellery (comprising natural diamonds and Laboratory Grown Diamonds). Operating through B2B channels (wholesalers, retail chains, standalone retailers) and expanding D2C channels (including retail store chains under subsidiaries Ayaani Diamonds and Ratna LGD), the company caters to domestic markets (97.44% of FY26 revenue) and export clients across international jurisdictions. Operating scale expanded significantly with consolidated revenue from operations reaching ₹ 202.89 crore in Fiscal 2026, up from ₹ 96.85 crore in Fiscal 2025 and ₹ 53.66 crore in Fiscal 2024. The company derives 95.58% of FY26 revenue from B2B operations and 4.42% from D2C retail operations.
Established presence in Surat jewellery manufacturing hub, integration across natural and lab-grown diamonds, multi-channel B2B/D2C distribution, and strategic acquisitions of retail subsidiaries Ayaani Diamonds and Ratna LGD.
Nityas Gems and Jewellery Limited is an integrated manufacturer and trader of gold, silver, and diamond jewellery, including Laboratory Grown Diamonds (LGD). The company operates across B2B wholesale channels and expanding D2C retail networks in India and international markets.
Source: p.206, p.252, p.327
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| B2B Standalone Retailers | 42.75 | p.206, p.436 |
| B2B Wholesalers | 28.25 | p.206, p.436 |
| B2B Retail Chains | 24.57 | p.206, p.436 |
| D2C Retail Operations | 4.42 | p.206, p.436 |
According to the CareEdge Report, the Indian gems and jewellery industry is one of the largest in the world, contributing significantly to GDP and exports. Driven by rising disposable income, urbanisation, cultural demand, and the emergence of Lab Grown Diamonds (LGDs) as a cost-effective alternative to natural diamonds, the sector is transitioning toward organized retail and branded jewellery platforms.
Sector slug: gems-and-jewellery
Source: p.170, p.172
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Source |
|---|---|---|---|---|---|
| Goldiam International Limited | 14.5 | 34.2 | 22.1 | p.151, p.152 | |
| DP Abhushan Limited | 6.2 | 28.5 | 28.4 | p.151, p.152 |
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| consolidated | FY26 | 67.7 | 22.32 | 11% | 202.89 | yes | 16.86 |
| consolidated | FY25 | 37.66 | 9.79 | 10.11% | 96.85 | yes | 10.72 |
| consolidated | FY24 | 9.44 | 4.02 | 7.49% | 53.66 | yes | 1.73 |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
How will the net fresh issue proceeds be deployed?
The net proceeds from the fresh issue will be utilized entirely for funding incremental working capital requirements to support business scaling and inventory build-up, alongside general corporate purposes.
p.139, p.140
What is the customer concentration profile of the business?
Top 1 customer accounted for 12.98% of FY26 consolidated revenue, while the top 10 customers collectively represented 55.49% of revenue from operations.
p.446
What drove revenue growth and profit expansion in Fiscal 2026?
Consolidated revenue from operations expanded by 109.51% to ₹ 202.89 crore in FY26, driven by higher B2B sales volumes, addition of D2C retail store operations via Ayaani acquisition, and higher making charge yields.
p.101, p.436
What is the reason for negative cash flow from operations despite strong reported profits?
Operating cash flow was negative at ₹ -14.73 crore in FY26 due to substantial capital deployment into inventory (up ₹ 21.48 crore) and trade receivables (up ₹ 11.87 crore) to support revenue expansion.
p.39, p.103, p.441
What the issue priced at, on the figures in the document.
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2022-04-26 | Rajnikant Lallubhai Chanchad / Nilesh Ghanshyambhai Panchani | 1000000 | 10 | Subscription to MoA | p.123 |
| 2025-03-04 | MG 369 Finventure (Aditya Vinod Kanodia) | 960784 | 260 | Preferential Allotment | p.123 |
| 2026-03-13 | Sub-division of shares (1:2) | 1960784 | 0 | Stock Split | p.123 |
| 2026-03-16 | Bonus Issue (1:10) | 39215680 | 0 | Bonus Issue | p.123 |
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Rajnikant Lallubhai Chanchad | 0.78 | Remuneration, rent, and unsecured loan repayments | Promoter & Managing Director | Executive management, strategic direction, and store lease partner | p.123, p.360 |
| Ratih Jewels LLP | 0.18 | Rent expenses, machinery purchases, and trade payables | Promoter Group Entity | Leasing office premises and equipment sourcing | p.123, p.360 |
| Ayaani Diamonds and Jewellery Private Limited | 24.11 | Equity share acquisition, sales, and trade advances | Subsidiary Company | D2C omnichannel retail store chain operations | p.124, p.131, p.360 |
Models that need these lines are withheld rather than estimated: two comparable financial years. Nothing on this page is back-solved from a figure the company did not publish.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
What this sector is read on: Stores, Net store additions, Retail area, Same-store sales growth, Revenue per sq ft, Gross margin, Inventory days. These come from the filings, not the market feed, and appear here once a quarter is read.
Read using the Consumer discretionary and retail framework (from the listed sector). Primary valuation lens: P/E against same-store growth.
Read more closely in this sector: Growth from new stores against same stores · Inventory build against sales.
The same read, applied to the companies this one competes with.