Advit Jewels Limited IPO: Details, Price Band, Lot Size and Company Overview

Company Overview

Advit Jewels Limited is a Jaipur-based manufacturer and seller of handcrafted fine jewellery specialising in Kundan, Polki, Diamond and Studded jewellery. The company carries forward the legacy of the renowned “Rambhajo” brand, whose origins date back to 1921 when Late Shri Kishan Gilara established a jewellery brokerage and trading venture in Jaipur. To institutionalise and expand this legacy under a corporate structure, Advit Jewels was incorporated in 2019. Today, the company operates under the brand identity “Rambhajo Since 1921”, leveraging more than a century of heritage, craftsmanship and customer trust in the traditional jewellery segment. The business focuses on combining traditional Indian jewellery-making techniques with contemporary designs to cater to evolving consumer preferences while preserving cultural authenticity. The company’s philosophy is centred on blending heritage with innovation, enabling it to create jewellery that appeals to both traditional and modern customers.

The company’s core strength lies in design innovation and customisation. Advit specialises in handcrafted jewellery made using gold, diamond polki and coloured stones, with a particular expertise in Kundan and Polki jewellery. It continuously develops new designs by blending artistic influences and craftsmanship techniques from different regions and cultures. Management highlights that every design is intended to be unique and non-repetitive, helping the company maintain product exclusivity. Its jewellery is manufactured in both 14-carat and 18-carat gold, depending on customer preferences. The company offers extensive customisation capabilities, enabling customers to tailor jewellery to their specific tastes, cultural requirements, and market trends. Its offerings range from bridal collections and wedding jewellery to premium everyday luxury pieces.

Advit primarily operates on a Business-to-Business (B2B) model, supplying jewellery to dealers, wholesalers, showrooms and jewellery retailers across India. Alongside its wholesale operations, the company also serves Business-to-Consumer (B2C) customers through exclusive made-to-order jewellery. For FY25, B2B sales accounted for 78.4% of total revenue, while B2C sales contributed 18.4%, with the balance generated through job-work activities. This business model enables the company to maintain a broad market reach while also catering to niche customer requirements through customised products.

The company’s product portfolio includes necklaces, earrings, finger rings, bangles, brooches, naths and customised jewellery pieces. Its products are designed for both bridal and luxury segments and are manufactured using traditional handmade techniques.

Advit operates a centralised manufacturing facility in Jaipur with a built-up area of approximately 6,450 sq. ft. The leased facility is equipped with modern machinery, including 3D printers, casting units, and polishing machines, while the complete production process from melting and sheet-making to stone setting, polishing, and quality inspection is conducted in-house. The company employs skilled artisans trained across generations, supporting its focus on handcrafted jewellery and stringent quality standards.

Revenue is heavily concentrated in Gold Kundan Meena Polki Jadau Jewellery, which contributed 95.5% of FY25 revenue. Geographically, Rajasthan remains the largest market, contributing 27.5% of FY25 revenue, with sales also generated across multiple Indian states and export markets.

IPO Details

Use of Funds

• Funding working capital requirements
• Repayment/prepayment of certain outstanding bank borrowings
• General corporate purposes

Key Strengths

• Heritage Craftsmanship Backed by Advanced Manufacturing

Advit Jewels combines traditional Kundan and Polki jewellery craftsmanship with modern technologies such as 3D printing, laser engraving, casting units and CAD-based design processes. Its integrated manufacturing setup enables end-to-end in-house production, ensuring superior quality control, operational efficiency, enhanced security and cost optimisation while preserving the handmade essence of its jewellery.

• Diversified Product Portfolio Catering to Multiple Customer Segments

The company offers a wide range of jewellery across bridal, antique, traditional, contemporary and fusion categories, catering to diverse customer segments, occasions and price points. Its ability to continuously develop unique designs and efficiently manage inventory supports strong customer relationships, repeat orders and sustained revenue growth.

• Experienced Leadership with Deep Industry Expertise

Led by promoters with over two decades of jewellery industry experience, Advit Jewels benefits from strong market knowledge, customer relationships and strategic vision. Supported by an experienced management team, the leadership has played a key role in expanding the business, strengthening the Rambhajo brand and driving long-term growth.

Key Risks

• Raw Material Price Volatility and Supply Dependence

Advit Jewels' operations are highly dependent on the availability and pricing of key raw materials, particularly gold, diamond polki, and precious and semi-precious stones, which account for nearly all the materials consumed. The company procures these inputs primarily through banks and domestic vendors without long-term supply agreements, exposing it to fluctuations in commodity prices and supply disruptions. Any sharp increase in raw material costs could compress margins or impact demand, while shortages may disrupt production schedules. Additionally, geopolitical events, regulatory changes, inflation, and global supply-demand imbalances could adversely affect procurement costs, operational efficiency, and overall profitability.

• High Inventory Levels and Working Capital Intensity

Advit Jewels maintains substantial inventory levels to support its wide product portfolio and cater to evolving customer preferences across the jewellery market. Inventory has increased significantly over the last three years, resulting in higher working capital requirements and greater exposure to inventory-related risks. The company faces challenges associated with demand forecasting, inventory valuation, storage and security costs, and supply chain disruptions. Changes in gold and gemstone prices may affect inventory values and profitability, while shifting consumer preferences could lead to slow-moving or obsolete stock. Any inability to efficiently manage inventory levels or align production with market demand could adversely affect liquidity, cash flows, margins and overall financial performance.

• Geographic Concentration Risk in Jaipur

Advit Jewels' operations are highly concentrated in Jaipur, Rajasthan, where its sole manufacturing facility is located, and a significant portion of its raw materials are sourced. This regional dependence exposes the company to location-specific risks, including natural disasters, political or social unrest, labour shortages, utility disruptions, regulatory changes, and transportation bottlenecks. Additionally, the company does not currently have an alternative manufacturing facility outside Jaipur, which makes business continuity vulnerable to prolonged disruptions in the region. Any interruption in production, raw material procurement, or logistics could impact order fulfilment, customer relationships, revenue generation, profitability and overall financial performance.

Financial Snapshot

Peer Comparison

Conclusion

Advit Jewels is a heritage-led jewellery manufacturer that combines traditional craftsmanship with modern design capabilities. Backed by the century-old Rambhajo brand, the company has built a strong presence in the niche Kundan and Polki jewellery segment through its focus on customisation, product innovation, and quality craftsmanship. Its integrated manufacturing operations and established relationships with dealers and retailers provide a solid foundation for growth. However, the business remains exposed to raw material price volatility, high working capital requirements, and geographic concentration risks