Business Overview
The company is engaged in the design, manufacturing and sale of lab-grown diamond (LGD) studded gold jewellery, operating through an integrated B2B and D2C business model. Its B2B business supplies jewellery to organised jewellery retailers, standalone retailers and wholesalers, while its D2C business is operated through subsidiary Ayaani Diamonds and Jewellery Pvt. Ltd., acquired in July 2025. The integrated model covers raw material procurement, product design, manufacturing, quality control, distribution, and retail, providing greater control across the jewellery value chain.
The product portfolio includes rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles, spanning daily-wear, occasion-based, men's and customised jewellery. The company has focused particularly on lightweight, affordable LGD-studded gold jewellery, targeting demand for affordable luxury and everyday wear, particularly among younger consumers. LGDs have the same chemical, physical and optical properties as mined diamonds and are visually indistinguishable from natural diamonds without specialised equipment.
The company commenced B2B operations in July 2022 and has built a customer network across 18 states and two union territories in India. Its prominent B2B customers include organised jewellery retailers such as GIVA, Palmonas, ONYA and Ladia Diamonds, as well as standalone retailers and wholesalers. The company develops designs internally and customises products to meet customer requirements, including purity, weight, design, and finishing specifications.
B2B remains the core revenue engine. In FY26, B2B operations generated ₹193.92 crore, representing 95.58% of revenue, while D2C contributed ₹8.81 crore, or 4.34%, following the acquisition of Ayaani. Total revenue from operations increased to ₹202.89 crore in FY26, from ₹96.85 crore in FY25 and ₹53.66 crore in FY24. The D2C contribution is not directly comparable with earlier periods, as Ayaani was acquired only in July 2025.
Ayaani provides an omnichannel consumer platform comprising an online storefront and 10 physical stores across eight cities, including Ahmedabad, Surat, Mathura, Delhi, Chandigarh, Jodhpur, Raipur and Udaipur. Seven stores are company-operated, and three are franchise-operated, supporting an asset-light retail model. The acquisition also provides the company with direct access to consumer demand and changing customer preferences, complementing its existing B2B manufacturing capabilities.
Operations are supported by a 7,000 sq. ft. manufacturing facility in Surat, equipped for casting, filling, setting, polishing, rhodium plating, and other production processes, and featuring CAD/CAM capabilities. The company has an in-house design team of 29 employees and a portfolio of more than 32,000 jewellery designs, enabling customised production and quicker response to changing trends.
The company primarily serves the domestic market, with 97.44% of FY26 revenue generated in India. It also has B2B customers in the UAE, Australia, Canada, Taiwan and Kenya. Overall, the business combines manufacturing-led B2B scale with an emerging D2C channel. At the same time, its key operating differentiators include design capabilities, customised manufacturing, product breadth and an integrated presence across the LGD jewellery value chain.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 30th Sept 2026 to 5th Oct 2026 |
| Face Value | ₹ 5/- per share |
| Price Band | ₹ 70 to ₹75 per share |
| Lot Size | 200 shares and in multiples thereof |
| Issue Size | ₹ 108.42 Crores |
| Fresh Issue | ₹ 108.42 Crores |
Use of Funds
Key Strengths
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Integrated B2B and D2C business model with expanding customer reach
The company combines B2B supply of lab-grown diamond-studded gold jewellery with D2C omnichannel retail through Ayaani, enabling access to organised retailers, standalone retailers, wholesalers and end consumers. Its B2B customer base increased from 74 in FY24 to 323 in FY26, supported by a network spanning 18 states and 2 Union Territories, as well as international customers. Ayaani adds 10 stores across eight Indian cities, supported by an online storefront. The integrated model creates synergies across manufacturing, sourcing and distribution, while D2C operations provide direct consumer insights that can support product design, inventory planning and product mix.
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Manufacturing capabilities supported by in-house design and technology integration
The company operates a 7,000 sq. ft. manufacturing facility in Surat with an installed capacity of approximately 360 kg of LGD-studded gold jewellery annually, supporting both B2B and D2C operations. Its integrated facility covers key production processes, enabling greater control over quality and production timelines. In-house design capabilities further strengthen the offering, with the design portfolio expanding from 3,000 designs in FY23 to over 32,000 as of August 2026 across multiple jewellery categories. The use of CAD/CAM supports precision, prototyping and standardisation, enabling both customised and standardised products while improving turnaround times and consistency across production batches.
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Skilled in-house workforce enabling quality control and reduced dependence on external job work:
The company has an in-house workforce of 122 Karigars who undertake manufacturing and handcrafting activities under direct supervision and established quality standards. This supports consistent craftsmanship and enables the company to execute design-intensive and customised jewellery requirements while maintaining control over production timelines. In-house manufacturing also reduces reliance on external job work, providing greater control over quality, turnaround time and production planning. The structure enables closer coordination between design and manufacturing, supports cost efficiencies and provides operational flexibility to scale production in line with business growth.
Key Risks
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High customer concentration and dependence on repeat B2B orders:
The company remains dependent on a limited number of B2B customers, with its top 10 customers contributing 55.49% of revenue in FY26. Sales are largely order-driven, and the company generally does not enter into long-term supply contracts, leaving order volumes dependent on customers’ procurement cycles, inventory requirements and store expansion plans. Changes in vendor strategies, increased in-house manufacturing, pricing pressure or weaker consumer demand could reduce orders. Any inability to retain or diversify key customers could therefore result in revenue volatility and adversely affect margins, cash flows and business growth.
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High geographic concentration in key domestic markets
The company’s revenue remains concentrated in five states, Gujarat, Karnataka, Maharashtra, Telangana and Tamil Nadu, which together contributed 85.03% of revenue in FY26. Although the company operates across 18 states and 2 Union Territories, adverse economic conditions, changes in consumer preferences, competition, regulatory changes, logistics disruptions or labour constraints in these key markets could disproportionately affect revenue and profitability. Overseas markets contributed only 2.56% of FY26 revenue, limiting geographic diversification. The recently commenced D2C operations through Ayaani are still in their early stages and may not sufficiently offset this concentration risk in the near term.
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A working capital-intensive business increases funding and liquidity requirements
The company’s working capital requirements increased from ₹6.77 crore in FY24 to ₹44.95 crore in FY26, reflecting the funding needs of its predominantly B2B business. The company must make upfront payments for gold and lab-grown diamonds and maintain inventory across various stages of production, while customer payments are generally received after agreed credit periods. This creates a timing mismatch between cash outflows and inflows. Any delay in customer collections, an increase in inventory requirements, or an inability to secure adequate working capital funding could constrain operations, increase liquidity pressure, and adversely affect cash flows and business growth.
Financial Snapshot
| Particulars | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 53.66 | 96.85 | 202.89 |
| Growth | 80.5% | 109.5% | |
| EBITDA (₹ Cr) | 5.48 | 12.9 | 30.97 |
| EBITDA Margin | 10.21% | 13.32% | 15.27% |
| Net Profit / PAT (₹ Cr) | 4.02 | 9.79 | 22.32 |
| Net Profit Margin | 7.50% | 10.11% | 11.00% |
| RONW / ROE | 122.44% | 70.17% | 43.75% |
| ROCE | 88.39% | 63.14% | 42.93% |
| Debt/Equity | 0.69x | 0.34x | 0.29x |
Peer Group
| Metric | Nitya's Gems & Jewellery | Golkunda Diamonds & Jewellery | Goldiam International | Renaissance Global |
|---|---|---|---|---|
| Revenue Growth (FY26) | 109.50% | 11.51% | 25.08% | 35.17% |
| EBITDA Margin | 15.27% | 8.11% | 25.46% | 7.25% |
| PAT Margin | 11.00% | 4.86% | 17.46% | 3.21% |
| ROE | 43.75% | 18.81% | 18.38% | 6.09% |
| ROCE | 42.93% | 19.98% | 23.72% | 7.85% |
| Debt/Equity | 0.29 | 0.43 | 0.07 | 0.42 |
| Net WC Days | 135 | 112 | 290 | 216 |
| Inventory Days | 81 | 20 | 182 | 124 |
| Debtor Days | 29 | 114 | 61 | 100 |
| Creditor Days | 10 | 36 | 34 | 21 |
Conclusion
Nitya’s Gems & Jewellery has built an integrated B2B and emerging D2C model focused on lab-grown diamond-studded gold jewellery, supported by in-house manufacturing, design capabilities and a growing customer base. Revenue growth has remained strong, while EBITDA and PAT margins improved to 15.27% and 11.00% in FY26, respectively. Returns remain healthy, with ROE and ROCE at 43.75% and 42.93%. However, the business remains exposed to customer and geographic concentration, with working capital requirements also increasing materially. Compared with peers, the company has stronger growth and returns than several comparable players, although Goldiam reports higher margins. Overall, the business combines strong growth with identifiable concentration and working-capital risks.
