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The Advit Jewels IPO is a mainboard public issue scheduled to open next week. Based in Jaipur, the company operates under the well-known luxury brand name ‘Rambhajo’, specializing in traditional, handcrafted fine jewelry like Kundan, Polki, and diamond-studded pieces.
Because the company just finalized its Red Herring Prospectus (RHP), the core issue dates are locked in, though the exact price band is expected to be announced over the next few days.
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1. Key IPO Dates & Timeline
IPO Opens :June 23, 2026 (Tuesday)
The bidding period officially begins for all investor categories.
IPO Closes : June 25, 2026 (Thursday)
The subscription window closes. UPI mandate approvals must be completed by the designated evening cut-off time.
Basis of Allotment: June 29, 2026 (Monday)
The registrar will finalize the allotment list. You will find out if you won the share lottery.
Refunds & Demat Credit :June 30, 2026 (Tuesday)
Unallocated bidding funds are released back to your bank account, and allocated shares are credited to successful bidders’ Demat profiles.
Listing Day :July 1, 2026 (Wednesday)
The stock officially begins trading on both the BSE and NSE mainboard platforms.
Advit Jewels has a very specific, interesting operations model that sets it apart from traditional neighborhood jewelry retail shops.
1. The Core Product: High-End Heritage Luxury
The company does not focus on standard, plain gold chains or simple daily-wear bands. They exclusively specialize in traditional, handcrafted fine heritage jewelry.
- Styles: They are major players in Kundan, Polki (uncut diamonds), Jadau (gemstone setting), and Meenakari (enameling), alongside premium diamond-studded pieces.
- The Brand Identity: They operate under the prominent luxury brand name ‘Rambhajo’’. While the corporate entity (Advit Jewels) was formalized recently in 2019, the underlying family brand identity draws from over a century of Jaipur-based craftsmanship roots, giving them strong regional credibility.
2. The Business Model: B2B Heavy (Wholesale)
Unlike brands like Tanishq or Kalyan Jewellers, which make most of their money selling directly to walk-in consumers via giant retail networks, Advit Jewels works primarily behind the scenes.
- B2B Segment (81.6% of Revenue): They act as the primary manufacturer and designer for other large showrooms, regional corporate retail chains, and high-end boutique dealers across India. They hold a massive, “ready-to-buy” inventory, allowing major retail jewelers to purchase custom stock instantly rather than waiting weeks for production.
- B2C Segment (18.4% of Revenue): This portion of their business serves ultra-high-net-worth individuals (HNIs) for exclusive, made-to-order bespoke bridal or collection pieces, which usually take 25 to 30 days to craft.
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3. In-House Manufacturing Setup
A key driver behind their high profit margins (~20% PAT) is their structural control over production.
- Everything Under One Roof: They operate a centralized, highly specialized manufacturing facility in Jaipur. Every single stage—from melting gold bars and 3D printing custom matrices to stone-casting, manual artisan setting, polishing, and final certified quality checks—is done in-house.
- Artisanal Moat: Their operations rely heavily on highly skilled local artisans. Because intricate settings like Polki and Kundan require heavy manual labor that cannot be purely automated, this dedicated artisan network is their main competitive shield.
4. The Big Growth Shift (Why they need the IPO Money)
The business model is currently trying to shift gears. Right now, a major chunk of the IPO proceeds is going toward building a massive 7-story flagship retail showroom in Jaipur.
The goal here is to dramatically scale up their high-margin B2C direct retail presence. To stock a multi-level luxury showroom, they need to build an enormous, upfront inventory of high-value bridal jewelry—which explains why ₹65 Crore of the IPO proceeds is allocated directly to fresh working capital to buy the gold, diamonds, and raw precious stones needed to fill that store.
2. IPO Structure & Core Metrics
- Total Issue Size: 1.19 Crore to 1.38 Crore equity shares.
- Issue Type: 100% Fresh Issue. This is a major positive because there is zero Offer for Sale (OFS); no existing promoters or private investors are cashing out. Every rupee raised goes directly onto the company’s balance sheet.
- Price Band & Lot Size: To be announced (Keep an eye out between June 16 and June 19).
- Investor Allocation:
- Qualified Institutional Buyers (QIBs): 50%
- Retail Investors: 35%
- Non-Institutional Investors (NII/HNI): 15%
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3. Financial Performance (Fast Growth, High Margins)
Advit Jewels has shown a remarkably steep growth trajectory over the past three fiscal years, fueled by the rising domestic demand for branded, high-margin ethnic luxury jewelry.
| Financial Metric | FY23 | FY24 | FY25 | 9M FY26 (Dec 2025) |
| Total Revenue | ₹46.60 Cr | ₹69.45 Cr | ₹124.94 Cr | ₹123.80 Cr |
| EBITDA Margin | 27.41% | 27.28% | 29.73% | 29.63% |
| Profit After Tax (PAT) | ₹10.39 Cr | ₹14.71 Cr | ₹25.37 Cr | ₹25.44 Cr |
| PAT Margin | 22.30% | 21.18% | 20.30% | 20.55% |
Key Takeaway: Delivering a 20.5% net profit margin is exceptionally high for the jewelry industry, where standard retail margins often hover in the mid-to-high single digits. This reflects the premium pricing power of their high-end, custom handcrafted heritage pieces.
4. The Investment Outlook (Pros vs. Risks)
The Positives
- Clean Use of Proceeds: The company is utilizing the funds to clear high-interest bank debt (₹65 Crore allocated) and pump the remaining ₹65 Crore into working capital. Paying off debt will immediately lower interest expenses and boost net profit margins even higher.
- Strong Pre-IPO Backing: Right before filing its final papers, the company raised an additional ₹22.90 Crore from private institutional rounds, signaling solid smart-money interest.
- High Return Metrics: Its Return on Equity (ROE) stands at a strong 35.89%, positioning it favorably against competitors like RBZ Jewellers and Radhika Jeweltech.
The Risks to Monitor
- Negative Operating Cash Flows (Historically): Because luxury jewelry requires massive raw material hoarding (gold, diamonds, colored stones), the company’s cash has historically been locked up in inventory. Operating cash flows were negative for FY24 and FY25, though they finally flipped positive (+₹17.83 Crore) in late 2025.
- B2B Concentration: Even though they are expanding their flagship retail stores, over 81% of their revenue still comes from a B2B model—supplying to other large regional showrooms and dealers rather than selling directly to the end consumer.
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Unofficial Grey Market Premium (GMP)
Early unconfirmed grey market sentiment has just started ticking up, with informal quotes hovering around a ₹90 to ₹91 premium, signaling initial optimism from traders. However, the true strength of the GMP will only solidify once the management officially states the price band.