Nityas Gems and Jewellery Limited is preparing to enter the Indian public markets with an initial public offering focused on the growing lab-grown diamond-studded gold jewellery segment. The Surat-based company operates across jewellery design, manufacturing, quality control, distribution and retail, with a business model combining business-to-business sales to jewellery retailers and wholesalers with direct-to-consumer operations through its subsidiary, Ayaani Diamonds and Jewellery Private Limited. The company has received observations from SEBI for its IPO proposal and the latest market disclosures indicate a price band of ₹70 to ₹75 per share and an issue size of approximately ₹108.35 crore.
Nityas Gems & Jewellery IPO Details
| IPO Details | Information |
|---|---|
| Company Name | Nityas Gems and Jewellery Limited |
| IPO Type | Mainboard IPO |
| Issue Type | Book Built Issue |
| IPO Open Date | September 30, 2026 |
| IPO Close Date | October 5, 2026 |
| Price Band | ₹70–₹75 per share |
| Face Value | ₹5 per share |
| Issue Size | ₹108.35 crore |
| Fresh Issue | 1,44,56,000 shares |
| Offer for Sale | None |
| Lot Size | 200 shares |
| Minimum Investment | ₹15,000 |
| Listing | BSE & NSE |
| Basis of Allotment | October 6, 2026 |
| Expected Listing Date | October 8, 2026 |
| Lead Manager | Choice Capital Advisors |
| Registrar | Bigshare Services |
The IPO is entirely a fresh issue, with no offer-for-sale component. At the upper end of the reported price band, the 1.4456 crore shares translate into an issue size of approximately ₹108.35 crore. The minimum application consists of 200 shares, requiring ₹15,000 at the upper price band. The shares are proposed to be listed on both BSE and NSE.
Business Model
Nityas Gems and Jewellery specialises in designing, manufacturing and selling gold jewellery studded with lab-grown diamonds. Unlike a conventional jewellery manufacturer focused only on wholesale supply, the company has developed a dual-channel business model covering B2B manufacturing and distribution as well as D2C retail operations.
The B2B business involves designing and manufacturing jewellery for organised jewellery retailers, standalone retailers and wholesalers. The company supplies products based on its own designs as well as customised specifications provided by customers, including requirements related to purity, weight, design and finishing. Its disclosed B2B customer base includes jewellery brands such as GIVA, Palmonas, ONYA and Ladia Diamonds.
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The company also operates a D2C business through its subsidiary, Ayaani Diamonds and Jewellery Private Limited. This gives Nityas exposure to the end consumer market and provides an additional channel through which it can develop its own retail presence and brand visibility. Its business therefore combines manufacturing capabilities with distribution and consumer-facing retail.
Product Portfolio
Nityas offers a broad portfolio of lab-grown diamond-studded gold jewellery. Its product categories include rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles.
The company positions its products across daily-wear, occasion-based, men’s jewellery and customised categories. This broad product mix allows it to address different consumer requirements while also supplying organised retailers that may require products designed according to their own brand specifications.
The focus on lab-grown diamonds is an important part of the company’s positioning. Lab-grown diamonds provide jewellery manufacturers with an alternative diamond supply model while retaining the physical and chemical characteristics associated with diamonds. Nityas has built its business around combining these diamonds with gold jewellery designs targeted toward the affordable and contemporary jewellery market.
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Manufacturing and Design Capabilities
Nityas operates its manufacturing activities in Surat, Gujarat, one of India’s major jewellery manufacturing centres. Its facility covers approximately 7,000 square feet and includes equipment used across casting, setting, polishing, electro-polishing, rhodium plating and other jewellery manufacturing processes.
The company has also developed an extensive design portfolio. Available company disclosures indicate more than 28,000 jewellery designs covering multiple categories and customer preferences. The manufacturing setup, in-house design capabilities and technology-supported processes allow the company to manage a significant portion of the jewellery value chain internally.
This integrated approach can be particularly relevant for B2B customers because retailers often require consistent product quality, customised designs, predictable delivery schedules and the ability to replenish popular designs quickly.
Distribution Network and Customers
Nityas has developed a nationwide B2B distribution footprint. The company supplies jewellery to customers across 18 states and two Union Territories in India. Its D2C operations provide an additional retail presence across seven cities, along with online sales channels.
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The presence of established jewellery retailers among its B2B customers is an important part of its business model. However, customer concentration and the ability to retain major accounts remain factors investors need to monitor because changes in relationships with large customers can influence order volumes and revenue.
The combination of organised retail customers, standalone retailers, wholesalers and D2C operations gives Nityas several routes to market. The company can therefore participate in the expanding organised jewellery ecosystem without relying entirely on its own retail stores.
Nityas Gems & Jewellery Financial Performance
Nityas has reported significant growth in revenue and profitability in recent years. Revenue from operations increased from approximately ₹11.67 crore in FY2023 to ₹53.66 crore in FY2024 and ₹96.85 crore in FY2025. Profit after tax increased from approximately ₹0.25 crore in FY2023 to ₹4.02 crore in FY2024 and ₹9.79 crore in FY2025.
The company’s FY2025 revenue growth was accompanied by a substantial increase in profit. Revenue grew approximately 80.5% from FY2024, while profit more than doubled. For the six months ended September 2025, the company reported revenue of approximately ₹88.5 crore and profit of about ₹8.5 crore, indicating that business activity remained strong during the first half of that financial year.
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The financial performance is supported by improving operating profitability. According to company-related IPO disclosures, EBITDA margin increased from around 4.19% in FY2023 to approximately 13.32% in FY2025. This reflects the company’s transition from a relatively small jewellery operation toward a larger manufacturing and distribution platform.
Use of IPO Proceeds
The principal purpose of the IPO is to strengthen the company’s working capital. Nityas plans to utilise approximately ₹70 crore from the IPO proceeds for working-capital requirements, with the balance intended for general corporate purposes.
Working capital is particularly important for jewellery manufacturers because inventory requirements can be substantial. Gold, diamonds and finished jewellery represent significant capital tied up in the business, while expanding B2B relationships and retail operations can increase the need for inventory and operating liquidity.
The IPO therefore provides Nityas with additional capital to support its existing business model rather than being primarily a debt-repayment or promoter-exit transaction.
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Growth Opportunities
The organised jewellery market in India provides a potential growth avenue for companies with manufacturing capabilities and established retail relationships. Nityas’ combination of B2B supply and D2C retail gives it exposure to both organised retailers and end consumers.
The lab-grown diamond jewellery segment also provides a specialised market opportunity. Nityas has built its product portfolio around this category and has developed manufacturing, design and distribution capabilities specifically suited to lab-grown diamond-studded gold jewellery.
Expansion of its retailer network, increased D2C penetration, wider product offerings and greater utilisation of manufacturing capacity could support future growth. The company can also use its existing customer relationships to introduce new designs and categories as consumer preferences evolve.
Key Risks
One of the key risks is the competitive nature of the jewellery industry. Nityas competes with established jewellery manufacturers, retailers and other companies operating in the lab-grown diamond segment. Larger competitors may have greater financial resources, stronger brands and wider distribution networks.
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The company is also exposed to fluctuations in gold prices and the availability and pricing of diamonds and other raw materials. Changes in raw-material prices can influence inventory requirements, margins and working-capital needs.
Customer concentration is another factor to consider. The B2B business depends on relationships with jewellery retailers and wholesalers, and losing or reducing business from significant customers could affect revenue.
The D2C business carries a different set of risks, including retail operating costs, store expansion requirements, customer acquisition expenses and competition from established jewellery brands and digital-first players.
The company’s proposed use of ₹70 crore for working capital also highlights the importance of inventory and liquidity management. As the business expands, efficient capital utilisation will be important for maintaining profitability and cash-flow discipline.
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Nityas Gems & Jewellery IPO GMP
The grey market premium, or GMP, is an unofficial indicator that can fluctuate significantly before an IPO opens and during the subscription period. Current IPO tracking information does not provide a reliable official GMP figure, and any grey-market quotation should therefore be treated only as an unofficial market-sentiment indicator.
Investors should not interpret GMP as a guaranteed listing premium or expected return. The actual listing price is determined by market trading after the shares are listed.
Conclusion
Nityas Gems & Jewellery IPO provides exposure to a Surat-based jewellery manufacturer focused on lab-grown diamond-studded gold jewellery. The company has developed an integrated model covering design, manufacturing, quality control, distribution and retail, while combining B2B supply to organised jewellery retailers with D2C operations through its subsidiary.
The company has recorded strong growth in revenue and profitability over the reported financial periods, with FY2025 revenue reaching approximately ₹96.85 crore and PAT at about ₹9.79 crore. Its customer network, large design portfolio, manufacturing capabilities and presence across multiple Indian markets form the foundation of its current business model.
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The IPO is entirely a fresh issue, and approximately ₹70 crore of the proceeds is planned for working capital. This could support inventory requirements and business expansion, but it also makes working-capital efficiency an important factor for the company’s future performance.
At the same time, investors should consider the competitive nature of the jewellery industry, raw-material price fluctuations, customer concentration, retail execution requirements and the risks associated with the evolving lab-grown diamond market before evaluating the IPO.
Financial Disclaimer: This article is for educational and informational purposes only and should not be considered investment advice, a recommendation to buy or avoid the IPO, or a guarantee of listing or future returns. Investors should read the company’s RHP and other official disclosures carefully and consult a qualified financial adviser before making investment decisions.
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