Nityas Gems and Jewellery Limited is entering the public markets with a 100% fresh-issue IPO as the Surat-based jewellery manufacturer looks to fund its rapidly rising working-capital requirements. The company manufactures and sells lab-grown diamond-studded gold jewellery, primarily through a B2B model, while developing a direct-to-consumer presence through its subsidiary, Ayaani Diamonds and Jewellery Private Limited.
The Nityas Gems & Jewellery IPO is scheduled to open on September 30, 2026, and close on October 5, 2026, with a price band of ₹70 to ₹75 per share. The company proposes to issue up to 1,44,56,000 fresh equity shares, translating into an issue size of approximately ₹101.19 crore at ₹70 and ₹108.42 crore at ₹75.
Nityas has recorded rapid revenue growth and improving profitability since FY23. However, its financial profile also includes persistent negative operating cash flows, rising working-capital requirements, customer concentration and a relatively short operating history. These factors are central to understanding the Nityas Gems & Jewellery IPO valuation and the company's post-listing financial performance.
Table of Contents
- Nityas Gems & Jewellery IPO Details
- What Does Nityas Gems and Jewellery Do?
- Nityas Gems Business Model
- Manufacturing Capacity and Production
- Nityas Gems Financial Performance
- Operating Cash Flow and Working Capital
- How Nityas Gems Plans to Use the IPO Proceeds
- Customer Concentration
- Nityas Gems & Jewellery IPO Valuation
- Peer Comparison
- Return Ratios
- Strengths of Nityas Gems & Jewellery
- Risks to Consider in Nityas Gems & Jewellery IPO
- Promoters and Management
- What Investors Should Track
- Nityas Gems & Jewellery IPO FAQs
The Nityas Gems & Jewellery IPO 2026 is a book-built public issue consisting entirely of fresh shares. There is no Offer for Sale (OFS), meaning the proceeds, after issue-related expenses, will be received by the company rather than existing shareholders selling their holdings.
| Particular |
Nityas Gems & Jewellery IPO Details |
| Issue type |
Book-built public issue |
| Fresh issue |
Up to 1,44,56,000 shares |
| Offer for Sale |
Nil |
| Face value |
₹5 per share |
| Price band |
₹70 to ₹75 |
| Issue size at ₹70 |
Approx. ₹101.19 crore |
| Issue size at ₹75 |
Approx. ₹108.42 crore |
| Lot size |
200 shares |
| Minimum retail application at ₹75 |
₹15,000 |
| Employee reservation |
1,00,000 shares |
| Employee discount |
₹7 per share |
| IPO opening date |
September 30, 2026 |
| IPO closing date |
October 5, 2026 |
| Proposed listing |
BSE and NSE |
| BRLM |
Choice Capital Advisors Private Limited |
| Registrar |
Bigshare Services Private Limited |
The Nityas Gems & Jewellery IPO issue size at the upper price band is approximately ₹108.42 crore, calculated by multiplying 1,44,56,000 shares by ₹75 per share.
The absence of an OFS is an important feature of the issue because the capital raised is intended to strengthen the company's own financial resources, primarily for working capital.
Nityas Gems & Jewellery IPO Price
The Nityas Gems & Jewellery IPO price band is ₹70 to ₹75 per equity share, with a face value of ₹5 per share. At the upper price of ₹75, a minimum application of one lot containing 200 shares requires ₹15,000.
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Get all the latest updates on the Nityas Gems & Jewellery IPO, including the price band, issue size, subscription dates and key offer details.
Nityas Gems and Jewellery Limited was incorporated in April 2022 and is headquartered in Surat, Gujarat. The company designs, manufactures and sells lab-grown diamond-studded gold jewellery in India.
Its operations span multiple stages of the jewellery value chain, including procurement, product design, manufacturing, quality control, distribution and retail.
Nityas manufactures products including:
- Rings
- Earrings
- Pendants
- Bracelets
- Mangalsutras
- Nose pins
- Necklaces
- Cufflinks
- Bangles
The company's product positioning focuses particularly on lightweight and relatively affordable lab-grown diamond jewellery, covering both daily-wear and occasion-based products.
Nityas Gems operates through two principal sales channels, although its B2B business currently accounts for the overwhelming majority of revenue.
B2B Jewellery Business
The core business involves manufacturing and distributing lab-grown diamond-studded gold jewellery to organised jewellery retailers, standalone retailers and wholesalers.
The company's B2B customer base has expanded rapidly.
| Period |
B2B Customers |
| FY23 |
29 |
| FY24 |
74 |
| FY25 |
108 |
| September 30, 2025 |
190 |
For FY26, the B2B business continued to account for the majority of Nityas's revenue from operations, highlighting the company's continued dependence on its manufacturing and wholesale business even as it develops its consumer-facing presence.
Direct-to-Consumer Business
Nityas is developing its D2C presence through its subsidiary Ayaani Diamonds and Jewellery Private Limited.
This channel provides the company with a consumer-facing presence alongside its established manufacturing and wholesale operations. However, the B2B business continues to account for the majority of the company's revenue.
Nityas has significantly expanded manufacturing capacity since commencing operations. Installed production capacity increased from 15 kg per annum in FY23 to 360 kg per annum from FY24 onwards.
Production has also increased each year.
| Period |
Actual Production |
| FY23 |
16.60 kg |
| FY24 |
72.49 kg |
| FY25 |
115.20 kg |
| FY26 |
162.77 kg |
Capacity utilisation stood at 110.67% in FY23, 20.14% in FY24, 32.00% in FY25 and approximately 45.21% in FY26.
The company attributed FY23 utilisation above 100% to extended working hours and operational efficiencies.
Production increased from 115.20 kg in FY25 to 162.77 kg in FY26, representing growth of approximately 41.3%. However, with installed manufacturing capacity of 360 kg per annum, a significant portion of the company's available capacity remained unutilised in FY26.
Nityas Gems has reported very rapid growth in revenue and profitability over its relatively short operating history.
Revenue from operations increased from ₹11.67 crore in FY23 to ₹53.66 crore in FY24 and ₹96.85 crore in FY25. During only the first six months of FY26, revenue had already reached ₹88.55 crore.
FY2023 Financial Performance
| Financial metric |
FY2023 |
| Revenue from operations |
₹11.67 crore |
| EBITDA |
₹0.49 crore |
| PAT |
₹0.25 crore |
| EBITDA margin |
4.19% |
| PAT margin |
2.10% |
FY2024 Financial Performance
| Financial metric |
FY2024 |
| Revenue from operations |
₹53.66 crore |
| EBITDA |
₹5.48 crore |
| PAT |
₹4.02 crore |
| EBITDA margin |
10.21% |
| PAT margin |
7.50% |
FY2025 Financial Performance
| Financial metric |
FY2025 |
| Revenue from operations |
₹96.85 crore |
| EBITDA |
₹12.90 crore |
| PAT |
₹9.79 crore |
| EBITDA margin |
13.32% |
| PAT margin |
10.11% |
FY2026 Financial Performance
| Financial metric |
FY2026 |
| Revenue from operations |
₹202.89 crore |
| EBITDA |
₹30.97 crore |
| PAT |
₹22.32 crore |
| EBITDA margin |
15.27% |
| PAT margin |
11.00% |
Revenue from operations therefore increased from ₹11.67 crore in FY23 to ₹202.89 crore in FY26, while PAT rose from approximately ₹0.25 crore to ₹22.32 crore over the same period.
The pace of growth accelerated in FY26. Revenue from operations increased by approximately 109.5% year-on-year, from ₹96.85 crore in FY25 to ₹202.89 crore in FY26. PAT increased by approximately 128%, from ₹9.79 crore to ₹22.32 crore.
Profitability also improved alongside revenue growth. EBITDA margin increased from 4.19% in FY23 to 13.32% in FY25 and 15.27% in FY26, while PAT margin expanded from 2.10% in FY23 to 10.11% in FY25 and 11.00% in FY26.
Debt and Working-Capital Metrics
Nityas has simultaneously reported a decline in its debt-to-equity ratio but a substantial increase in working-capital days.
FY2023 Debt and Working Capital
| Financial metric |
FY2023 |
| Debt/Equity |
1.05x |
| Net working-capital days |
39 |
FY2024 Debt and Working Capital
| Financial metric |
FY2024 |
| Debt/Equity |
0.69x |
| Net working-capital days |
47 |
FY2025 Debt and Working Capital
| Financial metric |
FY2025 |
| Debt/Equity |
0.34x |
| Net working-capital days |
105 |
FY2026 Debt and Working Capital
| Financial metric |
FY2026 |
| Debt/Equity |
0.29x |
| Net working-capital days |
135 |
The declining debt-to-equity ratio indicates a lower level of debt relative to equity across the disclosed periods. Nityas's debt-to-equity ratio declined from 1.05x in FY23 to 0.29x in FY26.
However, the company's working-capital cycle moved in the opposite direction. Net working-capital days increased from 39 days in FY23 to 135 days in FY26, indicating that substantially more capital was tied up in the operating cycle as the business expanded.
One of the most important financial aspects of the Nityas Gems & Jewellery IPO analysis is the difference between reported profitability and operating cash generation.
Despite remaining profitable, Nityas reported negative operating cash flow in every disclosed financial year from FY23 to FY26.
| Period |
Operating Cash Flow |
| FY23 |
-₹0.79 crore |
| FY24 |
-₹1.05 crore |
| FY25 |
-₹10.05 crore |
| FY26 |
-₹14.73 crore |
The contrast became particularly significant in FY26. Nityas reported PAT of ₹22.32 crore, but cash flow from operating activities remained negative at ₹14.73 crore.
The company's investing cash flows were also negative across the disclosed periods, while financing cash flows provided capital to support its operations and expansion.
FY2023 Cash Flows
| Cash flow metric |
FY2023 |
| Investing cash flow |
-₹1.27 crore |
| Financing cash flow |
₹2.26 crore |
FY2024 Cash Flows
| Cash flow metric |
FY2024 |
| Investing cash flow |
-₹0.83 crore |
| Financing cash flow |
₹1.73 crore |
FY2025 Cash Flows
| Cash flow metric |
FY2025 |
| Investing cash flow |
-₹0.42 crore |
| Financing cash flow |
₹10.72 crore |
FY2026 Cash Flows
| Cash flow metric |
FY2026 |
| Investing cash flow |
-₹1.99 crore |
| Financing cash flow |
₹16.86 crore |
The offer disclosures indicate that the company's operating cash flows have been affected by increasing working-capital requirements as the business has expanded, particularly through higher inventories and trade receivables.
This is also reflected in net working-capital days, which increased from 39 days in FY23 to 47 days in FY24, 105 days in FY25 and 135 days in FY26.
By March 31, 2026, inventories had increased to approximately ₹63.59 crore, compared with ₹26.22 crore a year earlier, while trade receivables increased to approximately ₹21.46 crore from ₹10.61 crore in FY25.
In practical terms, Nityas's rapid revenue and profit growth has required increasing amounts of capital to remain tied up in inventory and receivables. This is particularly relevant because ₹70 crore of the IPO's net proceeds is proposed to be used for working-capital requirements.
The key metric to monitor after the IPO will therefore be whether the company can sustain its growth while improving the conversion of reported profits into positive operating cash flow.
The Nityas Gems IPO is primarily intended to provide capital for the company's growing working-capital requirements.
The company proposes to deploy ₹70 crore of the net IPO proceeds towards working capital, while the remaining net proceeds are intended for general corporate purposes after issue-related expenses.
| Use of Proceeds |
Proposed Amount |
| Working-capital requirements |
₹70 crore |
| General corporate purposes |
Balance net proceeds |
Nityas's standalone working-capital requirement has risen rapidly as the business has expanded.
| Period |
Working-Capital Requirement |
| FY23 |
₹1.24 crore |
| FY24 |
₹6.77 crore |
| FY25 |
₹25.05 crore |
| FY26 |
₹44.95 crore |
| FY27 estimated |
₹128.30 crore |
The company's actual standalone working-capital requirement increased from ₹1.24 crore in FY23 to ₹44.95 crore in FY26. For FY27, the requirement is estimated at ₹128.30 crore.
Nityas proposes to deploy ₹70 crore of the IPO proceeds towards its FY27 working-capital requirement.
The IPO is therefore primarily financing the operating growth of the existing business rather than funding a major new manufacturing facility or providing an exit to existing shareholders.
Nityas has substantially expanded its customer base, and concentration among its largest customers has declined over time. However, a significant share of revenue continues to come from a relatively small group of customers.
FY2023 Customer Concentration
| Customer concentration |
FY2023 |
| Top 5 customers |
89.35% |
| Top 10 customers |
97.17% |
FY2024 Customer Concentration
| Customer concentration |
FY2024 |
| Top 5 customers |
67.18% |
| Top 10 customers |
84.24% |
FY2025 Customer Concentration
| Customer concentration |
FY2025 |
| Top 5 customers |
62.02% |
| Top 10 customers |
76.68% |
FY2026 Customer Concentration
| Customer concentration |
FY2026 |
| Top 5 customers |
36.24% |
| Top 10 customers |
55.49% |
Customer concentration has therefore declined substantially over the company's operating history. The contribution from the top 10 customers fell from 97.17% of revenue from operations in FY23 to 76.68% in FY25 and 55.49% in FY26.
In FY26, Nityas generated approximately ₹112.60 crore from its top 10 customers, equivalent to 55.49% of revenue from operations. Its largest customer accounted for approximately 12.98% of FY26 revenue from operations.
The trend indicates increasing customer diversification. Nevertheless, with the top 10 customers still accounting for more than half of FY26 revenue, customer concentration remains an important factor to monitor.
Ayaani and Related-Party Context
There is an additional factor to consider when examining historical customer concentration.
During FY25, Nityas's largest customer was Ayaani Diamonds and Jewellery Private Limited, which contributed ₹18.87 crore, or 19.48% of revenue from operations.
Ayaani subsequently became a subsidiary of Nityas with effect from July 22, 2025.
The company's financial statements also disclose historical related-party transactions involving Ayaani and other related entities. This context is relevant when assessing historical customer concentration and revenue composition.
Nityas reported FY26 basic and diluted EPS of ₹5.52 on the basis presented in the peer comparison disclosed in the offer documents.
At the upper IPO price of ₹75:
P/E = ₹75 ÷ ₹5.52 = approximately 13.59x FY26 earnings
At the lower IPO price of ₹70:
P/E = ₹70 ÷ ₹5.52 = approximately 12.68x FY26 earnings
The offer document KPI disclosures also provide pre-issue EPS of ₹5.17 and post-issue EPS of ₹3.87 for the relevant valuation calculations.
At the upper price band of ₹75, these translate into:
The post-issue calculation reflects the increase in the number of outstanding equity shares following the fresh issue. Investors should therefore consider the EPS basis used when comparing the IPO valuation with listed peers.
The company's offer documents identify Golkunda Diamonds & Jewellery, Goldiam International and Renaissance Global as listed industry peers.
Revenue and P/E Comparison
| Company |
FY26 Revenue |
P/E* |
| Nityas Gems |
₹202.89 cr |
13.59x |
| Golkunda Diamonds & Jewellery |
₹281.50 cr |
16.61x |
| Goldiam International |
₹976.86 cr |
21.69x |
| Renaissance Global |
₹2,813.03 cr |
18.63x |
EPS and RoNW Comparison
| Company |
EPS |
RoNW |
| Nityas Gems |
₹5.52 |
43.75% |
| Golkunda Diamonds & Jewellery |
₹19.66 |
18.81% |
| Goldiam International |
₹15.11 |
18.38% |
| Renaissance Global |
₹8.40 |
6.09% |
*Nityas's P/E of approximately 13.59x is calculated using the upper IPO price of ₹75 and FY26 EPS of ₹5.52. Peer P/E ratios are based on the market-price measurement basis disclosed in the offer documents, including closing market prices as of September 10, 2026.
Nityas is smaller than its listed peers in terms of FY26 revenue, particularly compared with Goldiam International and Renaissance Global. Its FY26 RoNW stood at 43.75%, compared with 18.81% for Golkunda Diamonds & Jewellery, 18.38% for Goldiam International and 6.09% for Renaissance Global.
However, valuation multiples and return ratios should be considered alongside differences in business scale, operating history, business mix, customer concentration, working-capital requirements and cash-flow generation.
Want to compare Nityas Gems with other recent mainboard issues across sectors? Use the IPO dashboard to track issue details, pricing, subscription timelines and listing information.
Nityas has reported high Return on Net Worth, or RoNW, during its rapid growth phase.
| Period |
RoNW |
| FY23 |
19.66% |
| FY24 |
122.44% |
| FY25 |
70.17% |
| FY26 |
43.75% |
RoNW declined from 70.17% in FY25 to 43.75% in FY26, even as the company's absolute profit increased substantially.
The decline needs to be viewed in the context of the expansion in the company's equity base. Nityas's net worth increased from approximately ₹22.57 crore as of March 31, 2025 to ₹79.43 crore as of March 31, 2026.
For FY26, the company also reported ROCE of 42.93%, alongside a debt-to-equity ratio of 0.29x.
Although the FY26 return ratios remain high, historical RoNW should not automatically be extrapolated to the post-IPO period. The fresh issue will further increase the company's equity capital and net worth, which can materially change return ratios even if absolute profits continue to grow.
Several characteristics of Nityas's historical performance stand out from the IPO disclosures.
1. Rapid Revenue and Profit Growth
Revenue from operations increased from ₹11.67 crore in FY23 to ₹202.89 crore in FY26, while PAT increased from approximately ₹0.25 crore to ₹22.32 crore over the same period.
Revenue increased by approximately 109.5% year-on-year in FY26, while PAT increased by approximately 128%.
2. Improving Profit Margins
Nityas has demonstrated substantial margin expansion during its disclosed operating history.
EBITDA margin increased from 4.19% in FY23 to 13.32% in FY25 and 15.27% in FY26, while PAT margin increased from 2.10% in FY23 to 10.11% in FY25 and 11.00% in FY26.
3. Improving Customer Diversification
The contribution from Nityas's top 10 customers declined from 97.17% of revenue from operations in FY23 to 76.68% in FY25 and 55.49% in FY26.
Although customer concentration remains significant, the decline in the share contributed by the company's largest customers indicates a broader revenue base.
4. Available Manufacturing Capacity
Nityas has an installed manufacturing capacity of 360 kg per annum. In FY26, actual production stood at 162.77 kg, translating into capacity utilisation of approximately 45.21%.
Based on FY26 production levels, the company therefore had significant unused manufacturing capacity available to support further growth without an immediate expansion in installed capacity.
5. Entirely Fresh Issue
The IPO contains no OFS component. Capital raised through the issue will go to the company, subject to issue expenses, with ₹70 crore of net proceeds proposed for working-capital requirements.
The Nityas Gems & Jewellery IPO also requires close attention to the company's cash conversion, working-capital profile, concentration and limited operating history.
1. Persistent Negative Operating Cash Flow
Nityas reported negative operating cash flow in FY23, FY24, FY25 and FY26, despite reporting profits.
Operating cash outflow increased from approximately ₹10.05 crore in FY25 to ₹14.73 crore in FY26, even as FY26 PAT reached ₹22.32 crore.
If growth continues without an improvement in cash conversion, the business could continue requiring substantial capital to finance operations.
2. Rising Working-Capital Requirements
Net working-capital days increased from 39 days in FY23 to 105 days in FY25 and 135 days in FY26.
The company's standalone working-capital requirement increased to ₹44.95 crore in FY26, while the FY27 requirement is estimated at ₹128.30 crore.
This explains why ₹70 crore of IPO proceeds is proposed for working capital, but it also highlights the amount of capital required to support the company's growth.
3. Customer Concentration
Although customer concentration has improved considerably, the top 10 customers still contributed 55.49% of FY26 revenue from operations.
The company's largest customer accounted for approximately 12.98% of FY26 revenue from operations.
A material reduction in business from significant customers could therefore affect revenue and profitability.
4. Short Operating History
Nityas was incorporated only in April 2022.
Investors consequently have a relatively short historical period over which to assess whether the company's high growth rates, margins and return ratios can be sustained across different operating conditions.
5. Dependence on Lab-Grown Diamond Jewellery Demand
The company's core operations are concentrated in lab-grown diamond-studded gold jewellery.
Its performance is therefore exposed to consumer acceptance, pricing trends and competitive conditions within the lab-grown diamond jewellery segment. Changes in demand or competitive intensity could affect revenue and margins.
6. Gold and Raw-Material Exposure
Jewellery manufacturing requires substantial inventory. Changes in gold and other input costs, procurement conditions and inventory management can influence both profitability and working-capital requirements.
7. Manufacturing Capacity Utilisation
Nityas has installed manufacturing capacity of 360 kg per annum. Capacity utilisation stood at 32.00% in FY25, while annualised capacity utilisation based on production during the six months ended September 30, 2025 stood at 48.05%.
The available capacity provides room for further production growth. However, if demand does not grow sufficiently to utilise this capacity, the company may not realise the intended operating leverage from its manufacturing infrastructure.
8. Related-Party Considerations
The offer documents disclose related-party transactions, including historical sales to Ayaani before it became a subsidiary.
The DRHP also identifies potential conflicts involving promoters, directors and promoter-group entities as matters requiring investor attention.
9. Outstanding Litigation
The DRHP discloses outstanding legal proceedings involving the company, its subsidiaries and promoters.
At the DRHP stage, one tax proceeding against the company involved approximately ₹2.68 crore.
Since litigation positions can change between the DRHP and final offer documents, the final RHP/prospectus should be checked for the latest disclosed position before bidding.
Interested in applying for the Nityas Gems & Jewellery IPO? Apply online through Zerodha.
The promoters disclosed in Nityas Gems and Jewellery's offer documents are:
- Rajnikant Lallubhai Chanchad
- Sonalben Rajnikant Chanchad
- Savaliya Dhruv Janakbhai
According to the company, its promoters collectively have more than 25 years of experience in the jewellery industry and participate across areas including design, manufacturing, quality control, customer relationships and strategy.
The DRHP also states that, as of its date, the promoters had not been declared wilful defaulters or fraudulent borrowers, had not been debarred from accessing the capital markets and had no pending proceedings for securities-law violations.
The central feature of the Nityas Gems & Jewellery IPO analysis is the contrast between rapid growth in reported earnings and weak operating cash conversion.
Revenue from operations increased from ₹96.85 crore in FY25 to ₹202.89 crore in FY26, while PAT increased from ₹9.79 crore to ₹22.32 crore. EBITDA reached ₹30.97 crore, with EBITDA margin improving to 15.27%.
However, cash flow from operating activities remained negative at ₹14.73 crore in FY26, while net working-capital days increased from 105 days in FY25 to 135 days in FY26.
Working-capital efficiency and the conversion of reported earnings into operating cash flow are therefore important metrics to track after the IPO.
At the upper IPO price of ₹75, FY26 EPS of ₹5.52 implies a P/E of approximately 13.59x on that EPS basis. The offer document KPI disclosures also provide a post-issue EPS of ₹3.87, which translates into a post-issue P/E of approximately 19.38x at ₹75.
Peer valuation multiples provide additional context but should be considered alongside differences in operating scale, business mix, customer concentration, operating history and cash-flow generation.
The IPO is entirely a fresh issue, with ₹70 crore of net proceeds proposed for working-capital requirements. An important post-listing metric will therefore be whether the additional capital enables Nityas to sustain its growth while improving cash conversion.
Nityas Gems & Jewellery IPO GMP
The provided offer-document data does not contain a verified Nityas Gems & Jewellery IPO GMP figure. Grey market premium is unofficial and can change frequently, so no GMP number has been included without verified data.
Investors evaluating the issue should distinguish unofficial grey-market activity from the company's disclosed financial performance, IPO valuation and risk factors.
1. What are the Nityas Gems & Jewellery IPO dates?
The Nityas Gems & Jewellery IPO opens on September 30, 2026, and closes on October 5, 2026. The shares are proposed to be listed on both BSE and NSE.
2. What is the Nityas Gems & Jewellery IPO price and issue size?
The Nityas Gems & Jewellery IPO price band is ₹70 to ₹75 per share. The company proposes to issue up to 1,44,56,000 fresh shares, resulting in an issue size of approximately ₹101.19 crore at ₹70 and ₹108.42 crore at ₹75.
3. What is the Nityas Gems & Jewellery IPO valuation?
Based on FY26 EPS of ₹5.52, the IPO is valued at approximately 12.68x FY26 earnings at ₹70 and 13.59x at ₹75 on that EPS basis.
The offer-document KPI disclosures also provide post-issue EPS of ₹3.87, which implies a post-issue P/E of approximately 19.38x at the upper price band of ₹75.
4. What will Nityas Gems use the IPO proceeds for?
Nityas Gems proposes to use ₹70 crore of net IPO proceeds for working-capital requirements. The balance net proceeds, after accounting for issue-related expenses and the specified working-capital allocation, are intended for general corporate purposes. The IPO is entirely a fresh issue with no Offer for Sale.
5. What are the key financial strengths and risks of Nityas Gems?
Nityas recorded rapid growth, with revenue from operations reaching ₹202.89 crore in FY26, while PAT increased to ₹22.32 crore and EBITDA margin improved to 15.27%.
Key risks include persistent negative operating cash flows, rising working-capital requirements, customer concentration, a short operating history, exposure to demand for lab-grown diamond jewellery, related-party considerations and outstanding litigation. FY26 operating cash flow remained negative at ₹14.73 crore, while net working-capital days increased to 135 days.
Source Note
This analysis is based on Nityas Gems and Jewellery Limited's offer documents and disclosures filed with the relevant regulatory and stock-exchange authorities, together with issue information published by the Book Running Lead Manager.
Financial figures, business information, risk factors, objects of the issue, peer comparisons and other company-specific disclosures have been taken from the company's offer documents. IPO terms reflect information available as of September 28, 2026.
Investors should refer to the final offer documents and stock-exchange notices for the applicable issue terms and any subsequent material disclosures.