Omara Ventures India Limited is a Chandigarh-based jewellery retailer operating under the OMARA brand. The company sells jewellery made using natural diamonds, precious and semi-precious gemstones, gold, platinum and silver through its retail business. The Omara Ventures IPO is a BSE SME IPO comprising 13.50 lakh fresh equity shares at a price band of ₹296 to ₹311 per share. The issue is scheduled to open on 30 September 2026 and close on 5 October 2026, with a proposed listing on 8 October 2026.
At the upper price band, the Omara Ventures IPO issue size is approximately ₹41.99 crore. The company plans to use the proceeds primarily towards repayment or prepayment of borrowings, long-term working capital, capital expenditure and marketing. This Omara Ventures IPO analysis examines its business model, financial performance, valuation, peer comparison, IPO objectives, strengths and risks based on the company's offer-document disclosures.
Table of Contents
- Omara Ventures IPO Details
- About Omara Ventures India
- Omara Ventures Business Model
- Omara Ventures Financial Performance
- Omara Ventures Profitability
- Omara Ventures IPO Use of Proceeds
- Omara Ventures IPO Valuation
- Omara Ventures IPO Peer Comparison
- Omara Ventures IPO Strengths
- Omara Ventures IPO Risks
- Omara Ventures IPO GMP
- Omara Ventures IPO: Key Points to Track
- Omara Ventures IPO Analysis: Conclusion
- Omara Ventures IPO FAQs
The Omara Ventures IPO is a fresh issue of equity shares proposed to be listed on the BSE SME platform. The company has received in-principle approval for the proposed listing. The RHP is dated 22 September 2026.
| Particulars |
Details |
| Company |
Omara Ventures India Limited |
| Brand |
OMARA |
| IPO Type |
SME IPO |
| Exchange |
BSE SME |
| RHP Date |
22 September 2026 |
| IPO Open Date |
30 September 2026 |
| IPO Close Date |
5 October 2026 |
| Price Band |
₹296 to ₹311 per share |
| Issue Size |
Approximately ₹41.99 crore |
| Fresh Issue |
13,50,000 equity shares |
| Offer for Sale |
Nil |
| Face Value |
₹10 per share |
| Lot Size |
400 shares |
| Minimum Application |
800 shares |
| Minimum Investment at Upper Band |
₹2,48,800 |
| Proposed Listing Date |
8 October 2026 |
| Lead Manager |
Wealth Mine Networks Private Limited |
| Registrar |
Bigshare Services Private Limited |
The minimum bid lot is 400 shares, while the minimum application is two lots, or 800 shares. At the upper price band of ₹311, an application for 800 shares requires ₹2,48,800.
The proposed listing date is 8 October 2026, subject to completion of the applicable IPO and listing process.
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Get the latest Omara Ventures IPO details, including its price band, issue size, lot size, minimum investment and proposed BSE SME listing.
Omara Ventures India operates a retail jewellery business under the OMARA brand. The company is based in Chandigarh and its retail operations are centred around its boutique presence.
Its jewellery portfolio includes products made using natural diamonds, precious and semi-precious gemstones, gold, platinum and silver.
The product range includes:
- Rings
- Earrings
- Necklaces
- Bracelets
- Other jewellery products
The company caters to jewellery requirements associated with weddings, festive occasions, gifting and everyday use.
According to the company's business disclosures, Omara follows a design-led approach. Product conceptualisation, design development, customer preference analysis, curation and merchandising are undertaken in-house, while manufacturing and product development are carried out through supply partners based on the company's specifications and quality requirements. The company also provides customised jewellery services.
Omara Ventures follows a retail-led jewellery model under the OMARA brand. Its role extends beyond simply selling jewellery, as the company retains control over design conceptualisation and product curation while using external supply partners for manufacturing.
This structure allows the company to focus on areas such as:
- Product design and curation
- Understanding customer preferences
- Merchandising
- Retail sales
- Brand positioning
- Customised jewellery
The company's manufacturing dependence on supply partners is also an important part of understanding its business model. It means production, quality and timely availability can partly depend on external manufacturing relationships.
The business primarily serves B2C customers through its retail boutique in Chandigarh.
Omara Ventures reported a significant improvement in revenue and profitability in FY2026. Revenue increased from ₹23.52 crore in FY2025 to ₹45.87 crore in FY2026, while PAT increased from ₹2.73 crore to ₹9.36 crore. The company's total debt also increased during the period.
FY2024 Financial Performance
| Particulars |
FY2024 |
| Revenue |
₹23.19 Cr |
| EBITDA |
₹1.83 Cr |
| PAT |
₹0.31 Cr |
| Net Worth |
₹0.43 Cr |
| Total Debt |
₹11.23 Cr |
FY2025 Financial Performance
| Particulars |
FY2025 |
| Revenue |
₹23.52 Cr |
| EBITDA |
₹4.87 Cr |
| PAT |
₹2.73 Cr |
| Net Worth |
₹3.15 Cr |
| Total Debt |
₹13.94 Cr |
FY2026 Financial Performance
| Particulars |
FY2026 |
| Revenue |
₹45.87 Cr |
| EBITDA |
₹14.42 Cr |
| PAT |
₹9.36 Cr |
| Net Worth |
₹12.52 Cr |
| Total Debt |
₹22.42 Cr |
The FY2026 revenue of ₹45.87 crore represents an increase of approximately 95% over FY2025 revenue of ₹23.52 crore. PAT increased by approximately 243%, from ₹2.73 crore to ₹9.36 crore.
At the same time, total debt increased from ₹13.94 crore in FY2025 to ₹22.42 crore in FY2026. Therefore, the improvement in profitability needs to be considered alongside the company's leverage and working-capital requirements.
Revenue Growth
Omara Ventures' revenue remained broadly stable between FY2024 and FY2025, increasing from ₹23.19 crore to ₹23.52 crore. The more significant increase occurred in FY2026, when revenue reached ₹45.87 crore.
This means the FY2026 financial year was particularly important for the company's reported growth trajectory.
Profit Growth
EBITDA increased from ₹4.87 crore in FY2025 to ₹14.42 crore in FY2026. PAT increased from ₹2.73 crore to ₹9.36 crore over the same period.
The faster increase in EBITDA and PAT compared with revenue resulted in a substantial improvement in reported margins.
Omara Ventures reported strong profitability ratios for FY2026. However, the return ratios should be assessed alongside the company's relatively small net worth and debt position.
| FY2026 Metric |
Value |
| EBITDA Margin |
31.44% |
| PAT Margin |
20.42% |
| RoNW |
74.78% |
| ROCE |
85.38% |
| Debt-to-Equity |
1.79x |
The 31.44% EBITDA margin indicates that EBITDA represented around one-third of reported revenue in FY2026. PAT margin stood at 20.42%.
The company's RoNW of 74.78% and ROCE of 85.38% are also high in reported terms. However, these figures should not be considered independently because the company's FY2026 net worth was ₹12.52 crore, while total debt was ₹22.42 crore.
The debt-to-equity ratio of 1.79x indicates that borrowings were significant relative to shareholders' equity.
The Omara Ventures IPO is entirely a fresh issue, with the company proposing to raise funds for business requirements and balance-sheet purposes.
The proposed utilisation of IPO proceeds is as follows:
| Use of Funds |
Amount |
| Capital expenditure requirements |
₹2 crore |
| Marketing and promotional expenses |
₹2 crore |
| Repayment/prepayment of borrowings |
₹18 crore |
| Long-term working capital requirements |
₹10 crore |
| General corporate purposes |
Balance |
The largest identified allocation is ₹18 crore for repayment or prepayment of borrowings. This represents a significant component of the proposed use of proceeds and is relevant given the company's FY2026 total debt of ₹22.42 crore.
Another major allocation is ₹10 crore towards long-term working capital requirements. Jewellery retail businesses can require substantial funds for inventory and other operating requirements, making working capital an important area to monitor as Omara expands.
The company has also earmarked ₹2 crore each for capital expenditure and marketing and promotional activities.
The Omara Ventures IPO valuation can be assessed using the company's disclosed FY2026 EPS and the proposed IPO price.
At the upper price band of ₹311 per share, the company's post-issue market capitalisation is approximately ₹135.60 crore.
The company has disclosed FY2026 basic and diluted EPS of ₹31.11.
Based on the upper IPO price of ₹311, the pre-issue P/E is approximately 10.00x when calculated using the disclosed FY2026 EPS.
However, after considering the additional shares issued through the IPO, the post-issue P/E is approximately 14.48x. This distinction is important because the fresh issue increases the company's post-issue equity share capital.
| Valuation Metric |
Omara Ventures |
| Upper IPO Price |
₹311 |
| FY2026 EPS |
₹31.11 |
| Pre-issue P/E |
10.00x |
| Post-issue P/E |
14.48x |
| Post-issue Market Capitalisation |
Approx. ₹135.60 Cr |
| FY2026 RoNW |
74.78% |
| FY2026 ROCE |
85.38% |
The post-issue P/E is the more relevant multiple when comparing the IPO valuation with the post-issue capital structure.
The valuation should also be viewed in the context of the company's relatively small revenue base, debt position, retail concentration and the differences between Omara Ventures and its identified listed peers.
Omara Ventures has identified Bluestone Jewellery and Lifestyle, PNGS Reva Diamond Jewellery, PN Gadgil Jewellers and Advit Jewels as industry peers.
The peer comparison below uses FY2026 P/E and RoNW figures disclosed in the company's offer-document comparison. The underlying peer financial information is based on FY2026 results submitted to the stock exchanges.
| Company |
FY2026 P/E |
FY2026 RoNW |
| Omara Ventures |
14.48x* |
74.78% |
| Bluestone Jewellery |
496.23x |
0.73% |
| PNGS Reva Diamond Jewellery |
14.66x |
12.55% |
| PN Gadgil Jewellers |
22.84x |
20.88% |
| Advit Jewels |
17.42x |
37.14% |
*Omara Ventures' P/E is based on the post-issue valuation at the upper IPO price band.
The offer-document comparison itself states that the identified companies are not strictly comparable because of differences in the nature and size of their businesses. Therefore, the table should be used as a broad reference rather than as a direct like-for-like valuation comparison.
Omara Ventures' FY2026 revenue of ₹45.87 crore is substantially smaller than the revenues disclosed for the listed peers in the comparison. This difference in scale is important when interpreting both the P/E and RoNW figures.
The following factors are relevant when analysing the company's business and proposed IPO structure.
1. Revenue and Profit Growth
Omara Ventures reported a substantial increase in FY2026 revenue and profit.
Revenue increased from ₹23.52 crore in FY2025 to ₹45.87 crore in FY2026, while PAT increased from ₹2.73 crore to ₹9.36 crore.
EBITDA also increased from ₹4.87 crore to ₹14.42 crore during the same period.
The sustainability of this growth will be important because FY2026 represents a significant acceleration compared with the previous year.
2. Proposed Debt Reduction
The company plans to allocate ₹18 crore of IPO proceeds towards repayment or prepayment of borrowings.
This is the largest identified use of funds and is particularly relevant because total debt stood at ₹22.42 crore at the end of FY2026.
If implemented as proposed, this use of IPO proceeds is intended to reduce the company's outstanding borrowing burden.
3. Working Capital Support
Omara Ventures has earmarked ₹10 crore towards long-term working capital requirements.
For a jewellery retailer, inventory and operating working-capital requirements are important because the business needs to maintain sufficient product availability across its jewellery categories.
The ability to deploy this capital efficiently will be relevant to the company's future operations.
4. Design-led Retail Model
The company retains product conceptualisation and curation in-house while using supply partners for manufacturing.
This model allows Omara to focus on design, customer preferences, merchandising and retail while relying on external partners for manufacturing.
The company also offers customised jewellery, which forms part of its product proposition.
An Omara Ventures IPO review also needs to consider the risks disclosed or identifiable from the company's financial and business structure.
1. Negative Operating Cash Flow
The company's cash-flow position requires attention because reported accounting profits do not necessarily translate into equivalent operating cash generation.
For investors, the relevant areas to monitor include:
- Operating cash flow
- Inventory levels
- Receivables
- Working-capital movements
- Cash conversion of reported profits
This is particularly relevant for a jewellery retailer because funds can be tied up in inventory and working capital.
2. Small Business Scale
Omara Ventures remains a relatively small jewellery retailer based on its FY2026 revenue of ₹45.87 crore.
The listed companies included in its peer comparison operate at substantially different scales. Consequently, Omara's future performance can be more sensitive to the success of individual expansion initiatives and changes in its existing retail business.
3. Debt
Total debt increased to ₹22.42 crore at the end of FY2026, compared with ₹13.94 crore in FY2025.
The FY2026 debt-to-equity ratio was 1.79x.
The proposed allocation of ₹18 crore towards debt repayment or prepayment therefore represents an important part of the IPO structure.
Investors should monitor the company's debt levels after the IPO and assess whether future growth requires additional borrowing.
4. Jewellery Price Risk
Omara's products use gold, natural diamonds, precious and semi-precious gemstones, platinum and silver.
Changes in the prices of these materials can affect procurement costs, inventory values and margins. The effect can also depend on how changes in input prices are reflected in jewellery selling prices.
5. Retail Concentration
The company's retail operations are centred around its Chandigarh presence.
This creates a concentration consideration because future growth will depend partly on the company's ability to expand its customer base and retail footprint beyond its existing operations.
The proposed expenditure on capital expenditure, marketing and working capital is therefore relevant to the company's expansion plans.
6. Outsourced Manufacturing
Omara uses supply partners for manufacturing and product development based on its designs and specifications.
This creates dependence on external partners for production capacity, quality control and timely supply.
Any disruption affecting these relationships could potentially affect product availability and business operations.
7. SME Listing
The Omara Ventures IPO is proposed to be listed on the BSE SME platform.
Investors should therefore consider the trading and liquidity characteristics associated with SME-listed securities in addition to the company's underlying financial performance and valuation.
Omara Ventures IPO GMP, or grey market premium, is an unofficial market indicator and is not part of the company's RHP or the formal IPO price-discovery process.
As the IPO is scheduled to open on 30 September 2026, any GMP quoted before listing should be treated separately from the company's disclosed financial information and valuation. Current third-party trackers show no meaningful GMP premium at the time of writing, but such figures can change and are not an authoritative measure of the company's intrinsic value.
For an Omara Ventures IPO analysis, investors should therefore give greater weight to the company's RHP disclosures, financial statements, IPO valuation, use of proceeds, debt position and operating cash flows rather than relying on GMP alone.
Investors analysing the Omara Ventures IPO should monitor several factors after the issue.
Sustainability of Revenue Growth
FY2026 revenue nearly doubled compared with FY2025. Future financial results will indicate whether this growth rate can be maintained.
Profit and Cash Conversion
The company reported PAT of ₹9.36 crore in FY2026. Investors should compare future profit growth with operating cash flow to assess cash conversion.
Debt Reduction
The company has proposed using ₹18 crore of IPO proceeds for repayment or prepayment of borrowings. The actual reduction in debt after the IPO will be an important balance-sheet metric.
Working Capital
₹10 crore has been allocated towards long-term working capital. Changes in inventory, receivables and operating cash flow will help indicate how efficiently this capital is being used.
Retail Expansion
Omara's current retail operations are centred around Chandigarh. Its ability to expand its retail presence and customer base will be relevant to future growth.
Jewellery Input Prices
Gold, diamond, gemstone, platinum and silver price movements can affect procurement costs, inventory and margins.
Marketing and Capital Expenditure
The company has allocated ₹2 crore each towards marketing and promotional expenses and capital expenditure. Execution of these initiatives will be relevant to its expansion plans.
SME Market Liquidity
After the proposed BSE SME listing, trading volumes and market liquidity will be additional factors investors should monitor.
Interested in applying for the Omara Ventures IPO? Apply online through Zerodha.
Omara Ventures India Limited is a small jewellery retailer operating under the OMARA brand. The company reported significant growth in FY2026, with revenue increasing to ₹45.87 crore, EBITDA reaching ₹14.42 crore and PAT rising to ₹9.36 crore.
At the same time, total debt increased to ₹22.42 crore, resulting in a FY2026 debt-to-equity ratio of 1.79x. This makes debt reduction and cash generation important factors in assessing the company's financial position.
The company is raising approximately ₹41.99 crore through a fresh issue at the upper price band of ₹311 per share. Of the identified IPO proceeds, ₹18 crore is proposed for repayment or prepayment of borrowings, while ₹10 crore is earmarked for long-term working capital requirements.
At ₹311 per share, the company's disclosed FY2026 EPS of ₹31.11 implies a pre-issue P/E of approximately 10.00x. On a post-issue basis, the P/E is approximately 14.48x. The distinction is important because the fresh issue increases the company's equity share capital.
The company's identified listed peers include Bluestone Jewellery and Lifestyle, PNGS Reva Diamond Jewellery, PN Gadgil Jewellers and Advit Jewels. However, the offer-document comparison notes that these businesses are not strictly comparable because of differences in their nature and size.
For investors studying the Omara Ventures IPO 2026, the key areas to evaluate are the sustainability of FY2026's revenue and profit growth, conversion of earnings into operating cash flow, reduction in debt after the IPO, working-capital requirements, retail expansion, jewellery input-price movements and the liquidity of the proposed BSE SME-listed shares.
Want to compare Omara Ventures with other SME offerings on issue size, price band and minimum application requirements? Check the latest SME IPO details for recent issues.
1. What is the Omara Ventures IPO?
The Omara Ventures IPO is a fresh issue of 13.50 lakh equity shares by Omara Ventures India Limited. The IPO is proposed to be listed on the BSE SME platform and has a price band of ₹296 to ₹311 per share. At the upper price band, the issue size is approximately ₹41.99 crore.
2. What are the Omara Ventures IPO dates?
The Omara Ventures IPO is scheduled to open on 30 September 2026 and close on 5 October 2026. The proposed listing date is 8 October 2026.
3. What is the Omara Ventures IPO price?
The Omara Ventures IPO price band is ₹296 to ₹311 per equity share. The face value of each equity share is ₹10.
4. What is the minimum investment for the Omara Ventures IPO?
The lot size is 400 shares, while the minimum application is 800 shares, or two lots. At the upper price band of ₹311, the minimum application amount is ₹2,48,800.
5. What is the Omara Ventures IPO valuation?
At the upper price band of ₹311, Omara Ventures has a disclosed FY2026 EPS of ₹31.11. This corresponds to a pre-issue P/E of approximately 10.00x and a post-issue P/E of approximately 14.48x. The post-issue market capitalisation is approximately ₹135.60 crore.