Nityas Gems and Jewellery Limited
PROSPECTUS · filed 07 Oct 2026
Nityas Gems and Jewellery Limited is a manufacturer and supplier of lab-grown diamond jewellery that entered the direct-to-consumer model in July 2025 through the acquisition of Ayaani Diamonds. The company is raising Rs 108.35 crore via a fresh issue with no offer for sale component. The company has demonstrated strong financial growth, with revenue from operations increasing at a CAGR of 94.46% to Rs 202.894 crore in the latest fiscal year, and it reported a profit of Rs 22.315 crore. The most material risk is high customer concentration, as the top 10 customers contributed 84.24% of revenue in the latest fiscal year, creating a disproportionate impact on the business if these relationships change.
What stands out
Risk factor. Our revenue from operations is significantly concentrated among a limited number of B2B customers. During Fiscal 2026, Fiscal 2025 and Fiscal 2024, our top 10 customers contributed 55.49%, 76.68% and 84.24% of our revenue from operations, respectively.
Risk factor. Any reduction in business from such customers or inability to diversify our customer base may materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.
Risk factor. Our dependence on a limited number of customers exposes us to the risk that any adverse change in the business, financial condition, procurement strategies, inventory planning, credit policies or operational requirements of such customers could have a disproportionate and material impact on our busi
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
Low leverage. Debt-to-equity of 0.12x.
Strong revenue growth. Restated revenue CAGR of 94.5%.
Healthy return on equity. ROE of 28.1%.
How the offer is structured
Fresh issue
₹108 Cr
New capital into the company
OFS share
0%
- Funding Working Capital requirements of our Company₹70.0 Cr
- General corporate purposes₹21.5 Cr
Restated financials
Revenue
₹203 Cr
Latest fiscal year
Profit after tax
₹22.3 Cr
Revenue CAGR
94.5%
Return on equity
28.1%
Debt / equity
0.12
EBITDA margin
15.3%
P/E at upper band
13.59
Only in a priced RHP
PAT CAGR
135.5%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹53.7 Cr | ₹4.0 Cr | ₹5.3 Cr | |
| 2025 | ₹96.8 Cr | ₹9.8 Cr | ₹22.6 Cr | |
| 2026 | ₹203 Cr | ₹22.3 Cr | ₹79.4 Cr |
Promoters, litigation & related parties
Promoter (pre)
60.0%
Related-party
14.6%
Share of revenue
Except as stated in this section, there are no outstanding: (a) criminal proceedings; (b) actions by statutory or regulatory authorities; (c) claims relating to direct and indirect taxes (in a consolidated manner); and (d) Material Litigation (as defined below); involving our Company, our Directors and our Promoters. Further, except as stated in this section, there are no disciplinary actions (including penalties) imposed by SEBI or the Stock Exchanges against our Promoters in the last five (5) FYs, including any outstanding action. Further except as stated in this section, there are no outstanding (i) criminal proceedings and (ii) actions taken by regulatory or statutory authorities, against any Key Managerial Personnel and Senior Management of our Company. It is clarified that for the above purposes, pre-litigation notices received by Relevant Parties, unless otherwise decided by our Board, are not evaluated for materiality until such time that the Relevant Parties are impleaded as defendants in litigation proceedings before any judicial forum. Except as stated in this Section, there are no outstanding material dues to creditors of our Company.
Risks the company discloses
Our revenue from operations is significantly concentrated among a limited number of B2B customers. During Fiscal 2026, Fiscal 2025 and Fiscal 2024, our top 10 customers contributed 55.49%, 76.68% and 84.24% of our revenue from operations, respectively.(Customer Concentration)
Any reduction in business from such customers or inability to diversify our customer base may materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.(Customer Concentration)
Our dependence on a limited number of customers exposes us to the risk that any adverse change in the business, financial condition, procurement strategies, inventory planning, credit policies or operational requirements of such customers could have a disproportionate and material impact on our business and financial performance.(Customer Concentration)
We are dependent on such customers for repeat orders and expect to continue to rely on them.(Customer Concentration)
We entered into the D2C model in July 2025 through the acquisition of Ayaani Diamonds and Jewellery Private Limited, which was previously one of our key B2B customers.(Integration Risk)
We do not separately track or maintain revenue from operations at an individual product-category level in our accounting and management information systems.(Data Limitation)
The manner of calculation and presentation of some financial and operational performance indicators, and the assumptions and estimates used in such calculations, may vary from those used by other companies in India and other jurisdictions.(Data Limitation)
Industry and market data used in this section has been derived from the industry report titled 'Lab Grown Diamond Jewellery Industry in India' dated March 23, 2026 and updated on September 11, 2026 prepared and issued by Care Analytics and Advisory Private Limited.(Data Reliability)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.