Nityas Gems & Jewellery IPO

Incorporated on April 26, 2022, Nityas Gems and Jewellery Limited designs, manufactures and sells lab-grown diamond studded gold jewellery in India. It began operations in July 2022 as a B2B manufacturer and supplier to jewellery retailers.

B2B: supplies organised retailers, standalone retailers and wholesalers across 18 states and 2 union territories, with GIVA, Palmonas, ONYA and Ladia Diamonds among its customers, and has also served buyers in the UAE, Australia, Canada, Taiwan and Kenya.

D2C: through its subsidiary Ayaani Diamonds and Jewellery Private Limited, acquired in July 2025, it runs an online store and ten retail stores in eight cities, seven company-operated and three franchise-operated, as of August 31, 2026.

Products: rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles, with a focus on lightweight, affordable daily-wear pieces.

B2B operations contributed 95.58% of revenue from operations in Fiscal 2026. The company aims to pair its manufacturing base with direct consumer reach to expand in the affordable lab-grown diamond jewellery segment.

Integrated B2B and D2C Model: The company combines B2B supply with D2C retail through Ayaani, acquired in July 2025. Its B2B customer count rose from 74 in Fiscal 2024 to 323 in Fiscal 2026, spread across 18 states and 2 union territories, while Ayaani runs ten stores in eight cities alongside an online storefront.

In-House Design and Manufacturing: Its Surat facility of about 7,000 sq. ft. has an installed capacity of roughly 360 kg of jewellery per annum and handles casting, setting and polishing in-house. CAD and CAM tools support a design library of over 32,000 designs, allowing both standard and customised orders for retailers.

Positioned for Lab-Grown Diamond Growth: According to the CareEdge Report, India's lab-grown diamond jewellery market is projected to grow at a CAGR of 15.8% from ₹34,501 million in CY25 to ₹71,890 million by CY30, while the global market is expected to reach USD 9,406 million by CY30, driven mainly by affordability.

Customer Concentration: The top 10 customers contributed ₹1,125.95 million, or 55.49% of revenue from operations, in Fiscal 2026, against 76.68% and 84.24% in the two earlier years. The largest single customer accounted for 12.98%. Losing or reducing business with these customers could hurt revenue and profitability.

Geographic Revenue Concentration: Gujarat, Karnataka, Telangana, Tamil Nadu and Maharashtra together contributed 85.03%, 92.71% and 94.42% of revenue from operations in Fiscal 2026, 2025 and 2024. Gujarat alone accounted for 37.40% in Fiscal 2026, so adverse regional developments could materially affect the business.

High Working Capital Needs: Working capital requirements on a standalone basis rose from ₹67.65 million in Fiscal 2024 to ₹449.46 million in Fiscal 2026, driven by inventory and customer credit. Part of the Net Proceeds will fund working capital, and any failure to finance or manage it could affect operations and cash flows.