Nityas Gems & Jewellery IPO is a mainboard offering from Nityas Gems and Jewellery Limited, a Surat-based manufacturer and retailer of diamond-studded gold jewellery. The company is raising ₹108.35 crores entirely through a fresh issue, with no Offer for Sale component, at a price band of ₹70 to ₹75 per share.
Three facts separate this IPO from a standard mainboard listing. First, grey market premium stands at ₹0. Second, retail investors get only 10% of the issue. Third, revenue grew 1,642% from ₹11.67 crores in FY2023 to ₹203.33 crores in FY2026. Each of those data points requires a separate read before applying.
What Nityas Gems & Jewellery Limited Makes and Sells
Nityas Gems and Jewellery Limited operates in diamond-studded gold jewellery manufacturing and retail, serving both business-to-business and direct-to-consumer segments. The company runs an omnichannel jewellery distribution model, combining trade supply with direct consumer sales.
Its gold jewellery portfolio covers rings, earrings, pendants, bracelets, mangalsutras, nose pins, and necklaces. The company also works with lab-grown diamonds as part of its product offering.
Both B2B jewellery and D2C jewellery channels are active. The company’s manufacturing and design capabilities sit in Surat, which is one of India’s primary diamond-processing centres.
Nityas Gems & Jewellery IPO Key Details, Lot Size and Timeline
The Nityas Gems & Jewellery IPO opens for subscription on September 30, 2026, and closes on October 5, 2026. Anchor investor bidding takes place on September 29, 2026.
| Detail | Value |
|---|---|
| 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 Crores (100% fresh issue) |
| OFS Component | Nil |
| Lot Size (Min) | 200 shares = ₹15,000 |
| Retail Maximum | 13 lots = 2,600 shares = ₹1,95,000 |
| S-HNI Minimum | 14 lots = 2,800 shares = ₹2,10,000 |
| Allotment Date | October 6, 2026 |
| Refund / Demat Credit | October 7, 2026 |
| Listing Date | October 8, 2026 |
| Listing Exchanges | BSE & NSE |
The allocation split is QIB 75%, NII 15%, and Retail 10%. This is a 100% fresh issue, so every rupee raised funds the company’s growth plans rather than exiting any existing shareholder.
The promoter group (Rajnikant Lallubhai Chanchad, Sonalben Rajnikant Chanchad, and others) holds 58.10% pre-IPO. That drops to 43.51% post-IPO, which means promoters will hold a minority stake after listing. The dilution is significant, even though no promoter shares are being sold via OFS.
Four Years of Explosive Revenue Growth: The Financial Story
The financial trajectory of Nityas Gems and Jewellery Limited is one of the steepest in recent mainboard history. Revenue grew from ₹11.67 crores in FY2023 to ₹203.33 crores in FY2026, a 1,642% increase over four years.
| Period | Revenue (₹ Cr) | Expenses (₹ Cr) | PAT (₹ Cr) | Assets (₹ Cr) |
|---|---|---|---|---|
| FY2023 | ₹11.67 | ₹11.36 | ₹0.25 | ₹6.08 |
| FY2024 | ₹53.66 | ₹48.73 | ₹4.02 | ₹11.75 |
| FY2025 | ₹96.85 | ₹84.95 | ₹9.79 | ₹39.87 |
| FY2026 | ₹203.33 | ₹176.40 | ₹22.32 | ₹116.42 |
PAT grew from a nominal ₹0.25 crores in FY2023 to ₹22.32 crores in FY2026. The PAT margin stands at 11.00% for FY2026.
What stands out is the trajectory’s steepness. A company reporting ₹11.67 crores in revenue in FY2023 and ₹203.33 crores just three years later carries genuine operational questions about how sustainable that pace is. The asset base expanded from ₹6.08 crores to ₹116.42 crores over the same period, reflecting the capital deployed to achieve that growth.
The working capital intensity of the business is clear from the IPO use of proceeds: ₹70 crores of the ₹108.35 crore raise goes toward working capital. Gold and diamond jewellery manufacturing runs on significant inventory float, and that ₹70 crore ask reflects the cash conversion cycle demands of scaling a precious jewellery business.
How Nityas Gems & Jewellery IPO Valuation Stacks Up Against Listed Peers
At the upper price band of ₹75 and an EPS of ₹5.52, Nityas Gems & Jewellery IPO prices at approximately 13.59x FY2026 earnings, lower than all three listed peers in the comparable jewellery segment. Full prospectus data is available via BSE’s DRHP filing portal and NSE’s corporate filings.
| Company | EPS (₹) | P/E (x) | RoNW (%) | NAV (₹) | Revenue (₹ Cr) |
|---|---|---|---|---|---|
| Nityas Gems & Jewellery | 5.52 | ~13.59x | 43.75% | 15.13 | 203.33 |
| Golkunda Diamonds & Jewellery Ltd | 19.66 | 16.61x | 18.81% | 115.22 | 281.50 |
| Goldiam International Limited | 15.11 | 21.69x | 18.38% | 97.95 | 976.86 |
| Renaissance Global Limited | 8.40 | 18.63x | 6.09% | 140.62 | 2,813.03 |
Nityas Gems P/E calculated at ₹75 upper price band divided by FY2026 basic EPS of ₹5.52.
The P/E discount to peers is real at 13.59x. But the ROE of 43.75% stands out as an outlier: all three peers report RoNW between 6.09% and 18.81%. That high ROE reflects a fast-growing, asset-light phase where the company’s equity base has not yet caught up with its earnings. The NAV of ₹15.13 is also dramatically lower than peers (₹97.95–₹140.62), which means the P/B at ₹75 is approximately 4.96x, a different picture from the headline P/E.
EBITDA margin stands at 15.27% and ROCE at 42.93%, both healthy for a jewellery manufacturer. The D/E ratio of 0.29 confirms low financial leverage.
The 10% Retail Quota in Nityas Gems & Jewellery IPO: What It Means
This mainboard IPO gives retail investors only 10% of the issue, compared to the standard 35% allocation in most mainboard IPOs. This is not a discretionary decision by the company; it follows a SEBI rule that applies when a company’s cumulative post-tax net profit over the three most recent financial years falls below ₹15 crores.
The three-year cumulative PAT for Nityas Gems and Jewellery Limited across FY2023, FY2024, and FY2025 was ₹0.25 + ₹4.02 + ₹9.79 = ₹14.06 crores. That figure sits just below SEBI’s ₹15 crore threshold, so the regulator mandates a QIB minimum of 75% and caps retail at 10%. Investors can review the SEBI ICDR Regulations for the full framework.
The practical consequence is reduced retail allotment odds. With only 10% of the issue reserved for Retail Individual Investors, oversubscription in the retail bucket leads to very high competition per lot. SEBI frames this rule as a safeguard, restricting smaller investor exposure to companies that have not yet demonstrated a sustained profit track record at the time of filing.
The Nityas Gems & Jewellery IPO GMP of ₹0 adds another data point. Grey market participants are not assigning any listing premium to this issue ahead of the subscription window. That does not predict listing performance, but it signals that secondary-market traders are not building positions based on expected pop. Compare this with the Adroit Industries IPO, which carried a GMP of ₹34 ahead of its September 30 listing, a sharp contrast.
Where the ₹108.35 Crores Go After Listing
The entire ₹108.35 crore raise is a fresh issue. No proceeds exit via selling shareholders.
| Purpose | Amount (₹ Crores) |
|---|---|
| Working Capital Requirements | ₹70.00 |
| General Corporate Purpose | ~₹38.35 |
₹70 crores (64.6% of proceeds) funds working capital for the business. For a diamond-studded gold jewellery manufacturer operating across both B2B and D2C channels, working capital intensity comes from raw material procurement cycles, finished goods inventory, and receivables from trade customers.
The remaining ~₹38.35 crores cover general corporate purposes. No specific capex or debt repayment was disclosed in the proceeds utilisation table, which means the deployment flexibility is broad, and investors should note the absence of a concrete capex plan typical of manufacturing IPOs.
Three Signals Worth Checking Before Applying for Nityas Gems & Jewellery IPO
The first signal on Nityas Gems & Jewellery IPO is the P/E discount. At ~13.59x, this issue prices at a meaningful discount to all three listed peers. For a company reporting 43.75% ROE and growing revenue at pace, that valuation does not appear stretched. The EBITDA margin of 15.27% and PAT margin of 11.00% both hold up against comparable listed jewellery businesses.
The second signal is the zero GMP. The Nityas Gems & Jewellery IPO carries no grey market premium heading into subscription. Investors looking for a quick listing-day exit should factor this in. Grey market premiums on this issue have remained flat, suggesting the secondary-market speculation that typically precedes a listing pop is absent here. Subscription trends from the QIB bucket, which controls 75% of allocation, will be the stronger signal to watch from October 1 onward. Institutional subscription data typically posts via Moneycontrol’s IPO tracker and Economic Times Markets.
The third signal is promoter dilution. The promoter group drops from 58.10% to 43.51% post-listing. This is not the result of an OFS exit; no existing shares are being sold. It is the mathematical effect of issuing new shares via the fresh issue. A promoter holding below 50% post-IPO can create governance dynamics that some institutional investors monitor carefully. Retail applicants should check the Nityas Gems & Jewellery IPO allotment on October 6 via the Bigshare Services registrar portal and review what QIB subscription came in before deciding on a long-term holding position.
Frequently Asked Questions (FAQs)
What is Nityas Gems & Jewellery IPO and when does it open? It is a mainboard IPO by Nityas Gems and Jewellery Limited, a diamond-studded gold jewellery manufacturer. The IPO opens September 30, 2026 and closes October 5, 2026.
How many shares can retail investors apply for? Retail investors can apply for a minimum of 1 lot (200 shares = ₹15,000) up to a maximum of 13 lots (2,600 shares = ₹1,95,000).
Why is the retail quota only 10% in this IPO? SEBI mandates a minimum 75% QIB allocation and caps retail at 10% when a company’s cumulative post-tax profit across the three most recent financial years is under ₹15 crores. Nityas Gems and Jewellery’s three-year PAT sum of ₹14.06 crores (FY23–FY25) falls just below that threshold.
What does a zero GMP mean for allotted investors? A grey market premium of ₹0 means informal pre-listing secondary-market traders are not bidding above the issue price. It reflects neutral short-term sentiment, not a fundamental assessment of the company’s value. GMP is informal and unregulated.
When does this IPO list and on which exchanges? The IPO lists on October 8, 2026, on both BSE and NSE. Allotment finalises October 6 and refunds plus demat credits process on October 7.
Disclaimer: This article is for informational and educational purposes only. It does not constitute investment advice or a recommendation to buy or sell any security. The author and ipocontrol.in are not registered with SEBI as investment advisors. IPO investments carry market risk. Past financial performance does not guarantee future results. Readers should conduct independent research and consult a SEBI-registered financial advisor before making investment decisions.