Nityas Gems & Jewellery IPO: GMP, Price Band, Financials & Review

Nityas Gems & Jewellery Ltd. is launching a Mainboard IPO of ₹108.35 crore. The issue is entirely a fresh issue of 1,44,56,000 shares, with no offer for sale. It opens on 30 September 2026 and closes on 5 October 2026, with a price band of ₹70 to ₹75 per share. The shares are proposed to list on NSE and BSE, with a tentative listing date of 8 October 2026.

Nityas Gems & Jewellery IPO Details

Up to 50% of the net offer is reserved for QIBs, at least 35% for retail investors and at least 15% for NIIs. Retail investors can apply for up to 13 lots (2,600 shares, ₹1,95,000). New investors can read how to apply for an IPO in India.

About Nityas Gems & Jewellery

Incorporated in April 2022, Nityas designs, makes and sells gold jewellery studded with lab-grown diamonds. It started operations in July 2022 as a B2B manufacturer. It sells to organised retailers, standalone retailers and wholesalers. It also runs direct-to-consumer (D2C) omnichannel retail through its subsidiary, Ayaani Diamonds and Jewellery Private Limited, which it acquired in July 2025.

• Products: rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles. The focus is on lightweight, affordable jewellery for daily wear, occasions, men's jewellery and custom orders.
• B2B customers: the company names GIVA, Palmonas, ONYA and Ladia Diamonds among its prominent customers.
• Reach: it supplies jewellery across 18 states and 2 Union Territories in India. It also has customers in the UAE, Australia, Canada, Taiwan and Kenya.
• Facilities: it has a manufacturing facility in Surat, Gujarat, with in-house design, prototyping and production. Ayaani runs an online store and 10 physical stores across eight cities.
• Workforce: as of 31 August 2026, it had 192 full-time employees, including 122 in-house karigars and 29 designers.

Financial Performance

Restated consolidated figures, ₹ crore:

• Total income grew about 80% in FY25 and about 110% in FY26.
• PAT rose about 144% in FY25 and about 128% in FY26, to ₹22.32 crore.
• The balance sheet grew very quickly. Total assets rose nearly 10 times in two years, while borrowings stayed low at ₹9.08 crore in FY26.
• FY26 figures are consolidated and cover a period after the Ayaani acquisition in July 2025. Keep this in mind when comparing them with earlier years.

Key Ratios & Valuation

For FY26, the RHP reports RoNW of 43.75%, ROCE of 42.93%, debt/equity of 0.29, a PAT margin of 11.00%, an EBITDA margin of 15.27%, NAV of ₹15.13 per share and price-to-book of 4.96x.

For comparison, here are the issue P/E ratios of recently listed jewellery companies: Deepa Jewellers 13.85, Priority Jewels 15.21, Shankesh Jewellers 10.24, Lalithaa Jewellery Mart 9.95, Advit Jewels 18.41 and PNGS Reva Diamond Jewellery 10.96. At 19.38x post-issue earnings, Nityas is priced above all of them. See our guide to IPO valuation ratios.

Objects of the Issue

1. Funding working capital requirements: ₹70.00 crore
2. General corporate purposes

Shareholding & Promoters

The promoters are Rajnikant Lallubhai Chanchad, Sonalben Rajnikant Chanchad and Savaliya Dhruv Janakbhai.

The total share count rises from 4,31,37,248 to 5,75,93,248 after the issue.

Nityas Gems & Jewellery IPO GMP Today

The grey market premium (GMP) for Nityas Gems & Jewellery was ₹9 (about 12%) as of 29 September 2026, the same as on 28 September. GMP is an unofficial, unregulated grey-market indicator that changes daily. It does not guarantee the listing price. Track the live GMP and read what GMP is before relying on it.

Strengths

According to the company, its strengths are:

• Strong financial performance with consistent growth.
• A good position to benefit from the growth of lab-grown diamond jewellery.
• Manufacturing backed by in-house design and technology.
• An integrated B2B and D2C business model with a growing, diversified customer base.
• A skilled in-house workforce, which helps with quality control and reduces dependence on outside job work.

Risks to Consider

• Short track record: The company began operations only in July 2022, so it has just a few years of history.
• Acquisition effect: FY26 includes Ayaani after the July 2025 acquisition, so part of the growth may not be organic. Year-on-year comparisons need care.
• Working capital needs: ₹70 crore of the proceeds goes to working capital, which suggests the business needs a lot of working capital to grow.
• Valuation: A post-issue P/E of 19.38x and price-to-book of 4.96x are above the P/E of every listed jewellery peer shown above.
• Dilution and promoter stake: The fresh issue adds about 33.5% more shares, cutting EPS from ₹5.17 to ₹3.87. The promoter holding falls to 43.51%.
• Product focus: The business depends on one category, gold jewellery studded with lab-grown diamonds.

How to Check Allotment Status

Allotment is expected to be finalised on 6 October 2026. Bigshare Services Pvt. Ltd. is the registrar. You can check your status on our allotment status page. Refunds and credit of shares are expected on 7 October 2026. For the process, read how IPO allotment works.

Disclaimer: This article is for educational purposes only and is not investment advice. GMP is unofficial and can change quickly. Read the RHP and consult a SEBI-registered adviser before investing.