Advit Jewels IPO

Advit Jewels manufactures handcrafted fine jewellery in Jaipur — necklaces, earrings, rings, bangles and made-to-order pieces, specialising in Kundan and Polki work using gold, diamond polki and coloured stones, made in 14- and 18-carat gold. Most of what it makes is sold to other jewellers: dealers, showrooms and national, regional and family retailers who resell it, with a smaller direct-to-consumer business for exclusive commissions. Production runs from one leased 6,450 sq ft unit in Jaipur equipped with 3D printers, casting and polishing machines, covering melting through to final finishing. The company was incorporated in October 2019 to carry on a family jewellery business trading under the Rambhajo name, which the prospectus traces to a Jaipur venture started in 1921. It employed 111 people at 30 April 2026.

Revenue is wholesale jewellery sales. In FY25, B2B retail jewellers took 78.40% of the ₹124.94 Cr revenue, B2C 18.37% and job work 3.23%; the top ten customers were 54.17%. Materials dominate cost — ₹130.12 Cr of gold and stones consumed in FY25, of which ₹48.03 Cr went into building inventory rather than into goods sold — against a 32.89% gross margin and 29.73% EBITDA margin. The structural constraint is working capital: inventory of ₹107.24 Cr at 31 March 2025 equalled 85.83% of revenue and turned in 199 days, and B2B buyers get one to two months' credit, so FY25 operating cash flow was negative ₹36.98 Cr despite ₹25.37 Cr of profit. Borrowings reached ₹74.80 Cr; the issue repaid ₹65 Cr of bank debt.