Nityas Gems IPO

Nityas Gems and Jewellery designs and manufactures 18-carat and 14-carat gold jewellery set with lab-grown diamonds — rings, earrings, pendants, bracelets, mangalsutras, necklaces and bangles — from a single factory in Surat, Gujarat. Most of what it makes is sold business-to-business, manufactured to the specifications of organised jewellery retailers including GIVA, Palmonas, ONYA and Ladia Diamonds, alongside standalone retailers and wholesalers across 18 states and two union territories, with order-driven exports to the UAE, Australia, Canada, Taiwan and Kenya. In July 2025 it acquired Ayaani Diamonds and Jewellery, a direct-to-consumer brand running an online storefront and nine physical stores across seven Indian cities. The company was incorporated in April 2022 and began manufacturing that July.

Revenue is almost entirely B2B manufacturing: ₹871.56 million of ₹885.45 million in H1 FY2026, with the newly acquired D2C arm adding ₹13.14 million. Materials dominate the cost base — cost of materials consumed was 90.53% of total expenses in FY2025 — and lab-grown diamonds plus gold bullion were 88.38% of FY2025 raw-material purchases, so margins track metal and stone prices. The binding constraints are concentration and working capital: the top 10 customers were 76.68% of FY2025 revenue, the top 10 suppliers 94.31% of purchases, the single Surat plant ran at 32.00% of its 360 kg annual capacity in FY2025, and working capital rose from ₹12.42 million in FY2023 to ₹461.77 million by September 2025 — which ₹700 million of the proceeds funds.