Yaashvi Jewellers IPO

Yaashvi Jewellers makes and trades gold jewellery from Jaipur, Rajasthan. Its core product is machine-made plain gold chains in 9K, 14K, 18K, 20K and 22K, sold both as finished chains and as the base element for mangalsutras, bracelets, anklets and earrings. It buys gold bullion from DGFT-nominated agencies and bullion dealers, works it at a leased 1,092 sq m unit in Jaipur, and has pieces hallmarked by the Bureau of Indian Standards. Alongside manufacturing it trades studded gold, diamond and gold-plated silver jewellery and gold bullion, and takes custom orders through job-workers. Buyers are mainly dealers, showrooms and small jewellery shops purchasing wholesale; it also sells retail from a display outlet at Gopal Ji ka Rasta and a showroom at Jagatpura, both in Jaipur. It had 65 permanent employees on 31 March 2026.

Revenue is the sale value of jewellery, gold inclusive, so the topline is large and the margin thin: FY26 revenue from operations was Rs 448.15 Cr with EBITDA of Rs 29.88 Cr, a 6.67% margin, and cost of materials consumed alone was Rs 304.14 Cr. Manufacturing contributed 71.37% of FY26 revenue and trading 28.63%. Gold is bought at a premium over the spot rate, so procurement terms and gold prices set the spread. Growth is funded by borrowing - Rs 65.36 Cr at 31 March 2026 against net worth of Rs 43.48 Cr - and demand is concentrated: the top ten customers were 59.63% of FY26 revenue, on purchase orders rather than contracts. Its plain-gold line used 53.09% of installed capacity in FY26.