Yaashvi Jewellers Ltd. IPO

Yaashvi Jewellers

• Yaashvi Jewellers is coming out with an initial public offering (IPO) of 52,86,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 83 per equity share.
• The issue will open on May 25, 2026 and will close on May 27, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 8.3 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance Officer for the issue is Kalu Ram Kumawat.

Profile of the company

Yaashvi Jewellers is engaged in manufacturing and trading of a wide range of jewellery with major product portfolio being gold jewellery in 9K, 14K, 18K, 20K, and 22K, focusing on affordability and quality. It is mainly engaged in machine made gold chains, which form the core of its product portfolio and are used in various jewellery designs. Alongside manufacturing, it trades in studded gold and fashion silver jewellery, diamond jewellery, gold bullion, and also offer customized jewellery for clients. 

It manufactures the finished gold jewelleries from the raw gold i.e. bullions and required consumables and further supply these products to dealers, showrooms, and small jewellery shops in the wholesale quantities as well as in retail. Its core specialisation is in the manufacturing of machine-made gold chains which forms the major part of its product portfolio. Machine made gold chains are used in multiple formats, from being used as chain to be worn directly as final product or be used as part of larger jewellery such as mangalsutra, bracelets, ankelets, earrings etc where it forms the base of the jewellery piece or used to provide the design element. Machine-made gold chains are lightweight and can be crafted in a wide variety of designs and thicknesses, making them suitable for diverse customer needs. 

Primarily, it caters to B2B customers. Over the last year it has also expanded into the retail segment to offer a diverse range of products to B2C customers. It provides an extensive range of jewellery designs of plain gold, the jewelleries studded with cubic zircon and / or coloured stones/ studded with American diamonds, named and fashion silver jewelleries, made to match the different needs and tastes of its customers. Its business model is designed to ensure seamless operations from sourcing gold bullion from DGFT-nominated vendor and other bullion dealers, which is then transformed into jewellery post passing the quality check from authorised hall marking centres. It adheres to applicable quality control measures to ensure that every piece of jewellery meets the expected standards of craftsmanship and purity. Various quality control practices are followed from the time of receiving the gold bullion to manufacturing of the final product, at each stage of the process, supervision of the quality metrics is taken care of. Its production team is responsible for detailed product supervision. Its products are hallmarked by the Bureau of Indian Standards (BIS), providing assurance of purity and authenticity.

Proceed is being used for:

• Funding working capital requirements of the company 
• Repayment/ prepayment of certain borrowings availed by the company 
• General corporate purposes 

Industry Overview

India's Gems and Jewellery sector is a significant contributor to the economy, playing a crucial role in exports, employment, and overall GDP. The industry is well-positioned with a strong domestic market and an expanding international presence. As of March 2024, India's gold and diamond trade contributed around 7% to GDP. It accounted for 15.7% of India’s merchandise exports. The sector provides employment to around 5 million individuals. India's gems & jewellery market was $78.50 billion in FY21. In 2022, India's gems & jewellery sector contributed 4.3% to global jewellery exports. Expected export growth to $100 billion by 2027. The diamond jewellery market is projected to expand to $177 billion by 2031.

Gold holds a significant cultural and economic position in India, making the country one of the largest consumers of gold globally. India accounts for around 25% of the world’s gold demand, primarily driven by weddings, festivals, and traditional investment preferences. Despite limited domestic production, the country remains highly dependent on imports to meet its gold demand. In response, the government has introduced policy measures, including import duty revisions, to regulate gold inflows and enhance economic stability.

India’s gold imports surged in April 2024 to $3.1 billion, over three times the value recorded in April 2023 ($1 billion), driven by higher global gold prices (+16.8%) and increased demand. In FY 2023-24, gold imports rose by 17.2% to 795.3 tonnes, reflecting sustained domestic appetite. The import of gold bars grew by 78.29% in April-June 2024, while gold Jewellery imports skyrocketed by 250.91% over the previous year. This sharp rise is influenced by geopolitical instability and the RBI’s diversification strategy to hedge against inflation and currency risks.

Pros and strengths

Diversified product portfolio: Its product profile includes traditional, contemporary and combination designs across jewellery lines, and price points. The gold, and other jewellery inventory in its display outlet reflects the customer preferences and designs. It focuses on design and innovation, its ability to recognize consumer preferences and market trends, the intricacy of its designs and the quality and finish of its products are its key strengths. Its products are suitable for daily wear, party wear and festive wear. While its focus is on manufacturing and caters to B2B customers, over the last year it has also expanded into the retail segment to offer a diverse range of products to B2C customers.

Integrated manufacturing facility: The company is primarily engaged in the business of manufacturing of wide range of gold jewelleries which includes 9K, 14K, 18K, 20K, and 22K plain gold jewellery, focusing on affordability without compromising on quality. It has an equipped gold jewellery manufacturing facility situated at Jaipur, Rajasthan. As of March 31, 2026 it has an installed manufacturing capacity of 1,100.00 kg per annum. The manufacturing facility has an area admeasuring 1,092 sq. metres. and is taken on lease by it. Its manufacturing facility is equipped with the necessary equipment, such as Induction Melting Furnace, Wire Drawing Machine, Chain Making Machine, Laser Welding Machine and other handling equipment, to support a seamless manufacturing process. By following necessary safety standards and conducting safety meetings, it tries to keep its workplace safe.

Commitment to quality and hallmarked jewellery assurance: Its products are hallmarked by the Bureau of Indian Standards (BIS), providing assurance of purity and authenticity. It is committed to maintaining high-quality standards across all its products by implementing strict quality control measures. Its Jewellery is hallmarked, ensuring purity and authenticity, and it guarantees time-bound delivery of its products. Its transparent pricing policies, customer-friendly approach, and assurance of quality have helped it build a trusted and reputable brand in the Jewellery industry. 

Risks and concerns

High dependence on key suppliers for raw materials: It depends on few suppliers for its raw materials required for its operations and it has not entered into any long-term agreements. For the financial year ended March 31, 2026, March 31, 2025, and March 31, 2024, its top ten suppliers accounted for around 86.57%, 82.78%, and 88.12% of total purchases respectively. Any delays, interruptions or reduction in the supply of raw materials to manufacture its products and any abrupt fluctuations in the prices of its raw materials may adversely affect the pricing of its products and may have an impact on its business, results of operation, financial condition and cash flows.

Dependence on a single product category: Majority of its revenue is generated from manufacturing and sale of plain gold chains. Its revenue from this segment, contributed 65.57%, 66.29% and 53.76% of its total revenue from operations for the financial year ended March 31, 2026, 2025 and 2024, respectively. Its revenues may be adversely affected on account of any downward trend in the demand. The demand and sale of its products depend on various factors such as its ability to respond to change in market trends, end-customer preferences, the availability of alternate metals, increase in imitation jewellery, economic changes, regulatory challenges, shortage of skilled labour, disputes with its clients, etc.

Highly competitive and fragmented market: Competition in the Indian jewellery industry is significant. It operates in highly competitive and fragmented markets and competition in these markets is based primarily on market trends, pricing and customer preferences. The players in the jewellery sector in India often offer their products at highly competitive prices and many of them are well established in their local markets. Some of its competitors may be larger than it in terms of business volume and may have greater capital, technical capabilities and financial and other resources than it which may enable them to secure opportunities at lower prices or to otherwise incentivize the buyers. In addition, its competitors that are smaller specialized entities may compete effectively against it in a particular region based on price, size and established regional trust with the local customers.

Outlook

Yaashvi Jewellers is primarily engaged in the business of manufacturing of wide range of gold jewelleries which includes 9K, 14K, 18K, 20K, and 22K plain gold jewellery, focusing on affordability without compromising on quality. It has an equipped gold jewellery manufacturing facility situated at Jaipur, Rajasthan. It has built long-standing relationships with a wide base of customers across the domestic jewellery market, enabling it to effectively cross-sell its products while also attracting new clients. On the concern side, its revenue is heavily reliant on its operations within certain geographical regions. Any adverse developments, such as economic downturns, political instability, or natural disasters, in these regions could significantly impact its revenue and overall financial performance. Additionally, it is subject to risks associated with expansion into new geographies. Further, under-utilization of its existing manufacturing facility and an inability to effectively utilize its manufacturing capacities could have an adverse effect on its business, future prospects, and future financial performance. For the financial year ended March 31, 2024, March 31, 2025 and March 31, 2026, the overall capacity utilisation was 18.07%, 28.57% and 53.09%, respectively which is under-utilized.

The company is coming out with an IPO of 52,86,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 83 per equity share to mobilize Rs 43.88 crore. On performance front, its revenue from operations increased by 47.93% to Rs 29,722.65 lakh for FY25 from Rs 20,093.00 lakh for FY24. Profit after tax has increased by 475.48% to Rs 1,128.23 lakh for FY 2025 from Rs 196.05 lakh for FY 2024.

To cater to the growing demand from its existing customers, to meet requirements of new customers and to achieve the expanded capacities, recently, it has set up its first retail showroom, spread across 9,800 sq. mtrs., at Brijpuri Yojna, Jagatpura, Jaipur. Its investment in infrastructure will enable it to cater to the growing demand from its customers and help it expand its customer base and increase its revenue from operations. Going forward, it intends to repay cash credit facility to improvise its debt equity ratio and also this will help the company to obtain working capital loans / term loans for expansion in future which will improve its operational efficiency. Further, it also plans to keep participating in international jewellery exhibitions that will further amplify brand visibility, attract potential buyers, and drive sales growth to open new markets for it.

SMC Credits has informed that pursuant to Regulation 29 read with other applicable Regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, a meeting of the Board of Directors of the Company is scheduled to be held on Saturday, May 30, 2026, to consider and approve the Audited Financial Results for the Quarter and Year ended March 31, 2026. Further, trading window for dealing in securities of the Company shall remain closed for the Directors, KMP’s, Promoters/ Promoter Group and Designated Persons etc. covered under the Company’s Insider Trading Code from April 01, 2026 till 48 hours after the declaration of the said financial results.

The above information is a part of company’s filings submitted to BSE. 

Pursuant to Regulation 30 and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Linaks Micro Electronics has informed that it enclosed copies of the Newspaper Publication of Audited Standalone Financial Results for the Quarter and Financial Year ended on 31st March, 2026, as published in Financial Express (English) and Jansatta (Hindi) today, 26th May, 2026.

The above information is a part of company’s filings submitted to BSE.