Nityas Gems And Jewellery Ltd. Share Price

Nityas Gems & Jewellery

• Nityas Gems & Jewellery is coming out with a 100% book building; initial public offering (IPO) of 1,44,56,000 shares of face value Rs 5 each in a price band Rs 70-75 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on September 30, 2026 and will close on October 05, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 5 and is priced 14.00 times of its face value on the lower side and 15.00 on the higher side.
• Book running lead manager to the issue is Choice Capital Advisors.
• Compliance officer for the issue is Manvi Meet Shah. 

Profile of the company

Nityas Gems & Jewellery is engaged in the design, manufacturing and sale of lab-grown diamond studded gold jewellery in India, operating through an integrated business model comprising (i) business-to-business (B2B) manufacturing and distribution to organized retailers, standalone retailers and wholesalers, to support their inventory and design requirements; and (ii) direct-to-consumer (D2C) omnichannel retail operations through its subsidiary, Ayaani Diamonds and Jewellery Private Limited (Ayaani). The company’s operations span multiple stages of the jewellery value chain, including procurement and management of raw materials, product design, manufacturing, quality control, distribution, branded retail and direct-to-consumer sales.

The company offers a range of lab-grown diamond studded gold jewellery products across categories such as rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflings and bangles, across daily wear, occasion-based, men’s jewellery and customized segments. While its product portfolio spans multiple price points and categories, it has strategically focused on the lightweight, affordable lab grown diamond-studded gold jewellery segment which caters to the growing demand for affordable luxury and daily-wear jewellery particularly among younger consumers.

Lab-grown diamond are diamonds that are created in laboratories using advanced technological processes that replicate the natural conditions under which diamonds form beneath the earth’s surface. Lab-grown diamonds have the same chemical, physical, and optical properties as mined diamonds. They are made of pure carbon, have identical crystal structures, and display the same sparkle, hardness, and durability as that of natural mined diamonds. From a visual and structural standpoint, jewellery made with lab-grown diamonds are indistinguishable from jewellery made with natural diamonds, even to trained eyes, unless examined with specialized equipment.

Proceed is being used for: 

• Funding working capital requirements of the company
• General corporate purposes

Industry overview

The Indian gems and jewellery industry is a relevant sector of the national economy, contributing approximately 7% to the country’s GDP and around 15% of total merchandise exports. The sector is expected to grow steadily, driven by domestic consumption and international demand. India is the largest diamond-cutting and polishing hub globally, producing over 90% of the world’s polished diamonds. In CY25, the domestic gems and jewellery industry has reached at around Rs 9,998 billion, with a CAGR of 11.2% during CY20-CY25. Further, the gems and jewellery market is expected to grow at a CAGR of 12.8% between CY25 and CY30. The long-term demand prospects for the sector are supported by a growing working population, higher disposable income, easier access to credit, and improved living standards. 

India is a global leader in diamond processing, accounting for approximately 90% of the world’s rough diamond cutting and polishing by volume. The country has established a highly integrated value chain centred around the midstream segment, with Surat in Gujarat emerging as the world’s largest diamond processing hub. In CY25, the Indian retail diamond jewellery market has reaches at approximately Rs 623 billion, having grown at a CAGR of 6.4% during CY20-CY25. Looking ahead, the market is expected to expand at a CAGR of 2.8% over the forecast period CY25P-CY30P. This growth is driven by rising consumer preference for branded and lightweight jewellery, increasing penetration of organised retail in Tier I and Tier II cities, and growing awareness of lab-grown diamonds.

Meanwhile, Lab-Grown Diamonds (LGDs) are real diamonds that are created in laboratories using advanced technological processes that replicate the natural conditions under which diamonds form beneath the earth’s surface. Unlike imitation or synthetic stones such as cubic zirconia or moissanite, LGDs have the same chemical, physical, and optical properties as mined diamonds - they are made of pure carbon, have identical crystal structures, and display the same sparkle, hardness, and durability. Looking ahead, the LGD jewellery market is projected to reach Rs 71,890 million by CY30, indicating a robust CAGR of 15.8% from CY25-CY30P and reflecting strong growth potential. This growth is expected to be supported by evolving consumer trends, technological advancements in LGD production, and increasing penetration across tier-2 and tier-3 cities. 

Pros and strengths 

Integrated B2B and D2C business model with a growing and diversified customer base: The company operates an integrated business model comprising B2B supply of lab-grown diamond studded gold jewellery to a network of jewellery retailers comprising organized and standalone retailers and wholesalers and recently acquired D2C omnichannel retail operations through its subsidiary, Ayaani. The company’s B2B operations enable it to cater to demand from organized retailers, standalone retailers and wholesalers, including standardized as well as customized product requirements, while its D2C operations enable direct engagement with end consumers, support brand development and participation in retail-level value capture, while also providing insights into customer preferences that support its product design and development.

Manufacturing capabilities supported by in-house design and technology integration: The company’s manufacturing operations are located in Surat, Gujarat, at a facility having an area of approximately 7,000 sq. ft. and an installed production capacity of approximately 360 kg of lab-grown diamond studded gold jewellery per annum, supporting its B2B and D2C operations. The company’s operations are supported by in-house design capabilities. Designs conceptualized by its design team are subject to internal review and finalization with senior management to ensure feasibility, quality and adherence to approved specifications. It has developed a design portfolio comprising over 32,000 jewellery designs across its range of lab-grown diamond studded gold jewellery.

Well positioned to capitalize on the growth of lab grown diamond jewellery: The company is positioned to capitalize on the rapid expansion of the lab-grown diamond jewellery market, which is witnessing significant growth both globally and in India. The global LGD jewellery market has grown from $4,058 million in CY20 to $6,117 million in CY25 and is projected to reach $9,406 million by CY30. Similarly, the Indian market is projected to expand at a CAGR of 15.8% from CY25 to CY30, reaching Rs 71,890 million by CY30 from Rs 34,501 million in CY25.

Skilled in-house workforce enabling quality control and reduced dependence on external job work: The company’s manufacturing operations are supported by a skilled in-house workforce comprising 122 Karigars, who undertake manufacturing and handcrafting activities in accordance with designs, specifications and quality standards approved by the company. These Karigars operate under its direct supervision and within its established quality control framework, enabling consistency in craftsmanship and product quality. The company’s in-house Karigar base enables it to efficiently execute design-intensive jewellery requirements, including customized products for its B2B customers, while maintaining control over production timelines and manufacturing processes. The company’s reliance on in-house capabilities reduces its dependence on external job work arrangements, thereby enabling better control over quality, turnaround time and production planning.

Risks and concerns

Significant dependence on a limited number of B2B customers: The company’s revenue from operations is significantly concentrated among a limited number of B2B customers. During Fiscal 2026 Fiscal 2025 and Fiscal 2024, its top 10 customers contributed Rs 1,125 million, Rs 742.62 million and Rs 451.99 million, representing 55.49%, 76.68% and 84.24% of its revenue from operations, respectively. Any reduction in business from such customers or inability to diversify its customer base may materially and adversely affect its business, financial condition, results of operations, cash flows and prospects.

High geographical concentration of operations: A substantial portion of the company’s revenue from operations is derived from a limited number of states in India, particularly Gujarat, Karnataka, Telangana, Tamil Nadu and Maharashtra, which together contributed Rs 1725.20 million, Rs 897.85 million and Rs 506.63 million, aggregating to 85.03%, 92.71%, and 94.44% of its revenue from operations during the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any adverse developments in these regions could materially and adversely affect its business, financial condition, results of operations, cash flows and prospects.

Increasing working capital requirements may impact liquidity: The company’s business is working capital intensive, and its working capital requirements have increased from Rs 67.65 million in Fiscal 2024 to Rs 449.46 million as of fiscal 2026. It intends to utilise a portion of the Net Proceeds towards funding its working capital requirements. Any inability to fund or efficiently manage its working capital could materially and adversely affect its business, financial condition, results of operations and cash flows.

Significant dependence on a limited number of suppliers: The company’s purchases are significantly concentrated among a limited number of suppliers, with its top 10 suppliers contributing 86.16%, 94.31% and 87.05% of its total purchases during the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any disruption in supply or adverse changes in terms from such suppliers could materially and adversely affect its business, results of operations, financial condition and cash flows.

Outlook

Nityas Gems and Jewellery is engaged in the design, manufacturing and sale of lab-grown diamond studded gold jewellery in India. The company operates through an integrated business model comprising B2B manufacturing and distribution to organised retailers, standalone retailers and wholesalers, along with direct-to-consumer (D2C) omnichannel retail operations through its subsidiary, Ayaani Diamonds and Jewellery. The company has robust financial performance with consistent growth. It is well positioned to capitalize on the growth of lab-grown diamond jewellery. On the concern side, the company faces significant concentration risks across its customer base, geographic markets and supplier network, with a substantial portion of revenue and purchases dependent on a limited number of customers, states and suppliers. Further, its working capital-intensive operations and increasing funding requirements may create liquidity pressures.

The issue has been offering 1,44,56,000 shares in a price band of Rs 70-75 per equity share. The aggregate size of the offer is around Rs 101.19 crore to Rs 108.42 crore based on lower and upper price band respectively. Minimum application is to be made for 200 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 109.50%, from Rs 968.45 million in Fiscal 2025 to Rs 2,028.94 million in Fiscal 2026. The increase was primarily driven by higher sales volume of lab-grown diamond jewellery, supported by growing consumer preference for sustainable and cost-effective alternatives to natural diamonds. Moreover, profit after tax increased by 127.98%, from Rs 97.88 million in Fiscal 2025 to Rs 223.15 million in Fiscal 2026.

Meanwhile, the company intends to expand and diversify its customer base with a primary focus on its B2B segment, supported by the growing acceptance of lab-grown diamond studded gold jewellery. In its B2B operations, the company aims to strengthen relationships with existing customers while onboarding new retailers and wholesalers by offering design-led, competitively priced products, ensuring consistent quality and timely delivery, and catering to both standardized and customized product requirements. It also intends to engage with established jewellery industry players who have not yet meaningfully entered the lab-grown diamond segment and position ourselves as a manufacturing partner as and when such players foray into this space. This approach is expected to support expansion of its customer base and enhance order volumes across geographies.

In Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, SJ Corporation has informed that Mrs. Deepa Ashokkumar Dhamecha, Company Secretary (CS) and Compliance Officer (CO) (Key Managerial Personnel) of the Company has tendered her resignation from the position of Company Secretary and Compliance Officer (Key Managerial Personnel) of the Company vide her resignation letter dated 02nd October, 2026 due to personal reason and the same shall be placed before the upcoming Board Meeting for formal acceptance and taking note thereof, in accordance with the applicable provisions of the Companies Act, 2013 and the SEBI LODR Regulations. Further, she has confirmed that there are no other material reasons for the resignation other than those provided in her resignation letter. The copy of Resignation Letter giving detailed reason for her resignation is attached as Annexure‐II along with this Disclosure. Further, detailed information as required under the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular SEBI/HO/CFD/CFD-Po D1/P/CIR/2023/123 dated July 13, 2023, is attached as Annexure I.

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

R.K. Fashion Accessories 

• R.K. Fashion Accessories is coming out with an initial public offering (IPO) of 42,67,200 equity shares in a price band of Rs 77-82 per equity share. 
• The issue will open on October 5, 2026 and will close on October 07, 2026.
• The shares will be listed on Emerge Platform of NSE.
• The face value of the share is Rs 10 and is priced 7.70 times of its face value on the lower side and 8.20 times on the higher side.
• Book running lead manager to the issue is Affinity Global Capital Market.
• Compliance Officer for the issue is Ravi Kumar Bahl.  

Profile of the company 

R.K. Fashion Accessories is a Kolkata-based company involved in the manufacturing through contract manufacturers and wholesale distribution of imitation jewellery, along with the trading of branded cosmetics. The company produces and distributes a variety of handcrafted jewellery items that incorporate elements of traditional design alongside contemporary styles. Its operations focus on supplying products to various market segments through both wholesale channels and direct sales, supporting a diversified business model within the fashion and personal care sectors.

The company’s product portfolio comprises a wide range of gold plated, stone studded and other jewellery products across various price points ranging from jewellery for special occasions, such as weddings to dailywear jewellery. These products are designed to cater to the requirements of customers across age groups, socio-economic status levels, and also allows it to cater to the needs of its customers at all stages of their lives, where it attempts to target customers at earlier stages of their life cycles and hence meet their jewellery needs over time.

The company has purchased a property on Rash Behari Avenue, Kolkata which is under construction, with an increased focus on catering to B2C customers. The property has been established to strengthen the company’s retail presence and expand its reach among individual consumers in Kolkata. It is placing greater emphasis on the B2C segment in regions where the concentration of its existing B2B customers is comparatively lower, thereby enabling itself to diversify its customer base and enhance market presence within the city.

Proceed is being used for:

• Meeting the working capital requirements
• Financing the establishment of new plating facility at Baruipur, Kolkata West Bengal; proposed New B2B showroom in Ezra Street Kolkata; Interior and furnishing of B2C Showroom in Rash Behari Avenue Kolkata; and inventory cost for the proposed new showroom and stores. 
• General corporate purpose
• Meeting the Offer expenses

Industry Overview

The Indian jewellery industry is one of the most culturally entrenched and economically significant sectors in the country. Valued at $90-91 billion in 2025, the Indian jewellery market size is projected to reach $150 billion by 2033 at a CAGR of 5.2-6.3%. The sector contributes 7% to India’s GDP and 15% of total merchandise exports, establishing itself as a critical pillar of the nation’s economic growth. A major structural shift is underway in the Indian jewellery industry, with organized vs unorganized jewellery market India dynamics changing rapidly. Organized retail is increasing its share to 36-38% in FY25 from just 22% in FY19. This transition, supported by regulatory reforms such as hallmarking and GST impact on jewellery, alongside evolving consumer preferences for branded jewellery, is reshaping the competitive landscape and unlocking investment opportunities in Indian jewellery for well-positioned players. India’s domestic jewellery market, valued at over Rs 5 trillion, reflects a blend of traditional craftsmanship and modern retail formats. The Gold jewellery market in India dominates the landscape with a commanding 80-85% share, while studded jewellery, including diamonds, accounts for the remaining 15-20%. Fine jewellery represents nearly 90% of the overall market, underscoring its strong cultural and investment relevance. At the same time, non-gold categories are emerging as a key Indian jewellery market trend, with this segment projected to expand at a CAGR of 18.8% between FY23 and FY28, to reach $19 billion.

India Costume Jewelry Market was valued at $2.07 Billion in 2025 and is expected to reach $2.68 Billion by 2031 with a CAGR of 4.45% during the forecast period. The India costume jewelry market is experiencing significant growth, fueled by increasing fashion awareness, rising disposable incomes, and shifting consumer preferences toward trendy, affordable accessories. Costume jewelry offers a cost-effective alternative to traditional jewelry, appealing particularly to younger consumers and working women seeking style without high investment. The expansion of e-commerce platforms, social media influence, and celebrity endorsements further drive demand. Additionally, the growing popularity of fusion wear and western fashion styles has contributed to the rising acceptance of costume jewelry across urban and semi-urban regions. Local artisans and small-scale manufacturers also play a key role in market development. One of the primary drivers of the India costume jewelry market is the increasing fashion consciousness among consumers, especially among younger demographics. 

Pros and strengths

Blending Heritage with Contemporary Jewellery: The company operates a production facility staffed by a team of skilled artisans and craftsmen, many of whom possess generational knowledge and experience in traditional Bengali jewellery-making techniques. The company is in the production of 24-carat gold-plated copper jewellery and American Diamond pieces, integrating traditional craftsmanship with elements of modern design through artisans. This blend allows for the creation of products that reflect cultural authenticity while aligning with contemporary aesthetic preferences. One of its key competitive strengths is its ability to operate as a hyperlocal jewellery company. It endeavors to cater to its customers’ unique preferences, which often vary significantly by geography and micro market, through its local market expertise and region-specific marketing strategy and advertising campaigns. It engages local artisans to manufacture jewellery (based on its specifications) that is suited to local tastes in the markets in which it operates.

Efficient B2B Support and Retention of Customers: The company supports B2B operations through a structured service framework that includes the assignment of dedicated relationship managers to individual clients, enabling direct communication and more streamlined coordination. Order processing is handled with attention to promptness, aiming to reduce delays and ensure that clients receive their shipments in a timely manner. It offers flexible payment terms, which are structured to accommodate the varying financial and operational needs of different business partners. These combined practices are designed to foster continuity in client relationships and contribute to the overall ease of doing business. As a result of these measures, the company has maintained a client retention rate of over 90%, indicating a sustained pattern of repeat business and ongoing commercial engagement across its network of boutique owners, local retailers, and export merchants. 

Multi-Platform E-Commerce Strategy: The brand ‘Manikya Jewellery’, under RK Fashion Accessories, has established a notable presence across various online channels, including prominent ecommerce platforms as well as its dedicated official website. This multi-platform strategy allows the brand to reach a wide and diverse customer base, expanding its market access beyond traditional retail boundaries. This sustained performance in the online domain contributes to the overall growth of the company and reinforces its position within the digital retail landscape of fashion jewellery.

Risks and concerns 

Significant portion of revenue comes from Eastern part of India: The company is generating sales from certain Eastern States (Bihar, Jharkhand, Odisha and West Bengal) in India to generate a significant portion of its revenue. These states are providing 76%-92% of total revenue in the last 3 financial years (2025-26, 2024-25 and 2023-24) and for the stub period April to June 30, 2026. This concentration of revenue implies that a substantial portion of the company's business operations and financial performance is tied to the economic conditions, consumer behavior, and market dynamics of these specific regions. Any adverse event or change in circumstances within these eastern states, such as economic downturns, regulatory changes, shifts in consumer preferences, or competitive pressures, could potentially impact the company's ability to maintain its revenue levels.

Depends on certain key customers: The company derives a substantial portion of its revenue from a limited number of key customers. Its top ten customers have contributed 19.17% 15.15%, 20.24% and 21.61% of its total sales for the stub period April to June 30, 2026 and for the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024 respectively on restated basis. The average customer relationship period with consistent customers is 4.77 years. The customers are concentrated that could expose the company to the risk that the loss of, or a significant reduction in orders from, any of these key customers could result in a decline in sales, disrupt cash flow, and hinder the company’s ability to sustain operations effectively. Such a loss may further compound the risk that could arise from factors like changes in customer preferences, price sensitivity, competition or even economic downturns that affect customer budgets. 

Require significant amount of working capital: The company’s business operations require a significant amount of working capital, primarily to finance its inventory and maintain a high trade receivable cycle, including the purchase of raw materials and fund blocked in trade receivables respectively. The company’s working capital for financial years ended on March 31, 2024, March 31, 2025, March 31, 2026 and stub period ended June 30, 2026 stood at Rs (77.01) lakh, Rs 142.99 lakh, Rs 748.21 lakh and Rs 974.81 akh respectively, which is showing continuous increase. In the event, the company is unable to source the required amount of working capital, it might not be able to efficiently satisfy the demand of its clients in a timely manner or at all. Even if it is able to source the required amount of funds, it would be difficult for it to assure that such funds may or may not be sufficient to meet its cost estimates, which could have adverse effect on its financial conditions and results of operations. 

Outlook 

R.K. Fashion Accessories, founded in 2004, conducts its business operations out of Kolkata, West Bengal, India. It manufactures, supply, trade, and export items like Ladies Choker Set, Ladies Fancy Earrings, Ladies Brass Fancy Earrings, Ladies Finger Ring, Ladies Chur Bangles, and more. With more than 20 years of experience, it has a strong market reputation and years of experience. Over the years, it has adapted to changing market trends and customized its range accordingly. This has helped it stay abreast of the latest market trends. Through its dedication, it has amassed a huge client base from all over the world. On the concern side, the company’s business is both manpower and machine intensive. Any disruption in manpower availability, including employee attrition, labour shortages, work stoppages, or industrial relations issues, could adversely affect its processing schedules, delivery timelines, and overall operational efficiency. 

The company is coming out with a maiden IPO of 42,67,200 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 77-82 per equity share. The aggregate size of the offer is around Rs 32.86 crore to Rs 35 crore based on lower and upper price band respectively. On performance front, total Income of the company stood at Rs 3,154.16 lakh for the Financial Year 2025-26 as against Rs 1,782.25 lakh in financial year 2024-25, representing an increase of 76.98%. For the FY26, the company reported a Profit After Tax (PAT) of Rs 628.69 lakh, marking an impressive increase of 214.80% compared to Rs 199.72 lakh in FY25 driven by strong revenue growth and improved operational efficiency.

Meanwhile, the company engages to introduce new product lines that align with current fashion trends and customer preferences. It places an importance on monitoring changes in consumer behavior and industry developments in order to adapt its product range accordingly. This process involves identifying emerging styles, materials, and design elements that resonate with the target market. By incorporating these findings into its product development cycle, it aims to maintain alignment between its offerings and prevailing market demand, supporting continued relevance in the competitive landscape of fashion jewellery.