Tribhovandas Bhimji Zaveri 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.

Mini Diamonds (India) has informed that Namra Jewels, its wholly owned subsidiary, has launched a new lab-grown diamond-studded jewellery collection designed specifically for Gen Z and young consumers. Priced below ₹50,000, the collection combines contemporary styling, quality craftsmanship and accessible luxury. Young consumers increasingly view jewellery as an expression of their personality and individual style rather than something reserved only for traditional occasions. Through this collection, Namra Jewels aims to address these evolving preferences with modern and versatile designs suitable for self-purchase, gifting and different occasions. The launch also expands the brand’s product portfolio and strengthens its connection with a younger generation of jewellery buyers.

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