Nityas Gems & Jewellery IPO Review: Price Band, Dates, Lot Size, Financials and RisksNityas Gems & Jewellery IPO Review: Price Band, Dates, Lot Size, Financials and Risks

The Nityas Gems & Jewellery IPO opens on September 30 and closes on October 5, 2026. The Surat-based company designs, manufactures, and sells lab-grown diamond-studded gold jewellery through a business-to-business operation and, following its acquisition of Ayaani, a direct-to-consumer retail business. The IPO is entirely a fresh issue of 1,44,56,000 shares, with no offer for sale.

IPO Snapshot

Event	Date
IPO opens	September 30, 2026
IPO closes	October 5, 2026
Allotment date	October 6, 2026
Refund	October 7, 2026
Shares credited to demat	October 7, 2026
Listing date (BSE, NSE)	October 8, 2026

The allotment, refund, demat-credit and listing dates are tentative.

Price Band and Lot Size

Detail	Value
Price band	₹70 to ₹75 per share
Face value	₹5 per share
Lot size	200 shares
Minimum investment	₹14,000 to ₹15,000
Retail maximum	13 lots, or 2,600 shares (₹1,95,000 at ₹75)
Fresh issue	1,44,56,000 shares; approximately ₹108.4 crore at ₹75
Offer for sale	Nil
Employee discount	₹7 per share, where eligible
Listing	BSE and NSE

Pre-issue shareholding stood at 4,31,37,248 shares and is expected to rise to 5,75,93,248 shares after the fresh issue. Chittorgarh reports promoter and promoter-group shareholding of 58.1% before the IPO and 43.51% afterward.

What Does Nityas Gems & Jewellery Actually Do

Nityas Gems & Jewellery Limited was incorporated in April 2022 and began operating as a B2B manufacturer and supplier in July 2022. Its lab-grown diamond-studded gold jewellery includes rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles. The company focuses on lightweight designs and also makes products to customers’ specifications.

The company manufactures jewellery at its Surat facility and supplies organised retailers, standalone retailers and wholesalers. Chittorgarh names GIVA, Palmonas, ONYA and Ladia Diamonds among its B2B customers. The company reports supplying customers across 18 Indian states and two Union Territories, as well as in the UAE, Australia, Canada, Taiwan and Kenya.

In July 2025, the company acquired Ayaani Diamonds and Jewellery Private Limited, adding a direct-to-consumer brand with an online storefront and 10 physical stores across eight Indian cities. As of August 31, 2026, Nityas had 192 full-time employees, including 122 in-house karigars and 29 designers.

The Money Numbers

Metric	FY24	FY25	FY26
Total income (₹ crore)	53.66	96.85	203.33
Profit after tax (₹ crore)	4.02	9.79	22.32
Total assets (₹ crore)	11.75	39.87	116.42
Net worth (₹ crore)	5.33	22.57	79.43

These figures come from Chittorgarh’s Company Financials (Restated Consolidated) table. The supplied RHP PDF could not be retrieved for an independent check, so the figures should not be described as cross-verified against the RHP.

Total income rose from ₹96.85 crore in FY25 to ₹203.33 crore in FY26, an increase of about 110%. Profit after tax rose from ₹9.79 crore to ₹22.32 crore, or about 128%. Over the same period, total assets increased from ₹39.87 crore to ₹116.42 crore and net worth from ₹22.57 crore to ₹79.43 crore.c

EBITDA increased from ₹5.48 crore in FY24 to ₹12.90 crore in FY25 and ₹30.97 crore in FY26. Total borrowings were ₹3.26 crore, ₹7.11 crore, and ₹9.08 crore, respectively. Chittorgarh reports FY26 ROCE of 42.93% and RoNW of 43.75%.

At the upper price band of ₹75, Chittorgarh lists pre-issue EPS of ₹5.17 and a pre-issue P/E of 14.51 times. Its post-issue EPS and P/E figures are ₹3.87 and 19.38 times, respectively.

Objects of the Issue

Purpose	Amount (₹ crore)
Funding the company’s working-capital requirements	70.00
General corporate purposes	Balance of net proceeds
Total specified allocation	70.00

The company proposes to allocate ₹70 crore of the fresh-issue proceeds to working capital. The balance of net proceeds is intended for general corporate purposes. The precise balance should not be calculated by simply subtracting ₹70 crore from the gross issue size, because issue expenses must also be accounted for.

Strengths

• Total income increased from ₹53.66 crore in FY24 to ₹203.33 crore in FY26, while PAT rose from ₹4.02 crore to ₹22.32 crore.
• The business combines in-house design and manufacturing with B2B distribution and Ayaani’s D2C retail channel.
• Its portfolio spans everyday, occasion, men’s, and customised jewellery.
• The company had 122 in-house karigars and 29 designers as of August 31, 2026.
• The issue is entirely fresh capital; there is no shareholder exit through an OFS.

Risks

• Assets rose from ₹39.87 crore in FY25 to ₹116.42 crore in FY26. Investors should assess whether execution and cash generation keep pace with this expansion.
• The ₹70 crore working-capital allocation makes inventory, receivables and cash conversion important factors to examine.
• The newer Ayaani D2C operation adds store-management and brand-building execution risks alongside the B2B business.
• Jewellery demand, gold prices and the economics of lab-grown diamonds could affect sales and margins.
• Promoter and promoter-group ownership is expected to decline from 58.1% to 43.51% following the fresh issue.

How to Apply

You can apply through Alice Blue by selecting your investor category, choosing the number of lots, and submitting your bid between September 30 and October 5, 2026. One lot contains 200 shares and costs ₹15,000 at the upper price band.

If you do not want to track subscription numbers throughout the bidding window, check whether Alice Blue IPO offers a subscription trigger for this issue. If available, choose your category and lot size, confirm your UPI ID, and select your preferred trigger. Once an application is submitted, approve the UPI payment request within the applicable deadline. Trigger availability for Nityas Gems & Jewellery has not been independently verified.

Frequently Asked Questions