Advit JewelsIPO Review — Financials, Valuation & Peers
A data-only look at the Advit Jewels IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2023 | 46.6 | 10.39 | 12.77 | 18.08 | 29.01 | 5.84 | — |
| FY 2024 | 69.45 | 14.71 | 18.95 | 32.8 | 67.21 | 19.7 | — |
| FY 2025 | 124.94 | 25.37 | 37.15 | 58.13 | 140.85 | 74.8 | — |
| Dec 2025 (interim) | 123.8 | 25.44 | 36.68 | 83.65 | 164.2 | 64.92 | 7.5 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 18.41x
- P/E (post-issue)
- 18.64x
- RoNW
- 30.41%
- RoE
- 35.89%
- RoCE
- 24.09%
- Debt / Equity
- 1.29
- EPS (pre-issue)
- ₹7.5
- EPS (post-issue)
- ₹7.41
- EBITDA Margin
- 29.63%
- PAT Margin
- 20.55%
- P/BV
- 7.6x
- NAV / share
- ₹26.13
- Market Cap
- ₹632.18 Cr
As of 31 Dec 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| Advit Jewels | 7.92 | 18.16 | — | 43.64% | Restated |
| Bluestone Jewellery and Lifestyle | -78.86 | 363.96 | — | -24% | Standalone |
| RBZ Jewellers Limited | 9.7 | 61.26 | 12.86x | 15.83% | Standalone |
| Radhika Jeweltech Limited | 5.09 | 27.34 | 11.1x | 18.63% | Standalone |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Nitin Gilara, Prateek Gilara, Vipul Gilara and Krishna Vardhan Gilara
- Holding (pre-issue)
- 94.59%
- Holding (post-issue)
- 69.88%
- Dilution
- 24.71%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Advit Jewels IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
Before the issue opened to the public, Advit Jewels placed shares with 4 anchor investors, who together put in ₹49.53 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to TAURUS MUTUAL FUND (₹15.18 crore), HOLANI VENTURE CAPITAL FUND-HOLANI VENTURE CAPITAL FUND I (₹13.3 crore) and MINT FOCUSED GROWTH FUND PCC-CELL 1 (₹10.7 crore). Investor categories represented include MF and Other. The lock-in on half the anchor shares ends on 29 Jul 2026, with the remainder locked until 27 Sept 2026.
Analyst view tally
1 third-party review is on record for the Advit Jewels IPO — among them Capital Market. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Advit Jewels operates at an EBITDA margin of 29.63% and a net (PAT) margin of 20.55% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 24.09% and a return on equity (RoE) of 35.89%. At the upper band, the post-issue market capitalisation works out to about ₹632.18 crore. These are offer-document figures for the latest reported period (as of 31 Dec 2025); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding incremental working capital requirements of company (₹65 crore), alongside repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by company from scheduled commercial banks (₹65 crore). In all, 4 objects are disclosed.
Financials
In FY2025, Advit Jewels reported revenue of ₹123.8 crore and a net profit of ₹25.44 crore. Revenue grew from ₹46.6 crore in FY2023 to ₹123.8 crore in FY2025 (+166.0%). Net worth stood at ₹83.65 crore at the end of FY2025. At the upper band, that puts the issue at roughly 18.4× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 18.64× post-issue earnings and 7.6× book value, against a return on net worth of 30.41% and a debt-to-equity ratio of 1.29. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including RBZ Jewellers Limited and Radhika Jeweltech Limited, with a median peer P/E of about 12×. The issue's own post-issue P/E works out to 18.64×.
Promoters
The promoters of the company are Nitin Gilara, Prateek Gilara, Vipul Gilara and Krishna Vardhan Gilara. Promoter holding stands at 94.59% before the issue and comes down to 69.88% after listing.
Frequently asked questions
- What is the reservation split in the Advit Jewels IPO?
- Of the total shares offered, retail investors get 35.01%, QIBs 19.99% (plus 29.99% anchor), non-institutional investors 15.01%.
- Who are the promoters of Advit Jewels and what is their holding?
- The promoters are Nitin Gilara, Prateek Gilara, Vipul Gilara and Krishna Vardhan Gilara. Promoter holding is 94.59% before the issue and 69.88% after listing.
- What is the P/E ratio of the Advit Jewels IPO?
- At the upper price band, the Advit Jewels IPO is valued at 18.41× pre-issue earnings and 18.64× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Advit Jewels IPO?
- The net proceeds go primarily toward funding incremental working capital requirements of company, among 4 disclosed objects.