Nityas Gems & JewelleryIPO Review — Financials, Valuation & Peers
A data-only look at the Nityas Gems & Jewellery 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 2024 | 53.66 | 4.02 | 5.48 | 5.33 | 11.75 | 3.26 | — |
| FY 2025 | 96.85 | 9.79 | 12.9 | 22.57 | 39.87 | 7.11 | — |
| FY 2026 | 203.33 | 22.32 | 30.97 | 79.43 | 116.42 | 9.08 | 5.17 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 14.51x
- P/E (post-issue)
- 19.38x
- RoNW
- 43.75%
- RoE
- 70.17%
- RoCE
- 42.93%
- Debt / Equity
- 0.29
- EPS (pre-issue)
- ₹5.17
- EPS (post-issue)
- ₹3.87
- EBITDA Margin
- 15.27%
- PAT Margin
- 11%
- P/BV
- 4.96x
- NAV / share
- ₹15.13
- Market Cap
- ₹431.95 Cr
As of 31 Mar 2026 (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 |
|---|---|---|---|---|---|
| Nityas Gems & Jewellery | 5.52 | 15.13 | — | 43.75% | Consolidated |
| Goldiam International Ltd. | 15.11 | 97.95 | 21.69x | 18.38% | Consolidated |
| Golkunda Diamonds & Jewellery Ltd. | 19.66 | 115.22 | 16.61x | 18.81% | Consolidated |
| Renaissance Global Ltd. | 8.4 | 140.62 | 18.63x | 6.09% | Consolidated |
Peer group as disclosed in the offer document, figures as of 28 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Rajnikant Lallubhai Chanchad, Sonalben Rajnikant Chanchad, Savaliya Dhruv Janakbhai</p>
- Holding (pre-issue)
- 58.1%
- Holding (post-issue)
- 43.51%
- Dilution
- 14.59%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Avoid |
Third-party analyst views on the Nityas Gems & Jewellery IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Analyst view tally
ipostation tracks 1 third-party reviewer on the Nityas Gems & Jewellery IPO, including Capital Market. Of the 1 with a stated verdict, 1 says "Avoid". 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
The offer document gives a read on the operating engine behind the issue. Nityas Gems & Jewellery operates at an EBITDA margin of 15.27% and a net (PAT) margin of 11% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 42.93% and a return on equity (RoE) of 70.17%. At the upper band, the post-issue market capitalisation works out to about ₹431.95 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); 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 working capital requirements of the company (₹70 crore), alongside general corporate purposes (₹21.47 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Nityas Gems & Jewellery reported revenue of ₹203.33 crore and a net profit of ₹22.32 crore. Revenue grew from ₹53.66 crore in FY2024 to ₹203.33 crore in FY2026 (+279.0%). Net worth stood at ₹79.43 crore at the end of FY2026. At the upper band, that puts the issue at roughly 14.5× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 19.38× post-issue earnings and 4.96× book value, against a return on net worth of 43.75% and a debt-to-equity ratio of 0.29. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Goldiam International Ltd. and Golkunda Diamonds & Jewellery Ltd., with a median peer P/E of about 18.6×. The issue's own post-issue P/E works out to 19.38×.
Promoters
The promoters of the company are <p>Rajnikant Lallubhai Chanchad, Sonalben Rajnikant Chanchad, Savaliya Dhruv Janakbhai</p>. Promoter holding stands at 58.1% before the issue and comes down to 43.51% after listing.
Frequently asked questions
- What is the reservation split in the Nityas Gems & Jewellery IPO?
- Of the total shares offered, retail investors get 34.76%, QIBs 49.65%, non-institutional investors 14.9%.
- Who are the promoters of Nityas Gems & Jewellery and what is their holding?
- The promoters are <p>Rajnikant Lallubhai Chanchad, Sonalben Rajnikant Chanchad, Savaliya Dhruv Janakbhai</p>. Promoter holding is 58.1% before the issue and 43.51% after listing.
- What is the P/E ratio of the Nityas Gems & Jewellery IPO?
- At the upper price band, the Nityas Gems & Jewellery IPO is valued at 14.51× pre-issue earnings and 19.38× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Nityas Gems & Jewellery IPO?
- The net proceeds go primarily toward funding working capital requirements of the company, among 3 disclosed objects.