Advit Jewels is a Jaipur-based jewellery company, specializing in handcrafted fine jewellery, with expertise inKundan, Polki, Diamond and Studded pieces under the brand name `Rambhajo’. It blends traditional techniques with modern designs to create unique pieces that are both timeless and contemporary.

Focuses on innovative and customized jewellery designs that cater to diverse customer preferences, cultural traditions and evolving market trends. Its offerings include bridal collections as well as everyday luxury jewellery.

The product portfolio comprises necklaces, earrings, rings, bangles and customized pieces crafted in 14K and 18K gold with diamonds and coloured gemstones, catering to a wide customer base across India.

During 9M FY26, Necklace Sets contributed 47.59% to sales, Chick Sets 19.51%, Bracelets & Bangles 13.18%, Earring sets 8.07%, Pendant Sets 3.34%, Rings 3.21%, Pendants 3.04%, and others 2.07%.

Operates primarily on aB2B model, supplying to dealers, showrooms and retailers, but also serveB2C customersfor exclusive, made-to-order jewellery. Its jewellery is 100% handmade by skilled artisans trained over generations, ensuring every piece is a masterpiece.

During 9M FY26, derived 82.41% of revenue from B2B segment, 17.39% from B2C segment, and 0.2% from job work.

During 9M FY2026, total jewelry sales volume stood at 189.58 kgs, with products sold across nearly 18 states in India.

The majority of revenue is derived from Rajasthan, which accounted for 35.76% of sales during 9M FY26, followed by Delhi at 20.76%, Maharashtra at 11.16% and Haryana at 7.66%. Exports contributed 1.28% to sales.

Its manufacturing facility is located in Jaipur and operates from a leased premises with a built-up area of 6,450 sq. ft. Equipped with modern machinery, including 3D printers, casting units and polishing machines. The integrated setup enables the entire production process to be carried out under one roof, from raw gold processing to final product finishing.

Capacity has been expanded over the years to support rising volumes and growing demand. Capacity utilization stood at 21.58% during 9M FY2026.

Aims to expand its presence across India by focusing on high-potential regions. A key part of this strategy is the introduction of a franchise model. To complement this, it is setting up a flagship store in Jaipur while simultaneously strengthening its online presence through social media commerce and other digital platforms.

Offer and its objects

The IPO comprises a fresh issue of 1,19,68,000 equity shares aggregating up to Rs 165.16 crore.

The price band for the IPO is Rs 130 to Rs 138 per equity share of face value Rs 10 each.

The objectives for the fresh issue include Rs 65 crore for funding working capital requirement, Rs 65 crore for repayment/pre-payment of certain outstanding borrowings, and remaining amount for general corporate purpose.

The promoters are Nitin Gilara, Prateek Gilara, Vipul Gilara and Krishna Vardhan Gilara. The promoters and promoter group hold an aggregate of 3,20,10,000 equity shares, aggregating to 94.59% of the pre-offer issued and paid-up equity share capital. Their post IPO shareholding is expected to be around 69.88%.

The issue, through the book-building process, will open on 23 June 2026 and will close on 26 June 2026.

Strengths

Strong design innovation and customization capabilities provide clients the flexibility to tailor jewellery to diverse tastes, cultural preferences and changing market trends.

Steadily improving operating margins from FY2023 to 9M FY2026 reflect improved operational efficiency and profitability.

Integrated manufacturing setup with end-to-end in-house processes enables better quality control, improved cost efficiencies and faster order fulfilment.

Strong brand recognition under the `Rambhajo’ brand, backed by expertise in handcrafted Kundan and Polki jewellery.

Strategic retail expansion through a flagship store is expected to strengthen customer engagement and increase the share of cash-based sales.

Maintains robust quality standards with a dedicated QC team that checks every detail including design, purity, finish, and dimensions before dispatch.

Extensive experience of promoters and senior management personnel.

Weaknesses

High dependence on traditional jewellery categories such as Kundan, Polki, Meena and Jadau, limiting product diversification.

Exposed to volatility in prices of gold, diamonds, and precious & semi-precious stones, which may impact margins and profitability.

Significant reliance on Rajasthan and a few key states for revenue generation. Rajasthan contributed 35.76% of sales during 9M FY2026.

Recent government measures and appeals to limit gold purchases amid geopolitical tensions could impact jewellery demand and sales growth.

Working capital-intensive business, with substantial funding requirements for inventory procurement, particularly gold. Reported negative cash flows from operating activities during FY2023–FY2025.

Extended credit periods offered to customers result in higher receivables.

Relies on Karigars for manufacturing of jewellery. Small employee base and higher-than-industry attrition levels may impact productivity and business performance. Attrition rate was 50% in FY2025.

Brand protection and intellectual property risk due to pending trademark approval for ‘Rambhajo’ and registration of ‘Advit’.

Promoters and Directors are involved in certain criminal, material civil and tax litigations. Any adverse decision in such proceedings may adversely affect business.

Valuation

Net sales increased 80% to Rs 124.94 crore in FY2025 as compared with FY2024. The OPM improved 236 bps to 29.65%, leading to 95% increase in OP to Rs 37.05 crore. OI fell 25% to Rs 0.01 crore. Interest cost rose 629% to Rs 5.83 crore. Depreciation cost went up 41% to Rs 0.53 crore. PBT surged 73% to Rs 30.7 crore. Tax expenses were Rs 5.33 crore as compared with Rs 3.08 crore. PAT increased 72% to Rs 25.37 crore.

During 9M FY2026, the company reported net sales of Rs 123.79 crore with an OPM of 29.62%. Operating profit stood at Rs 36.67 crore, while other income was Rs 0.01 crore. Interest expense and depreciation amounted to Rs 5.04 crore and Rs 0.9 crore, respectively. As a result, PBT came in at Rs 30.75 crore. After accounting for tax expenses of Rs 5.31 crore, net profit stood at Rs 25.44 crore. EPS has not been annualized as annualizing a nine-month earnings period may not accurately reflect the company‘s full-year performance.

The FY2025 EPS on post-issue equity works out to Rs 5.5. At the upper price band of Rs 138, P/E is 25.

Total outstanding borrowings amounted to Rs 75.12 crore as on May 22, 2026. As much as 87% of the debt will be repaid from the issue proceeds, bringing down interest costs substantially and boosting profit. The FY 2025 EPS works out to Rs 6.4 if 87% of its interest cost is removed, keeping all other items, including tax rate, same. The re-worked P/E at the upper price band moderates to 21.

Listed peers such as RBZ Jewellers traded at FY2025 P/E of 14 and Radhika Jeweltech at 11, while larger peer Sky Gold and Diamonds traded at FY25 P/E of 61 as on 18 June 2026. The OPM and ROE stood at 29.65% and 55.79% respectively, in FY2025. These were 12.12% and 17.15% for RBZ Jewellers, 15.18% and 20.46% for Radhika Jeweltech, and 5.53% and 29% for Sky Gold and Diamonds, respectively.