Nityas Gems & Jewellery IPO

Subscription Status

GMP History

Financial Performance

As disclosed by Nityas Gems & Jewellery in its offer document.

Strengths and risks

Taken from Nityas Gems & Jewellery's own offer document — not Arthneeti's assessment.

• ✓The company’s B2B customer base increased from 74 in FY24 to 108 in FY25 and 323 in FY26. Its B2B customers include organised retailers, standalone retailers and wholesalers across 18 states and two Union Territories, along with customers in the UAE, Australia, Canada, Taiwan and Kenya.
• !The company’s revenue is highly concentrated among a limited number of B2B customers. Its top 10 customers contributed Rs 112.59 crore (55.49%), Rs 74.26 crore (76.68%), and Rs 45.20 crore (84.24%) to revenue from operations in FY26, FY25, and FY24, respectively. Any reduction in orders from these customers, changes in their procurement strategies, or inability to diversify the customer base could adversely affect the company’s business and financial performance.
• ✓The company operates an integrated B2B and D2C business model. Its subsidiary, Ayaani, operates an online storefront and 10 retail stores across eight cities as of August 31, 2026, while the company supplies jewellery through its B2B network.
• !The company’s revenue is also substantially dependent on B2B operations, which accounted for Rs 193.92 crore (95.58%) of revenue from operations in FY26, compared with Rs 96.84 crore (99.99%) in FY25 and Rs 53.65 crore (99.99%) in FY24. Any slowdown in orders from retail chains, standalone retailers or wholesalers could adversely affect its revenue and cash flows.

About Nityas Gems & Jewellery

Nityas Gems and Jewellery Limited is engaged in the design, manufacturing and sale of lab-grown diamond-studded gold jewellery in India. The company operates through B2B manufacturing and distribution to organised retailers, standalone retailers and wholesalers, and D2C omnichannel retail through its subsidiary, Ayaani Diamonds and Jewellery Private Limited. Its product range includes rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles across daily wear, occasion-based, men’s and customised segments. The company commenced B2B operations in July 2022 and supplies jewellery to customers in India and overseas markets. Its manufacturing facility is located in Surat, Gujarat, and includes in-house designing, prototyping and production. Ayaani operates an online storefront and nine physical retail stores in India.