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₹138 - 138
Advit Jewels Ltd
Diamond, Gems and JewelleryIPO
₹138 - 138
Our company is a manufacturer and seller of handcrafted fine jewellery, specializing in Kundan, Polki, Diamond and Studded pieces. Our brand name "Rambhajo" finds its roots in a jewellery business established in 1921 by Late Shri Kishan Gilara in Jaipur.
Lot100Min Invest₹13,800Face Value₹10Issue Size₹165 CrFresh Issue₹165 CrListing Price₹189CMP₹355
Timeline
23 Jun
Bidding opens
25 Jun
Bidding closes
29 Jun
Allotment
30 Jun
Refund & demat credit
1 Jul
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹165 Cr1.20 Cr shares
Fresh Issue₹165 Cr
Face Value₹10
Lot Size100 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹13,8001-14 lots
sNII₹2,07,000from 15 lots
bNII₹10,07,400from 73 lots
Managers & Registrar
Lead ManagerHolani Consultants Private Limited
RegistrarBigshare Services Pvt Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group94.59%69.88%Public5.41%30.12%
Objects of the Issue
- Funding incremental working capital requirements of the Company
- Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by its Company from scheduled commercial bank
- General corporate purposes
Anchor Book
Bid Date22-Jun-2026Shares35,88,700Amount₹50 Cr30-day lock-in28-Jul-202690-day lock-in26-Sep-2026
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| RevenueCr | 47 | 69 | 125 | 167 |
| Operating ProfitCr | 13 | 19 | 37 | 49 |
| OPM% | 27.4 | 27.3 | 29.7 | 29.5 |
| PBTCr | 13 | 18 | 31 | 42 |
| PATCr | 10 | 15 | 25 | 34 |
| EPS | 10,390 | 14,710 | 25,367 | 11 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity CapitalCr | 0 | 0 | 0 | 32 |
| ReservesCr | 18 | 33 | 58 | 61 |
| BorrowingsCr | 6 | 21 | 76 | 73 |
| Fixed AssetsCr | - | - | 15 | 18 |
| Total AssetsCr | 29 | 67 | 141 | 172 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Operating Cash FlowCr | -3 | -10 | -37 | 13 |
| Investing Cash FlowCr | 0 | -2 | -13 | -7 |
| Financing Cash FlowCr | 5 | 14 | 49 | -9 |
| Net Cash FlowCr | 2 | 1 | -1 | -2 |
Strengths & Risks
Strengths · as stated in the DRHP
- Organized Manufacturing Under One Roof.
- Design and Innovation: Diversified Product Offering Across Customer Segments.
- Robust Operational Systems and Risk Mitigation Framework.
- Experienced Leadership with Proven Execution Capability.
- Unwavering Commitment to Quality.
Strategies · as stated in the DRHP
- Enhance our financial capabilities to facilitate the expansion of our business operations.
- Continued Focus on Creative Designs.
- Geographic Expansion: Scaling Across India.
Risks · as stated in the DRHP
- Prices of products manufactured by the company is highly dependent on the prices of gold, diamond polki and precious & semi- precious stones and cost of these raw materials comprises 99.85%, 99.66%, 99.95%, 99.76% of total cost of material consumed in production of product for the period ended on December 31, 2025 and for the fiscal years ended on March 31, 2025, 2024 and 2023 respectively. Any non-availability or significant increase in the cost of gold, diamond polki, and other precious or semi-precious stones and absence of long-term contracts with its suppliers could adversely affect the company business, results of operations, financial condition and prospects.
- The company inventory holding increased significantly from Rs. 1,041.67 Lakhs in Fiscal 2023 to Rs. 4,491.67 Lakhs in Fiscal 2024 and further to Rs. 10,723.91 Lakhs in Fiscal 2025. Further, inventory constituted 36.38%, 68.99%, 85.07% and 68.68% of its total current assets as of March 31, 2023, 2024 and 2025 and December 31, 2025, respectively. Inventory also represented 22.35%, 64.68%, 85.83% and 79.99% of the company revenue from operations for Fiscal 2023, 2024 and 2025 and the period ended December 31, 2025, respectively, while its inventory holding days were 91 days, 158 days, 199 days and 154 days for the corresponding periods. The high level of inventory maintained by the company exposes its to risks associated with inventory management, demand forecasting, valuation, carrying costs and supply chain disruptions, which may adversely affect the company working capital requirements, liquidity, profitability and overall financial condition.
- The company business is significantly dependent on Jaipur City as its entire manufacturing operations is based thereon along with 18.18%, 73.09%, 77.32% and 80.56% of the company total raw material purchases for the period ended on December 31, 2025 and for the Fiscal years ended on March 31, 2025, 2024 and 2023 are sourced from suppliers who are based in Jaipur City. This dependence exposes its to regional risk or a location risk. Any disruption, slowdown, or shutdown in Jaipur City or surroundings areas will affect the company manufacturing operations and/or its principal raw materials supplies which could adversely affect the company business, results of operations, financial condition and cash flows.
- The Company has recently acquired a registered trademark for brand name `Rambhajo' from its Promoter Group member by way of assignment, for which approval of form TM - P to record the said assignment is pending. The Company has also made application for registration of brand name `Advit' which is pending. Any inability to protect its brand, business processes or proprietary information may adversely affect the company business, financial condition and results of operations.
- The Company has low average employee base of 45 people in FY 25, 19 in FY 24 and 15 in FY 23 and significant number of employees leave the company every year. The percentage of attrition ratio reached nearly 50% in FY25 and its company weighted average attrition rate for the last three FYs is 38.95% which is way higher than the industry attrition rate, which may adversely impact the company business operations, continuity and financial performance.
- The company relies on limited number of suppliers and procure 88.27%, 76.55%, 73.15% and 82.93% of its Raw Materials for the period ended on December 31, 2025 and for the Fiscal Years ended on March 31, 2025, 2024 and 2023 respectively from the company Top 5 suppliers and 93.55%, 86.96%, 79.98% and 88.36% of its Raw Material from the company top 10 suppliers for the period ended on December 31, 2025 and the Fiscal Years ended on March 31, 2025, 2024 and 2023 respectively. Any delay or disruption in supply from these suppliers or any failures of its to maintain good business relations and continued arrangements with such suppliers may adversely affect the company results of operations and financial condition.