Advit Jewels IPO is a book-built public issue worth ₹165.16 crore, comprising a fresh issue of 1.20 crore equity shares with no offer-for-sale component.
The IPO opened for subscription on June 23, 2026, and will close on June 25, 2026. The basis of allotment is expected to be finalized on June 29, 2026, while the shares are scheduled to be listed on the NSE and BSE on July 1, 2026.
The company has fixed a price band of ₹130–₹138 per share. Investors can apply for a minimum lot of 100 shares, requiring an investment of ₹13,800 at the upper price band. The minimum investment for sNII investors is ₹2.07 lakh for 1,500 shares (15 lots), while bNII investors need to apply for at least 7,300 shares (73 lots), amounting to ₹10.07 lakh.
Holani Consultants Pvt. Ltd. is managing the issue as the book-running lead manager, while Bigshare Services Pvt. Ltd. has been appointed as the registrar to the offer.
Industry Outlook
- The Indian gems and jewellery industry is witnessing strong growth, supported by rising disposable incomes, increasing preference for branded jewellery, and growing demand for bridal and festive ornaments.
- Advit Jewels is well-positioned to benefit from these trends through its focus on handcrafted Kundan, Polki, diamond, and studded jewellery.
- The company primarily operates on a B2B model, supplying jewellery to dealers, retailers, and showrooms across India, while gradually expanding its presence in the B2C segment.
- Its integrated manufacturing facility, equipped with modern technologies such as 3D printing and casting, helps improve production efficiency and maintain quality standards.
- The company has demonstrated robust financial growth, with revenue increasing to ₹124.94 crore and net profit reaching ₹25.37 crore in FY25.
- The shift from unorganised jewellers to organised players is expected to create further growth opportunities for companies with strong manufacturing capabilities and established customer networks.
- However, the jewellery sector remains working-capital intensive and is exposed to fluctuations in gold and gemstone prices, which can affect margins, inventory values, and cash flows.
- Investors should assess the company’s growth prospects, industry dynamics, and valuation before making an investment decision.
Advit Jewels IPO Objectives
Advit Jewels plans to utilise the net proceeds from the IPO for the following purposes:
- Working Capital Requirements: ₹65 crore will be used to meet the company's growing working capital needs and support business expansion.
- Debt Repayment: ₹65 crore has been earmarked for the repayment or prepayment of certain outstanding loans and borrowings from scheduled commercial banks, which is expected to strengthen the company's balance sheet.
- General Corporate Purposes: The remaining funds will be allocated towards general corporate activities and business requirements.
About Advit Jewels Limited
Founded in 2019, Advit Jewels is a Jaipur-based jewellery manufacturer known for its handcrafted Kundan, Polki, diamond, and studded jewellery marketed under the "Rambhajo" brand. The company offers a wide range of products, including necklaces, earrings, rings, bangles, and customised jewellery crafted from 14K and 18K gold, diamonds, and coloured gemstones. Advit Jewels primarily serves dealers, retailers, and showrooms through its B2B business model, which contributed over 81% of its revenue in FY25, while also catering to B2C customers seeking bespoke jewellery pieces.
The company operates a fully integrated manufacturing facility in Jaipur, equipped with advanced technologies such as 3D printers and casting machines, enabling it to manage the entire production process in-house, from gold melting and designing to polishing and quality inspection. This setup helps ensure operational efficiency, product security, and stringent quality control. With a dedicated quality assurance team, the company carefully examines every jewellery piece before dispatch. Advit Jewels has established a strong presence across India, generating revenue from multiple states, and employed 111 people as of April 30, 2026. Its key strengths include integrated manufacturing capabilities, a diversified product portfolio, strong operational processes, experienced management, and a consistent focus on quality.
How To Check the Allotment Status of the Advit Jewels IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Advit Jewels IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Advit Jewels IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Advit Jewels IPO
Registered Office: Advit Jewels Ltd. Address- Flat No. 301, Pearl Premier, Plot No. 4, Jamna Lal Bajaj Marg, C-Scheme, Jaipur, Rajasthan, 302001
Phone: +91 9216035990
E-mail: cs@advitjewels.com
Advit Jewels IPO Reservation
| Investor Category | Shares Offered | % of Total Issue | Max Allottees |
| QIB Shares Offered | 59,81,300 | 49.98% | NA |
| └─ Anchor Investor Portion | 35,88,700 | 29.99% | NA |
| └─ QIB (Excluding Anchor) | 23,92,600 | 19.99% | NA |
| NII (HNI) Shares Offered | 17,96,700 | 15.01% | NA |
| └─ bNII (> ₹10 lakh) | 11,96,800 | 10.00% | 797 |
| └─ sNII (< ₹10 lakh) | 5,98,400 | 5.00% | 398 |
| Retail Shares Offered | 41,90,000 | 35.01% | 41,900 |
| Total Shares Offered | 1,19,68,000 | 100.00% | — |
Advit Jewels IPO Promoter Holding
The promoters of the company are Mr. Nitin Gilara, Mr. Prateek Gilara, Mr. Vipul Gilara and Mr. Krishna Vardhan Gilara.
| Share Holding Pre-Issue | 94.59% |
| Share Holding Post Issue | 69.88% |
Key Performance Indicators for Advit Jewels IPO
| KPI | Dec 31, 2025 | Mar 31, 2025 |
| ROE | 35.89% | 55.79% |
| ROCE | 24.09% | 27.48% |
| Debt/Equity | — | 1.29 |
| RoNW | 30.41% | 43.64% |
| PAT Margin | 20.55% | 20.30% |
| EBITDA Margin | 29.63% | 29.73% |
| Price to Book Value (P/B) | — | 7.60 |
Advit Jewels IPO Prospectus
Advit Jewels IPO Registrar and Lead Managers
Advit Jewels IPO Lead Managers
- Holani Consultants Pvt.Ltd
Registrar for Advit Jewels IPO
Bigshare Services Pvt.Ltd.
- Contact Number: +91-22-6263 8200
- Email Address: ipo@bigshareonline.com
Financial Performance of Advit Jewels Limited
| Particulars | As of Dec 31, 2025 | As of Mar 31, 2025 | As of Mar 31, 2024 | As of Mar 31, 2023 |
| Assets (₹ cr) | 164.20 | 140.85 | 67.21 | 29.01 |
| Total Income (₹ cr) | 123.80 | 124.94 | 69.45 | 46.60 |
| Profit After Tax (PAT) (₹ cr) | 25.44 | 25.37 | 14.71 | 10.39 |
| EBITDA (₹ cr) | 36.68 | 37.15 | 18.95 | 12.77 |
| Net Worth (₹ cr) | 83.65 | 58.13 | 32.80 | 18.08 |
| Reserves & Surplus (₹ cr) | 51.64 | 58.12 | 32.79 | 18.07 |
| Total Borrowings (₹ cr) | 64.92 | 74.80 | 19.70 | 5.84 |
Advit Jewels Limited Peer Details Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹/Share) | P/E (x) | RoNW (%) |
| Advit Jewels Ltd. | 7.92 | 7.92 | 18.16 | NA | 43.64 |
| Bluestone Jewellery and Lifestyle | -78.86 | -78.86 | 363.96 | NA | -24.00 |
| RBZ Jewellers Limited | 9.70 | 9.70 | 61.26 | 12.86 | 15.83 |
| Radhika Jeweltech Limited | 5.09 | 5.09 | 27.34 | 11.10 | 18.63 |
Source: Company RHP. Comparison based on financial data as of March 31, 2025.
Strengths and Opportunities of Advit Jewels IPO
- Advit Jewels operates in the premium handcrafted jewellery segment, focusing on bridal, Kundan, Polki, diamond, and studded jewellery, which supports strong profitability.
- The company has maintained healthy margins, with EBITDA margin of around 29.7% and PAT margin exceeding 20%.
- It has delivered strong financial growth, with revenue rising from ₹46.60 crore in FY23 to ₹124.94 crore in FY25, while PAT increased from ₹10.39 crore to ₹25.37 crore during the same period.
- The IPO consists entirely of a fresh issue, with ₹65 crore earmarked for debt repayment and ₹65 crore for working capital requirements, which could strengthen the balance sheet and support future growth.
- The company benefits from a loyal customer base and repeat business from dealers, retailers, and showroom partners.
- Advit Jewels has the potential to expand its B2C business by leveraging its heritage brand and increasing its digital presence.
- Growing consumer preference for organised, branded, and hallmarked jewellery is expected to create long-term growth opportunities.
- Rising disposable incomes and strong demand for premium bridal jewellery continue to support industry growth.
- The company's expertise in customised and bespoke jewellery positions it well to cater to evolving consumer preferences and premium market demand.
Risks and Threats of Advit Jewels IPO
- Despite reporting strong profitability, Advit Jewels has experienced negative operating cash flows due to significant investments in inventory and receivables.
- The jewellery business requires substantial working capital, with inventory levels remaining high, which may expose the company to inventory holding costs and demand fluctuations.
- Historically, the company has relied on borrowings to support operations, making efficient utilisation of IPO proceeds important for improving its financial position.
- The company's performance is closely linked to fluctuations in gold, diamond, Polki, and other precious stone prices, which can impact margins and inventory values.
- Manufacturing operations are concentrated at a single facility in Jaipur, exposing the business to potential disruptions from local events, supply chain issues, or operational interruptions.
- Advit Jewels depends on a limited number of suppliers for raw materials, and any disruption in supply could affect production schedules and deliveries.
- The transfer process for the "Rambhajo" trademark is yet to receive final regulatory approval, which remains a pending compliance matter.
- A significant portion of revenue is generated from a select customer base, creating customer concentration risk.
- Demand for jewellery is seasonal in nature, with sales largely dependent on wedding and festive periods. Any slowdown during these peak seasons could affect overall business performance.
