Anjali Labtech IPO

Anjali LabTech Limited IPO is a book building issue of ₹1,225.00 crores, consisting of a fresh issue of shares worth ₹925.00 crores and an offer for sale of ₹300.00 crores.

The equity shares are proposed to be listed on NSE and BSE. IIFL Capital Services Limited is the book running lead manager, and MUFG Intime India Private Limited is the registrar of the issue. Key details, such as IPO dates, IPO price bands, and lot size, are yet to be announced.

About Anjali LabTech Limited

Anjali LabTech Limited was originally incorporated as Anjali Diamonds Private Limited on May 15, 2021, under the provisions of the Companies Act, 2013, in Gujarat. The company changed its name to Anjali LabTech Private Limited on July 2, 2025. Subsequently, it was converted into a public limited company and renamed Anjali LabTech Limited, with a fresh certificate of incorporation issued on July 22, 2025.

The company is headquartered in Surat, Gujarat, and operates in the lab-grown diamond (LGD) industry, with business operations spanning the manufacturing of diamond-growing machinery, growing and processing of lab-grown diamonds, jewellery manufacturing, and related services. The company operates through a vertically integrated business model covering multiple stages of the lab-grown diamond value chain.

Its business includes designing, manufacturing, and supplying Microwave Plasma Chemical Vapour Deposition (MPCVD) machines to third-party customers, as well as installing these machines for captive production of rough lab-grown diamonds. Its operations also include processing rough lab-grown diamonds into polished lab-grown diamonds, manufacturing and selling LGD-studded jewellery, and providing colour enhancement services using High Pressure High Temperature (HPHT) technology.

Its product portfolio includes MPCVD machines, rough and polished lab-grown diamonds, diamond wafers, LGD-studded jewellery, and MPCVD machine components. The company also provides specialised colour enhancement services for rough lab-grown diamonds supplied by third-party customers. Its manufacturing capabilities extend to producing smaller lab-grown diamonds below one carat using its proprietary MPCVD machines.

During Fiscal 2026, the company also commenced manufacturing and supplying MPCVD machine parts using Computer Numerical Control (CNC) machines, expanding its product portfolio beyond its existing diamond-related offerings.

The company operates seven manufacturing facilities, all located in Surat, Gujarat, India. These facilities include MPCVD machine manufacturing and robotic polishing units, rough lab-grown diamond growing facilities, rough diamond processing and polishing facilities, and an HPHT-based colour enhancement facility.

Its manufacturing infrastructure supports operations across machinery production, diamond growing, processing, polishing, and jewellery manufacturing. The company's centralised manufacturing presence in Surat provides access to the region's established diamond industry ecosystem and skilled workforce.

As of March 31, 2026, the company's installed manufacturing capacity included 3,000 MPCVD machines, rough lab-grown diamond growing capacity of 14,48,640 carats, polished lab-grown diamond processing capacity of 7,20,000 carats, and LGD-studded jewellery manufacturing capacity of 144 kilograms.

The company also uses robotic systems for polishing rough lab-grown diamonds weighing up to two carats, while larger diamonds are processed through a combination of manual craftsmanship and automation. As of March 31, 2026, the company was estimated to have a 36% global market share by volume in MPCVD machine manufacturing, according to the industry report cited in the prospectus.

As of March 31, 2026, the company served 2,253 customers, including 1,446 domestic customers and 807 customers located outside India. Its customer base includes MPCVD machine manufacturers and buyers, diamond traders, jewellery manufacturers, retail chains, and independent jewellery retailers.

Some of its customers include entities belonging to the Kiran Group, Evermine Diamond Private Limited, Karva Trading, DS Diamonds, Nanlaksh Tech Group Limited, Parishi Jewels, Tobias Designs Limited, GIVA, Auclair Lifestyle Private Limited, RÉIA, Firefly, and Palmonas. During Fiscal 2026, the company exported its products to 23 countries, generating export revenue of ₹2,099.43 million.

Industry Outlook

• The global lab-grown diamond (LGD) industry is witnessing rapid expansion, driven by increasing demand for affordable, sustainable, and socially responsible alternatives to natural diamonds. Global LGD production is expected to reach 37–38 million carats in Fiscal 2026, accounting for approximately 22% of total diamond supply.
• India has emerged as a major global manufacturing hub for lab-grown diamonds, with estimated production of 17–19 million carats in Fiscal 2026, representing approximately 45–50% of global LGD output. India's established diamond processing ecosystem, skilled workforce, and growing manufacturing capabilities support its position in the global market.
• India's rough lab-grown diamond market has expanded significantly, growing at an estimated compound annual growth rate (CAGR) of 46–60% from 1–2 million carats in Fiscal 2020 to 17–19 million carats in Fiscal 2026. The market is projected to grow at a CAGR of 21–24% to reach 40–41 million carats by Fiscal 2030.
• Lab-grown diamonds are primarily manufactured using two technologies: Microwave Plasma Chemical Vapour Deposition (MPCVD) and High Pressure High Temperature (HPHT). MPCVD generally enables the production of larger, high-clarity diamonds, particularly those exceeding one carat, while HPHT typically produces smaller gem-grade diamonds. Technological improvements in MPCVD have enhanced production efficiency, diamond quality, and cost competitiveness.
• India has emerged as a global leader in MPCVD technology, accounting for approximately 87% of global MPCVD machine manufacturing in Fiscal 2026, with around 13,700 operational machines. Approximately 40–50 domestic manufacturers operate in this ecosystem, while the top five manufacturers collectively account for around 80% of the domestic market.
• Surat, traditionally known for natural diamond cutting and polishing, has evolved into a major centre for lab-grown diamond production. The city accounts for approximately 90% of India's LGD output and houses around 85–90% of the country's MPCVD machines. Its skilled workforce, established diamond trading ecosystem, manufacturing infrastructure, and access to trained personnel support the industry's growth.
• India's exports of rough and polished lab-grown diamonds increased from 11.3 million carats in Fiscal 2024 to 19.9 million carats in Fiscal 2026. During this period, rough LGD exports recorded a CAGR of approximately 9%, while polished LGD exports grew at 43%. Increasing international demand and improvements in domestic production and processing capabilities have supported India's export growth.
• Beyond jewellery, lab-grown diamonds are gaining importance in industrial applications, particularly electronics, semiconductors, optics, and thermal management. MPCVD-produced diamond substrates offer potential advantages in industrial applications, creating additional demand for advanced manufacturing equipment. Research and development initiatives are also exploring applications of CVD technology in green hydrogen production and advanced materials, providing opportunities for the industry's long-term diversification.

Anjali LabTech IPO Objectives

The company proposes to utilise the net proceeds from the issue towards the following objectives:

• Funding capital expenditure for the manufacturing and captive installation of MPCVD machines to facilitate in-house growing of rough LGDs.
• Funding capital expenditure for construction and development of Anjali Corporate House at Moje Kosmada, Surat, Gujarat.
• Prepayment or re-payment of a portion of certain outstanding borrowings availed by the company.
• Towards general corporate purposes.

Financial Performance of Anjali LabTech Limited

Anjali Labtech Limited Peer Details Comparison