Advit Jewels Ltd IPO
Status: Upcoming
Overview
IPO date
23 Jun 2026 to 25 Jun 2026
Face value
₹ 10 per share
Price
₹ 0 per share
Issue Size
11,968,000 shares
(aggregating up to ₹ 0 Cr)
(aggregating up to ₹ 0 Cr)
Allotment Date
29 Jun 2026
Listing at
NSE
Issue type
Book Building
Sector
Diamond, Gems and Jewellery
Unlock Stock of the Month
T&C*
Strengths vs Risks of Advit Jewels Ltd
Know the pros & cons
Strengths
- 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.
Risks
- Prices of products manufactured by us are 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 our suppliers could adversely affect our business, results of operations, financial condition and prospects.
- Our 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 our 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 our revenue from operations for Fiscal 2023, 2024 and 2025 and the period ended December 31, 2025, respectively, while our inventory holding days were 91 days, 158 days, 199 days and 154 days for the corresponding periods. The high level of inventory maintained by us exposes us to risks associated with inventory management, demand forecasting, valuation, carrying costs and supply chain disruptions, which may adversely affect our working capital requirements, liquidity, profitability and overall financial condition.
- Our business is significantly dependent on Jaipur City as our entire manufacturing operations are based thereon along with 18.18%, 73.09%, 77.32% and 80.56% of our 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 us to regional risk or a location risk. Any disruption, slowdown, or shutdown in Jaipur City or surroundings areas will affect our manufacturing operations and/or our principal raw materials supplies which could adversely affect our business, results of operations, financial condition and cash flows.
- Our Company has recently acquired a registered trademark for brand name `Rambhajo' from our Promoter Group member by way of assignment, for which approval of form TM - P to record the said assignment is pending. Our Company has also made application for registration of brand name `Advit' which is pending. Any inability to protect our brand, business processes or proprietary information may adversely affect our business, financial condition and results of operations.
- Our 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 our 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 our business operations, continuity and financial performance.
- We rely on limited number of suppliers and procure 88.27%, 76.55%, 73.15% and 82.93% of our 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 our Top 5 suppliers and 93.55%, 86.96%, 79.98% and 88.36% of our Raw Material from our 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 failure of us to maintain good business relations and continued arrangements with such suppliers may adversely affect our results of operations and financial condition.
- Our business is subject to seasonal fluctuations and any decline in sales during peak seasons may disproportionately impact our results of operations.
- Our Company proposes to repay in full or in partial payment of sanctioned working capital facilities of Rs. 4,075 lakhs from HDFC Bank Ltd Rs. 3,000 lakhs from ICICI Bank Ltd from the issue proceeds. The working capital facilities from HDFC Bank Ltd were sanctioned in FY23 but were availed only for limited period in FY24 and fully availed in FY25 only whereas ICICI Bank Ltd working capital facilities were sanctioned and availed in FY25. Our intention to utilize a portion of the Issue Proceeds for repayment of recently availed working capital facilities may not yield the anticipated benefits and may expose us to refinancing and liquidity risks.
- Our inventory holding days were 199 days, 158 days and 91 days in Fiscal 2025, 2024 and 2023 representing 118% increase from Fiscal 2023 to Fiscal 2025. Also, the trade payable days were 39 days in FY 24 which significantly reduced to 7 days in FY 25. The sharp increase in inventory levels coupled with a reduction in supplier credit exposes our Company to risks of liquidity constraints, increased financing costs, and potential inventory obsolescence or valuation losses.
- We have had negative cash flows from operating activities and investing activities in the past. Sustained negative cash flow could adversely impact our business, financial condition and growth.
- We have derived 13.04%%, 9.85%, 10.92%, and 38.48% of our revenue from operations from our top customer, 38.15%, 37.14%, 29.17%, and 66.89% from our top 5 (five) customers and 56.49%, 54.17%, 43.06% and 75.47% of our revenue from our top 10 (Ten) customers for period ended on December 31, 2025 and for the fiscal years ended on March 31, 2025, 2024 and 2023 respectively. The loss of one or more such customers, deterioration of their financial condition, any cancellation or delay of orders or our inability to meet their expectations could adversely affect our business, results of operations and financial condition.
- Our Registered Office, Corporate Office, Manufacturing Facility, display center and Administrative Office are located on premises which are occupied on leasehold basis. Any failure to comply with the terms of these leases agreements, inability to renew existing agreements or enter into new agreements on commercially favourable terms, or adverse regulatory developments, may materially and adversely affect our business, results of operations and financial condition.
- We depend on Karigars for manufacturing of our Kundan Polki jewellery. As of April 30, 2026, we had 35 Karigars employed in our manufacturing facility. If we fail to retain or engage such Karigars, it may adversely impact our business, results of operations and financial condition.
- Our property, plant and equipment increased 13 times in the past from Rs. 7.92 lakhs in FY2022-23 to Rs. 1,396.34 lakhs in FY 2024-25. If we are unable to sustain this increase in Property, plant and equipment in future, our business, results of operations and financial condition may be adversely affected.
- We have significant working capital requirements which have historically been funded through borrowings. 41.91%, 54.59%, 41.30% and 27.55% of the working capital requirements have been funded through borrowings for the period ended on December 31, 2025 and for the fiscal years ended on March 31, 2025, 2024 and 2023. Any inability to access adequate working capital loans on commercially reasonable terms may adversely affect our business, financial condition and results of operations.
- Our 2 promoters out of 4 promoters, namely Vipul Gilara and Krishan Vardhan Gilara, do not have a formal higher educational degree as on the date of RHP, which may adversely affect stakeholder perception and our brand image.
- Our revenue from operations has significantly increased from Rs. 4,660.41 Lakhs in FY 2022-23 to Rs. 6,944.26 Lakhs in FY 2023-24 resulting in growth of over 49.02% (YOY). Similarly, our revenue from operations has further increased from Rs. 6,944.26 Lakhs in FY 2023-24 to Rs. 12,493.73 Lakhs in FY 2024-25 leading to growth of 79.91% (YOY). Our revenue from operations from last three Fiscal Years are increasing by Compounded Annual Growth Rate (CAGR) of 38.92%. If we are unable to sustain or manage our revenue acceleration rate in future, our business operations may be adversely affected, and this revenue acceleration rate may not be achievable in the future.
- We derived 94.90%, 88.08%, 83.57%, and 89.99% of our total revenue from operations for the period ended on December 31, 2025 and for the fiscal years ended March 31, 2025, 2024 and 2023 respectively from our top 5 products. Any adverse change in consumer demand, fashion trends, pricing or competitive dynamics relating to these key products could materially impact our business, financial condition and results of operations.
- We derive a substantial portion of our revenue from B2B sales which accounts for 82.60%, 81.63%, 66.01% and 87.30% of our total revenue for the period ended on December 31, 2025 and for the fiscal years ending March 31, 2025, 2024 and 2023 respectively. Our major dependency on B2B sales may adversely affect our business, results of operations, and financial condition.
- Any lapses in quality control or disruptions at our manufacturing facilities could adversely impact our business, brand reputation, financial condition and results of operations.
- Failure to respond effectively to evolving consumer preferences, shifting market trends, or to broaden our product portfolio could negatively impact our business operations, financial performance and overall condition.
- Significant fluctuations or sustained increase in the price of gold may adversely affect our business, operations and profit margins and financial condition.
- Our debt-to-equity ratio has increased from 0.32 in FY 2022-23 to 0.60 in FY 2023-24 and further increased to 1.29 in FY 2024-25, reflects rising financial risk which may limit future borrowings and adversely impact our working capital and financial stability.
- The agreements governing our indebtedness contain conditions and restrictions on our operations, additional financing, and capital structure.
- We have entered into certain related party transactions in the ordinary course of our business and we cannot assure you that such transactions will not have an adverse effect on our results of operations and financial condition.
- Our Promoters, directors and certain members of the Promoter Group are engaged in businesses similar to or related to our line of business, and the absence of non-compete arrangements with most of such entities may give rise to conflicts of interest and increased competition, which could adversely affect our business, financial condition and results of operations.
- A major part of our total revenue from operations is generated from the States of Maharashtra, Rajasthan and Gujarat which accounts for 50.03%, 60.20%, 58.31% and 75.97%, of our total revenue from operations for the period ended on December 31, 2025 and for the Fiscal Years ended on March 31, 2025, 2024 and 2023 respectively. Any adverse developments affecting our operations in such region, could have an adverse impact on our business, financial condition, results of operations and cash flows.
- We derive 98.44%, 85.27%, 90.94% and 82.25% of our revenue from our owned designs for the period ended on December 31, 2025, and for the fiscal years ended on March 31, 2025, 2024 and 2023 respectively. Fluctuations in customer preferences, changing market trends, or a slowdown in demand could adversely impact on our sales and profitability.
- Our Company, certain Promoters, Directors and Key Managerial Personnel are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have a material adverse effect on our business, financial condition, cash flows, and results of operations.
- Our Promoters and Directors are involved in certain criminal, material civil and tax litigations. Any adverse decision in such proceedings may have a material adverse effect on our reputation and may divert management attention.
- Our Director, Divyank Bader is a party to criminal proceeding arising out of FIR No. 1044/2024 filed at Mansarovar, Jaipur. Any adverse outcome in such proceeding may have a material adverse effect on our business, reputation, and operations.
- In the past, we have obtained the approvals required under environmental laws in relation to our manufacturing unis with certain delay. Any such failure to comply with environmental laws and/or the terms and conditions of approvals issued under such environmental laws and regulations could subject us to penalties and other regulatory actions, impact our ability to obtain or renew such approvals in a timely manner/ at all and may also adversely affect our ability to operate our units and consequently affect our results of operations.
- We do not register our jewellery design under the Designs Act, 2000 and we may suffer a loss of income if our designs are duplicated by our competitors. Moreover, we are susceptible to litigation arising out of infringement of copyright of designs. This could materially and adversely affect our reputation, results of operations and financial condition.
- Under-utilization of our manufacturing capacity could adversely affect our future financial condition and operational performance.
- Certain secured loan facilities availed by our Company have been backed by personal and corporate guarantees from our Promoters and members of our Promoter Group. Any default in repayment by our Company may result in enforcement of such guarantees, which could adversely affect our Promoters and consequently, our business and operations.
- There have been discrepancies in filings with the Registrar of Companies (RoC) and other noncompliances under the Companies Act in the past, which may result in penalties.
- Instances of delays in payment of employee-related statutory dues in the past may expose us to regulatory action, including imposition of penalties.
- We are required to obtain, renew or maintain certain statutory and regulatory permits and approvals required to operate our business and if we fail to do so in a timely manner or at all and our business, financial conditions, results of operations and cash flows may be adversely affected.
- If we are unable to collect our receivables from our clients, our results of operations and cash flows could be adversely affected.
- Our management will deploy net proceeds from the Issue pending utilization for Objects to Issue in scheduled commercial banks and there is no assurance that the objects of the Issue will be achieved within the time frame expected. Any variation in the utilisation of the Net Proceeds in terms as disclosed in the Red Herring Prospectus would be subject to certain compliance requirements, including prior shareholders' approval.
- Our business strategies and expansion plans may be subject to various unfamiliar risks and may not be successful.
- Jewellery purchases are discretionary and often perceived as luxury purchases. Any factor negatively impacting discretionary spending by end-consumers may adversely affect our business, results of operations, financial condition and prospects.
- The insurance coverage is 319.68% of the Net Tangible Assets of our Company for the year ended on December 31, 2025 which may not be adequate to protect against all potential losses arising from our business operations.
- Failure to protect credit/debit card data, electronic payment information, or other personal data we collect could significantly harm our reputation and business.
- Our dependence on third-party logistics providers subjects us to operational, financial, and legal risks that could adversely affect our business and financial performance.
- Our business depends upon the capabilities and performance of our Promoters, Key Managerial Personnel and Senior Management that will be crucial to determining the success and growth of our company.
- Our revenue and earnings depend on an appropriate sales mix across retail, wholesale and job work segments, each of which has distinct working capital requirements and any inability to maintain this mix or manage segment-wise working capital may adversely affect our business, financial condition and results of operations.
- Our ability to access capital depends on our credit ratings. Non-availability of credit ratings or a poor rating may restrict our access to capital and thereby adversely affect our business and results of operations.
- We may be subject to fraud, theft of raw materials or jewellery, design theft, employee negligence or other similar incidents, any of which could adversely affect our business, reputation, results of operations and financial condition.
- Most of our directors do not have prior experience serving as directors of any other listed company in India, which may affect their ability to meet the governance and compliance requirements applicable to a listed entity.
- Our company has issued bonus shares in past in the ratio of 3200:1 share involving utilization of free reserves to the tune of ? 3,200.00 lakhs. Any substantial issuance of bonus shares in the future may require further capitalisation of reserves and could reduce the level of free reserves available for future corporate actions, contingencies or shareholder distributions, and may adversely affect our capital structure and certain financial ratios such as earnings per share and return on net worth, which could influence investor perception of our Company's financial position.
- Our business is dependent on the availability of imported gold in the domestic market and any changes in import policies, tariff-rate quotas, allocation mechanisms or preferential access to larger industry participants may adversely affect our competitiveness, operations and financial condition.
- Changes in regulatory requirements relating to hallmarking, certification or quality standards for jewellery may increase our compliance costs and adversely affect our operations and financial condition.
- Changes in consumer preferences, including a shift toward alternative jewellery products such as lightweight jewellery, studded jewellery or lab-grown diamonds, may adversely affect demand for our products and impact our business and financial performance.
- Negative publicity related to our products or industry could harm our business, financial condition, and results of operations.
- We operate in a competitive business environment, and if we fail to respond effectively to increased competition and pricing pressures from existing and new players, we may lose market share and experience a decline in profits, which could adversely affect our business, results of operations, and financial condition.
- Certain sections of this Red Herring Prospectus disclose information from the industry report which has been commissioned and paid for by us exclusively in connection with the Issue and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
- The schedule of our estimated deployment of Net Proceeds is subject to inherent uncertainties.
- We have included certain non-GAAP financial and operational measures related to our operations and financial performance that may vary from any standard methodology that may be applicable across the industry in which we operate, and which may not be comparable with financial, operational or industry-related statistical information of similar nomenclature computed and presented by similar companies.
- If we fail to maintain an effective system of internal controls, we may not be able to successfully manage, or accurately report, our financial risks.
- Our Promoter, also being the Managing Director, and some other Directors and Key Managerial Personnel and Senior Managerial Personnel of our Company, hold Equity Shares in our Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- We have allotted shares in the last one year, which may be at a price below the Issue Price.
- Our ability to pay dividends in the future will depend upon our future earnings, financial condition, cash flows, working capital requirements and capital expenditures and lender consent and we cannot assure you that we will be able to pay dividends in the future.
Advit Jewels Ltd Peer Comparison
Understand the company’s industry standing
Advit Jewels Limited
Bluestone Jewellery and Lifestyle Limited
RBZ Jewellers Limited
Face Value
10
1
10
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
124.94
1829.92
530.75
EPS-Basis
7.92
-78.86
9.7
EPS-Diluted
7.92
-78.86
9.7
NAV Per Share
18.16
363.96
61.26
P/E-Basic EPS
---
---
12.86
P/E-Diluted EPS
---
---
---
RONW(%)
43.64
-24
15.83
Latest NAV Period
---
---
---
Latest NAV
---
---
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The IPO opens on 23 Jun 2026 & closes on 25 Jun 2026.
Advit Jewels Limited was incorporated in Jaipur, Rajasthan as 'Advit Jewels Private Limited' a private limited Company, dated October 29, 2019 with the Registrar of Companies, Central Registration Centre, Manesar. Thereafter, Company was converted from a Private Company to a Public Company w.e.f. April 30, 2025 vide certificate issued by the Registrar of Companies, Central Processing Centre.
Company is a manufacturer and seller of handcrafted fine jewellery, specializing in Kundan, Polki, Diamond and Studded pieces. The brand name 'Rambhajo' finds its roots in a jewellery business established in 1921 by Late Sh. Kishan Gilara in Jaipur. He started Rambhajo as a local brokerage and trading venture in the jewellery market. The brand name evolved steadily into a respected name in the jewellery manufacturing and retail space. In order to carry on business in a corporate structure, Company was incorporated as a private limited Company in 2019, to carry forward the legacy of trust and craftmanship spanning more than 100 years.
Core strength lies in design innovation and customization, offering clients the flexibility according to specific tastes, cultural significances and market trends. From bridal collections to everyday luxury pieces, the offerings cater to a diverse clientele across Indian markets. The offerings include necklaces, earrings, rings, bangles and customized jewellery pieces. The manufacturing unit at Jaipur largely operate on B2B model, serving dealers, showrooms and jewellery retailers and cater to B2C customers for exclusive, made-to-order pieces. To augment B2C sales, Company is in process of setting up one flagship store in Jaipur.
Company is planning the fresh issue IPO of issuing 1,38,00,000 Equity Shares of face value Rs 10 each.
Advit Jewels Ltd IPO will close on 25 Jun 2026.
- 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.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Nitin Gilara | 7970490 | 23.55 | 7970490 | 17.4 |
| 2 | Prateek Gilara | 7970490 | 23.55 | 7970490 | 17.4 |
| 3 | Vipul Gilara | 15748920 | 46.53 | 15748920 | 34.38 |
| 4 | Krishna Vardhan Gilara | 224070 | 0.66 | 224070 | 0.49 |
| 5 | Kiran Gilara | 32010 | 0.1 | 32010 | 0.07 |
| 6 | Rachna Gilara | 32010 | 0.1 | 32010 | 0.07 |
| 7 | Swati Gilara | 32010 | 0.1 | 32010 | 0.07 |
- Prices of products manufactured by us are 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 our suppliers could adversely affect our business, results of operations, financial condition and prospects.
- Our 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 our 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 our revenue from operations for Fiscal 2023, 2024 and 2025 and the period ended December 31, 2025, respectively, while our inventory holding days were 91 days, 158 days, 199 days and 154 days for the corresponding periods. The high level of inventory maintained by us exposes us to risks associated with inventory management, demand forecasting, valuation, carrying costs and supply chain disruptions, which may adversely affect our working capital requirements, liquidity, profitability and overall financial condition.
- Our business is significantly dependent on Jaipur City as our entire manufacturing operations are based thereon along with 18.18%, 73.09%, 77.32% and 80.56% of our 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 us to regional risk or a location risk. Any disruption, slowdown, or shutdown in Jaipur City or surroundings areas will affect our manufacturing operations and/or our principal raw materials supplies which could adversely affect our business, results of operations, financial condition and cash flows.
- Our Company has recently acquired a registered trademark for brand name `Rambhajo' from our Promoter Group member by way of assignment, for which approval of form TM - P to record the said assignment is pending. Our Company has also made application for registration of brand name `Advit' which is pending. Any inability to protect our brand, business processes or proprietary information may adversely affect our business, financial condition and results of operations.
- Our 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 our 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 our business operations, continuity and financial performance.
- We rely on limited number of suppliers and procure 88.27%, 76.55%, 73.15% and 82.93% of our 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 our Top 5 suppliers and 93.55%, 86.96%, 79.98% and 88.36% of our Raw Material from our 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 failure of us to maintain good business relations and continued arrangements with such suppliers may adversely affect our results of operations and financial condition.
- Our business is subject to seasonal fluctuations and any decline in sales during peak seasons may disproportionately impact our results of operations.
- Our Company proposes to repay in full or in partial payment of sanctioned working capital facilities of Rs. 4,075 lakhs from HDFC Bank Ltd Rs. 3,000 lakhs from ICICI Bank Ltd from the issue proceeds. The working capital facilities from HDFC Bank Ltd were sanctioned in FY23 but were availed only for limited period in FY24 and fully availed in FY25 only whereas ICICI Bank Ltd working capital facilities were sanctioned and availed in FY25. Our intention to utilize a portion of the Issue Proceeds for repayment of recently availed working capital facilities may not yield the anticipated benefits and may expose us to refinancing and liquidity risks.
- Our inventory holding days were 199 days, 158 days and 91 days in Fiscal 2025, 2024 and 2023 representing 118% increase from Fiscal 2023 to Fiscal 2025. Also, the trade payable days were 39 days in FY 24 which significantly reduced to 7 days in FY 25. The sharp increase in inventory levels coupled with a reduction in supplier credit exposes our Company to risks of liquidity constraints, increased financing costs, and potential inventory obsolescence or valuation losses.
- We have had negative cash flows from operating activities and investing activities in the past. Sustained negative cash flow could adversely impact our business, financial condition and growth.
- We have derived 13.04%%, 9.85%, 10.92%, and 38.48% of our revenue from operations from our top customer, 38.15%, 37.14%, 29.17%, and 66.89% from our top 5 (five) customers and 56.49%, 54.17%, 43.06% and 75.47% of our revenue from our top 10 (Ten) customers for period ended on December 31, 2025 and for the fiscal years ended on March 31, 2025, 2024 and 2023 respectively. The loss of one or more such customers, deterioration of their financial condition, any cancellation or delay of orders or our inability to meet their expectations could adversely affect our business, results of operations and financial condition.
- Our Registered Office, Corporate Office, Manufacturing Facility, display center and Administrative Office are located on premises which are occupied on leasehold basis. Any failure to comply with the terms of these leases agreements, inability to renew existing agreements or enter into new agreements on commercially favourable terms, or adverse regulatory developments, may materially and adversely affect our business, results of operations and financial condition.
- We depend on Karigars for manufacturing of our Kundan Polki jewellery. As of April 30, 2026, we had 35 Karigars employed in our manufacturing facility. If we fail to retain or engage such Karigars, it may adversely impact our business, results of operations and financial condition.
- Our property, plant and equipment increased 13 times in the past from Rs. 7.92 lakhs in FY2022-23 to Rs. 1,396.34 lakhs in FY 2024-25. If we are unable to sustain this increase in Property, plant and equipment in future, our business, results of operations and financial condition may be adversely affected.
- We have significant working capital requirements which have historically been funded through borrowings. 41.91%, 54.59%, 41.30% and 27.55% of the working capital requirements have been funded through borrowings for the period ended on December 31, 2025 and for the fiscal years ended on March 31, 2025, 2024 and 2023. Any inability to access adequate working capital loans on commercially reasonable terms may adversely affect our business, financial condition and results of operations.
- Our 2 promoters out of 4 promoters, namely Vipul Gilara and Krishan Vardhan Gilara, do not have a formal higher educational degree as on the date of RHP, which may adversely affect stakeholder perception and our brand image.
- Our revenue from operations has significantly increased from Rs. 4,660.41 Lakhs in FY 2022-23 to Rs. 6,944.26 Lakhs in FY 2023-24 resulting in growth of over 49.02% (YOY). Similarly, our revenue from operations has further increased from Rs. 6,944.26 Lakhs in FY 2023-24 to Rs. 12,493.73 Lakhs in FY 2024-25 leading to growth of 79.91% (YOY). Our revenue from operations from last three Fiscal Years are increasing by Compounded Annual Growth Rate (CAGR) of 38.92%. If we are unable to sustain or manage our revenue acceleration rate in future, our business operations may be adversely affected, and this revenue acceleration rate may not be achievable in the future.
- We derived 94.90%, 88.08%, 83.57%, and 89.99% of our total revenue from operations for the period ended on December 31, 2025 and for the fiscal years ended March 31, 2025, 2024 and 2023 respectively from our top 5 products. Any adverse change in consumer demand, fashion trends, pricing or competitive dynamics relating to these key products could materially impact our business, financial condition and results of operations.
- We derive a substantial portion of our revenue from B2B sales which accounts for 82.60%, 81.63%, 66.01% and 87.30% of our total revenue for the period ended on December 31, 2025 and for the fiscal years ending March 31, 2025, 2024 and 2023 respectively. Our major dependency on B2B sales may adversely affect our business, results of operations, and financial condition.
- Any lapses in quality control or disruptions at our manufacturing facilities could adversely impact our business, brand reputation, financial condition and results of operations.
- Failure to respond effectively to evolving consumer preferences, shifting market trends, or to broaden our product portfolio could negatively impact our business operations, financial performance and overall condition.
- Significant fluctuations or sustained increase in the price of gold may adversely affect our business, operations and profit margins and financial condition.
- Our debt-to-equity ratio has increased from 0.32 in FY 2022-23 to 0.60 in FY 2023-24 and further increased to 1.29 in FY 2024-25, reflects rising financial risk which may limit future borrowings and adversely impact our working capital and financial stability.
- The agreements governing our indebtedness contain conditions and restrictions on our operations, additional financing, and capital structure.
- We have entered into certain related party transactions in the ordinary course of our business and we cannot assure you that such transactions will not have an adverse effect on our results of operations and financial condition.
- Our Promoters, directors and certain members of the Promoter Group are engaged in businesses similar to or related to our line of business, and the absence of non-compete arrangements with most of such entities may give rise to conflicts of interest and increased competition, which could adversely affect our business, financial condition and results of operations.
- A major part of our total revenue from operations is generated from the States of Maharashtra, Rajasthan and Gujarat which accounts for 50.03%, 60.20%, 58.31% and 75.97%, of our total revenue from operations for the period ended on December 31, 2025 and for the Fiscal Years ended on March 31, 2025, 2024 and 2023 respectively. Any adverse developments affecting our operations in such region, could have an adverse impact on our business, financial condition, results of operations and cash flows.
- We derive 98.44%, 85.27%, 90.94% and 82.25% of our revenue from our owned designs for the period ended on December 31, 2025, and for the fiscal years ended on March 31, 2025, 2024 and 2023 respectively. Fluctuations in customer preferences, changing market trends, or a slowdown in demand could adversely impact on our sales and profitability.
- Our Company, certain Promoters, Directors and Key Managerial Personnel are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have a material adverse effect on our business, financial condition, cash flows, and results of operations.
- Our Promoters and Directors are involved in certain criminal, material civil and tax litigations. Any adverse decision in such proceedings may have a material adverse effect on our reputation and may divert management attention.
- Our Director, Divyank Bader is a party to criminal proceeding arising out of FIR No. 1044/2024 filed at Mansarovar, Jaipur. Any adverse outcome in such proceeding may have a material adverse effect on our business, reputation, and operations.
- In the past, we have obtained the approvals required under environmental laws in relation to our manufacturing unis with certain delay. Any such failure to comply with environmental laws and/or the terms and conditions of approvals issued under such environmental laws and regulations could subject us to penalties and other regulatory actions, impact our ability to obtain or renew such approvals in a timely manner/ at all and may also adversely affect our ability to operate our units and consequently affect our results of operations.
- We do not register our jewellery design under the Designs Act, 2000 and we may suffer a loss of income if our designs are duplicated by our competitors. Moreover, we are susceptible to litigation arising out of infringement of copyright of designs. This could materially and adversely affect our reputation, results of operations and financial condition.
- Under-utilization of our manufacturing capacity could adversely affect our future financial condition and operational performance.
- Certain secured loan facilities availed by our Company have been backed by personal and corporate guarantees from our Promoters and members of our Promoter Group. Any default in repayment by our Company may result in enforcement of such guarantees, which could adversely affect our Promoters and consequently, our business and operations.
- There have been discrepancies in filings with the Registrar of Companies (RoC) and other noncompliances under the Companies Act in the past, which may result in penalties.
- Instances of delays in payment of employee-related statutory dues in the past may expose us to regulatory action, including imposition of penalties.
- We are required to obtain, renew or maintain certain statutory and regulatory permits and approvals required to operate our business and if we fail to do so in a timely manner or at all and our business, financial conditions, results of operations and cash flows may be adversely affected.
- If we are unable to collect our receivables from our clients, our results of operations and cash flows could be adversely affected.
- Our management will deploy net proceeds from the Issue pending utilization for Objects to Issue in scheduled commercial banks and there is no assurance that the objects of the Issue will be achieved within the time frame expected. Any variation in the utilisation of the Net Proceeds in terms as disclosed in the Red Herring Prospectus would be subject to certain compliance requirements, including prior shareholders' approval.
- Our business strategies and expansion plans may be subject to various unfamiliar risks and may not be successful.
- Jewellery purchases are discretionary and often perceived as luxury purchases. Any factor negatively impacting discretionary spending by end-consumers may adversely affect our business, results of operations, financial condition and prospects.
- The insurance coverage is 319.68% of the Net Tangible Assets of our Company for the year ended on December 31, 2025 which may not be adequate to protect against all potential losses arising from our business operations.
- Failure to protect credit/debit card data, electronic payment information, or other personal data we collect could significantly harm our reputation and business.
- Our dependence on third-party logistics providers subjects us to operational, financial, and legal risks that could adversely affect our business and financial performance.
- Our business depends upon the capabilities and performance of our Promoters, Key Managerial Personnel and Senior Management that will be crucial to determining the success and growth of our company.
- Our revenue and earnings depend on an appropriate sales mix across retail, wholesale and job work segments, each of which has distinct working capital requirements and any inability to maintain this mix or manage segment-wise working capital may adversely affect our business, financial condition and results of operations.
- Our ability to access capital depends on our credit ratings. Non-availability of credit ratings or a poor rating may restrict our access to capital and thereby adversely affect our business and results of operations.
- We may be subject to fraud, theft of raw materials or jewellery, design theft, employee negligence or other similar incidents, any of which could adversely affect our business, reputation, results of operations and financial condition.
- Most of our directors do not have prior experience serving as directors of any other listed company in India, which may affect their ability to meet the governance and compliance requirements applicable to a listed entity.
- Our company has issued bonus shares in past in the ratio of 3200:1 share involving utilization of free reserves to the tune of ? 3,200.00 lakhs. Any substantial issuance of bonus shares in the future may require further capitalisation of reserves and could reduce the level of free reserves available for future corporate actions, contingencies or shareholder distributions, and may adversely affect our capital structure and certain financial ratios such as earnings per share and return on net worth, which could influence investor perception of our Company's financial position.
- Our business is dependent on the availability of imported gold in the domestic market and any changes in import policies, tariff-rate quotas, allocation mechanisms or preferential access to larger industry participants may adversely affect our competitiveness, operations and financial condition.
- Changes in regulatory requirements relating to hallmarking, certification or quality standards for jewellery may increase our compliance costs and adversely affect our operations and financial condition.
- Changes in consumer preferences, including a shift toward alternative jewellery products such as lightweight jewellery, studded jewellery or lab-grown diamonds, may adversely affect demand for our products and impact our business and financial performance.
- Negative publicity related to our products or industry could harm our business, financial condition, and results of operations.
- We operate in a competitive business environment, and if we fail to respond effectively to increased competition and pricing pressures from existing and new players, we may lose market share and experience a decline in profits, which could adversely affect our business, results of operations, and financial condition.
- Certain sections of this Red Herring Prospectus disclose information from the industry report which has been commissioned and paid for by us exclusively in connection with the Issue and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
- The schedule of our estimated deployment of Net Proceeds is subject to inherent uncertainties.
- We have included certain non-GAAP financial and operational measures related to our operations and financial performance that may vary from any standard methodology that may be applicable across the industry in which we operate, and which may not be comparable with financial, operational or industry-related statistical information of similar nomenclature computed and presented by similar companies.
- If we fail to maintain an effective system of internal controls, we may not be able to successfully manage, or accurately report, our financial risks.
- Our Promoter, also being the Managing Director, and some other Directors and Key Managerial Personnel and Senior Managerial Personnel of our Company, hold Equity Shares in our Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- We have allotted shares in the last one year, which may be at a price below the Issue Price.
- Our ability to pay dividends in the future will depend upon our future earnings, financial condition, cash flows, working capital requirements and capital expenditures and lender consent and we cannot assure you that we will be able to pay dividends in the future.
The Issue type of Advit Jewels Ltd is Book Building.
The minimum application for shares of Advit Jewels Ltd is 0.
The total shares issue of Advit Jewels Ltd is 11968000.
Initial public offer of up to 1,19,68,000 equity shares of face value of Rs. 10/- each ("Equity Shares") of the company for cash at a price of Rs. [*] per equity share (including a share premium of Rs. [*] per equity share), aggregating to Rs. [*] Crores ("the Issue"). The issue will constitute [*] % of the post issue paid up equity share capital of the company.
The company, in consultation with the brlm, may consider a pre-ipo placement as may be permitted under the applicable law, aggregating up to 18,32,000 equity shares of face value of Rs. 10/- each prior to filing of the ("pre-ipo placement"). The pre-ipo placement, if undertaken, will be at a price to be decided by the company in consultation with the brlm. If the pre-ipo placement, if undertaken, shall not exceed 20% of the size of the fresh issue. If the pre-ipo placement is completed, the fresh issue size will be reduced to the extent of such pre-ipo placement, subject to the issue complying with Rule 19(2(b) of the securities contracts (Regulation) Rules, 1957, as amended ("scrr"). Prior to the completion of the issue, the company shall appropriately intimate the subscribers to the pre-ipo placement, prior to the allotment pursuant to the pre-ipo placement, that there is no guarantee that the company may proceed with the issue or the issue may be successful and will result in listing of the equity shares on the stock exchanges. Further, relevant disclosures in relation to such intimation to the subscribers to the pre-ipo placement (if undertaken).
The price band and the minimum bid lot will be decided by the company.