Advit Jewels Ltd IPO

Status: Closed

Overview

IPO date

23 Jun 2026 to 25 Jun 2026

Face value

₹ 10 per share

Price

₹ 130 to ₹138 per share

Issue Size

11,968,000 shares
(aggregating up to ₹ 165.16 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 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.
The company business is subject to seasonal fluctuations and any decline in sales during peak seasons may disproportionately impact its results of operations.
The 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. Its 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 the company to refinancing and liquidity risks.
The company 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 its Company to risks of liquidity constraints, increased financing costs, and potential inventory obsolescence or valuation losses.
The company has had negative cash flows from operating activities and investing activities in the past. Sustained negative cash flow could adversely impact its business, financial condition and growth.
The company has derived 13.04%%, 9.85%, 10.92%, and 38.48% of its revenue from operations from the company top customer, 38.15%, 37.14%, 29.17%, and 66.89% from its top 5 (five) customers and 56.49%, 54.17%, 43.06% and 75.47% of the company revenue from its 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 the company inability to meet their expectations could adversely affect its business, results of operations and financial condition.
The company Registered Office, Corporate Office, Manufacturing Facility, display center and Administrative Office is located on premises which are occupied on leasehold basis. Any failures 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 the company business, results of operations and financial condition.
The company depends on Karigars for manufacturing of its Kundan Polki jewellery. As of April 30, 2026, the company had 35 Karigars employed in its manufacturing facility. If the company fail to retain or engage such Karigars, it may adversely impact its business, results of operations and financial condition.
The company 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. The company is isunable to sustain this increase in Property, plant and equipment in future, its business, results of operations and financial condition may be adversely affected.
The company has significant working capital requirements which has historically been funded through borrowings. 41.91%, 54.59%, 41.30% and 27.55% of the working capital requirements has 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 its business, financial condition and results of operations.
The company 2 promoters out of 4 promoters, namely Vipul Gilara and Krishan Vardhan Gilara, does not has a formal higher educational degree as on the date of RHP, which may adversely affect stakeholder perception and its brand image.
The company 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, its 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). The company revenue from operations from last three Fiscal Years are increasing by Compounded Annual Growth Rate (CAGR) of 38.92%. If the company is unable to sustain or manage its revenue acceleration rate in future, the company business operations may be adversely affected, and this revenue acceleration rate may not be achievable in the future.
The company derived 94.90%, 88.08%, 83.57%, and 89.99% of its 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 the company top 5 products. Any adverse change in consumer demand, fashion trends, pricing or competitive dynamics relating to these key products could materially impact its business, financial condition and results of operations.
The company derives a substantial portion of its revenue from B2B sales which accounts for 82.60%, 81.63%, 66.01% and 87.30% of the company total revenue for the period ended on December 31, 2025 and for the fiscal years ending March 31, 2025, 2024 and 2023 respectively. The company major dependency on B2B sales may adversely affect its business, results of operations, and financial condition.
Any lapses in quality control or disruptions at the company manufacturing facilities could adversely impact its business, brand reputation, financial condition and results of operations.
Failures to respond effectively to evolving consumer preferences, shifting market trends, or to broaden the company product portfolio could negatively impact its business operations, financial performance and overall condition.
Significant fluctuations or sustained increase in the price of gold may adversely affect the company business, operations and profit margins and financial condition.
The company 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 its working capital and financial stability.
The agreements governing the company indebtedness contain conditions and restrictions on its operations, additional financing, and capital structure.
The company has entered into certain related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not has an adverse effect on its results of operations and financial condition.
The company Promoters, directors and certain members of the Promoter Group are engaged in businesses similar to or related to its 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 the company business, financial condition and results of operations.
A major part of the company 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 its 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 the company operations in such region, could has an adverse impact on its business, financial condition, results of operations and cash flows.
The company derives 98.44%, 85.27%, 90.94% and 82.25% of its revenue from the company 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 the company sales and profitability.
The Company, certain Promoters, Directors and Key Managerial Personnel are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may has a material adverse effect on its business, financial condition, cash flows, and results of operations.
The company Promoters and Directors are involved in certain criminal, material civil and tax litigations. Any adverse decision in such proceedings may has a material adverse effect on its reputation and may divert management attention.
The company 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 has a material adverse effect on its business, reputation, and operations.
In the past, the company has obtained the approvals required under environmental laws in relation to its manufacturing unis with certain delay. Any such failures to comply with environmental laws and/or the terms and conditions of approvals issued under such environmental laws and regulations could subject its to penalties and other regulatory actions, impact the company ability to obtain or renew such approvals in a timely manner/ at all and may also adversely affect its ability to operates the company units and consequently affect its results of operations.
The company does not register its jewellery design under the Designs Act, 2000 and the company may suffer a loss of income if its designs is duplicated by the company competitors. Moreover, its susceptible to litigation arising out of infringement of copyright of designs. This could materially and adversely affect the company reputation, results of operations and financial condition.
Under-utilization of the company manufacturing capacity could adversely affect its future financial condition and operational performance.
Certain secured loan facilities availed by the Company has been backed by personal and corporate guarantees from the company Promoters and members of its Promoter Group. Any default in repayment by the Company may result in enforcement of such guarantees, which could adversely affect its Promoters and consequently, the company business and operations.
There has 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 the company to regulatory action, including imposition of penalties.
The company is required to obtain, renew or maintain certain statutory and regulatory permits and approvals required to operates its business and if the company fail to does so in a timely manner or at all and the company business, financial conditions, results of operations and cash flows may be adversely affected.
If the company is unable to collect its receivables from the company clients, its results of operations and cash flows could be adversely affected.
The company 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.
The company business strategies and expansion plans may be subject to various unfamiliar risks and may not be successful.
Jewellery purchases is discretionary and often perceived as luxury purchases. Any factor negatively impacting discretionary spending by end-consumers may adversely affect the company business, results of operations, financial condition and prospects.
The insurance coverage is 319.68% of the Net Tangible Assets of the Company for the year ended on December 31, 2025 which may not be adequate to protect against all potential losses arising from its business operations.
Failures to protect credit/debit card data, electronic payment information, or other personal data the company collect could significantly harm its reputation and business.
The company dependence on third-party logistics providers subjects its to operational, financial, and legal risks that could adversely affect the company business and financial performance.
The company business depends upon the capabilities and performance of its Promoters, Key Managerial Personnel and Senior Management that will be crucial to determining the success and growth of the company.
The company revenue and earnings depends 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 the company business, financial condition and results of operations.
The company ability to access capital depends on its credit ratings. Non-availability of credit ratings or a poor rating may restrict the company access to capital and thereby adversely affect its business and results of operations.
The company 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 its business, reputation, results of operations and financial condition.
Most of the company directors does not has 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.
The company has issued bonus shares in past in the ratio of 3200:1 share involving utilization of free reserves to the tune of Rs. 3,200.00 lakhs. Any substantial issuance of bonus shares in the future may requires 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 the company capital structure and certain financial ratios such as earnings per share and return on net worth, which could influence investor perception of its Company's financial position.
The company 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 its competitiveness, operations and financial condition.
Changes in regulatory requirements relating to hallmarking, certification or quality standards for jewellery may increase the company compliance costs and adversely affect its 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 the company products and impact its business and financial performance.
Negative publicity related to the company products or industry could harm its business, financial condition, and results of operations.
The company operates in a competitive business environment, and if its fail to respond effectively to increased competition and pricing pressures from existing and new players, the company may lose market share and experience a decline in profits, which could adversely affect its 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 the company 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 the company estimated deployment of Net Proceeds is subject to inherent uncertainties.
The company has included certain non-GAAP financial and operational measures related to its operations and financial performance that may vary from any standard methodology that may be applicable across the industry in which the company operates, and which may not be comparable with financial, operational or industry-related statistical information of similar nomenclature computed and presented by similar companies.
If the company fail to maintain an effective system of internal controls, its may not be able to successfully manage, or accurately report, the company financial risks.
The company Promoter, also being the Managing Director, and some other Directors and Key Managerial Personnel and Senior Managerial Personnel of its Company, hold Equity Shares in the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
The company has allotted shares in the last one year, which may be at a price below the Issue Price.
The company ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements and capital expenditures and lender consent and the company cannot assure you that its 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

Standalone / Consolidated

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 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.
The company business is subject to seasonal fluctuations and any decline in sales during peak seasons may disproportionately impact its results of operations.
The 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. Its 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 the company to refinancing and liquidity risks.
The company 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 its Company to risks of liquidity constraints, increased financing costs, and potential inventory obsolescence or valuation losses.
The company has had negative cash flows from operating activities and investing activities in the past. Sustained negative cash flow could adversely impact its business, financial condition and growth.
The company has derived 13.04%%, 9.85%, 10.92%, and 38.48% of its revenue from operations from the company top customer, 38.15%, 37.14%, 29.17%, and 66.89% from its top 5 (five) customers and 56.49%, 54.17%, 43.06% and 75.47% of the company revenue from its 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 the company inability to meet their expectations could adversely affect its business, results of operations and financial condition.
The company Registered Office, Corporate Office, Manufacturing Facility, display center and Administrative Office is located on premises which are occupied on leasehold basis. Any failures 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 the company business, results of operations and financial condition.
The company depends on Karigars for manufacturing of its Kundan Polki jewellery. As of April 30, 2026, the company had 35 Karigars employed in its manufacturing facility. If the company fail to retain or engage such Karigars, it may adversely impact its business, results of operations and financial condition.
The company 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. The company is isunable to sustain this increase in Property, plant and equipment in future, its business, results of operations and financial condition may be adversely affected.
The company has significant working capital requirements which has historically been funded through borrowings. 41.91%, 54.59%, 41.30% and 27.55% of the working capital requirements has 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 its business, financial condition and results of operations.
The company 2 promoters out of 4 promoters, namely Vipul Gilara and Krishan Vardhan Gilara, does not has a formal higher educational degree as on the date of RHP, which may adversely affect stakeholder perception and its brand image.
The company 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, its 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). The company revenue from operations from last three Fiscal Years are increasing by Compounded Annual Growth Rate (CAGR) of 38.92%. If the company is unable to sustain or manage its revenue acceleration rate in future, the company business operations may be adversely affected, and this revenue acceleration rate may not be achievable in the future.
The company derived 94.90%, 88.08%, 83.57%, and 89.99% of its 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 the company top 5 products. Any adverse change in consumer demand, fashion trends, pricing or competitive dynamics relating to these key products could materially impact its business, financial condition and results of operations.
The company derives a substantial portion of its revenue from B2B sales which accounts for 82.60%, 81.63%, 66.01% and 87.30% of the company total revenue for the period ended on December 31, 2025 and for the fiscal years ending March 31, 2025, 2024 and 2023 respectively. The company major dependency on B2B sales may adversely affect its business, results of operations, and financial condition.
Any lapses in quality control or disruptions at the company manufacturing facilities could adversely impact its business, brand reputation, financial condition and results of operations.
Failures to respond effectively to evolving consumer preferences, shifting market trends, or to broaden the company product portfolio could negatively impact its business operations, financial performance and overall condition.
Significant fluctuations or sustained increase in the price of gold may adversely affect the company business, operations and profit margins and financial condition.
The company 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 its working capital and financial stability.
The agreements governing the company indebtedness contain conditions and restrictions on its operations, additional financing, and capital structure.
The company has entered into certain related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not has an adverse effect on its results of operations and financial condition.
The company Promoters, directors and certain members of the Promoter Group are engaged in businesses similar to or related to its 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 the company business, financial condition and results of operations.
A major part of the company 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 its 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 the company operations in such region, could has an adverse impact on its business, financial condition, results of operations and cash flows.
The company derives 98.44%, 85.27%, 90.94% and 82.25% of its revenue from the company 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 the company sales and profitability.
The Company, certain Promoters, Directors and Key Managerial Personnel are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may has a material adverse effect on its business, financial condition, cash flows, and results of operations.
The company Promoters and Directors are involved in certain criminal, material civil and tax litigations. Any adverse decision in such proceedings may has a material adverse effect on its reputation and may divert management attention.
The company 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 has a material adverse effect on its business, reputation, and operations.
In the past, the company has obtained the approvals required under environmental laws in relation to its manufacturing unis with certain delay. Any such failures to comply with environmental laws and/or the terms and conditions of approvals issued under such environmental laws and regulations could subject its to penalties and other regulatory actions, impact the company ability to obtain or renew such approvals in a timely manner/ at all and may also adversely affect its ability to operates the company units and consequently affect its results of operations.
The company does not register its jewellery design under the Designs Act, 2000 and the company may suffer a loss of income if its designs is duplicated by the company competitors. Moreover, its susceptible to litigation arising out of infringement of copyright of designs. This could materially and adversely affect the company reputation, results of operations and financial condition.
Under-utilization of the company manufacturing capacity could adversely affect its future financial condition and operational performance.
Certain secured loan facilities availed by the Company has been backed by personal and corporate guarantees from the company Promoters and members of its Promoter Group. Any default in repayment by the Company may result in enforcement of such guarantees, which could adversely affect its Promoters and consequently, the company business and operations.
There has 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 the company to regulatory action, including imposition of penalties.
The company is required to obtain, renew or maintain certain statutory and regulatory permits and approvals required to operates its business and if the company fail to does so in a timely manner or at all and the company business, financial conditions, results of operations and cash flows may be adversely affected.
If the company is unable to collect its receivables from the company clients, its results of operations and cash flows could be adversely affected.
The company 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.
The company business strategies and expansion plans may be subject to various unfamiliar risks and may not be successful.
Jewellery purchases is discretionary and often perceived as luxury purchases. Any factor negatively impacting discretionary spending by end-consumers may adversely affect the company business, results of operations, financial condition and prospects.
The insurance coverage is 319.68% of the Net Tangible Assets of the Company for the year ended on December 31, 2025 which may not be adequate to protect against all potential losses arising from its business operations.
Failures to protect credit/debit card data, electronic payment information, or other personal data the company collect could significantly harm its reputation and business.
The company dependence on third-party logistics providers subjects its to operational, financial, and legal risks that could adversely affect the company business and financial performance.
The company business depends upon the capabilities and performance of its Promoters, Key Managerial Personnel and Senior Management that will be crucial to determining the success and growth of the company.
The company revenue and earnings depends 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 the company business, financial condition and results of operations.
The company ability to access capital depends on its credit ratings. Non-availability of credit ratings or a poor rating may restrict the company access to capital and thereby adversely affect its business and results of operations.
The company 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 its business, reputation, results of operations and financial condition.
Most of the company directors does not has 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.
The company has issued bonus shares in past in the ratio of 3200:1 share involving utilization of free reserves to the tune of Rs. 3,200.00 lakhs. Any substantial issuance of bonus shares in the future may requires 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 the company capital structure and certain financial ratios such as earnings per share and return on net worth, which could influence investor perception of its Company's financial position.
The company 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 its competitiveness, operations and financial condition.
Changes in regulatory requirements relating to hallmarking, certification or quality standards for jewellery may increase the company compliance costs and adversely affect its 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 the company products and impact its business and financial performance.
Negative publicity related to the company products or industry could harm its business, financial condition, and results of operations.
The company operates in a competitive business environment, and if its fail to respond effectively to increased competition and pricing pressures from existing and new players, the company may lose market share and experience a decline in profits, which could adversely affect its 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 the company 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 the company estimated deployment of Net Proceeds is subject to inherent uncertainties.
The company has included certain non-GAAP financial and operational measures related to its operations and financial performance that may vary from any standard methodology that may be applicable across the industry in which the company operates, and which may not be comparable with financial, operational or industry-related statistical information of similar nomenclature computed and presented by similar companies.
If the company fail to maintain an effective system of internal controls, its may not be able to successfully manage, or accurately report, the company financial risks.
The company Promoter, also being the Managing Director, and some other Directors and Key Managerial Personnel and Senior Managerial Personnel of its Company, hold Equity Shares in the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
The company has allotted shares in the last one year, which may be at a price below the Issue Price.
The company ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements and capital expenditures and lender consent and the company cannot assure you that its 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 100.

The total shares issue of Advit Jewels Ltd is 11968000.

Initial public offer of 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. 138 per equity share (including a share premium of Rs. 128 per equity share), aggregating to Rs. 165.16 Crores ("the Issue"). The issue will constitute 26.12% of the post issue paid up equity share capital of the company. The company has undertaken a pre-ipo placement of 18,32,000 equity shares of face value of Rs.10 each at a price of Rs. 125/- per equity share aggregating to Rs. 22.9 Crores. The size of the issue as disclosed in the draft red herring prospectus, aggregating up to 1,38,00,000 equity shares of face value of Rs.10/- each has been reduced by 18,32,000 equity shares of face value of Rs. 10/- each pursuant to the pre-ipo placement, subject to compliance with rule 19(2)(b) of the scrr, and accordingly, the issue is for an aggregate of up to 1,19,68,000 equity shares of face value of Rs. 10/- each. The pre ipo proceeds will be utilized in one of the objects of the issue i.e. General corporate purposes. Further, the pre-ipo placement has not exceeded 20% of the size of the issue. The company has appropriately intimated the subscribers 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 into listing of equity shares on the stock exchanges, and the investment is being made solely at the risk of the investor. Price Band: Rs. 138/- per equity share of face value of Rs. 10/- each. The floor price is 13.80 times of the face value. Bids can be made for a minimum of 100 equity shares and in multiples of 100 equity shares thereafter.

Advit Jewels Ltd IPORAMBHAJO

Objectives of Advit Jewels Ltd IPO