Advit Jewels Ltd.
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Overview
Advit Jewels Limited is a Jaipur-based manufacturer and seller of handcrafted fine jewellery under the heritage brand name “Rambhajo”, producing traditional Kundan and Polki (and also diamond/studded) jewellery and made-to-order customized pieces using gold and coloured stones, with an in-house, centralized manufacturing setup that blends artisan craftsmanship with modern tools such as CAD/3D printing and casting.
Opening Date
Jun 23, 2026
Closing Date
Jun 25, 2026
Listing Date
Jul 01, 2026
IPO Type
Mainboard
IPO Status
Closed
Issue Size
165.16 Cr
Fresh Issue
165.16 Cr
Offer for Sale
0 Cr
Price Band
₹130 - ₹138
Lot Size
100
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
18.41
EPS
7.5
ROE
35.89%
ROCE
24.09%
RONW
30.41%
Debt to Equity Ratio
1.29
PAT Margin
20.55%
EBITDA Margin
29.63%
P/B
7.6
Bull vs Bear
Bull case
- •
Centralized 6,450 sq. ft. Jaipur plant plus 3-person QC team supports repeatable handcrafted output; FY25 production 183.438 kg on 400 kg installed capacity.
- •
Design breadth is hard to replicate: ~2,000+ designs and 21 products in FY25, serving 258 customers and 79.00% repeat B2B customers.
- •
Industry demand remains culturally anchored: weddings drive ~50% of India’s annual gold demand; India led gold jewellery consumption at 563.4 tonnes in CY 2024.
Bear case
- •
Raw materials dominate costs (99.85% in period ended Dec 31, 2025) and procurement is spot-based; gold alone was 84.33% of materials consumed in FY25.
- •
Inventory built up sharply to ₹10,723.91 lakhs in FY25 (85.83% of revenue) with 199 inventory days, raising valuation and working-capital stress.
- •
Single-location dependence: all manufacturing in Jaipur; 73.09% of FY25 raw material purchases and 27.29% of FY25 revenue are tied to Jaipur exposure.
Net takeaway
At its core this is a bet on converting rapid scale into durable profitability: FY25 revenue ₹12,493.73 lakhs (79.91% growth) with PAT margin 20.30%. If you believe 79.91% FY25 growth came from sustainable customer/product expansion (258 customers; 21 products), the upside holds; if it’s gold-price led (₹7,364/g), risk holds. Keep watching working-capital discipline: inventory days 199 (FY25) vs trade payables 7 days and operating cash flow (₹3,697.69 lakhs) in FY25.
