Nityas’ Ayaani Acquisition Left B2B at 95.58% of FY26 Revenue

Nityas Gems and Jewellery Limited added direct-to-consumer, or D2C, retail by acquiring Ayaani in July 2025, but its first consolidated year remained overwhelmingly business-to-business, or B2B, led. Nityas generated Rs 193.918 crore, or 95.58%, of FY26 revenue from B2B operations, while Ayaani’s store and online sales contributed Rs 8.813 crore, or 4.34%.

Why did Nityas add Ayaani to its business model?

Nityas acquired Ayaani in July 2025 to add a consumer-facing retail channel to a business that had operated as a B2B manufacturer and supplier from July 2022. Ayaani had previously been one of Nityas’ key B2B customers, so the transaction brought a customer relationship into the group while adding a D2C brand with online and physical sales channels.

The acquisition expanded Nityas’ stated model from supplying organised retailers, standalone retailers and wholesalers to also selling under the Ayaani brand. Nityas’ B2B activity is supported by a Surat manufacturing facility of about 7,000 square feet, while Ayaani provides a consumer platform intended to give the company access to end-customer demand and preferences. The disclosed integration therefore combines manufacturing, distribution, branded retail and online sales, although the FY26 revenue mix shows that manufacturing-led B2B supply remained the principal commercial activity.

Ayaani operated an omnichannel platform comprising an online storefront and 10 physical stores in eight Indian cities as of August 31, 2026. Seven stores were company-operated and three were franchise-operated, with stores in Ahmedabad, Chandigarh, Jodhpur, Udaipur, Raipur, New Delhi, Mathura and Surat. Its asset-light model uses leased rather than owned premises, reducing upfront capital investment in fixed assets.

How much of Nityas’ FY26 revenue still came from B2B?

Nityas’ B2B operations supplied 95.58% of FY26 revenue from operations, compared with 4.34% from D2C operations and 0.08% from other operations. B2B revenue was Rs 193.918 crore out of total FY26 revenue from operations of Rs 202.894 crore, while D2C revenue was Rs 8.813 crore. The new retail channel therefore did not materially displace the established supply business during its first year of consolidation.

Nityas recorded no D2C revenue in FY24 or FY25 because Ayaani was acquired only in July 2025 and D2C sales were recognised on consolidation from that date. The FY26 comparison is therefore not a full three-year channel trend: it contrasts two years of entirely B2B-led revenue with one year that includes D2C operations after the July 2025 acquisition. For D2C’s contribution to rise as a share of revenue, Ayaani’s store and online sales would need to expand faster than Nityas’ B2B sales.

Which B2B customer categories drove FY26 sales?

Standalone retailers became Nityas’ largest B2B revenue category in FY26, generating Rs 86.744 crore, or 42.75% of total revenue from operations. That was up from Rs 16.720 crore, or 17.26%, in FY25. The category’s increase changed the composition of B2B revenue even as total B2B remained 95.58% of FY26 sales.

Retail chains generated Rs 49.848 crore in FY26, representing 24.57% of total revenue, compared with Rs 45.111 crore and 46.58% in FY25. Wholesalers contributed Rs 57.326 crore, or 28.25%, up from Rs 35.006 crore and 36.15% a year earlier. Standalone retailers gained share, while retail chains and wholesalers each represented a smaller percentage of the expanded revenue base despite higher rupee sales.

Nityas’ B2B customer count rose from 74 in FY24 to 108 in FY25 and 323 in FY26. Of the FY26 total, 58 were existing repeat customers and 265 were new customers. The disclosed figures show wider customer coverage, but the prospectus does not provide revenue concentration by individual customer, so dependence on any single buyer cannot be quantified from the available data.

What did Ayaani contribute in its first consolidated year?

Ayaani generated Rs 7.023 crore from online sales and Rs 1.790 crore from retail stores in FY26. Online sales represented 3.46% of Nityas’ total FY26 revenue from operations, whereas physical stores represented 0.88%. The reported D2C contribution was therefore primarily generated through the online channel rather than the 10-store network.

The 10-store footprint included seven company-operated stores and three franchise-operated stores as of August 31, 2026. The company-operated locations ranged from 688 square feet in Jodhpur to 1,200 square feet in Chandigarh, while the Surat franchise location was listed at 10,321.25 square feet. Nityas describes the retail structure as asset-light because stores operate from leased premises rather than owned properties.

Ayaani’s omnichannel approach reflects a consumer path in which digital discovery and research may precede in-store evaluation and purchase, described in the CareEdge Report as research online, purchase offline. Nityas states that customer preference information from D2C can inform product design, inventory planning and product mix across its B2B operations. The prospectus does not separately report category-level sales for rings, earrings, pendants or other products, so the financial effect on individual jewellery categories cannot be measured.

Does Nityas’ FY26 growth depend on the new D2C channel?

Nityas’ FY26 growth was chiefly tied to B2B expansion rather than the newly consolidated D2C channel. Total revenue from operations rose from Rs 96.845 crore in FY25 to Rs 202.894 crore in FY26, an increase of 109.5%, while B2B revenue increased from Rs 96.837 crore to Rs 193.918 crore. Since D2C contributed Rs 8.813 crore, the reported revenue scale-up principally occurred in the existing B2B model.

Profitability increased alongside revenue during the three reported fiscal years. Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose from Rs 5.476 crore in FY24 to Rs 12.901 crore in FY25 and Rs 30.974 crore in FY26, with EBITDA margin increasing from 10.21% to 15.27%. Net profit after tax increased from Rs 4.024 crore in FY24 to Rs 22.315 crore in FY26, while net profit margin rose from 7.50% to 11.00%.

Operational scale also increased, with gold processed rising from 42.96 kilograms in FY24 to 98.53 kilograms in FY26 and sales of lab-grown diamond studded gold jewellery rising from 66.34 kilograms to 178.89 kilograms. However, net working-capital days increased from 47 to 135 over the same period, while inventory days rose from 31 to 81. Continued revenue growth and margin improvement would therefore depend not only on D2C sales but also on inventory, receivables and funding requirements as operations expand.

Conclusion

Nityas’ July 2025 Ayaani acquisition established an integrated B2B-D2C structure, but FY26 results show a business still defined by B2B supply. Standalone retailers were the largest FY26 channel at 42.75% of total revenue from operations, and the combined B2B base generated 95.58%, while Ayaani’s online-led D2C operation provided 4.34% in its initial consolidated period.

The next measure to watch is whether Ayaani’s 10-store and online network can increase its share of revenue after a longer period of consolidation. Nityas has disclosed that its D2C platform is intended to feed customer preferences into design and inventory decisions, while FY26 working-capital days of 135, compared with 105 in FY25, leave inventory and receivable management relevant to further expansion.