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1. At a Glance
Advit Jewels, a Jaipur-based handcrafted jewellery maker, is raising ₹120 crore via fresh equity in a bookbuilt IPO.
The company shipped ₹124.94 crore in revenue in FY2025 and ₹25.37 crore in profit. It claims 20.3% net margins and 29.7% EBITDA margins — both tidy for a jeweller running 81% B2B wholesale.
The catch: debt sits at ₹74.80 crore against ₹58.13 crore net worth (D/E = 1.29). Half the IPO proceeds (₹65 crore) are earmarked to repay banks. The other half funds working capital for what is, effectively, a commodity business dressed in handcraft language.
ROE clocked 55.8% in FY2025 — eye-watering until you remember that’s a function of thin equity, not business magic.
The issue is 35% retail, 15% HNI, 50% institutional. Listing is July 1, 2026.
2. Introduction
Advit Jewels was incorporated in 2019. That’s seven years into India’s formal jewellery market, after the big consolidation, after margins got hammered, after every player with a ₹50-crore-revenue dream discovered that scale in jewellery is harder than it looks.
The founders are Nitin Gilara, Prateek Gilara, Vipul Gilara, and Krishna Vardhan Gilara — a family outfit. As of April 2026, promoters own 94.6% of the company pre-IPO.
The firm is based in Jaipur, the jewellery hub, with a 6,450 sq. ft. manufacturing unit. It runs both B2B (dealers, showrooms, retailers — 81.6% of FY2025 revenue) and B2C (bespoke, made-to-order — 18.4% of revenue).
The brand is “Rambhajo” — handcrafted Kundan, Polki, diamond and studded pieces in 14K and 18K gold. Marketing angle: generational artisan skill, in-house casting, QC rigor, 25–30 day turnaround for custom orders.
The company has 111 employees as of April 2026 and operates across nine states: Maharashtra, Haryana, Gujarat, Delhi, Punjab, Rajasthan, West Bengal, Uttar Pradesh, and Telangana.
3. Business Model: WTF Do They Even Do?
Advit Jewels makes handcrafted jewellery — necklaces, earrings, rings, bangles, custom pieces — in gold with diamonds and coloured stones.
The model is half-wholesale, half-retail.
The B2B side (82% of revenue) is pure supply: dealers and retail chains order, Advit manufactures, ships, and collects payment on agreed terms. Margins here are thin because the buyer has power.
The B2C side (18% of revenue) is bespoke. A customer walks in (or orders online), specifies design and stone, and the company makes it to order over 25–30 days. Margins are thicker because the buyer is paying for uniqueness and time, not commodity gold-per-gram.
The manufacturing is all in-house — gold melting, casting, stone-setting, polishing, QC. The company uses 3D printers and modern casting units alongside hand techniques. This is the “competitive strength” bullet: organized manufacturing under one roof, no outsourcing, no hidden supply-chain risk.
The problem: jewellery demand is cyclical, gold price is volatile, and every dealer in India can make the same necklace. “Handcrafted” and “artisan” are good marketing, but they don’t build a moat in a market where the buyer cares mostly about weight, purity, and price.
The company has PAN-India reach but no mention of brand pull — no retail stores, no flagship showrooms, no consumer advertising. It’s a B2B supplier with a B2C toehold.
4. Financials Overview
Figures are consolidated, in ₹ crore.
Metric
FY2025
FY2024
FY2023
Revenue
124.94
69.45
46.60
EBITDA
37.15
18.95
12.77
PAT
25.37
14.71
10.39
EPS
7.50
4.35
3.07
Revenue grew 80% YoY from FY2024 to FY2025. EBITDA more than doubled (96% growth). PAT grew 72%.
The earnings trajectory is steep. A company doing ₹46.6 crore in FY2023 hit ₹124.94 crore in FY2025 — that’s a 2.7x jump in two years.
Profitability kept pace: PAT rose from ₹10.39 crore to ₹25.37 crore (2.4x). Net margins stayed stable at 20.3%, suggesting the growth came from volume and efficiency, not margin expansion.
EBITDA margins held firm at 29.7% (FY2024: 27.3%), which is healthy for handcrafted jewellery — implies pricing power or cost control or both.
EPS jumped from ₹3.07 to ₹7.50 in two years. The share count is 3.38 crore pre-IPO and will be 4.58 crore post-IPO (1.20 crore fresh issue), so post-IPO EPS will dilute unless earnings grow.
5. Market Expectations & Historical Multiples
This section describes how the market is currently pricing
