Updated on 15.06.2026|12:36 PM
Advit Jewels Limited is set to launch its Initial Public Offering (IPO).
It is a Jaipur-based manufacturer specialising in 100% handmade Kundan, Meena, and Polki Jadau jewellery.
The public issue will open for subscription on Tuesday, June 23, 2026, and close on Thursday, June 25, 2026.
Through this book-built offering, the company aims to raise approximately ₹165.16 Crores at the upper price band of ₹138 per share.
The 100% fresh issue will primarily fund the company's working capital requirements and facilitate the repayment of existing borrowings as it expands its retail presence.
In this IPO review, readers can find information on the Advit Jewels IPO GMP, subscription updates, allotment schedule, price band, and an in-depth analysis of the IPO.
Briefs of Advit Jewels IPO Details:
- Price Band: ₹130 – ₹138 per equity share
- Face Value: ₹10 per share
- IPO Open / Close Dates: June 23, 2026 – June 25, 2026
- Lot Size: 100 Shares (Minimum Retail Application: ₹13,800)
- Issue Size: 1,19,68,000 Equity Shares / ~₹165.16 Crores
- Fresh Issue: 1,19,68,000 Shares
- Offer for Sale (OFS): Nil
- Registrar: Bigshare Services Pvt. Ltd.
- Listing Exchange: BSE, NSE
IPO Reservation:
The total size of this public offering amounts to 1,19,68,000 shares, distributed as follows:
- QIB Portion: A maximum of 59,81,300 equity shares are available in this segment. Anchor investors may receive up to 35,88,700 shares from this allocation.
- NII (HNI) Portion: Not less than 17,96,700 Equity Shares.
- Retail (RII) Portion: Not less than 41,90,000 Equity Shares.
What are the Current GMP Trends for the Advit Jewels IPO?
The GMP for this issue, along with other ongoing offerings, can be tracked through our main GMP section. For a more detailed report about Mainboard IPO GMP vs Listing check our 25 Mainboard IPOs: GMP vs Actual Listing Performance – A Data Study.
Please remember that the Grey Market Premium changes every day depending on market demand. It is an unofficial number and Investors should not use GMP as the only reason to make investment decisions.
What Are The Important Advit Jewels IPO Dates & Allotment Schedule?
Here is the important timeline for this stock issue to help you plan how to spend your investment money.
- IPO Open Date: Tuesday, June 23, 2026
- IPO Close Date: Thursday, June 25, 2026
- Basis of Allotment Date: Monday, June 29, 2026
- Refund Initiation Date: Tuesday, June 30, 2026
- Credit of Shares: Tuesday, June 30, 2026
- Listing Date: Wednesday, July 1, 2026
What Are The Objectives of Advit Jewels IPO?
The company plans to use the net proceeds raised through the fresh issue for the following business and growth initiatives:
- Working Capital: A substantial allocation of ₹65.00 Crores is earmarked for meeting incremental working capital requirements. The jewellery business is inventory-heavy, and these funds will help manage the impact of rising global gold prices and maintain adequate stock levels.
- Debt Repayment: Another ₹65.00 Crores will be used to prepay or repay outstanding working capital borrowings from commercial banks. This move aims to lower finance costs, improve the debt-to-equity ratio, and enhance net margins.
- General Corporate Purposes: The rest of the funds, capped at 25% of the total offering proceeds, will go toward strategic growth projects, brand development, and day-to-day business operations.
How is The Financial Performance of Advit Jewels?
Presented below is a summary of the company's financial results derived from the restated financial statements.
(Figures in ₹ Crores)
Period Ended | 31 Dec 25 (9M) | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 123.80 | 124.94 | 69.45 | 46.60 |
Profit After Tax (PAT) | 25.44 | 25.37 | 14.71 | 10.39 |
EBITDA | 36.68 | 37.15 | 18.95 | 12.77 |
Total Borrowing | 64.92 | 74.80 | 19.70 | 5.84 |
Assets | 164.20 | 140.85 | 67.21 | 29.01 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company demonstrated aggressive revenue growth, jumping from ₹46.60 Crores in FY23 to ₹124.94 Crores in FY25.
The momentum is sustained in the 9-month stub period ending December 2025, reaching ₹123.80 Crores.
This top-line expansion is fuelled by strong B2B demand, an expanded portfolio of handmade designs, and the tailwind of rising global gold prices.
Profit After Tax (PAT):
The company reported strong growth in profitability, as PAT rose from ₹10.39 crore in FY23 to ₹25.37 crore in FY25, alongside higher revenue.
The PAT for just the first nine months of FY26 (₹25.44 Crores) has already surpassed the entire previous year's profit, reflecting an excellent PAT margin of over 20%.
EBITDA:
Operational efficiency improved markedly, with EBITDA nearly tripling from ₹12.77 Crores in FY23 to ₹37.15 Crores in FY25.
The EBITDA margin expanded to 29.73% in FY25, highlighting the lucrative pricing power the company holds in its specialised handmade Kundan Polki niche.
Total Borrowing:
To fund its working-capital-intensive inventory requirements amidst rising gold prices, total borrowings escalated rapidly from ₹5.84 Crores in FY23 to ₹74.80 Crores in FY25.
The strategic IPO allocation of ₹65 Crores for debt repayment will drastically deleverage the balance sheet.
Assets:
The asset base expanded exponentially from ₹29.01 Crores in FY23 to ₹164.20 Crores by December 2025.
This massive asset creation is predominantly driven by the necessary accumulation of high-value inventory (gold and diamonds) required to execute B2B orders and support the upcoming retail store expansion.
What Are The P/E Ratio and Peer Comparison?
For valuation analysis, the Price-to-Earnings (P/E) ratio is considered at the upper price band of the issue.
- Issue Price (Upper Band): ₹138
- EPS (FY25): ₹7.92
- P/E Ratio: ~17.42x
Peer Comparison Table (FY 2024-25 Data):
Company | P/E Ratio | RoE / RoNW (%) | EPS (₹) | Total Revenue (₹ Cr) |
Advit Jewels | ~17.42 | 55.79 | 7.92 | 124.94 |
Bluestone Jewellery | N/A (Loss) | Negative | (78.86) | 1,770.00 |
RBZ Jewellers | 14.63 | 17.15 | 9.70 | 530.15 |
Radhika Jeweltech | 27.11 | 20.46 | 5.09 | 587.79 |
Analysis:
Advit Jewels is entering the market at a P/E multiple of approximately 17.42x based on its FY25 EPS.
When compared to the industry composite P/E of roughly 11.98x, the issue appears slightly premium-priced relative to some smaller peers.
However, Advit boasts an exceptionally superior Return on Equity (ROE) of 55.79% and an EBITDA margin of nearly 30%, which massively outperforms its listed peers.
This highly efficient capital utilization within its high-margin handmade niche arguably justifies the valuation premium.
What is the Industry Outlook of Advit Jewels?
Growth Potential: The Indian gems and jewellery market is one of the largest in the world. Rising disposable incomes and a cultural affinity for traditional, high-end bridal jewellery present strong structural tailwinds.
Market Trends: There is a growing shift towards organized retail and branded jewellery. Advit's strategic move to construct a 7-storey retail store in Jaipur indicates a transition to capture direct-to-consumer (D2C) margins, leveraging the century-old legacy of the "Rambhajo" brand.
What Are The Strengths and Risks of Advit Jewels IPO?
Strengths:
- High Profitability: A stellar ROE of 55.79% and EBITDA margins near 30% indicate exceptional pricing power and operational efficiency.
- Niche Moat: Specialising in 100% handmade Kundan and Polki jewellery creates high entry barriers due to the scarcity of skilled artisans.
- Deleveraging Plan: The proposed utilisation of a significant portion of the IPO proceeds towards debt repayment is expected to strengthen the company's financial position and support margin improvement after listing.
Risks:
- Commodity Price Exposure: Over 99% of material costs are gold and diamonds. The lack of a formal hedging policy exposes margins entirely to price and currency fluctuations.
- High Concentration: The top 10 customers accounted for over 54% of total revenue in FY25.
- Brand Reliance: The business heavily depends on the "Rambhajo" trademark, which was only recently acquired from a promoter group entity.
Key Considerations for Investors
Please refer to the minimum investment structure to understand the investment requirements for participation in the issue.
- Minimum Application: The lot size is 100 Shares, amounting to a minimum retail application of ₹13,800. This makes the issue highly accessible to individual retail investors.
- Valuation vs. Risk: At ~17.4x P/E, the pricing reflects the company's superior return ratios. However, the high debt levels and exposure to gold price volatility are critical risks.
- Strategic Pivot: The company's expansion from a B2B model to a B2C retail model introduces new execution risks and capital requirements.
Key Takeaways
- IPO Price: ₹138 per share (Upper Band).
- Min Investment: ₹13,800 (100 Shares).
- Valuation: P/E of ~17.42x (Premium to Industry, backed by high ROE).
- Financials: Revenue ₹124.94 Cr (FY25); High Debt to be addressed via IPO.
- Listing: BSE & NSE on July 1, 2026.
FAQs on Advit Jewels IPO
What is Advit Jewels IPO GMP today?
As a market-driven indicator, the GMP changes regularly in response to prevailing market conditions. You can check the latest gmp at our hub page. Remember that GMP is unofficial and unregulated.
What is Advit Jewels IPO price band?
The official price range for this issue is fixed at ₹130 to ₹138 per equity share.
When is the allotment expected to be finalised for Advit Jewels IPO?
The company expects to finalise the official share allotment status on Monday, June 29, 2026.
What is the procedure for checking the official Advit Jewels IPO allotment status?
Investors can see if they got shares on the Bigshare Services Pvt. Ltd. website or on the BSE and NSE IPO portals
What is Advit Jewels IPO listing date?
The official listing date for the shares is provisionally set for Wednesday, July 1, 2026.
Investment Perspective on Advit Jewels IPO
Advit Jewels operates in the specialised handmade jewellery segment and has demonstrated strong profitability in recent years. While the valuation is slightly premium, the exceptional return ratios and clear debt-reduction plan are compelling. Prospective investors must, however, weigh these strengths against the inherent risks of commodity price volatility and high customer concentration.
Disclaimer:
This text is for informational and educational use only. We advise you to consult a SEBI-registered investment advisor before making any financial choices.
