Synopsis: Advit Jewels’ Rs. 165.16 crore IPO opens on June 23, 2026. Strong revenue growth, healthy profitability, and a premium jewellery portfolio support prospects, though commodity price volatility and industry competition remain key risks.
Advit Jewels Limited is launching its Initial Public Offering (IPO) to raise funds for working capital requirements and repayment of debt. The ipo size aggregates up to Rs. 165.16 crore, comprising a fully fresh issue of 1.20 crore equity shares totalling Rs. 165.16 crore.
Advit Jewels Limited’s IPO price band is set at Rs. 130 to Rs. 138 per share. The IPO opens for subscription on June 23, 2026, and closes on June 25, 2026. The shares will be listed on the NSE and BSE on Wednesday, July 1, 2026. Here’s everything you need to know.
GMP of Advit Jewels Limited IPO
As of June 23rd, 2026, the shares of Advit Jewels Limited in the grey market were trading at a 46.38 percent premium. The shares in the Grey Market traded at Rs. 202. This gives it a premium of Rs. 64 per share over the cap price of Rs. 138.
Overview of Advit Jewels Limited
Advit Jewels Limited, founded in 2019, is a Jaipur-based jewellery maker that sells under the well-known “Rambhajo” brand. The brand specialises in handcrafted Kundan, Polki, Diamond, and Studded jewellery that blends ancient techniques with contemporary designs. Its product line comprises necklaces, earrings, rings, bangles and bespoke jewellery made of 14K and 18K gold with diamonds and coloured stones.
The company primarily operates on a business-to-business (B2B) model, distributing jewels to dealers, showrooms, and retailers throughout India. It also serves business-to-consumer (B2C) customers with bespoke made-to-order jewellery.
In FY2025, the B2B sector accounted for around 81.63 percent of their revenue, with the remaining 18.37% coming from B2C sales. The organization serves consumers in Maharashtra, Gujarat, Delhi, Rajasthan, Punjab, West Bengal, Uttar Pradesh, Telangana, and other states.
Advit Jewels has a production facility in Jaipur that is 6,450 square feet and equipped with sophisticated gear such as 3D printers and casting machines. The firm handles the full jewelry-making process in-house, from gold melting to polishing and quality control. Customised jewellery orders normally take 25-30 days to complete. As of April 30, 2026, the company has 111 workers working in production, design, quality control, and business operations.
Promoters of Advit Jewels Limited
The promoters of the company are Nitin Gilara, Prateek Gilara, Vipul Gilara, and Krishna Vardhan Gilara. The promoter family has been associated with the jewellery business for multiple generations.
Advit Jewels Limited Selling Shareholders
There is no Offer for Sale component in the IPO. Therefore, no promoter or investor shareholder is selling shares through the issue. The entire IPO consists of a fresh issue of equity shares by the company.
Lead Managers of Advit Jewels Limited IPO
Holani Consultants Private Limited is acting as the Book Running Lead Manager to the issue. Bigshare Services Private Limited is the registrar for the IPO.
Objectives of the IPO Offer
Advit Jewels Limited proposes to utilize the net proceeds from the IPO for several strategic business objectives. The company will allocate Rs. 65 crore towards funding its incremental working capital requirements. Additionally, Rs. 65 crore will be utilized for the repayment or prepayment, either in full or in part, of certain outstanding borrowings availed by the company from scheduled commercial banks.
The remaining proceeds will be utilized for general corporate purposes. These funds will support business growth opportunities, operational requirements, and other corporate initiatives aimed at enhancing the company’s long-term growth prospects.
Financial Analysis of Advit Jewels
Coming into financial highlights, Advit Jewels Limited’s consolidated revenue from operations has increased from Rs. 69.44 crore in FY24 to Rs. 124.94 crore in FY25, which represents a growth of 79.93 percent. The company’s net profit has also grown by 72.47 percent from Rs. 14.71 crore in FY24 to Rs. 25.37 crore in FY25.
In the 9 months of FY26, Advit Jewels Limited has reported a consolidated revenue from operations of Rs. 123.79 crore and a net profit of Rs. 25.44 crore. Advit Jewels Limited has a PAT Margin of 20.55 percent and an EBITDA Margin of 29.63 percent. Further, Advit Jewels Limited’s revenue and net profit have grown at a CAGR of 63.73 percent and 56.25 percent, respectively, over the last two years.
In terms of return ratios, the company’s ROE and ROCE stand at 35.89 percent and 24.09 percent, respectively. Advit Jewels Limited has an earnings per share (EPS) of Rs. 7.50.
Advit Jewels Limited vs Peers
Advit Jewels Limited reported revenue of Rs. 124.94 crore in FY2025 with a basic and diluted EPS of Rs. 7.92 and a Return on Net Worth (RoNW) of 43.64 percent. In comparison, Bluestone Jewellery and Lifestyle Limited recorded revenue of Rs. 1,829.92 crore with a basic and diluted EPS of Rs. (78.86) and a negative RoNW of 24.00 percent.
RBZ Jewellers Limited reported revenue of Rs. 530.75 crore with a basic and diluted EPS of Rs. 9.70 and a RoNW of 15.83 percent. Radhika Jeweltech Limited achieved revenue of Rs. 588.29 crore with a basic and diluted EPS of Rs. 5.09 and a RoNW of 18.63 percent.
Advit Jewels Limited’s net asset value per share stands at Rs. 18.16, compared to Rs. 363.96 for Bluestone Jewellery and Lifestyle Limited, Rs. 61.26 for RBZ Jewellers Limited, and Rs. 27.34 for Radhika Jeweltech Limited.
Strengths of Advit Jewels
- Strong heritage brand supported by over four generations of jewellery expertise.
- Modern manufacturing capabilities improve product quality, efficiency, and customization capabilities.
- Diversified jewellery portfolio caters to bridal, traditional, contemporary, and luxury segments.
- Strong focus on customized jewellery enhances customer satisfaction and repeat orders.
- Integrated manufacturing process ensures quality control and operational cost efficiencies.
Weaknesses of Advit Jewels
- Business depends heavily on fluctuating gold and precious stone prices.
- Limited operating history compared to larger established jewellery industry competitors.
- Smaller revenue scale may restrict expansion compared to listed peers.
- High employee attrition could affect productivity and operational continuity.
- Jewellery demand remains sensitive to economic conditions and consumer spending.
Conclusion
Advit Jewels Limited IPO offers investors exposure to India’s growing organized jewellery industry. The company combines traditional craftsmanship with modern manufacturing capabilities. Its strong profitability and return ratios support its business outlook. However, investors should evaluate industry risks, commodity price volatility, and competition before subscribing to the IPO.
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