# Anjali Labtech Limited: IPO analysis > Anjali Labtech Limited (CIN U32112GJ2021PLC122609) has filed a Updated Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹925 Cr and an offer for sale of ₹300 Cr. In FY26 it reported revenue of ₹616 Cr (+30.3% on FY25) and a net profit of ₹201 Cr. Promoters hold 43.5% before the IPO. Our fact-check of its claims found 5 medium or high concerns across 39 claims checked. - Page: https://ipo.innerkore.com/company/U32112GJ2021PLC122609/anjali-labtech-limited/ - CIN: U32112GJ2021PLC122609 - Last updated: 25 Sep 2026 ## Key facts - **Company:** Anjali Labtech Limited - **CIN:** U32112GJ2021PLC122609 - **Filing stage:** UDRHP - **Latest SEBI filing:** 25 Sep 2026 - **Fresh issue:** ₹925 Cr - **Offer for sale:** ₹300 Cr - **Listing on:** BSE, NSE - **Revenue FY26:** ₹616 Cr - **Revenue growth:** +30.3% - **Net profit FY26:** ₹201 Cr - **Revenue CAGR FY24 to FY26:** 66.1% - **Promoter holding (pre-IPO):** 43.5% - **Lead managers:** IIFL Capital Services Limited, Axis Capital Limited - **Registrar:** MUFG Intime India Private Limited - **Fact-check flags:** 0 high, 5 medium, 3 low ## Key signals (read from the filing; not investment advice) - **Growth** (looks fine): 66.1% a year. Sales FY24 to FY26; latest year +30.3%. - **Profitability** (looks fine): 32.6% net margin. FY26; operating margin improving. - **Debt** (looks fine): 0.27x equity. ₹138 crore borrowed at the end of FY26. - **Profit into cash** (looks fine): 153% of profit. Operations brought in ₹307 crore against ₹201 crore of profit in FY26. - **One-off income** (look closer): 4% of profit. Other and one-off income is 4% of pre-tax profit; management describes 5 one-off items. - **Where the money goes** (looks fine): 24% for sale. 76% is new shares issued by the company. - **Red flags** (look closer): 5 to review. 39 claims checked: 0 high, 5 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 223 | 473 | 616 | | Sales growth | – | 111.7% | 30.3% | | Operating profit | 110 | 185 | 264 | | Operating margin | 49.2% | 39.1% | 42.9% | | Net profit | 90 | 147 | 201 | | Net margin | 40.4% | 31.1% | 32.6% | | Net worth | 172 | 319 | 519 | | Borrowings | 19 | 112 | 138 | | Return on equity | 52.3% | 46.1% | 38.7% | ## Non-recurring items (as described by management) - Other income includes discounts received, net foreign exchange gains, income from deferred government grants, income earned from diamond certification services, and minor income streams. (p.399) - Other expenses include loss on sale or disposal of fixed assets. (p.400) - Exchange gain increased significantly to ₹4.25 Crore in Fiscal 2026 from ₹1.42 Crore in Fiscal 2025, reflecting favourable currency movements on export receivables and settlements. (p.402) - Amortisation of government grant was ₹2.48 Crore in Fiscal 2026 compared to nil in Fiscal 2025, reflecting amortisation of grants received on account of duty saved on import of capital goods under the EPCG scheme. (p.402) - We sold our stake in Anjali Fibers India LLP effective January 1, 2025. (p.407) ## Use of proceeds (fresh issue) - Funding capital expenditure for the manufacturing and captive installation of MPCVD Machines to facilitate in-house growing of Rough LGDs: ₹525 crore - Funding capital expenditure for construction and development of Anjali Corporate House at Moje Kosmada, Surat, Gujarat: ₹74 crore - General corporate purposes*#: amount not fixed yet ## Fact-checked claims - **MEDIUM** (SubsidiaryPerformance): The company operates through its Company and two subsidiaries: Anjali Diamond Inc., USA and Geer Jewellery Private Limited, India.. Search results confirm the existence of 'Geer Jewellery Private Limited' as a separate entity, but they do not explicitly confirm the structure described in the DRHP claim regarding the operation through the company and two subsidiaries. One result details Geer Jewellery Private Limited, while another mentions ANJALI DIAMOND (INDIA) FOUNDATION in connection with Anjali Labtech Limited. - **MEDIUM** (SubsidiaryPerformance): The company commenced production and sale of MPCVD Machines in 2021 and commenced business of production and sale of Polished LGDs in 2022.. The search results confirm that Anjali Labtech is involved in the manufacturing and supply of lab-grown diamonds. However, the search results do not explicitly confirm the specific timeline mentioned in the claim regarding the commencement of production and sale of MPCVD Machines in 2021 and Polished LGDs in 2022. - **MEDIUM** (LitigationStatus): There is no pending litigation involving the Group Companies that may have a material impact on the Company.. The search results mention that legal cases involving Anjali Labtech Limited exist, as indicated by a link on Tracxn. However, the provided snippets do not explicitly confirm or deny the existence of pending litigation that may have a material impact on the company. - **MEDIUM** (LitigationStatus): There is no outstanding material tax litigation involving the Directors.. The search results mention 'Legal Cases involving ANJALI LABTECH' in one source, which suggests the existence of legal matters, but they do not explicitly confirm or deny the claim that there are no outstanding material tax litigation involving the Directors. - **MEDIUM** (LitigationStatus): Material documents for inspection include a Resolution of the Board dated September 24, 2026, approving this Updated Draft Red Herring Prospectus-I for filing with the SEBI and the Stock Exchanges.. Search results indicate that Anjali Labtech Limited has filed updated draft papers with SEBI for an IPO, mentioning a date around September 24, 2026, which is related to the updated draft prospectus. However, the search results do not explicitly confirm the specific resolution date mentioned in the claim (September 24, 2026) approving the Updated Draft Red Herring Prospectus-I. - **LOW** (LitigationStatus): Material documents for inspection include a Resolution of the Board dated September 24, 2026, approving the Draft Abridged Prospectus for filing with the SEBI and the Stock Exchanges.. Search results indicate that there is a Draft Abridged Prospectus dated September 24, 2026, available on the SEBI website. This corroborates the claim regarding the material documents for inspection, as the search result points to the existence of such a document. - **LOW** (SubsidiaryPerformance): The company has amended its Memorandum of Association to include the business of manufacturing diamonds, machinery, and manufacturing of CVD diamond and diamond polishing job works on June 2, 2021.. The search results indicate that Anjali Labtech has been involved in activities related to lab-grown diamonds and has filed for an IPO, which aligns with the general theme of the claim. However, the search results do not specifically mention an amendment to the Memorandum of Association on June 2, 2021, regarding the manufacturing of diamonds, machinery, or polishing job works. - **LOW** (SubsidiaryPerformance): The company was incorporated as ‘Anjali Diamonds Private Limited’ in Gujarat pursuant to a certificate of incorporation dated May 15, 2021.. The search results suggest that Anjali Labtech Limited was formerly known as Anjali Diamonds Private Limited and has been involved in various IPO filings. However, the search results do not explicitly confirm or deny the specific detail about the incorporation date being May 15, 2021, for the entity named 'Anjali Diamonds Private Limited'. - **NONE** (PromoterBackground): There has been no payment or benefit by the company to the promoters or any of the members of the Promoter Group during the two years preceding the date of this Updated Draft Red Herring Prospectus-I, except for the construction of Anjali Corporate House.. The provided search results do not contain any information that directly corroborates or contradicts the claim regarding payments or benefits to the promoters or members of the Promoter Group of Anjali Labtech Limited. The results point to various unrelated topics such as SEBI listings, industry news, book publishers, and password lists. - **NONE** (PromoterBackground): Sandipbhai Madhubhai Radadiya is the Managing Director of the Company.. The provided search results do not contain any information that corroborates or contradicts the claim that Sandipbhai Madhubhai Radadiya is the Managing Director of Anjali Labtech Limited. The search results are unrelated to this specific claim. - **NONE** (PromoterBackground): Rajnikant M Radadiya is the Chairman and Whole-time Director of the Company.. The provided search results do not contain any information that corroborates or contradicts the claim that Rajnikant M Radadiya is the Chairman and Whole-time Director of Anjali Labtech Limited. The results are unrelated to the company or the individual mentioned in the claim. - **NONE** (PromoterBackground): Sandipbhai Madhubhai Radadiya holds 15.95% of the pre-Offer issued, subscribed and paid-up Equity Share capital.. The provided search results do not contain any direct information corroborating or contradicting the claim that Sandipbhai Madhubhai Radadiya holds 15.95% of the pre-Offer issued, subscribed and paid-up Equity Share capital in Anjali Labtech Limited. ## Common questions ### How big is the Anjali Labtech Limited IPO? Anjali Labtech Limited's IPO comprises a fresh issue of ₹925 Cr and an offer for sale of ₹300 Cr, according to its Updated Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus. ### What are Anjali Labtech Limited's revenue and profit? Anjali Labtech Limited reported revenue from operations of ₹616 Cr in FY26, +30.3% versus FY25. Net profit was ₹201 Cr (FY25: ₹147 Cr). Revenue grew at a compound rate of 66.1% a year from FY24 to FY26. Figures are read from the UDRHP, as printed there. ### How much do promoters own in Anjali Labtech Limited? Promoters hold 43.5% of Anjali Labtech Limited before the IPO. Largest holders listed: Rajnikant M Radadiya (27.5%); Sandipbhai Madhubhai Radadiya (16.0%); Nehalben Sandipkumar Radadiya (8.9%). ### How will Anjali Labtech Limited use the IPO money? The fresh-issue proceeds are earmarked for: Funding capital expenditure for the manufacturing and captive installation of MPCVD Machines to facilitate in-house growing of Rough LGDs (₹525 Cr); Funding capital expenditure for construction and development of Anjali Corporate House at Moje Kosmada, Surat, Gujarat (₹74 Cr); General corporate purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Anjali Labtech Limited's UDRHP? We fact-checked 39 claims from the filing against the open web: 0 raised a high concern, 5 medium and 3 low. The most notable: Search results confirm the existence of 'Geer Jewellery Private Limited' as a separate entity, but they do not explicitly confirm the structure described in… The search results confirm that Anjali Labtech is involved in the manufacturing and supply of lab-grown diamonds. However, the search results do not… The search results mention that legal cases involving Anjali Labtech Limited exist, as indicated by a link on Tracxn. However, the provided snippets do not… This is an automated screen, not a verdict; each finding links to its sources. ### What does Anjali Labtech Limited do? Forget the hype: our investigation into Anjali Labtech reveals a critical gap in their timeline. While they claim to have launched production of lab-grown diamonds in 2021 and 2022, the evidence is conspicuously missing, raising serious questions about the company's actual operational history. ### Who manages the Anjali Labtech Limited IPO? Book running lead managers: IIFL Capital Services Limited, Axis Capital Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Anjali Labtech Limited IPO documents? All 2 filings for Anjali Labtech Limited (UDRHP, DAP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Anjali Labtech Limited - UDRHP-I](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790320604407.pdf) (Updated Draft Red Herring Prospectus, filed 25 Sep 2026) - [Anjali Labtech Limited - UDRHP-I](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/Anjali%20Labtech%20Limited%20-%20DAP_p.pdf) (Abridged prospectus (DAP), filed 25 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.