Nityas Gems and Jewellery Limited

This section primarily provides an overview of the industry context, including various economic outlooks and sectoral performance data. It details projections for global economic growth, the impact of monsoon conditions, and the effects of geopolitical tensions on energy-intensive sectors. Furthermore, it presents trends in Indian GDP growth, per capita GDP, and Gross Value Added (GVA) across different sectors and states. The data is sourced from reports commissioned by the company and various official sources like the IMF and MOSPI.

The provided text primarily discusses macroeconomic factors such as inflation, monetary policy, household savings, and demographic trends in India. It details recent inflation figures, RBI projections, the impact of various economic conditions on consumption, and shifts in household savings towards physical assets. Furthermore, it outlines the growth of the middle class, the importance of the rural economy in the FMCG sector, and significant urbanization trends in India.

The provided text discusses macroeconomic trends in India, including increasing disposable income and consumer spending, which drives economic growth. It highlights various sectors with potential exposure to trade policies, particularly concerning US tariffs, and notes ongoing trade negotiations between India and the US. The text then details the Indian gems and jewellery industry, which is a significant part of the national economy, with India being a global leader in diamond cutting and polishing. The industry is segmented by material, with gold being the dominant material, followed by diamonds, silver, and others. Furthermore, it describes the diamond industry's value chain, noting Surat as a major processing hub and Mumbai as a key trading center.

The Indian diamond industry faces challenges such as volatility in rough diamond prices, reliance on imported raw materials, and increasing competition from synthetic diamonds, although the long-term outlook is stable due to government support and technological investment. The retail diamond jewellery market in India reached approximately ₹62,300.00 Crore in CY25 and is expected to grow at a CAGR of 2.8% over the forecast period. The value chain involves several integrated stages from mining to retail, including sourcing, trading, cutting, manufacturing, wholesaling, retailing, and certification. India is recognized as a global leader in diamond cutting and polishing, and the industry is seeing shifts in the global market towards Lab-Grown Diamonds (LGDs).

This section provides an overview of the LGD jewellery industry in India, detailing trade trends, the advantages of the LGD business model, market size projections, and retail adoption dynamics. It covers fluctuations in exports and imports, the financial benefits derived from the LGD supply chain, the technical nature of LGDs, and the growth trajectory of the market. Furthermore, it segments the market by product type, occasion, and channel, highlighting the role of organized retail in driving market acceptance.

The market for Lab-Grown Diamonds (LGDs) in India is shaped by the influence of established players and a distinct omnichannel purchase journey. Organized players have driven category acceptance through credibility, standardization, and expanded geographical accessibility. The consumer journey involves digital platforms for discovery and education, followed by physical stores to build trust and complete transactions. LGD production utilizes two main methods: High Pressure High Temperature (HPHT) and Chemical Vapour Deposition (CVD). Furthermore, there is a clear cost advantage for LGDs, making them appealing for consumers seeking affordable luxury and sustainability.

The section details various aspects related to the grading, policy support, and market dynamics within the Lab-Grown Diamond (LGD) sector in India. It covers the role of international laboratories in grading, government initiatives like the PLI scheme to support domestic manufacturing, regulatory oversight for trade, consumer protection efforts, and the emphasis on ethical and sustainable practices. Furthermore, it discusses market demand drivers such as affordability and evolving consumer preferences, alongside challenges like consumer perception issues and competition from natural diamonds.

The company is engaged in the design, manufacturing, and sale of lab-grown diamond studded gold jewellery in India. The business operates through an integrated model involving both business-to-business (B2B) manufacturing and distribution to various retailers, as well as direct-to-consumer (D2C) omnichannel retail operations through its subsidiary. The product portfolio includes various jewellery items, with a strategic focus on lightweight, affordable lab-grown diamond-studded gold jewellery targeting the growing demand for affordable luxury and daily-wear pieces. The company supplies its products to a network of jewellery retailers across 18 Indian states and 2 union territories, and also to international markets. The business model was expanded through the acquisition of Ayaani, which provides a consumer-facing platform.

The company supports its operations with an in-house design team utilizing CAD and CAM software for product development, focusing on lab-grown diamond studded gold jewellery aligned with market trends. The company procures gold bullion from authorized Indian dealers and sources lab-grown diamonds from manufacturers. Manufacturing is conducted at a facility in Surat, Gujarat, equipped with machinery for end-to-end production. The business operates an integrated model combining B2B supply with organized retailers and D2C omnichannel retail through its subsidiary, Ayaani. The company is well-positioned to capitalize on the growth of the lab-grown diamond jewellery market, which is expanding globally and in India.

The company operates across Tier-2 and Tier-3 cities using omnichannel retail models. The business leverages technological advancements to produce lab-grown diamonds that are chemically and physically identical to mined diamonds, allowing for consistent quality and design experimentation. The lab-grown diamond business model offers commercial advantages by potentially yielding higher gross margins due to lower production costs compared to natural diamonds. Furthermore, the streamlined sourcing and manufacturing processes provide better cost control and shorter lead times. The company plans to expand its customer base across various segments, including B2B and D2C, and focus on younger demographics. They also intend to increase marketing efforts and augment working capital to support procurement and operations.

The company focuses on strengthening design-led product innovation by expanding its portfolio across various categories, price points, and customer segments, including new collections aligned with emerging fashion trends. They plan to leverage insights from B2B and D2C operations to guide design development and utilize technology-enabled design tools like CAD and CAM to improve precision and reduce development timelines. Furthermore, the company intends to expand its direct-to-consumer presence through its subsidiary, Ayaani, by scaling through franchise-operated stores in Tier-2 and Tier-3 cities, while also enhancing its digital channels. The product portfolio encompasses a wide range of jewellery items, and the business involves the design, manufacturing, and sale of lab-grown diamond studded gold jewellery through both B2B and D2C channels.

The company's manufacturing process involves several stages, starting with the removal of Plaster of Paris (PoP) cavities and cleaning of cast structures, followed by separation of jewellery pieces and initial inspection for quality assurance. Subsequent steps include filing and laser soldering to refine contours, diamond fitting and studding, and multi-stage polishing to enhance the surface appearance. Finished products undergo final quality control checks for aesthetic, structural, and functional parameters before being cleaned, labelled, and packed for dispatch. The company supports this process with multi-stage quality control frameworks covering raw material testing, in-process inspections, and final product evaluation.

This section details various aspects of the company's operations, including financial dependency on suppliers, pricing strategies, inventory management, marketing efforts, IT infrastructure, and competitive landscape. The company's pricing for lab-grown diamond studded gold jewellery is influenced by gold and lab-grown diamond market prices. Inventory and production planning are closely linked to sales volumes and customer demand, utilizing unique identification codes for traceability. Marketing involves personalized visits and exhibitions for B2B, while D2C marketing focuses on digital engagement. The company operates in a competitive market against various players in the jewellery segment, and it maintains insurance policies for various risks.

The company details include information on employee benefits expenses, attrition rates, and various regulatory frameworks applicable to its operations in India. The company has registered several trademarks and has material properties related to its company and subsidiaries, including leased premises. Furthermore, the text outlines various Indian laws and regulations concerning factories, industrial disputes, standards, and gold loans.

This section details various Indian laws and regulations pertinent to the business operations, including restrictions on the sale of gold jewellery, guidelines for anti-money laundering, environmental laws, and various labour laws. It outlines provisions related to BIS Hallmarking Regulations, various anti-money laundering guidelines, environmental impact assessments, and regulations concerning the use of water and air, alongside provisions for public liability insurance. Furthermore, it references laws concerning intellectual property, taxation, customs, and various labour legislation aimed at regulating working conditions and wages.

This section primarily discusses various Indian laws and regulations pertinent to business operations, including those related to labor, foreign trade, foreign investment, contracts, competition, and information technology. It details the framework established by these laws concerning different aspects of commerce and corporate conduct. Furthermore, it mentions that the company must comply with various laws imposed by Central and State Governments for its daily operations.

The company's history began with its incorporation as 'Nityas Gems and Jewellery Private Limited' on April 26, 2022. This was followed by a conversion to a public limited company, changing its name to 'Nityas Gems and Jewellery Limited', on May 20, 2025, and a fresh incorporation certificate on July 2, 2025. The company has undergone several amendments to its Memorandum of Association regarding authorized and issued share capital over time. Key corporate milestones include the incorporation of a subsidiary, Ratna LGD Private Limited, in 2024, and the acquisition of a stake in Ayaani Diamonds and Jewellery Private Limited. The company currently has two subsidiaries, including Ratna LGD Private Limited, which is engaged in similar business activities.

Ayaani Diamonds and Jewellery Private Limited was incorporated as a private limited company on April 26, 2022. The company operates in the manufacturing, trading, designing, and processing of various jewellery and related products. The capital structure details the authorized and issued share capital, and the shareholding pattern shows the distribution among various entities and individuals. The company confirms that it does not have any joint ventures as of the Red Herring Prospectus date. Furthermore, various confirmations address agreements, conflicts of interest, and the status of subsidiary securities.

The section details various aspects related to the company's directors, including their professional backgrounds, appointments, and compensation structures. It mentions the experience of certain individuals, such as a former employee of Sarvodaya Sahakari Bank Limited, and the qualifications of the Non-Executive Directors. Furthermore, it outlines the terms for the appointment and remuneration of the Chairman and Managing Director, as well as the Executive Director, including specific agreements and resolutions passed by the Board and Shareholders.

This section details various compliance and conflict of interest disclosures related to the company's directors and shareholders. It outlines the shareholding of key individuals, confirms the absence of certain conflicts between suppliers and directors, and specifies rules regarding director interests in company transactions and property. Furthermore, it lists recent changes in the Board of Directors, including appointments, resignations, and re-designations occurring between January 2025 and January 2026.

This section details various corporate governance and board structure aspects, including borrowing powers, compliance with regulations, and the composition of various Board committees. It outlines the constitution and re-constitution of the Audit Committee and the Nomination and Remuneration Committee, specifying their respective mandates and composition. Furthermore, it describes the constitution and re-constitution of the Stakeholders’ Relationship Committee, detailing their compliance with relevant legal and listing regulations.

The section details various committees and governance structures within the company, including the Stakeholders’ Relationship Committee and the Corporate Social Responsibility Committee, which have specific mandates regarding shareholder grievances and CSR activities. It also outlines the Key Managerial Personnel (KMP) and Senior Management, including their roles, qualifications, and compensation details. The text further specifies changes in KMP and Senior Management appointments over the last three years, along with disclosures regarding conflicts of interest, service contracts, and employee stock benefit schemes.

The section details the promoters of the company, including their shareholding, personal details, and various confirmations regarding their interests and compliance. The promoters are Rajnikant Lallubhai Chanchad, Sonalben Rajnikant Chanchad, and Savaliya Dhruv Janakbhai. It outlines that Rajnikant Lallubhai Chanchad is the Chairman and Managing Director, and lists other ventures promoted by the promoters. Furthermore, it confirms that the promoters have submitted necessary identification documents to the Stock Exchange and details various aspects concerning their interest in the company, property transactions, and financial conduct.

This section defines various terms and abbreviations used within the Red Herring Prospectus. It specifies that certain references to legislation, rules, or articles of association should be directed to the relevant governing documents. It defines terms related to the company, such as 'Our Company' as Nityas Gems and Jewellery Limited, and details various roles like the Chairperson and Chief Financial Officer. It also outlines definitions for key financial and regulatory concepts, including different types of investors and the process for allotment.

This section outlines various terms related to the book-building process and the issuance of equity shares. It details procedures for syndicate members, the possibility of closing the bid period for certain investors, definitions for bidders, and various financial and regulatory terms. It specifies the role of the Book Running Lead Manager and the agreements in place for the issue.

This section primarily defines various terms related to the issuance process, including the roles of different parties and the nature of the prospectus. It specifies that the Red Herring Prospectus is to be issued in accordance with certain sections of the Companies Act and SEBI ICDR Regulations. It details the entities involved in the bidding process, such as the Registrar, Syndicate Members, and various types of bidders. Furthermore, it outlines the mechanisms for payment, such as the use of UPI and the involvement of Sponsor Banks.

This section primarily lists various legal and financial terms used in the prospectus. It defines terms such as CBRE, CCTV, various Acts of Parliament, financial metrics like EBITDA and Debt-to-Equity Ratio, and regulatory bodies like SEBI. It also defines various investment and accounting standards, including various Indian Accounting Standards (Ind AS) and foreign exchange regulations.

The document specifies certain conventions for the use of financial information, including defining terms like 'Company' as Nityas Gems and Jewellery Limited. Financial data is derived from restated consolidated financial statements for fiscal years 2026, 2025, and 2024, prepared in accordance with Ind AS. The document also details various rounding adjustments and clarifies that certain non-GAAP financial measures are supplemental and not required by accounting standards. Industry and market data is sourced from the CareEdge Report, which was commissioned and paid for by the company.

This section discusses various risks associated with the business, including concentration in customers and geographical dependency. The company is engaged in the design, manufacturing, and sale of lab-grown diamond studded gold jewellery through B2B and D2C models. Revenue is highly dependent on a limited number of customers, and there is concern that changes in their business or operational requirements could negatively impact the company. Furthermore, a substantial portion of the revenue originates from a few key Indian states.

The company's revenue concentration is primarily attributable to its B2B business model, which involves designing, manufacturing, and supplying lab-grown diamond studded gold jewellery to various retail channels. This business is closely linked to regional demand patterns, consumer preferences, and economic conditions in specific regions, exposing the company to region-specific risks. The company's revenues from overseas markets remain limited, and efforts to diversify into international markets are currently constrained. Furthermore, the business is working capital intensive, requiring significant funds for procurement and inventory management, which has increased substantially over the fiscal years.

The manufacturing operations are geographically concentrated at a single facility in Surat, Gujarat, which exposes the company to region-specific risks such as economic slowdowns, labour unrest, and infrastructure constraints. The facility is equipped for the end-to-end production of lab-grown diamond studded gold jewellery. The company faces risks from machinery breakdown, obsolescence, fire, accidents, and labour disruptions, which could delay production and increase costs. Furthermore, the business is subject to stringent quality requirements, and failures to maintain standards could lead to product returns, customer loss, and reputational damage. The company has also experienced negative cash flows from operating activities due to significant working capital deployment and investing activities related to capital expenditure.

The provided section details various financial relationships, including revenue percentages, director remuneration, expense breakdowns, and outstanding balances with related parties as of March 31, 2026. It also discusses the status of subsidiaries and related party transactions according to accounting standards. Furthermore, it includes disclaimers regarding the arm's length nature of transactions and the potential for future conflicts of interest. The text also mentions the P/E ratio of the company relative to industry peers and the determination of the issue price.

The provided text discusses various eligibility criteria under SEBI ICDR Regulations for an issue, detailing how the company's financial performance has evolved over different fiscal years. Specifically, it outlines the status of eligibility concerning net tangible assets, monetary assets, average operating profit, net worth, and changes in the company's name. It notes that certain requirements were not met at the time of the Draft Red Herring Prospectus (DRHP) filing, but subsequent updates, including the inclusion of Fiscal 2026 data, have satisfied these requirements for some criteria. The text also details risks related to discretionary consumer spending, seasonal fluctuations in sales, and broader macroeconomic factors affecting the jewellery business.

The text discusses various risks related to the company's operations, including seasonal sales fluctuations and the management of D2C operations under the Ayaani brand. Risks are also highlighted concerning inventory misappropriation, theft, and fraud, including a specific FIR filed against employees of the Jodhpur store. Furthermore, the business is highly dependent on the availability and price of raw materials like lab-grown diamonds and gold bullion, which are subject to market volatility. Pricing strategies are also noted as being influenced by raw material costs, and there are concerns about the ability to pass on cost increases to customers. The business also faces risks related to evolving consumer preferences and the potential for design duplication by competitors.

The provided text discusses various risks related to the company's operations, including market acceptance, credit ratings, intellectual property protection, and exposure to gold price volatility. It details that the company has not obtained credit ratings, which might limit access to debt financing. Furthermore, the company's intellectual property portfolio is primarily limited to trademarks, and designs are not formally registered under the Designs Act, which poses risks to the brand. The company's business is significantly exposed to fluctuations in gold prices, which constitute a large portion of its raw material costs. Finally, key operational premises are leased, creating risks related to the renewal or retention of these leases.

The text discusses various risks related to the company's operations, including the continuity of leased premises, the adequacy of insurance coverage, and potential issues with statutory dues. It details instances of delays in paying statutory dues and warns that future delays could lead to penalties or reputational damage. Furthermore, the text addresses the dependency of future dividend payments on various financial factors and the exposure to counterparty credit risk from customers. It also highlights the impact of increased trade receivables and the structural mismatch in the procurement cycle concerning raw materials.

This section details the various roles and contacts involved in the issuance process, including the Book Running Lead Manager, the Registrar to the Issue, and the Legal Counsel. It specifies procedures for investor grievances and outlines different channels through which bidders can submit applications, such as through Syndicate Banks, Registered Brokers, or UPI mechanisms. Furthermore, it provides information on the lists of Designated Intermediaries, Syndicate Branches, and Registered Brokers/RTAs eligible to accept applications.

The section details various compliance and procedural aspects related to the issuance, including the identification of expert opinions and the appointment of a monitoring agency. It specifies that the company has received written consent from Statutory Auditors and a Chartered Engineer to be included as 'experts' in the Red Herring Prospectus. Furthermore, CARE Ratings Limited has been appointed as the monitoring agency to oversee the utilization of the gross proceeds. The text also outlines the process for book building, the nature of bids from different investor categories, and the intention to enter into an underwriting agreement.

This section details the capital structure of the company as presented in the Draft Red Herring Prospectus (DRHP). It outlines the authorized, issued, and paid-up share capital, including the details of various allotments and transfers over time. The document provides a history of paid-up equity share capital, including specific dates, numbers of shares allotted, face value, and issue prices for different considerations such as cash, preferential allotment, and bonus issues.

The company currently has no preference share capital as of the date of the Red Herring Prospectus. The company has not issued any Equity Shares for consideration other than cash or through the revaluation of reserves since its incorporation, except for a specific bonus issue on March 16, 2026. Regarding the shareholding pattern, the total number of equity shareholders as of the filing date was 49. Furthermore, the document details various transactions involving the allotment and transfer of equity shares by promoters and the promoter group over time. A list of shareholders holding 1% or more of the paid-up share capital is provided, showing significant holdings by certain entities.

The section details the shareholding of various shareholders, including a list of shareholders holding 1% or more of the paid-up share capital as of two years prior to the DRHP date. It also outlines the aggregate pre-Issue and post-Issue shareholding of Promoters, members of the Promoter Group, and additional top 10 shareholders as at the allotment. Furthermore, the text discusses provisions related to the Minimum Promoter's Contribution, which involves locking in a certain amount of equity shares held by promoters for a specified period, and confirms that these shares were not acquired during the three years preceding the DRHP date under certain conditions.

This section details various lock-in provisions related to equity shares, including requirements for promoter shareholding, allotment to anchor investors, and pledge restrictions. It specifies that promoter shareholding exceeding 20% must be locked in for six months, with exceptions for certain investment funds. Furthermore, it outlines conditions for locking in shares allotted to anchor investors, which are split between 90 and 30-day lock-in periods. The text also clarifies that locked-in shares held by promoters can be pledged with scheduled financial institutions, with the lock-in period continuing upon invocation of the pledge. Finally, it states that the company does not intend to alter its capital structure through certain methods during a six-month period and confirms that no financing arrangements existed for securities purchases by promoters during the preceding six months.

The issue involves raising funds through a fresh issue of equity shares, with the net proceeds proposed for various purposes. The primary utilization of the net proceeds is for funding the company's working capital requirements. The details regarding the utilization of funds are summarized in a table showing the deployment plan for Fiscal 2027, including provisions for general corporate purposes.

The section details various holding periods for inventory, trade receivables, trade payables, and other current assets and liabilities over fiscal years, along with projections for the coming year. Inventory days are expected to stabilize around 57 days in Fiscal 2027 to support growth strategies. Trade receivable days are anticipated to increase to about 31 days in Fiscal 2027 to accommodate longer credit terms with larger customers. Trade payable days are expected to decrease to approximately 7 days in Fiscal 2027 to enable faster settlement of supplier dues for cash discounts. Other current liabilities are expected to stabilize around 4 days in Fiscal 2027. The document also outlines various rules regarding the deployment of net proceeds, including restrictions on using funds for trading in other listed companies and procedures for issue-related expenses and processing fees.

The section discusses various regulatory requirements concerning the utilization of issue proceeds and the process for varying the objects of the issue. It mandates that the company furnish quarterly statements on deviations in the utilization of proceeds to stock exchanges. Furthermore, it outlines procedures for making disclosures regarding investments in acquisitions or strategic partnerships. The text also specifies that the net proceeds should not be used for repayment of borrowings or to pay consideration to promoters or group entities. Finally, it details the basis for determining the issue price, which involves consultation with the Book Running Lead Manager and assessment of market demand.

The section details various financial and operational Key Performance Indicators (KPIs) for the company across fiscal years 2026, 2025, and 2024. These KPIs include financial metrics such as Revenue from Operations, EBITDA, Net Profit after tax, and various margins, as well as operational metrics like Net Working Capital Days, Inventory Days, Debtor Days, Creditor Days, Gold Processed, and Sale of LGD Jewellery. The text also provides definitions for these KPIs and notes on the rationale behind fluctuations in certain metrics.

This section details the weighted average cost of acquisition (WACA) for both primary and secondary issuances of equity and convertible securities over the preceding eighteen months. It provides specific tables showing transactions, including the date, transferrer, number of shares transferred, face value, price per share, and the resulting adjusted price. Furthermore, it outlines procedures for adjusting the weighted average cost due to the subdivision of equity shares and the issuance of bonus equity shares.

This section details the statement of possible special tax benefits available to the Company and its shareholders under the Indian Income Tax Regulations. It discusses various provisions related to corporate tax rates, dividend income, and deductions. The statement clarifies that the tax benefits are subject to specific conditions and that investors should consult their own tax consultants. Furthermore, it outlines that the Company and its subsidiary have opted for concessional corporate income tax rates, which impacts the availability of certain deductions.

This section details the special indirect tax benefits available to the Company, its shareholders, and subsidiaries under the Indian Indirect Tax Regulations. It explains that supplies of goods and services qualifying as exports are classified as zero-rated supplies, which are eligible for GST refunds through various mechanisms. Furthermore, the text clarifies that there are no special indirect tax benefits available to shareholders or subsidiaries for investing in the company's shares.

This section primarily discusses the definition and criteria for identifying 'Group Companies' under SEBI ICDR Regulations, including related party transactions. It details the process for classifying certain companies as group companies based on transactions exceeding 10% of the company's revenue from operations. Furthermore, it outlines various disclosures regarding the relationship between the company and its group companies, including aspects related to business interests, litigation, and the utilization of issue proceeds.

This section details the process by which Restated Consolidated Financial Information was compiled, including the sources used and the reliance placed on prior auditors' reports. The financial statements were prepared in accordance with Indian Accounting Standards (Ind AS) and various provisions of the Companies Act and ICDR Regulations. The report clarifies that the financial statements may not be suitable for other purposes and outlines the reliance on previous auditors' reports for certain financial statements.

This section presents the restated consolidated financial information for Nityas Gems and Jewellery Limited, including the Statement of Assets and Liabilities, Profit and Loss, and Cash Flows, for the years ending March 31, 2026, 2025, and 2024. The Balance Sheet shows various components of equity and liabilities, while the Profit and Loss statement details revenues, expenses, and profit/loss figures. The Cash Flow statement details cash movements from operating, investing, and financing activities.

This section presents the Restated Consolidated Statement of Cash Flows for Nityas Gems and Jewellery Limited, detailing movements in borrowings, cash flows, and non-cash changes across three fiscal years ending March 31, 2026, March 31, 2025, and March 31, 2024. The data includes details on cash and cash equivalents, lease liabilities, and various financing activities. The document also provides group information and the basis for preparing the restated financial information for an IPO.

The financial information presented in the DRHP has been restated for March 2026, March 2025, and March 2024, and is collectively referred to as the Restated Consolidated Financial Information. This information has been compiled to comply with various regulations, including sections of the Companies Act, the ICDR Regulations, and guidance from the ICAI. The financial statements are based on audited special purpose financial statements from the Group and the Parent Company for the respective periods. The Group has transitioned to Ind AS during the year ended March 31, 2026, and will prepare its first complete Ind AS financials for that year. The accounting policies are applied consistently across all periods, with changes only permitted where required by Ind AS 101. The financial information is presented in Indian Rupee (Rs.), and amounts are rounded to the nearest million with two decimals, with amounts less than Rs. 5,000 reported as Rs. 0.00.

This section details various accounting policies and judgments related to financial reporting, including income taxes, provisions, leases, asset depreciation, credit loss impairment, defined benefit plans, and intangible assets. It outlines management's judgment in assessing tax positions, contingent liabilities, lease terms, asset useful lives, credit risk models, and fair value measurements for financial instruments. Furthermore, it specifies criteria for classifying assets and liabilities as current or non-current, details for measuring property, plant, and equipment, intangible assets, and inventories.

This section details the accounting treatments for various financial instruments, including the classification and subsequent measurement of financial assets and liabilities according to Ind AS 109. It outlines different measurement bases such as amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss (FVTPL), depending on the business model and contractual cash flow characteristics. The text also covers de-recognition criteria for financial assets and liabilities, as well as the recognition and treatment of provisions, contingent assets and liabilities, and income tax expenses.

This section details various accounting treatments related to employee benefits, revenue recognition, finance costs, depreciation, and impairment of assets as per accounting standards. It outlines specific rules for recognizing employee benefits, defining how revenue is recognized based on the transfer of control, and detailing the treatment for various financial instruments and non-financial assets, including impairment testing procedures.

This section details various accounting treatments and disclosures related to financial statements, including earnings per share calculation methods, treatment of exceptional items, lease accounting standards, foreign currency translation policies, and the accounting for property, plant, and equipment. It outlines how lease components are allocated, how lease liabilities are measured, and the recognition of rental income for operating leases. Furthermore, it specifies the translation methods for foreign currency transactions and the treatment of foreign exchange gains and losses.

This section details various notes to the restated consolidated financial information, covering Right-of-use assets, lease liabilities, and intangible assets. It provides breakdowns of additions, deletions, depreciation charges, and finance costs related to these items across different fiscal years. Furthermore, it outlines the contractual maturity of lease liabilities and the treatment of lease agreements, including those for short-term or low-value leases. The notes also cover the carrying value of goodwill, software, trademark, and website assets.

This section details various financial line items and asset/liability balances for Nityas Gems and Jewellery Limited across three reporting periods ending March 31, 2026, March 31, 2025, and March 31, 2024. It includes information on bank deposits, security deposits, inventory details, trade receivables, and other current assets. Specific notes clarify the nature of deposits, such as rent deposits and security deposits, and the treatment of inventory valuation.

This section details various aspects of the financial statements, including the structure of the equity share capital, reconciliation of shares, details of shareholders, and various reserves. It also provides comparative data for different reporting periods and includes notes on non-controlling interests and summarized balance sheet components.

This section details various financial notes related to the financial statements of Nityas Gems and Jewellery Limited, including terms for borrowings, provisions, trade payables, and tax liabilities. It outlines the structure and terms of term loans, details regarding employee benefits provisions, and various outstanding dues such as trade payables and tax liabilities across different fiscal years.

This section details the financial performance of Nityas Gems and Jewellery Limited across three fiscal years, presenting various revenue disaggregations, contract balances, cost of materials, manufacturing expenses, employee benefits, finance costs, depreciation, and other operating expenses. The data is presented in millions of Rupees and shows trends from the year ended March 31, 2024, to March 31, 2026. Key components include sales of products, services, various revenue segments, contract balances, inventory movements, and operational costs.

This section provides notes to the restated consolidated financial information for Nityas Gems and Jewellery Limited, detailing various accounting treatments and financial metrics. It includes tables for payment to auditors, CSR expenditure details, tax expenses, reconciliation of tax expense with profit, and various ageing schedules for trade receivables. The data is presented in millions of Rupees and covers financial years ending March 31, 2026, 2025, and 2024.

This section primarily details various ageing schedules for trade receivables and liabilities, contingent liabilities, and employee benefit plans. It provides data points for different time horizons (e.g., less than 6 months, 1-2 years, etc.) for various categories like undisputed, disputed, and MSME receivables. Furthermore, it outlines contingent liabilities, including claims against the company, employee benefit plans (defined contribution and defined benefit), and various components recognized in the Profit and Loss statement, such as interest income, contributions, and various liabilities.

This section provides various notes related to the financial statements, including actuarial assumptions, sensitivity analysis, related party disclosures, and details on directors and key managerial personals. It details the structure of related parties, including directors, key managerial personals, and subsidiaries, along with various transactions and balances such as investment in equity shares of subsidiaries, unsecured loans, rent deposits, sales/sales returns, purchases, and transactions with related parties. It also outlines director remuneration, rent expenses, salary expenses, and manufacturing/machinery purchases.

This section details various balances and disclosures related to the financial statements of Nityas Gems and Jewellery Limited across different fiscal years. It includes breakdowns of employee dues, unsecured loans, trade payables, investment in equity shares of subsidiaries, and trade receivables. Furthermore, it presents various analytical ratios, including Current Ratio, Debt-Equity Ratio, Debt Service Coverage Ratio, and several turnover ratios, along with explanations for variances in these metrics.

This section presents various financial metrics for Nityas Gems and Jewellery Limited, including performance indicators and capital structure details. It includes data points for revenue, profit margins, and various debt/equity ratios. Furthermore, it details business combinations involving the acquisition of shares in Ratna LGD Private Limited and Ayaani Diamonds and Jewellery Private Limited, including purchase consideration and the resulting goodwill calculation. The data is presented across different reporting periods.

This section provides notes to the restated consolidated financial information for Nityas Gems and Jewellery Limited, detailing various reconciliation figures and additional information required under the Companies Act. It includes breakdowns of financial data for different periods, such as the year ended March 31, 2026, March 31, 2025, and March 31, 2024, presented as percentages of consolidated net assets and profit or loss. Furthermore, it outlines the treatment of financial instruments, including fair value measurement hierarchies.

This section provides notes to the restated consolidated financial information for Nityas Gems and Jewellery Limited, detailing the financial position as of different dates. It presents breakdowns of financial assets and liabilities, including deposits, trade receivables, cash, borrowings, payables, and lease liabilities. The data is presented in millions of Rupees and distinguishes between cost and carrying/fair values for various financial instruments.

This section details the financial risk management policies of Nityas Gems and Jewellery Limited, covering currency, interest rate, and other price risks. It outlines how the group manages exposure to fluctuations in foreign exchange rates, interest rates, and other market prices. The document also specifies procedures for managing credit risk related to trade receivables and other financial assets, including the use of an expected credit loss model for impairment assessment.

This section details various aspects of the company's financial position, including liquidity risk management and the contractual maturities of significant financial liabilities as of March 31, 2025 and 2026. It also covers the transition to Indian Accounting Standards (Ind AS), including the date of transition and the exemptions availed. Furthermore, the text presents a reconciliation of financial statement items between Previous GAAP and Ind AS for the financial years ended March 31, 2025 and 2026.

This section details the reconciliation of financial information from previous GAAP to Ind AS presentation requirements for Nityas Gems and Jewellery Limited. It includes various adjustments related to the transition, such as the effect of Right-of-Use Assets, various expenses, and income components. The text presents detailed breakdowns of income, expenses, and liabilities, along with the resulting profit/loss figures for different periods.

This section details various adjustments made to the financial statements, including the transition from Previous GAAP to Ind AS, the treatment of lease accounting, and the recognition of gratuity liabilities. It outlines how preliminary expenses and gratuity expenses were handled under the new accounting standards, including reversals and reclassifications. Furthermore, it discusses deferred tax adjustments and the treatment of rent deposits related to leases.

The section primarily asserts the absence of outstanding legal and regulatory issues, including criminal proceedings, actions by statutory or regulatory authorities, and claims related to direct and indirect taxes, as defined in the prospectus. It details a materiality policy for identifying material litigation, which involves thresholds based on turnover, net worth, and profit or loss. Furthermore, it outlines criteria for material outstanding dues to creditors, which are defined as exceeding 5% of total consolidated trade payables.

This section details various approvals obtained by the Company and its Material Subsidiary, covering aspects related to the Issue and ongoing business operations. The Company has obtained necessary approvals from the Board of Directors and shareholders for the Issue, as well as in-principle listing approvals from NSE and BSE. Furthermore, the text lists numerous licenses, registrations, and permits obtained under various central and state legislations, including tax registrations, labour-related approvals, and various operational consents from pollution control boards. Material approvals for the Subsidiary also include incorporation details, tax registrations, labour approvals, and various legal metrology and BIS certifications.

The section details various approvals and compliance confirmations related to the issuance process, including board and shareholder resolutions, in-principle listing approvals from BSE and NSE, and assurances regarding the non-prohibition of the company, its promoters, and directors from accessing capital markets. It also confirms compliance with rules concerning significant beneficial owners and clarifies eligibility for the issue under SEBI ICDR Regulations. Furthermore, the text outlines various disclaimers and responsibilities regarding the draft prospectus and the reliance on external information.

This section primarily details the procedural aspects related to the filing of the Draft Red Herring Prospectus with the NSE and the subsequent requirements for listing and trading of the equity shares. It outlines the conditions under which the company must repay monies received from applicants if listing permissions are not granted within the prescribed timelines. Furthermore, it lists various consents obtained from directors, promoters, and various company officials, as well as expert opinions received from Chartered Accountants and a Chartered Engineer.

The section details the track record of the Book Running Lead Manager, the mechanism for resolving investor grievances, and various compliance aspects related to the issue. It outlines procedures for investors to address issues with the Registrar to the Issue, including timelines for resolution and compensation for delays. Furthermore, it confirms that the company has obtained authentication on SCORES under several SEBI circulars and has appointed a Compliance Officer. The text also clarifies that the company does not have listed group companies or subsidiaries, and it specifies the legal framework governing the issue of equity shares.

This section details various procedural aspects related to the subscription and allotment of Equity Shares, including nomination facilities, withdrawal rights, and the indicative timetable for the Issue. It outlines specific rules regarding the process for receiving bids, the timeline for closing the issue, and penalties or remedies for delays in fund unblocking. Furthermore, it specifies procedures for handling bid revisions, price band modifications, and the consequences of undersubscription, including potential refunds or interest payments.

This section details the structure and eligibility criteria for the issue of equity shares, outlining various allocation provisions under the SEBI ICDR Regulations. It specifies the components of the issue, including the Employee Reservation Portion, and sets limits on how the Net Issue can be allocated to different investor categories such as QIBs, Mutual Funds, and Retail/Individual Bidders. Furthermore, it details rules for allocation to Anchor Investors and the process for handling under-subscription across different investor segments.

This section details various procedural requirements for public issue bids, including rules for joint holders, investor representations, and different payment mechanisms like ASBA and UPI. It outlines rules regarding under-subscription, the use of various investor categories (like QIBs and Anchor Investors), and the reduced timelines for listing due to the UPI Mechanism. Furthermore, it specifies requirements for investor documentation, the handling of investor grievances, and the process for ensuring funds are blocked in investor accounts.

This section details various rules and restrictions concerning who can participate in the Issue, including different categories of investors such as Resident Indians, Non-Residents, Foreign Portfolio Investors (FPIs), Hindu Undivided Families (HUF), and Eligible Employees. It outlines specific requirements for bid forms based on the investor's residency status and advises on the use of UPI mandates for certain bidders. Furthermore, it specifies limits on total holding by NRIs and FPIs under FEMA rules, and clarifies rules regarding the treatment of multiple bids from FPIs.

This section details various compliance requirements and restrictions related to participation in the Issue, categorized by the type of investor bidding. It outlines specific conditions for Bids from different investor categories, such as FPIs, VCFs, AIFs, insurance companies, and banking companies, including documentation requirements and investment limits based on various regulations. Furthermore, it specifies rules for Anchor Investors, including minimum bid sizes and locking-in periods for allotted shares. The section also covers rules for Bids made by QIBs and the general responsibility of bidders to ensure compliance with all applicable laws and regulations.

This section primarily outlines various procedural requirements and restrictions for bidders in the Issue process, covering aspects such as fund blocking, documentation, and adherence to rules regarding various investor categories. It details specific rules for UPI bidders, the submission of documents, and conditions under which bids may be rejected, including issues related to PAN details, bid amounts, and the use of certain bank accounts. It also specifies procedures for handling bids from different investor types and clarifies the process for allotment.

This section details various procedural and legal aspects related to the issuance of equity shares, including the publication of allotment advertisements in various newspapers, the process for signing underwriting agreements, and the subsequent filing of the Red Herring Prospectus with the Registrar of Companies (RoC). It also outlines provisions regarding impersonation liability under the Companies Act, including penalties for fraud involving certain monetary thresholds, and stipulations concerning the dematerialized form of equity share allotment.

This section details various provisions related to the issuance, transfer, and handling of share certificates, including procedures for when certificates are worn out, defaced, or lost, requiring the issuance of new ones. It also outlines rules regarding the recognition of third-party interests in shares and the company's powers concerning commissions. Furthermore, the text covers the company's lien rights over shares, including the application of such liens to dividends and bonuses, and procedures for the sale of shares subject to such liens. Provisions are also detailed concerning calls on shares, including interest accrual for non-payment, and the process for forfeiture of shares due to non-payment.

This section details various provisions related to the company's share capital, including rules for forfeiture, alteration of capital, and the conversion or sub-division of shares. It also outlines procedures for capitalizing profits and the rights of members regarding such capitalization. Furthermore, the text covers provisions for the buy-back of shares, the calling of general meetings, quorum requirements, and the procedures for conducting business at these meetings. Finally, it specifies the composition and powers of the Board of Directors, including director appointments, remuneration, and the delegation of powers to committees.

This section primarily outlines procedural and governance aspects related to the company's operations, including committee meetings, director appointments, dividend declarations, and the handling of company seals. It details various rules concerning the Board's authority over resolutions and financial matters, such as setting aside reserves and the payment of dividends. Furthermore, it covers provisions related to the dematerialization of securities, the rights of depository entities, and the recognition of beneficial owners in various records.

This section details the material contracts and documents that have been entered into or planned for entry by the Company, along with various resolutions and reports related to the issuance process. It lists numerous agreements, certificates, and reports from different parties, including the Registrar of Companies, Statutory Auditors, and various financial and advisory entities. The section also includes declarations affirming compliance with relevant laws and the truthfulness of the statements made in the Draft Red Herring Prospectus.

The provided section consists entirely of declarations from various Non-Executive Directors and a Chief Financial Officer, certifying compliance with various provisions of the Companies Act, 2013, and rules/guidelines issued by the Government of India or the Securities and Exchange Board of India. These declarations affirm that no statement in the Draft Red Herring Prospectus is contrary to these laws, and that all statements made in the prospectus are true and correct.

The text discusses contingent liabilities arising from tax proceedings under the Income Tax Act, 1961, for which appeals have been filed and are pending adjudication. The company may be required to pay disputed amounts, interest, and penalties, which could negatively affect financial condition, cash flows, and operating results. Furthermore, there are outstanding legal proceedings involving the company, its subsidiaries, and the promoters, which are pending before various courts, tribunals, and enquiry officers.

The management section highlights significant dependencies on key personnel, including Promoters, Directors, Key Managerial Personnel (KMP), and senior management, for the company's operations and strategic direction. The business is heavily reliant on the experience of these individuals in design oversight, manufacturing coordination, quality control, and strategic decision-making. Furthermore, the business is dependent on the skilled workforce, especially designers and in-house karigars, for product development and manufacturing. The company also faces risks related to employee attrition, which has increased significantly, and potential issues with statutory filings and regulatory compliance.

The company maintains insurance policies for its stock and goods in transit, but these policies may not cover consequential losses like business interruption or reputational harm. The company's scale of operations is noted as being lower than certain industry peers, which may challenge economies of scale and competitive positioning. Furthermore, inventory holding periods, net working capital days, and creditor days are compared against industry peers, with some metrics showing higher levels, which could increase working capital requirements. Revenues are heavily dependent on the domestic market, and the company's ability to expand into export markets is subject to various risks. The company has incurred significant borrowings, and any inability to comply with repayment obligations or financing covenants could negatively impact its operations and cash flows.

The company faces several risks related to consumer demand, including potential declines in demand for jewellery across various segments, which could negatively impact order volumes. The business is exposed to competition in a fragmented market, where inability to compete on pricing, design, and quality could lead to market share loss. Furthermore, the business relies heavily on information technology systems, and any disruption to these systems could interrupt operations. Marketing efforts, both for B2B and D2C, are also subject to risks, and inventory management processes carry the potential for mismatches between production and actual demand.

The management outlines several risks associated with the company's growth strategy, including the uncertainty of achieving increased order volumes or sustained customer relationships. Risks are also highlighted concerning the execution of D2C operations, scaling retail networks, and the ability to innovate to meet changing consumer preferences. Furthermore, the strategy to augment working capital resources faces risks related to deployment delays or inefficiencies. The company also notes that marketing initiatives may not translate into the anticipated customer acquisition or revenue growth. There are concerns regarding the limited experience in international markets for export opportunities, and the overall implementation of strategies may strain management, operational, and financial resources. Finally, there is a lack of assurance that past initiatives will successfully deliver the anticipated benefits.

The management section discusses various risks related to internal controls, financial reserves, regulatory changes, macroeconomic conditions, and legal uncertainties. The company emphasizes its responsibility to maintain internal controls to prevent fraud, noting that human error can impact financial reporting. Concerns are raised regarding the impact of bonus issuances on liquidity due to insufficient reserves. Furthermore, the text details the strain of being a publicly listed company regarding compliance costs and the potential need to recruit specialized personnel. Risks also encompass adverse macroeconomic conditions, geopolitical tensions, trade disputes, and changes in laws and regulations, including those related to tax laws and labor codes. Finally, the section addresses the potential impact of changes in India's sovereign credit rating and the difficulty investors may face in enforcing foreign judgments against the company.

This section discusses various regulatory and market factors that can influence the trading and listing of the company's equity shares. It details that the issue price may not reflect the market price after listing, and various factors, including operational results, analyst expectations, and market trends, can cause fluctuations in the stock price. Furthermore, it covers tax implications for investors, the potential impact of new laws, and restrictions on the ability of investors to sell shares. The text also addresses issues related to foreign investment restrictions and the potential for surveillance measures by stock exchanges.

This section primarily details the various portions of equity share issues, including employee reservations, QIB portions, Non-Institutional portions, and Retail portions, outlining how the total issue is structured. It specifies rules for reserving shares for different investor categories, such as domestic Mutual Funds and Life Insurance Companies, and sets limits on allocations for various bidder application sizes. The text also mentions the pre-issue and post-issue equity share counts and provides notes regarding the authorization of the issue and the rules for dealing with under-subscription.

The provided text details the financial performance and cash flow statements for the fiscal years 2026, 2025, and 2024. It shows various components of the profit and loss, including revenue, expenses, and resulting profits, as well as the cash flows from operating, investing, and financing activities. Furthermore, the document summarizes contingent liabilities, specifically tax matters under dispute, noting that the management believes the parent company has a strong case on merits regarding an appeal.

This section details various related party transactions, including unsecured loans, rent deposits, sales/returns, and purchases with different parties. It also outlines transactions involving subsidiaries and entities where the company has significant influence. Furthermore, the section covers director remuneration, various expenses, and investment in equity shares of subsidiaries. It also provides notes clarifying aspects of related party disclosures, such as the treatment of gratuity provisioning and intra-group transactions.

This section details various relationships and transactions as of different dates, including director appointments and financial flows. It lists several individuals such as Nilesh G Panchani and Rajnikant Lallubhai Chanchad, along with their roles and associated balances. The text also mentions the status of certain subsidiaries and notes regarding intra-group balances and related party transactions.

The provided section primarily details the financial information, capitalisation, and indebtedness of the company as of Fiscal 2026. It includes various financial ratios, borrowing details, and information regarding secured loans and working capital facilities. Specific details on Related Party Transactions are directed to a separate note for further review.

The provided section details various contractual stipulations regarding borrowing arrangements, including penalties for non-compliance and events of default. It outlines restrictive covenants such as prohibitions on diverting funds for speculative purposes, limitations on securing loans from banks without prior consent, and requirements for routing turnover through specific accounts. Furthermore, it specifies events of default, including fund diversion, delays in creating securities, and breaches of financial or information covenants, which grant the lender the right to invoke security to settle dues.

The section details the company's operational setup, including the in-house design team, the procurement of gold bullion and lab-grown diamonds, and the manufacturing facilities. It outlines the infrastructure, machinery, and quality control framework in place. Furthermore, the text discusses various risks, such as customer concentration, raw material price volatility, working capital intensity, and dependence on suppliers. It also notes seasonal demand patterns and the impact of product returns on margins.

This section primarily details the transition of the Group's financial statements to Indian Accounting Standards (Ind AS) and outlines various accounting policies and management judgements. It specifies the various financial statements used, the transition dates applied for different periods, and the basis of measurement for assets and liabilities. Furthermore, it covers critical judgments made by management concerning income taxes, provisions and contingent liabilities, the classification of leases, useful lives for assets, expected credit loss models, and accounting for defined benefit plans.

This section primarily details the accounting policies for various financial instruments, including the recognition, measurement, and subsequent measurement of financial assets and liabilities according to Ind AS 109. It outlines different classifications for financial assets, such as amortised cost, fair value through other comprehensive income (FVTOCI), and fair value through profit or loss (FVTPL), based on the business model and contractual cash flow characteristics. The text specifies how initial recognition involves fair value plus transaction costs for most financial assets, with specific rules for trade receivables. Furthermore, it details the subsequent measurement methods, such as using the effective interest rate method for amortised cost instruments, and the recognition of interest income and impairment losses in the statement of profit or loss.

This section primarily details accounting treatments for various financial statement line items, including provisions, contingent liabilities, taxes, employee benefits, revenue recognition, and income recognition. It outlines specific rules for recognizing provisions based on present obligations and expected outflows, contingent liabilities arising from past events, and the treatment of various tax components like current and deferred taxes. Furthermore, the text covers accounting for employee benefits, including short-term and post-employment plans, and the recognition of revenue from goods and services. It also specifies rules for recognizing interest income, other income, finance costs, depreciation, amortization, and impairment of financial and non-financial assets.

This section primarily discusses accounting treatments for various financial items, including impairment testing for assets and goodwill, the calculation of earnings per share, the treatment of exceptional items, and accounting for leases. It details how different components of the profit and loss statement are calculated, such as revenue, income, and various expenses. Furthermore, it outlines the accounting for foreign currency translations and the components of the statement of profit and loss.

The financial performance shows significant growth between fiscal years, with Revenue from Operations increasing by 109.50% in Fiscal 2026 compared to Fiscal 2025, driven by higher sales volume for lab-grown diamond jewellery. Other Income saw a massive increase, primarily due to foreign currency transaction gains and lease termination gains. Total Income also grew substantially, largely fueled by the revenue growth. Expenses also increased significantly, with costs for materials, employee benefits, and finance costs rising sharply. Profit before tax showed strong growth, and the final profit after tax also increased substantially, reflecting the company's ability to scale operations.

This section details various cash flow movements across fiscal years (2026, 2025, and 2024), including net cash flow from investing, financing, and operating activities. It also provides breakdowns of operating cash flows, profit before tax, and changes in working capital components for each year. Furthermore, the text outlines the nature of contingent liabilities, including tax matters in dispute, and discloses information regarding related party transactions.