Business Model, Revenue Streams and Products/Services (50–80 words)

Advit Jewels Limited is a Jaipur-based manufacturer and seller of handcrafted fine jewellery operating under the legacy brand “Rambhajo Since 1921”. The company specializes in Kundan, Polki, Diamond, Studded and Jadau jewellery. Revenue is generated primarily through B2B sales to dealers, jewellery retailers and showrooms, with selective B2C customized orders. Revenue from operations increased from ₹4,660.41 lakh in FY23 to ₹12,493.73 lakh in FY25, reflecting strong scale expansion.

Customers, Market Presence and Manufacturing Facilities (50–80 words)

The company primarily serves jewellery dealers, showrooms and retailers across India under a B2B model, while also catering to premium made-to-order retail customers. Its manufacturing facility in Jaipur spans approximately 6,450 sq. ft. on leased premises and houses 3D printing, casting and polishing capabilities. The integrated production setup enables end-to-end manufacturing, tighter quality control, improved security of precious materials and shorter delivery cycles.

Product Portfolio and Value Chain Positioning (50–80 words)

Advit operates as a jewellery manufacturer positioned in the design, production and customization segment of the jewellery value chain. Its portfolio includes necklaces, earrings, rings, bangles and bespoke jewellery. Gold Kundan Meena Polki Jadau jewellery contributed 95.46% of FY25 revenue, while cut-set diamond jewellery contributed 1.31%. B2B sales accounted for 78.40% of FY25 revenue, B2C contributed 18.37%, and job work represented 3.23%.

Expansion Plans, Capex and Growth Initiatives (50–80 words)

The company is undertaking strategic expansion through the construction of a flagship retail store in Jaipur. Recent investments include acquisition of land and infrastructure development to strengthen long-term retail presence. IPO proceeds will support ₹6,500 lakh of incremental working capital requirements and ₹6,500 lakh of debt repayment. Management expects these investments to support higher production volumes, operational scalability and future growth opportunities.

Employee Base and Banking Relationships (30–40 words)

Advit employed 113 personnel as of December 31, 2025, compared with 68 employees in FY25. Its primary banking relationships include HDFC Bank Limited and ICICI Bank Limited, which provide working capital and other banking facilities.

Management & Strategic Vision

Advit Jewels is led by promoters from the Gilara family, whose association with the jewellery business spans more than a century. Managing Director Mr. Nitin Gilara possesses over 26 years of industry experience, while other promoters contribute expertise across customer relationships, supply chain management and business development.

Management's growth strategy is centered on strengthening its leadership position in the handcrafted Kundan, Polki and Jadau jewellery segment while expanding customer reach across India. The company continues to invest in product innovation, customized jewellery offerings and artisan-driven craftsmanship to differentiate itself in a highly fragmented industry.

Operationally, the company aims to improve scale through increased utilization of its manufacturing infrastructure, expansion of retail presence via the under-construction flagship store and broader geographic penetration. The company has already expanded its customer base from 96 customers in FY23 to 258 customers in FY25.

Funding for expansion is expected to be supported through a combination of IPO proceeds, internal accruals and improved balance-sheet efficiency. The IPO proceeds are primarily earmarked for working capital enhancement and debt reduction, which should lower finance costs and improve future financial flexibility. Management has indicated that future funding requirements may be met through internal accruals, additional debt facilities or equity capital, depending on business needs and market conditions.

Industry Analysis

India's gems and jewellery sector remains one of the country's largest consumer-driven industries, supported by cultural affinity for gold ownership, rising disposable incomes, wedding-related demand, urbanization and increasing adoption of branded jewellery. The sector benefits from strong domestic consumption as well as export opportunities.

The organized jewellery market continues gaining share from unorganized players due to greater consumer preference for certified products, hallmarking requirements, improved transparency and trusted brands. Premium handcrafted segments such as Kundan, Polki and Jadau jewellery benefit from increasing demand for heritage and bridal jewellery categories.

Advit operates in the handcrafted luxury and bridal jewellery segment, which typically commands higher margins due to craftsmanship, customization and design intensity. The company's specialization in Kundan and Polki jewellery positions it within a niche category that faces relatively lower direct competition than mass-market jewellery.

Industry demand is supported by:

• Growth in wedding-related jewellery consumption.
• Rising disposable incomes and wealth creation.
• Expansion of organized jewellery retail.
• Increased preference for branded products.
• Growing demand for customized and premium jewellery.
• Rising export opportunities for Indian jewellery manufacturers.

The company has demonstrated growth significantly ahead of industry averages, with revenue increasing from ₹4,660.41 lakh in FY23 to ₹12,493.73 lakh in FY25, representing a two-year CAGR exceeding 63%. Revenue growth was 49.01% in FY24 and 79.91% in FY25. Customer count increased from 96 in FY23 to 258 in FY25, while total quantity sold rose from 141.15 kg to 239.63 kg during the same period.

Major industry participants include branded jewellery retailers and manufacturers such as Titan Company Limited, Kalyan Jewellers India Limited, Senco Gold Limited, RBZ Jewellers Limited and Radhika Jeweltech Limited.

Key Risk Factors

1. Dependence on Gold and Precious Stone Prices

The company operates in a business where raw material costs are heavily influenced by gold and gemstone prices. Significant volatility can impact inventory valuation, customer demand, working capital requirements and profitability if cost increases cannot be passed on quickly.

2. High Working Capital Intensity

Jewellery manufacturing requires substantial investment in inventory and receivables. Working capital days stood at 159 days in FY25 and 221 days as of December 2025. Any disruption in funding availability may adversely affect operations and growth.

3. Customer Concentration within B2B Channel

A large proportion of revenue originates from the B2B segment, which contributed 78.40% of FY25 revenue. Weakness in dealer networks, retailer demand or customer relationships could affect sales performance and cash flows.

4. Dependence on Skilled Artisans

The company's handcrafted jewellery business relies heavily on experienced artisans possessing specialized Kundan, Polki and Jadau craftsmanship skills. Any shortage of skilled labour could impact production quality, delivery schedules and scalability.

5. Regulatory and Compliance Risks

The jewellery industry operates under strict regulations relating to hallmarking, taxation, import policies and anti-money laundering requirements. Regulatory changes could increase compliance costs or affect business operations.

6. Inventory and Security Risk

The company maintains substantial inventories of gold, diamonds and precious stones. Theft, fraud, inventory losses or inadequate security controls could materially impact financial performance and profitability.

7. Competitive Industry Environment

The jewellery market remains highly fragmented and competitive. Larger organized players with stronger brands, wider distribution networks and larger financial resources may exert pricing and market-share pressure over time.

Strengths & Opportunities

1. Strong Legacy Brand Heritage

The Rambhajo brand traces its origins to 1921, providing the company with significant heritage value and credibility in the jewellery industry. This legacy supports customer trust, premium positioning and long-term brand differentiation.

2. Specialized Expertise in Kundan and Polki Jewellery

Advit's focus on handcrafted Kundan, Polki and Jadau jewellery positions it in a niche premium segment with high entry barriers arising from design expertise, artisan skills and traditional craftsmanship requirements.

3. Integrated Manufacturing Capabilities

The company performs the entire production cycle in-house, including design, casting, stone setting, polishing and quality inspection. This integrated model enhances quality control, operational efficiency, lead-time management and margin protection.

4. Strong Financial Growth Profile

Revenue increased from ₹4,660.41 lakh in FY23 to ₹12,493.73 lakh in FY25, while PAT rose from ₹1,038.98 lakh to ₹2,536.71 lakh. EBITDA margins remained strong at approximately 29–30%, reflecting efficient operations.

5. Expanding Customer Network and Geographic Reach

Customer count expanded from 96 in FY23 to 258 in FY25, while the company has established sales presence across multiple Indian states. This broadening customer base provides a foundation for continued revenue growth.

6. Balance Sheet Improvement Through IPO

The proposed repayment of ₹6,500 lakh of borrowings is expected to reduce leverage, lower finance costs and improve financial flexibility. Enhanced working capital funding should also support future business expansion and higher production volumes.

Business Model, Revenue Streams and Products/Services (50–80 words)

Advit Jewels Limited is a Jaipur-based manufacturer and seller of handcrafted fine jewellery operating under the legacy brand “Rambhajo Since 1921”. The company specializes in Kundan, Polki, Diamond, Studded and Jadau jewellery. Revenue is generated primarily through B2B sales to dealers, jewellery retailers and showrooms, with selective B2C customized orders. Revenue from operations increased from ₹4,660.41 lakh in FY23 to ₹12,493.73 lakh in FY25, reflecting strong scale expansion.

Customers, Market Presence and Manufacturing Facilities (50–80 words)

The company primarily serves jewellery dealers, showrooms and retailers across India under a B2B model, while also catering to premium made-to-order retail customers. Its manufacturing facility in Jaipur spans approximately 6,450 sq. ft. on leased premises and houses 3D printing, casting and polishing capabilities. The integrated production setup enables end-to-end manufacturing, tighter quality control, improved security of precious materials and shorter delivery cycles.

Product Portfolio and Value Chain Positioning (50–80 words)

Advit operates as a jewellery manufacturer positioned in the design, production and customization segment of the jewellery value chain. Its portfolio includes necklaces, earrings, rings, bangles and bespoke jewellery. Gold Kundan Meena Polki Jadau jewellery contributed 95.46% of FY25 revenue, while cut-set diamond jewellery contributed 1.31%. B2B sales accounted for 78.40% of FY25 revenue, B2C contributed 18.37%, and job work represented 3.23%.

Expansion Plans, Capex and Growth Initiatives (50–80 words)

The company is undertaking strategic expansion through the construction of a flagship retail store in Jaipur. Recent investments include acquisition of land and infrastructure development to strengthen long-term retail presence. IPO proceeds will support ₹6,500 lakh of incremental working capital requirements and ₹6,500 lakh of debt repayment. Management expects these investments to support higher production volumes, operational scalability and future growth opportunities.

Employee Base and Banking Relationships (30–40 words)

Advit employed 113 personnel as of December 31, 2025, compared with 68 employees in FY25. Its primary banking relationships include HDFC Bank Limited and ICICI Bank Limited, which provide working capital and other banking facilities.

Management & Strategic Vision

Advit Jewels is led by promoters from the Gilara family, whose association with the jewellery business spans more than a century. Managing Director Mr. Nitin Gilara possesses over 26 years of industry experience, while other promoters contribute expertise across customer relationships, supply chain management and business development.

Management's growth strategy is centered on strengthening its leadership position in the handcrafted Kundan, Polki and Jadau jewellery segment while expanding customer reach across India. The company continues to invest in product innovation, customized jewellery offerings and artisan-driven craftsmanship to differentiate itself in a highly fragmented industry.

Operationally, the company aims to improve scale through increased utilization of its manufacturing infrastructure, expansion of retail presence via the under-construction flagship store and broader geographic penetration. The company has already expanded its customer base from 96 customers in FY23 to 258 customers in FY25.

Funding for expansion is expected to be supported through a combination of IPO proceeds, internal accruals and improved balance-sheet efficiency. The IPO proceeds are primarily earmarked for working capital enhancement and debt reduction, which should lower finance costs and improve future financial flexibility. Management has indicated that future funding requirements may be met through internal accruals, additional debt facilities or equity capital, depending on business needs and market conditions.

Industry Analysis

India's gems and jewellery sector remains one of the country's largest consumer-driven industries, supported by cultural affinity for gold ownership, rising disposable incomes, wedding-related demand, urbanization and increasing adoption of branded jewellery. The sector benefits from strong domestic consumption as well as export opportunities.

The organized jewellery market continues gaining share from unorganized players due to greater consumer preference for certified products, hallmarking requirements, improved transparency and trusted brands. Premium handcrafted segments such as Kundan, Polki and Jadau jewellery benefit from increasing demand for heritage and bridal jewellery categories.

Advit operates in the handcrafted luxury and bridal jewellery segment, which typically commands higher margins due to craftsmanship, customization and design intensity. The company's specialization in Kundan and Polki jewellery positions it within a niche category that faces relatively lower direct competition than mass-market jewellery.

Industry demand is supported by:

• Growth in wedding-related jewellery consumption.
• Rising disposable incomes and wealth creation.
• Expansion of organized jewellery retail.
• Increased preference for branded products.
• Growing demand for customized and premium jewellery.
• Rising export opportunities for Indian jewellery manufacturers.

The company has demonstrated growth significantly ahead of industry averages, with revenue increasing from ₹4,660.41 lakh in FY23 to ₹12,493.73 lakh in FY25, representing a two-year CAGR exceeding 63%. Revenue growth was 49.01% in FY24 and 79.91% in FY25. Customer count increased from 96 in FY23 to 258 in FY25, while total quantity sold rose from 141.15 kg to 239.63 kg during the same period.

Major industry participants include branded jewellery retailers and manufacturers such as Titan Company Limited, Kalyan Jewellers India Limited, Senco Gold Limited, RBZ Jewellers Limited and Radhika Jeweltech Limited.

Key Risk Factors

1. Dependence on Gold and Precious Stone Prices

The company operates in a business where raw material costs are heavily influenced by gold and gemstone prices. Significant volatility can impact inventory valuation, customer demand, working capital requirements and profitability if cost increases cannot be passed on quickly.

2. High Working Capital Intensity

Jewellery manufacturing requires substantial investment in inventory and receivables. Working capital days stood at 159 days in FY25 and 221 days as of December 2025. Any disruption in funding availability may adversely affect operations and growth.

3. Customer Concentration within B2B Channel

A large proportion of revenue originates from the B2B segment, which contributed 78.40% of FY25 revenue. Weakness in dealer networks, retailer demand or customer relationships could affect sales performance and cash flows.

4. Dependence on Skilled Artisans

The company's handcrafted jewellery business relies heavily on experienced artisans possessing specialized Kundan, Polki and Jadau craftsmanship skills. Any shortage of skilled labour could impact production quality, delivery schedules and scalability.

5. Regulatory and Compliance Risks

The jewellery industry operates under strict regulations relating to hallmarking, taxation, import policies and anti-money laundering requirements. Regulatory changes could increase compliance costs or affect business operations.

6. Inventory and Security Risk

The company maintains substantial inventories of gold, diamonds and precious stones. Theft, fraud, inventory losses or inadequate security controls could materially impact financial performance and profitability.

7. Competitive Industry Environment

The jewellery market remains highly fragmented and competitive. Larger organized players with stronger brands, wider distribution networks and larger financial resources may exert pricing and market-share pressure over time.

Strengths & Opportunities

1. Strong Legacy Brand Heritage

The Rambhajo brand traces its origins to 1921, providing the company with significant heritage value and credibility in the jewellery industry. This legacy supports customer trust, premium positioning and long-term brand differentiation.

2. Specialized Expertise in Kundan and Polki Jewellery

Advit's focus on handcrafted Kundan, Polki and Jadau jewellery positions it in a niche premium segment with high entry barriers arising from design expertise, artisan skills and traditional craftsmanship requirements.

3. Integrated Manufacturing Capabilities

The company performs the entire production cycle in-house, including design, casting, stone setting, polishing and quality inspection. This integrated model enhances quality control, operational efficiency, lead-time management and margin protection.

4. Strong Financial Growth Profile

Revenue increased from ₹4,660.41 lakh in FY23 to ₹12,493.73 lakh in FY25, while PAT rose from ₹1,038.98 lakh to ₹2,536.71 lakh. EBITDA margins remained strong at approximately 29–30%, reflecting efficient operations.

5. Expanding Customer Network and Geographic Reach

Customer count expanded from 96 in FY23 to 258 in FY25, while the company has established sales presence across multiple Indian states. This broadening customer base provides a foundation for continued revenue growth.

6. Balance Sheet Improvement Through IPO

The proposed repayment of ₹6,500 lakh of borrowings is expected to reduce leverage, lower finance costs and improve financial flexibility. Enhanced working capital funding should also support future business expansion and higher production volumes.