Advit Jewels IPO Review 2026: Financials, GMP, Strengths, Risks & Key Details
Advit Jewels IPO brings Jaipur’s handcrafted jewellery craftsmanship to the mainboard market. The company operates under the Rambhajo brand and makes Kundan, Polki, diamond and studded jewellery — categories closely linked with India’s wedding, festive and premium jewellery demand.
Beyond the jewellery designs, the business is worth understanding because Advit Jewels serves both B2B buyers like dealers and showrooms, and individual customers looking for customised pieces. Its numbers show revenue and profit growth, while the business also carries jewellery-sector factors such as working capital needs, raw material dependency and borrowings.
This blog covers Advit Jewels’ business, financials, IPO objectives, strengths, risks and how to apply through IPO Ji — in a simple informational format, without any IPO recommendation.
For live GMP, subscription, allotment and listing updates, visit the Advit Jewels IPO page on IPO Ji.
Advit Jewels IPO — Quick Overview
| Particulars | Details |
|---|---|
| IPO Name | Advit Jewels Limited IPO |
| IPO Type | Mainboard, Book Built Issue |
| Issue Type | 100% Fresh Issue, no OFS |
| Face Value | ₹10 per equity share |
| Price Band | ₹130 to ₹138 per share |
| Lot Size | 100 shares |
| Minimum Investment (Retail) | ₹13,800 at the upper price band |
| Total Issue Size | 1,19,68,000 equity shares, aggregating to approx. ₹165.16 crore |
| IPO Open Date | June 23, 2026 |
| IPO Close Date | June 25, 2026 |
For live GMP, subscription numbers, allotment status and the application link, visit the live Advit Jewels IPO details on IPO Ji.
Note on Pre-IPO Placement: As per the RHP, Advit Jewels completed a pre-IPO placement of 18,32,000 equity shares at ₹125 per share, aggregating to ₹22.90 crore. After this placement, the issue size was reduced from up to 1,38,00,000 shares in the DRHP to 1,19,68,000 shares.
Key Highlights
- Advit Jewels is a Jaipur-based handcrafted jewellery manufacturer operating under the Rambhajo brand.
- The company focuses on Kundan, Polki, diamond and studded jewellery.
- The IPO is a 100% Fresh Issue with no OFS component.
- B2B customers contributed around 81.63% of FY25 revenue, while B2C contributed around 18.37%.
- The company operates from a 6,450 sq. ft. in-house manufacturing facility in Jaipur.
- A large part of the IPO proceeds is proposed for working capital and repayment/prepayment of borrowings.
Advit Jewels IPO GMP Today
(as of 15th June 2026, 1:30 pm )
Advit Jewels GMP today is around ₹82–₹84 per share, which implies an estimated listing price of ₹220 - ₹222 — roughly at 58% premium over the upper price band of ₹138.
GMP, or Grey Market Premium, is the unofficial price at which IPO shares trade in the grey market before listing — it's a sentiment indicator, not a guarantee.
GMP changes daily and is purely unofficial. Never apply to an IPO based solely on GMP. Check the Advit Jewels IPO GMP on IPO Ji for real-time updates as they come in.
About Advit Jewels and Rambhajo
Advit Jewels Limited is a Jaipur-based jewellery manufacturer operating under the brand name Rambhajo. The company specialises in handcrafted Kundan, Polki, diamond and studded jewellery made using 14K and 18K gold, diamonds and coloured gemstones.
The company serves both business customers and individual buyers across various states of India . Its promoters are Mr. Nitin Gilara, Mr. Prateek Gilara, Mr. Vipul Gilara and Mr. Krishna Vardhan Gilara.
Advit Jewels Financial Performance
The table below presents Advit Jewels' financial performance based on RHP-disclosed figures.
| Metric | 9M FY26 31-Dec-25 |
FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Total Assets | 164.20 | 140.85 | 67.21 | 29.01 |
| Revenue | 123.80 | 124.94 | 69.45 | 46.60 |
| EBITDA | 36.38 | 37.15 | 18.95 | 12.77 |
| Profit After Tax | 25.44 | 25.37 | 14.71 | 10.39 |
| Net Worth | 83.65 | 58.13 | 32.80 | 18.08 |
| Reserves & Surplus | 51.64 | 58.12 | 32.79 | 18.07 |
| Total Borrowings | 64.92 | 74.80 | 19.70 | 5.84 |
Revenue grew from ₹46.60 crore in FY23 to ₹124.94 crore in FY25, with PAT rising from ₹10.39 crore to ₹25.37 crore over the same period. For the nine months ended December 31, 2025, revenue stood at ₹123.80 crore and PAT stood at ₹25.44 crore, broadly in line with full-year FY25 figures.
Net worth grew from ₹18.08 crore in FY23 to ₹83.65 crore as of December 2025, reflecting retained earnings being added to equity. Total borrowings rose from ₹5.84 crore in FY23 to ₹74.80 crore in FY25, before reducing to ₹64.92 crore as of December 2025.
Important Financial Points to Notice
- Revenue increased from ₹46.60 crore in FY23 to ₹124.94 crore in FY25.
- Profit After Tax improved from ₹10.39 crore in FY23 to ₹25.37 crore in FY25.
- Total borrowings rose sharply from FY23 to FY25, before reducing in the nine months ended December 2025.
- Net worth grew from ₹18.08 crore in FY23 to ₹83.65 crore as of December 2025.
- As a jewellery manufacturing and customisation business, working capital for holding gold, diamond and gemstone inventory is an important factor for this company.
Valuation Details
| Metric | Value |
|---|---|
| Market Cap | ₹632.18 crore |
| EPS (Pre-IPO) | ₹7.50 |
| EPS (Post-IPO) | ₹7.41 |
| P/E (Pre-IPO) | 18.41x |
| P/E (Post-IPO) | 18.64x |
| Price-to-Book (P/B) | 7.60x |
At the upper price band of ₹138 per share, Advit Jewels IPO is valued at a market cap of ₹632.18 crore. The post-IPO EPS stands at ₹7.41, while the post-IPO P/E ratio is 18.64x, showing how the issue is priced in relation to the company’s earnings after the IPO. The Price-to-Book ratio of 7.60x reflects the valuation compared with the company’s book value. These metrics give readers a quick view of the IPO’s valuation profile based on the disclosed price band and financial data.
Peer Comparison
| Company | Total Revenue FY25 ₹ Cr |
P/E Based on Diluted EPS |
RoNW % |
|---|---|---|---|
| Advit Jewels Limited | ₹124.94 Cr | To be determined | 43.64% |
| Bluestone Jewellery and Lifestyle Limited | ₹1,829.92 Cr | NA | -24.00% |
| RBZ Jewellers Limited | ₹530.75 Cr | 12.86x | 15.83% |
| Radhika Jeweltech Limited | ₹588.29 Cr | 11.10x | 18.63% |
The peer comparison table compares Advit Jewels with selected jewellery companies on three key metrics: FY25 revenue, P/E ratio and RoNW. Advit Jewels reported FY25 revenue of ₹124.94 crore, which is lower than Bluestone Jewellery, RBZ Jewellers and Radhika Jeweltech. However, its RoNW of 43.64% is higher than the other companies shown in the table. Bluestone is loss-making, so its P/E is not applicable, while RBZ Jewellers and Radhika Jeweltech have P/E ratios of 12.86x and 11.10x respectively.
Since these companies differ in size, business model, product mix and retail presence, the table should be read as a broad peer reference rather than a direct comparison.
IPO Objectives
As per the RHP, the Advit Jewels IPO is a 100% Fresh Issue, with no Offer for Sale (OFS) component. This means the entire issue consists of new shares, and the company receives the proceeds, net of issue expenses.
| Use of Proceeds | Estimated Amount ₹ Cr |
|---|---|
| Funding incremental working capital requirements | 65.00 |
| Repayment/pre-payment of certain outstanding borrowings | 65.00 |
| General corporate purposes | Balance of Net Proceeds |
For general understanding, in a Fresh Issue, proceeds go to the company for purposes such as working capital, debt repayment or expansion. In an Offer for Sale (OFS), the company does not receive any money from the OFS portion; proceeds go to selling shareholders instead.
Since this issue has no OFS component, the IPO proceeds are proposed to be used for the company’s stated objectives.
Strengths and Risks
| Key Strengths | Key Risks |
|---|---|
| Integrated manufacturing capability combining handcrafting, CAD, 3D printing and casting | Manufacturing and supplier concentration in Jaipur |
| Diverse jewellery range across price points and occasions | High working capital requirement |
| Established B2B and B2C customer base | Raw material price and supply dependency |
| Revenue and PAT growth from FY23 to FY25 | Borrowings increased significantly from FY23 to FY25 |
| In-house quality control with IGI/GIA-certified jewellery | Quality control risk in handmade jewellery |
| Multi-state revenue presence | Dependence on skilled artisans |
A few points are important to note. Gold, diamond polki and other stones together account for over 99% of the company's material cost, so raw material price movements can directly affect costs and margins. The company has also flagged environmental approval requirements for its manufacturing process, and the concentration of its facility and suppliers in Jaipur as a geographic risk factor.
Advit Jewels IPO Allotment Status
The Advit Jewels IPO allotment is expected to be finalised on June 29, 2026. Once the allotment is announced, investors can check their status through the IPO Ji app or website, the registrar’s website, or the BSE/NSE websites.
For quick updates, check the Advit Jewels IPO allotment status on IPO Ji.
How to Apply for Advit Jewels IPO on IPO Ji
- Open the IPO Ji app on playstore / appstore or visit ipoji.com.
- Search for "Advit Jewels IPO."
- Open the IPO page and check the latest issue details.
- Select your linked demat account.
- Enter the lot quantity.
- Submit the IPO application.
- Approve the UPI mandate in your UPI app.
The amount is blocked in your bank account and debited only on allotment. You can also apply through ASBA via net banking or a broker platform.
Important Things to Check Before Bidding
- Read the RHP/DRHP carefully.
- Check revenue, profit and borrowings trends.
- Understand the working capital requirements of the business.
- Review the IPO objectives and use of proceeds.
- Track subscription trends, but do not rely only on GMP.
- Verify the latest details from IPO Ji and official sources before bidding.
FAQs
1. What is Advit Jewels IPO?
Advit Jewels IPO is the initial public offering of Advit Jewels Limited, a Jaipur-based jewellery manufacturer operating under the Rambhajo brand. It is a book-built IPO structured as a 100% fresh issue of 1,19,68,000 shares at a price band of ₹130–₹138 per share. The IPO opens on June 23, 2026 and closes on June 25, 2026.
2. What does Advit Jewels do?
Advit Jewels manufactures and sells jewellery, including Kundan, Polki, diamond and studded pieces such as necklaces, earrings, rings and bracelets, catering to both B2B customers and B2C customers under the Rambhajo brand.
3. What is the price band of Advit Jewels IPO?
The price band for Advit Jewels IPO is ₹130 to ₹138 per share.
4. What is the lot size and minimum investment for Advit Jewels IPO?
The lot size is 100 shares, and the minimum investment for retail investors is ₹13,800 at the upper price band.
5. Is Advit Jewels IPO a fresh issue or OFS?
The Advit Jewels IPO is a 100% fresh issue of 1,19,68,000 equity shares, with no Offer for Sale component.
6. Where will Advit Jewels use the IPO money?
As per the RHP, the proceeds are proposed to be used for funding incremental working capital, repayment/pre-payment of certain outstanding borrowings, and general corporate purposes.
7. Who is the registrar of Advit Jewels IPO?
The registrar is Bigshare Services Pvt. Ltd.
8. Where can I check live GMP, subscription and allotment status?
Live GMP, subscription status and allotment status for Advit Jewels IPO can be checked on the IPO Ji live page.
Disclaimer
This blog is for informational and educational purposes only. It does not constitute investment advice, stock recommendation, IPO recommendation or an offer to buy or sell securities. IPO investments are subject to market risks.
The financial and IPO data mentioned in this blog is based on publicly available documents and IPO Ji data sources. It is not AI-fabricated. Dynamic IPO data such as GMP, subscription, allotment and listing updates may change and should be verified before use.
