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Listed
Gems, Jewellery And Watches
Advit Jewels Limited IPO
₹165 Cr · Fresh Issue · Gems, Jewellery And Watches
Price Band
₹130 – ₹138
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹165 Cr
Fresh Issue
Market Cap
₹632.18 Cr
At upper band
P/E Ratio
24.9x
P/S: 5.1x
Listing Date
01 Jul 2026
BSE & NSE
IPO Timeline
✓
Opens
23 Jun 2026
✓
Closes
25 Jun 2026
✓
Allotment
26 Jun 2026
✓
Refund
29 Jun 2026
✓
Listing
01 Jul 2026
IPO India Hub: Subscribe
Conviction
7/10
The company trades at 24.9x P/E, only 1.08× the niche sector midpoint, supported by a strong 20.5% net margin and 31.5% PAT CAGR. Key risk: revenue growth decelerated sharply from 79.6% (FY-2 to FY-1) to −0.9% (FY-1 to FY0), signaling potential market saturation or operational headwinds in the jewellery segment.
Listing Performance
Issue Price
₹138
Allotment price
Listing Price
₹187
+35.51% on listing day
Current Price (CMP)
₹269.35
+95.2% vs issue
Listed On
01 Jul 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Strong profitability and cash generation
Net profit margin of 20.5% and EBITDA margin of 29.73% demonstrate pricing power and operational efficiency in the jewellery business. ROCE of 27.48% indicates the company generates strong returns on capital deployed, well above cost of capital for an SME.
✓ Strength
Attractive valuation relative to sector
At 24.9x P/E, the company trades at 1.08× the niche/unlisted sector midpoint of 23×, placing it squarely in the Subscribe zone. The 20.5% NPM justifies a modest premium, and the P/S ratio of 5.1× is reasonable for a high-margin jewellery player.
⚠ Risk
Revenue growth collapsed in latest year
Revenue grew 79.6% from FY-2 to FY-1 (₹69.5 Cr to ₹124.9 Cr) but then declined 0.9% to ₹123.8 Cr in FY0. This sharp deceleration raises questions about market saturation, competitive pressure, or one-time demand in prior year that has not repeated.
⚠ Risk
Moderate leverage and debt repayment burden
Debt/Equity ratio of 1.29× is acceptable but not conservative. The company is using ₹65 Cr (39% of proceeds) for debt repayment, suggesting cash flow pressure. Post-IPO leverage will improve, but execution risk remains if revenue does not stabilize.
₹ Valuation
Fair valuation with margin support
P/E of 24.9× is 1.08× the sector midpoint (23×) and sits within the Subscribe threshold. The 20.5% net margin provides valuation cushion, though the recent revenue stall means the multiple is not cheap on forward earnings visibility.
👁 Watch
Monitor revenue trajectory post-listing
Investors must track quarterly revenue and order flow closely. If revenue remains flat or declines further in H1 FY27, the valuation multiple will face compression and the investment thesis will weaken materially.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Advit Jewels Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹124.94 Cr
Net Profit
₹25.37 Cr
Industry
Gems, Jewellery And Watches
Issue Type
Fresh Issue
Promoters
MR. NITIN GILARA, MR. PRATEEK GILARA, MR. VIPUL GILARA AND MR. KRISHNA VARDHAN GILARA
Lead Managers
Holani Consultants
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 24.9x P/E, only 1.08× the niche sector midpoint, supported by a strong 20.5% net margin and 31.5% PAT CAGR. Key risk: revenue growth decelerated sharply from 79.6% (FY-2 to FY-1) to −0.9% (FY-1 to FY0), signaling potential market saturation or operational headwinds in the jewellery segment.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹130 – ₹138.
The IPO opens on 23 Jun 2026. It closes on 25 Jun 2026. Allotment is expected on 26 Jun 2026. Refunds initiate on 29 Jun 2026. Listing on BSE and NSE is on 01 Jul 2026.
The lead managers for the IPO are Holani Consultants. Check the SEBI filing for the registrar details.
The IPO listed on 01 Jul 2026 at ₹187 against an issue price of ₹138 (+35.51% on listing day). The current market price (CMP) is approximately ₹269.35 (+95.2% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 25 Jun 2026. The company trades at 24.9x P/E, only 1.08× the niche sector midpoint, supported by a strong 20.5% net margin and 31.5% PAT CAGR. Key risk: revenue growth decelerated sharply from 79.6% (FY-2 to FY-1) to −0.9% (FY-1 to FY0), signaling potential market saturation or operational headwinds in the jewellery segment.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 25 Jun 2026. The IPO is priced at a P/E of 24.9x. Market cap at issue price is ₹632.18 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 25 Jun 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Advit Jewels Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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