Advit Jewels Limited is hitting the public market with a Mainboard IPO of ₹165.16 Crore. Operating under its highly regarded legacy brand name "Rambhajo" (which traces its roots back to 1921), Advit has managed to post industry-leading growth rates and exceptional return on equity, drawing significant interest in the grey market.
Handcrafted fine jewellery occupies a premium slot in Indian retail. The company's solid fundamentals and comfortable valuation make it a standout listing in June 2026. Here is our comprehensive research on the offering.
IPO Lens Verdict: With a score of 71/100, Advit Jewels triggers a Positive research signal. It is backed by consistent profit margins, low debt levels, and reasonable post-issue pricing.
Advit Jewels IPO: Key Details
| Issue Period | June 23, 2026 to June 25, 2026 |
| Price Band | ₹130 to ₹138 per share |
| Lot Size | 100 Shares (Min. Investment: ₹13,800) |
| Issue Size | ₹165.16 Crores (100% Fresh Issue) |
| Listing Exchange | BSE / NSE Mainboard |
| Registrar | Link Intime India Private Ltd |
About Advit Jewels: Business Profile & Rambhajo Brand
Incorporated in 2019 and based in the jewellery capital of Jaipur, Advit Jewels specializes in the manufacturing and wholesale of premium handcrafted fine jewellery, primarily operating under the legacy brand Rambhajo. The heritage of the brand dates back over a century to 1921.
The product portfolio focuses on high-margin segments: Kundan, Polki, diamond, and precious-stone studded jewellery crafted in 14K and 18K gold. Operating from a state-of-the-art 6,450 sq. ft. manufacturing facility in Jaipur, they combine traditional craftsmanship with modern 3D printers and casting technology to streamline production.
The company primarily operates a B2B model, supplying jewellery to prominent showroom dealers and retail chains across Maharashtra, Gujarat, Rajasthan, and Delhi. This B2B structure keeps brick-and-mortar marketing costs low, ensuring high asset turnover.
Financial Health Check
The core strength of Advit Jewels lies in its balance sheet consistency. Their figures show a steady upward trajectory over three years:
| Financial Metric | FY24 | FY25 | FY26 (Provisional) |
|---|---|---|---|
| Revenue (in Cr) | ₹42.30 | ₹58.12 | ₹82.60 |
| Net Profit / PAT (in Cr) | ₹1.80 | ₹3.20 | ₹5.15 |
| Net Worth (in Cr) | ₹6.80 | ₹10.50 | ₹17.34 |
| Debt-to-Equity | 0.62 | 0.48 | 0.32 |
Key takeaways: Revenue grew by 42% in FY26, while profits surged by 60%, showing operational leverage. Debt-to-equity has fallen consistently, leaving ample room to borrow for working capital post-IPO.
Why the Score is 71/100 (Drivers)
- Fair Valuation: At the upper price band of ₹138, the pre-issue P/E ratio is approximately 18.5x based on FY26 earnings. Listed competitors trade at 22x to 26x P/E, giving applicants comfortable valuation headroom.
- Excellent ROE & ROCE: Return on Equity stands at 29.7% for FY26. This indicates management compiles high profits on the capital reinvested into the business.
- Healthy GMP Cushion: The unofficial Grey Market Premium has hovered around ₹48 per share (a +35% premium). While GMP is highly volatile, it indicates solid initial demand from listing-day speculators.
Key Risks to Keep in Mind
1. Customer Concentration: Advit Jewels gets over 52% of its B2B revenue from its top 5 retail partners. Losing one of these relationships could damage revenue consistency.
2. Commodity Fluctuation: Rapid spikes or drops in raw gold and silver bullion prices can hit raw material costs before Advit can pass the changes onto its wholesaler networks.
The Verdict: Should You Apply?
Yes, for both listing gains and medium-term growth.
Advit Jewels is priced reasonably and has high-quality financials. The debt is low, profits are scaling, and return metrics are excellent. The GMP of 35% offers a safe buffer against minor listing-day market volatility.
We recommend applying in the retail category.
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