Nityas Gems and Jewellery Limited IPO

01At a glance

Nityas Gems and Jewellery IPO date, price band and lot size

What the company does: designs and makes gold jewellery studded with lab-grown diamonds (rings, earrings, pendants, bracelets, mangalsutras, necklaces and more) at one plant in Surat, and supplies it to retail chains, standalone retailers and wholesalers, plus to consumers through ten Ayaani stores and an online store (RHP p.212, RHP p.213).

Who pays it: business customers were 95.58% of FY26 revenue and consumers 4.34% (RHP p.33). The prospectus names GIVA, Palmonas, ONYA and Ladia Diamonds among its business customers (RHP p.213). The largest customer was 12.98% of FY26 revenue and the top ten 55.49% (RHP p.34).

Why it is raising money: ₹700.00 million for working capital, to be spent in FY27, with the balance of the net proceeds for general corporate purposes (RHP p.145).

How fast it has grown: revenue from ₹536.55 million in FY24 to ₹2,028.94 million in FY26, about 94.5% a year, and profit after tax from ₹40.24 million to ₹223.15 million, about 135.5% a year (our arithmetic, RHP p.107).

The one thing to understand: profit has not turned into cash. Over FY24 to FY26 the company reported ₹361.27 million of profit and used ₹258.35 million in operations, as inventory and receivables grew (our arithmetic, RHP p.107, RHP p.109).

02The business, in plain words

What Nityas Gems and Jewellery does

Nityas purchases fine gold and loose lab-grown diamonds, designs pieces in-house, casts, sets and polishes them at a leased facility of about 7,000 sq. ft. in Surat, and supplies finished jewellery to shops on credit (RHP p.42, RHP p.216). It started operations in July 2022 (RHP p.213). In July 2025 it took 50.04% of Ayaani Diamonds and Jewellery, which had been one of its customers, and so added a consumer brand (RHP p.256).

A jewellery retailer orders a range of lab-grown diamond pieces → Nityas makes them in Surat from purchased gold and diamonds → it delivers and invoices the retailer → it is paid over agreed credit periods.

The company had 192 permanent employees at August 31, 2026, including 29 designers and 122 in-house karigars (craftsmen) (RHP p.72). It says it has over 32,000 designs (RHP p.216). The facility, on floors of Ratih House, is leased from the promoter Rajnikant Lallubhai Chanchad under a lease deed dated March 27, 2026 (RHP p.281).

Earnings equation: Profit ≈ kilograms of jewellery sold × (price per kilogram − gold, diamond and making cost) − interest on working capital. In FY26 the company sold 178.89 kg of jewellery, excluding the weight of the stones, and consumed 98.53 kg of fine gold (RHP p.160). Gold was 72.33% of FY26 raw-material purchases and lab-grown diamonds 18.44% (RHP p.59).

03Where the money comes from

Source: RHP p.33. Ayaani's sales are counted only from July 2025, when it was consolidated (RHP p.33).

Nityas Gems and Jewellery customers: how concentrated the revenue is

Source: RHP p.34. The largest customer in FY25 was Ayaani, then a company in which the promoters held shares; it became a subsidiary on July 22, 2025 (RHP p.34).

Gujarat, Karnataka, Maharashtra, Telangana and Tamil Nadu were 85.03% of FY26 revenue; Gujarat alone fell from 74.09% in FY24 to 37.40% in FY26, while Karnataka rose from 2.09% to 23.42% (RHP p.37). Overseas sales were 2.56% of FY26 revenue (RHP p.214). The number of business customers went from 74 in FY24 to 108 and then 323 in FY26 (RHP p.218). In numbers, revenue depends less on a few customers than it did two years earlier, but the top ten still made up more than half of FY26 revenue.

04The growth record

Nityas Gems and Jewellery financials: revenue, profit and margins

Source: RHP p.105, RHP p.107, RHP p.109, RHP p.160. Borrowings are current plus non-current (our arithmetic, RHP p.105).

Our arithmetic from these figures: revenue grew about 94.5% a year from FY24 to FY26, EBITDA about 137.8% and profit about 135.5%; the EBITDA margin rose 506 basis points and the PAT margin 350 basis points (RHP p.107, RHP p.160). In crore, revenue went from ₹53.7 crore to ₹202.9 crore and profit from ₹4.0 crore to ₹22.3 crore (our arithmetic, RHP p.107).

Of the FY26 profit, ₹227.73 million is attributed to the owners and a loss of ₹4.59 million to minority holders in the subsidiaries (RHP p.107). Operating cash flow was an outflow of ₹147.32 million in FY26, about ₹14.7 crore (RHP p.109). Other income of ₹4.33 million was 1.6% of the ₹269.23 million profit before tax in FY26 (our arithmetic, RHP p.107).

Debtor days were 16 in FY24, 28 in FY25 and 29 in FY26; net working capital days were 47, 105 and 135 (RHP p.160). Return on capital employed was 42.93% and debt to equity 0.29 in FY26 (RHP p.160).

Other figures read with the record: net debt of ₹85.37 million was 0.3 times FY26 EBITDA (our arithmetic, RHP p.105, RHP p.160). Related-party transactions outside the group were ₹188.97 million in FY26, about ₹18.9 crore (RHP p.45). Contingent liabilities were ₹28.84 million, about ₹2.9 crore (RHP p.70). Goods returned were 11.91% of FY26 gross sales (RHP p.43). The largest supplier gave 55.11% of FY26 purchases (RHP p.39). The market capitalisation at ₹75 is ₹4,319.49 million, about ₹431.9 crore (our arithmetic, RHP p.128).

The three years run from FY24; the draft's FY23 year has dropped out of the window (RHP p.52).

05What the growth is made of

Volume, then price. Jewellery sold rose from 66.34 kg in FY24 to 100.59 kg in FY25 and 178.89 kg in FY26, and production at the Surat plant from 72.49 kg to 162.77 kg (RHP p.160, RHP p.42). Revenue per kilogram sold rose from about ₹8.09 million in FY24 to about ₹11.34 million in FY26 (our arithmetic, RHP p.160).

At the FY24 figure per kilogram, FY26 volume would have brought about ₹1,447 million; the rest of FY26 revenue, about ₹582 million, is realisation, mix and the new consumer sales (our arithmetic, RHP p.160). This split is rough, because the kilograms exclude stone weight and the prospectus does not give volumes by channel. The company attributes the rise in receivables partly to higher gold prices (RHP p.70).

Ayaani added ₹88.13 million of consumer sales from July 2025 (RHP p.33).

06Earnings quality

Inventory is what absorbed the cash: consolidated inventory went from ₹52.69 million at March 2024 to ₹635.92 million at March 2026, and trade receivables from ₹40.64 million to ₹214.58 million (RHP p.105). Returns are recognised net in revenue; ₹63.17 million of FY26 returns came from related parties (RHP p.44). Bad debts of ₹1.69 million were written off in FY26, the first in the three years (RHP p.70). The examination report on the restated figures carries an emphasis of matter on their basis of preparation and restriction on use (RHP p.290).

07The balance sheet

At March 2026, borrowings were ₹90.79 million, of which ₹89.87 million was short term, against cash of ₹5.42 million (RHP p.105). Lease liabilities were ₹143.45 million; right-of-use assets rose to ₹136.83 million in FY26, which the prospectus attributes mainly to consolidating Ayaani's leased stores and offices (our arithmetic, RHP p.105, RHP p.106). Goodwill of ₹78.59 million appeared on the FY26 balance sheet (RHP p.105).

By August 31, 2026, secured borrowings had risen to ₹133.12 million, almost all cash credit (RHP p.410). Contingent liabilities were ₹28.84 million, an income-tax demand for assessment year 2023-24 under appeal (RHP p.70). Some of the promoters and a member of senior management, a former director, have given personal guarantees and property as security for company loans (RHP p.80).

After the issue: at the upper band the fresh issue brings ₹1,084.20 million before expenses against owners' equity of ₹624.38 million, and ₹700.00 million of it is for working capital; the prospectus says the proceeds are not meant to repay short-term borrowings (our arithmetic, RHP p.105, RHP p.149).

08What the money is for

Nityas Gems and Jewellery IPO objects: what the money is for

Source: RHP p.145; the percentage is our arithmetic on ₹1,084.20 million. General corporate purposes may not exceed 25% of the gross proceeds (RHP p.145).

The working capital is for gold and lab-grown diamond purchases, a larger stock of finished jewellery for display and longer credit to customers; the company's own estimate puts its working capital need at ₹1,103.08 million in FY27 against ₹449.46 million in FY26, on a standalone basis (RHP p.148, RHP p.149). CARE Ratings Limited is the monitoring agency for the proceeds (RHP p.154). Issue expenses are not yet stated (RHP p.152).

Into the business the whole issue: up to 14,456,000 new shares, ₹1,084.20 million at the upper band, or ₹108.4 crore (our arithmetic, RHP p.1). To selling shareholders nothing: there is no offer for sale (RHP p.1).

09Who is selling

Nityas Gems and Jewellery IPO offer for sale: who is selling

No one. The issue is entirely new shares issued by the company, and the promoters and promoter group will not take part in it (RHP p.1, RHP p.144). Up to 5% of the post-issue capital is reserved for eligible employees, with a discount not yet stated (RHP p.3). Not more than 50% of the net issue is for qualified institutions, not less than 15% for non-institutional bidders and not less than 35% for individual bidders (RHP p.3). At ₹75, one lot of 200 shares costs ₹15,000 (our arithmetic, NSE issue page).

10Promoters

The promoters are Rajnikant Lallubhai Chanchad, chairman and managing director; Sonalben Rajnikant Chanchad, executive director; and Savaliya Dhruv Janakbhai, non-executive director (RHP p.279, RHP p.280). The prospectus lists Sonalben Rajnikant Chanchad as the spouse of Rajnikant Lallubhai Chanchad (RHP p.283). Rajnikant Lallubhai Chanchad has no formal education and over 20 years in gems and jewellery; Sonalben Rajnikant Chanchad has no formal education and over 5 years; Savaliya Dhruv Janakbhai holds a civil engineering degree and about 4 years in the sector (RHP p.263). Sonalben Rajnikant Chanchad and Savaliya Dhruv Janakbhai were identified as promoters on September 26, 2025 (RHP p.280).

Other ventures: all three name Ayaani, in which they hold shares (RHP p.259); Rajnikant Lallubhai Chanchad also names Shree Radhe Jewellers, Sonalben Rajnikant Chanchad names JJS Jewels LLP, and Savaliya Dhruv Janakbhai names Ratna LGD (RHP p.279, RHP p.280). JJS Jewels LLP bought ₹60.69 million of jewellery from the company in FY26 and owed ₹38.31 million at March 2026 (RHP p.47, RHP p.50).

Promoter economics: the promoters' average cost is ₹3.43 a share for Rajnikant Lallubhai Chanchad and ₹11.82 for Sonalben Rajnikant Chanchad; Savaliya Dhruv Janakbhai holds no shares (RHP p.139, RHP p.140). Rajnikant Lallubhai Chanchad paid ₹520 a share of ₹10, or ₹23.64 after the split and bonus, for 100,000 shares in March 2026 (RHP p.141, RHP p.167). Directors' remuneration was ₹0.18 million in FY24, all to Rajnikant Lallubhai Chanchad, and ₹7.33 million in FY26, of which the three promoters drew ₹7.18 million, about ₹0.7 crore (our arithmetic, RHP p.48). No promoter shares are pledged (RHP p.144). There is no litigation against the promoters (RHP p.71).

11Who already owns it

Nityas Gems and Jewellery promoter holding before and after the IPO

Source: RHP p.136, RHP p.137.

The promoters and promoter group hold 25,061,520 of the 43,137,248 shares, or 58.10%, across 49 shareholders (RHP p.134, RHP p.135). If the whole issue is allotted, they would hold about 43.5% of 57,593,248 shares (our arithmetic, RHP p.128, RHP p.134). Among funds and companies outside the promoter group, Wealthwave Capital Trust-Wealthwave Capital Fund holds 5.10% and Namahratna Services Private Limited 1.79% (RHP p.136, RHP p.137).

When the investors came in: the only cash allotment was 960,784 shares of ₹10 at ₹260 to MG 369 Finventure in March 2025, ₹11.82 a share after the split and bonus (RHP p.129, RHP p.165).

MG 369 Finventure then transferred shares to others from May 2025 to February 2026 at ₹260, ₹520, ₹780 and ₹900 a share of ₹10; Wealthwave paid ₹900, or ₹40.91 adjusted, for ₹90.00 million in October 2025, and Namahratna Services ₹780, or ₹35.45 adjusted, in November 2025 (RHP p.165, RHP p.166, RHP p.167).

The weighted average cost of all shares acquired in the last 18 months is ₹18.42 and in the last year ₹32.67 (RHP p.140); the upper band of ₹75 is 2.3 times the one-year figure (our arithmetic, RHP p.140). Wealthwave's shareholders' agreement ends on listing (RHP p.257).

12What changed just before the IPO

• Auditor: Sheladiya & Jyani resigned on February 8, 2025, citing other assignments, and RPR & Co. was appointed to the casual vacancy on February 10, 2025 (RHP p.121, RHP p.122).
• New investor money: 960,784 shares allotted at ₹260 in March 2025 (RHP p.129).
• Public company: converted from a private company, with a fresh certificate dated July 2, 2025 (RHP p.3).
• Ayaani: the company subscribed for 50.04% of Ayaani for ₹241.11 million at ₹171 a share in July 2025; the promoters still hold 35.49% of it directly (RHP p.256, our arithmetic, RHP p.259).
• Split and bonus: each ₹10 share was split into two ₹5 shares in March 2026, and a 10-for-1 bonus issue on March 16, 2026 took the share count to 43,137,248; the bonus is the last allotment before the IPO (RHP p.129).
• Promoter remuneration: from ₹0.18 million in FY24 to ₹7.18 million in FY26 (our arithmetic, RHP p.48).
• Board and officers: three independent directors joined between July 2025 and March 2026, and the CFO and company secretary on January 5, 2026 (RHP p.49, RHP p.51).
• Promoter firms: the promoters left Ratih Jewels LLP and Shree Radhe Jewellers in July and August 2025 (RHP p.281, RHP p.282).
• Staff turnover: attrition rose from 6.67% in FY24 to 46.41% in FY26, mostly among karigars (RHP p.73).

13Capacity and expansion

Source: RHP p.42. Utilisation was 20.14% in FY24 and 32.00% in FY25, on one shift of about ten hours, 25 days a month, as certified by an independent chartered engineer (RHP p.42). The company says capacity was raised in 2024 (RHP p.42). The issue does not fund plant; its proceeds go to working capital (RHP p.145). Ayaani runs ten stores in eight cities, seven company-operated and three franchised (RHP p.213).

14Market size and industry structure

Nityas Gems and Jewellery industry: market size and growth

As claimed: the industry chapter draws on a report by CARE Analytics and Advisory Private Limited (CareEdge Research), dated March 23, 2026 and updated September 11, 2026, commissioned and paid for by the company (RHP p.32, RHP p.176). The commissioned report puts India's lab-grown diamond jewellery market at ₹13,738 million in CY20 and ₹34,501 million in CY25 (RHP p.147, RHP p.198).

It says lab-grown diamond jewellery is typically 60% to 80% cheaper than natural diamond jewellery (RHP p.147), though elsewhere the chapter gives 40% to 70% (RHP p.197) and 30% to 50% (RHP p.203). The chapter's first twelve pages cover the economy and size nothing specific to this product (RHP p.176 to RHP p.187).

The part that is addressable: lab-grown diamond studded gold jewellery sold through retailers in India, plus Ayaani's own stores. The prospectus does not size that part separately. The nearest segment the commissioned report gives is daily wear and fashion jewellery, ₹8,541 million in CY25 (RHP p.199), the category the chapter names as the company's focus (RHP p.210).

What the company is today: FY26 revenue of ₹2,028.94 million is about 5.9% of the commissioned report's CY25 market figure, although the periods differ by a quarter and the commissioned report's figure is for the market as a whole (our arithmetic, RHP p.107, RHP p.147). The commissioned report's figure is at retail value (RHP p.199), while 95.58% of the company's FY26 revenue came from business customers (RHP p.33).

Size over time: the commissioned report gives a CAGR of 20.4% from CY20 to CY25, and projects ₹71,890 million by CY30, a CAGR of 15.8% (RHP p.198). For context, it puts India's retail diamond jewellery market at about ₹623 billion in CY25, after 6.4% a year since CY20 (RHP p.191).

Segments: the commissioned report divides the market by product, with rings the largest; by occasion, with bridal and engagement the largest at ₹10,291 million in CY25 (RHP p.199); and by channel, ₹17,887 million offline and ₹16,613 million online in CY25 (RHP p.200). The company supplies retailers and, through Ayaani, consumers (RHP p.210).

What drives demand: the commissioned report names the price gap with natural diamonds, younger customers' interest in sustainability, daily-wear designs, better production methods, exports, the PLI scheme and tier-2 and tier-3 cities (RHP p.206, RHP p.207). It says retailers prefer B2B suppliers to avoid tying up working capital, and that such suppliers often extend credit (RHP p.201).

Structure: the company describes the jewellery market as highly competitive and fragmented (RHP p.82). The commissioned report says Indian jewellery has traditionally been fragmented among family jewellers (RHP p.188), names Tanishq, Malabar Gold & Diamonds and Kalyan Jewellers among chains that have taken up lab-grown diamonds, and calls entry barriers in B2B supply moderate to high, citing relationships, design range and the working capital to extend credit (RHP p.201). The chapter compares the company with Renaissance Global, Golkunda Diamonds & Jewellery and Goldiam International (RHP p.208).

Inputs and trade: the commissioned report says Indian lab-grown diamond makers rely on imported reactors, gases and technology (RHP p.208), and names gold price volatility as a challenge without giving gold prices (RHP p.188). India exported ₹1,07,111.5 million of lab-grown diamonds in FY25 and imported ₹7,888.9 million; the US share of those exports fell from 67% in FY22 to 25% in FY26 (RHP p.196).

Rules: the commissioned report says BIS has set hallmarking and certification norms to tell lab-grown from natural diamonds, and that grading is done by laboratories such as IGI, GIA and HRD (RHP p.205, RHP p.206). Hallmarking is mandatory for gold jewellery (RHP p.188).

What the chapter says can go wrong: the commissioned report lists the view of lab-grown stones as less valuable with no resale value, competition from natural diamond brands, low awareness, retailers' caution over display space, falling global lab-grown prices that may squeeze margins, imported inputs, and competition from China, the US and Singapore (RHP p.207, RHP p.208).

15Competitive position

Nityas Gems and Jewellery competitors

What the company claims, and what it rests on:

• Design range: over 32,000 designs at August 2026, against about 3,000 in FY23 (RHP p.220).
• In-house making: 122 karigars on the payroll rather than outside job work (RHP p.221).
• Customer spread: 323 business customers in FY26 (RHP p.218).

Against that: one plant in Surat (RHP p.42), a supplier base where the largest supplier gave 55.11% of FY26 purchases (RHP p.39), and inventory and working capital days above those of one named peer (RHP p.163). The prospectus says its scale is lower than the listed peers it names (RHP p.77).

16Peers the company named

Nityas Gems and Jewellery listed peers

Peers named in the offer document: Golkunda Diamonds & Jewellery, Goldiam International and Renaissance Global (RHP p.159).

Source: RHP p.159, RHP p.163; peer P/E at closing prices of September 10, 2026 (RHP p.159). Golkunda is about 1.4 times Nityas's revenue, Goldiam about 4.8 times and Renaissance about 13.9 times (our arithmetic, RHP p.159). Golkunda's debtor days were 114 in FY26 and Nityas's 29; its inventory days were 20 and Nityas's 81 (RHP p.163). The prospectus puts the peers' average P/E at 20.16 (RHP p.158).

17Valuation at the issue price

Nityas Gems and Jewellery IPO valuation and P/E

At the upper band of ₹75, with the full 14,456,000 new shares added to 43,137,248 existing shares (our arithmetic, RHP p.128):

Source: RHP p.105, RHP p.107, RHP p.108, RHP p.158. At the lower band of ₹70 the market capitalisation is ₹4,031.53 million and the P/E on the prospectus's EPS 12.7 times (our arithmetic, RHP p.128, RHP p.108). On profit attributable to owners of ₹227.73 million, the P/E at ₹75 on the enlarged share count is 19.0 times (our arithmetic, RHP p.107).

Enterprise value uses the market capitalisation on 43,137,248 shares, ₹3,235.29 million, plus March 2026 borrowings of ₹90.79 million less cash of ₹5.42 million, and leaves out lease liabilities (our arithmetic, RHP p.105). After the issue, owners' equity including the gross proceeds would be about ₹1,708.58 million, and the market capitalisation at the upper band 2.5 times that (our arithmetic, RHP p.105).

The three peers the prospectus names traded at 16.61, 21.69 and 18.63 times FY26 earnings on September 10, 2026, a median of 18.63 (RHP p.159). At the upper band the issue is priced at 13.6 times FY26 EPS on the prospectus's own share basis and 19.4 times FY26 profit on the enlarged share count, about 4% above that median on the second basis (our arithmetic, RHP p.159).

18Risks, in plain words

Nityas Gems and Jewellery IPO risks

Working capital: working capital rose from ₹67.65 million in FY24 to ₹449.46 million in FY26 on a standalone basis (RHP p.38) → growth has needed cash the business did not generate → operating cash flow was negative in each of the three years (RHP p.44).

Suppliers: the top ten suppliers gave 86.16% of FY26 purchases and the largest alone 55.11% (RHP p.39) → a break with one supplier would hold up gold or diamond supply → no long-term supply contracts are in place with most of them (RHP p.41).

Customers: the top ten customers were 55.49% of FY26 revenue (RHP p.33) → orders are placed without long-term contracts (RHP p.36) → the largest customer alone was 12.98% (RHP p.34).

Region and plant: five states were 85.03% of FY26 revenue (RHP p.37) and all manufacturing is at one Surat facility (RHP p.42) → a local disruption reaches the whole business → the plant ran at 45.21% of capacity in FY26 (RHP p.42).

Returns and people: goods returned were 11.91% of FY26 gross sales (RHP p.43) and staff attrition 46.41% (RHP p.73) → both bear on cost and delivery → karigar attrition was 55.45% (RHP p.73).

Related parties: related-party transactions were 33.37% of FY26 revenue including intra-group dealings and 9.31% excluding them (RHP p.45) → the company supplies to and leases from entities linked to its promoters → the Surat facility is leased from Rajnikant Lallubhai Chanchad (RHP p.281).

Compliance: the prospectus lists 19 late filings with the Registrar of Companies and a compounding fee of ₹1.80 lakh paid for a late first auditor appointment (RHP p.74) → it also records delays in provident fund, ESIC and professional tax payments (RHP p.68).

Issue-specific: the company only met the profit test for a regular public issue once FY26 was included; its three-year average operating profit is ₹151.39 million against a ₹150.00 million threshold (RHP p.53).

19Litigation and regulatory matters

Cases against Nityas Gems and Jewellery and its promoters

There are no criminal, regulatory or material civil proceedings against the company, its subsidiaries, directors or promoters (RHP p.71, RHP p.454, RHP p.456). An independent director, Nair Ajit Velayudhan, was earlier associated with Convergent Realtors, which was struck off in 2014 after that director resigned in 2011 (RHP p.58).

20Related-party transactions

Source: RHP p.46, RHP p.47, RHP p.48. The FY26 Ayaani figure covers April 1 to July 21, 2025 (RHP p.49). Sales to JJS Jewels LLP and rent of ₹2.66 million paid to Rajnikant Lallubhai Chanchad appear for the first time in FY26, while rent paid to Ratih Jewels LLP fell from ₹1.20 million to ₹0.40 million (RHP p.47, RHP p.48). The auditors certify all of them as at arm's length (RHP p.51).

21What the offer document does not say

In the pages read, the prospectus does not give:

• Customer names beyond four, or which named customers are in the top ten (RHP p.34).
• Supplier names, which it says are commercially sensitive (RHP p.40).
• Ayaani's own revenue and profit in the pages read, apart from its consolidated consumer sales.
• Revenue by product category, which the company says it does not track (RHP p.33).
• The price band, lot size, issue expenses and general corporate purposes amount, all left as [●].
• Why the Ayaani acquisition is described as 14,100,000 shares on one page and 1,410,000 on another (RHP p.256, RHP p.259).

22Five questions for management

1. What were the price and credit terms on sales to Ayaani and JJS Jewels LLP, against those given to unrelated retailers?
2. What share of the rise in revenue per kilogram from FY24 to FY26 came from gold prices rather than product mix?
3. Why did inventory days rise from 31 to 81, and how much of the ₹635.92 million inventory is finished jewellery held on display?
4. What were Ayaani's revenue and loss in FY26, and how many of its ten stores were profitable?
5. What drove goods returned to 11.91% of gross sales, and which customers accounted for them?

24Draft to final: what changed

The fresh issue (14,456,000 shares), the absence of an offer for sale, the ₹700.00 million working-capital object, the promoters and the book running lead manager, Choice Capital Advisors, are the same in both documents (DRHP p.1, RHP p.1, DRHP p.137, RHP p.145, RHP p.2). Ratna LGD, a material subsidiary at the draft stage, no longer is one on FY26 figures (RHP p.49).

1Sources and cited facts

This study was read from 1 document the company filed. The 147 figures it cites are listed under the document each came from, with the page and the sentence as printed.