Tanvi Exports India Limited IPO

01At a glance

What the company does: designs and manufactures gold jewellery from 9 to 22 karat, including chains, casting jewellery and CZ-studded pieces, at a single leased facility in Rajkot, Gujarat; gold jewellery was 90.55% of FY26 revenue (DRHP p.202, DRHP p.204, DRHP p.31).

Who pays it: wholesalers took 85.07% of FY26 revenue and retailers 14.93% (DRHP p.217). The document names Joyalukkas, Kalyan Jewellers, Senco Gold, Chemannur Gold Palace, Titan Limited, Josalukkas and Novel Jewels among its customers, but not which of them are the largest (DRHP p.203). Exports were 15.65% of FY26 revenue, about 97% of that to the UAE (DRHP p.204, DRHP p.208).

Why it is raising money: ₹700 million of the fresh issue is to repay working capital borrowings and ₹1,100 million is to fund more working capital, both in FY27, with the rest for general corporate purposes (DRHP p.124). The fresh issue is set as 3,580,000 new shares, and the offer for sale is another 3,580,000 shares from twelve promoter and promoter group shareholders (DRHP p.70, DRHP p.71).

How fast it has grown: revenue from ₹1,374.60 million in FY24 to ₹11,399.36 million in FY26, about 188.0% a year, and profit after tax from ₹25.86 million to ₹657.97 million, about 404.4% a year (our arithmetic, DRHP p.75).

The one thing to understand: most of the jump is a change in what is being counted. FY24 is the company on its own; FY25 and FY26 are consolidated after it took an 85% stake in Tanvi Gold Cast LLP from May 10, 2024 and 99% of Tanvi Findings from December 25, 2024 (DRHP p.366), two firms in which promoters had been partners (DRHP p.246). Tanvi Gold Cast LLP alone reported FY24 revenue of ₹6,591.35 million, about 4.8 times the company's own (our arithmetic, DRHP p.240, DRHP p.75).

02The business, in plain words

The company is a manufacturer that sits between the bullion market and the jewellery shop. It buys gold bars, alloys the gold with silver and copper to the karat a customer orders, and turns it into finished jewellery by casting or on machine chain lines, then hallmarks and ships it (DRHP p.215, DRHP p.216). It does not run its own retail stores; it describes itself as a business-to-business supplier (DRHP p.34).

A wholesaler or jewellery retailer picks designs from the company's library → the company alloys gold bought from bullion dealers, casts or machine-makes the pieces at Rajkot, finishes and hallmarks them → it is paid for the gold and the making, on credit, or only for the making when the customer brings its own gold or wax (job work) (DRHP p.215, DRHP p.216, DRHP p.202).

Design is where the company puts its emphasis: 106 designers, a library of 299,062 designs at September 15, 2026, and 53,176 new designs introduced in FY26 (DRHP p.209). The workforce was 902 at that date, 626 of them production craftsmen (karigars) on its own payroll (DRHP p.220, DRHP p.204). It also runs design studios in Hooghly, West Bengal and Coimbatore, Tamil Nadu (DRHP p.206).

Two subsidiaries sit alongside: Tanvi Gold Cast LLP, which makes gold jewellery from the same Rajkot address, and Tanvi Findings, which makes chains, beads and other components (DRHP p.203, DRHP p.239). The trademarks the company uses are registered to Tanvi Gold Cast LLP and licensed to the company under an agreement of September 12, 2026 (DRHP p.224). Customers order through purchase orders, with no long-term agreements (DRHP p.219).

Earnings equation: Revenue = kilograms of gold sold or processed × realisation per kilogram. In FY26 the company sold or processed 2,611.06 kg (DRHP p.212), which on FY26 revenue is about ₹4.37 million a kilogram (our arithmetic, DRHP p.212, DRHP p.75). Realisation includes the gold itself, so it moves with the gold price; the document says part of recent growth came from higher gold prices (DRHP p.383).

03Where the money comes from

Source: DRHP p.214. By karat, 22 karat was 50.37% of FY26 revenue and 18 karat 36.31% (DRHP p.203). Domestic sales were ₹9,615.61 million and exports ₹1,783.75 million in FY26; exports were 24.37% of revenue in FY25 and 3.16% in FY24 (DRHP p.204). Five states, Maharashtra, Uttar Pradesh, Chhattisgarh, Gujarat and West Bengal, took 61.17% of FY26 revenue (DRHP p.29). Sales to wholesalers were 85.07% of FY26 revenue (DRHP p.217).

Source: DRHP p.219. Revenue depends on a limited number of customers, though less than before: ten customers took 51.01% of FY26 revenue against 99.65% of FY24, when the company had 15 customers (DRHP p.209). It had 235 customers in FY26, and 89.37% of FY26 revenue came from customers who had also bought in FY25 (DRHP p.209). On the supply side, one supplier was 28.23% and ten suppliers 86.80% of FY26 raw material purchases (DRHP p.216). FY24 figures are for the company alone (DRHP p.219).

04The growth record

Source: DRHP p.74, DRHP p.75, DRHP p.76, DRHP p.136, converted from ₹ million. In rupees, revenue went from ₹137.5 crore in FY24 to ₹1,139.9 crore in FY26 and profit after tax from ₹2.6 crore to ₹65.8 crore (DRHP p.75).

Our arithmetic over FY24 to FY26: revenue grew about 188.0% a year and profit after tax about 404.4% a year (our arithmetic, DRHP p.75), and EBITDA about 279.0% a year (our arithmetic, DRHP p.136). EBITDA margin moved from 4.66% to 8.08%, up 342 basis points (DRHP p.136). The company's own CAGR figures are 188.00%, 279.02% and 404.49% (DRHP p.209, DRHP p.210). Year by year, revenue rose 633.60% in FY25 and 13.04% in FY26 (DRHP p.31); profit after tax rose about 614.8% and 256.0% (our arithmetic, DRHP p.75).

Three things sit under the table. First, FY24 is standalone and FY25 and FY26 are consolidated, because the company had no subsidiaries until FY25 (DRHP p.368); the company attributes the FY25 rise mainly to the acquisition of the two subsidiaries (DRHP p.31). Second, the company moved to Ind AS with a transition date of April 1, 2023, and FY25 revenue under the old Indian GAAP accounts was ₹10,843.60 million against ₹10,084.05 million restated (DRHP p.350, DRHP p.380). Third, of FY26 profit, ₹649.40 million belongs to the company's shareholders and ₹8.57 million to the minority partners in the subsidiaries (DRHP p.75).

Operating cash flow was an outflow of ₹227.84 million in FY26, about −₹22.8 crore, and ₹299.38 million in FY25 (DRHP p.76). Other income of ₹32.92 million was 4.0% of FY26 profit before tax of ₹813.49 million (our arithmetic, DRHP p.75). Net debt was 1.22 times EBITDA in FY26 (DRHP p.198), and debt to equity 1.05 (DRHP p.136). Return on capital employed was 38.6% in FY26 (DRHP p.136). The commissioned industry report puts the company's FY26 net working cycle at 59 days (DRHP p.198). Contingent liabilities at March 31, 2026 were ₹141.44 million, about ₹14.1 crore (DRHP p.78).

05What the growth is made of

Revenue rose ₹10,024.76 million from FY24 to FY26 (our arithmetic, DRHP p.75). Gold sold or processed went from 415.94 kg to 2,611.06 kg (DRHP p.212). At FY24 revenue per kilogram of about ₹3.30 million, the extra volume accounts for roughly ₹7,254 million, and the remaining ₹2,770 million or so is realisation and mix (our arithmetic, DRHP p.75, DRHP p.212). Much of that volume came with the two firms consolidated from FY25, whose own figures before consolidation the document gives only in outline (DRHP p.240, DRHP p.241).

The last year looks different. From FY25 to FY26 revenue rose ₹1,315.31 million, 13.04% (DRHP p.384), while kilograms sold or processed fell 20.4%, from 3,281.01 to 2,611.06 (our arithmetic, DRHP p.212). At FY25 revenue per kilogram of about ₹3.07 million, the lower volume would have taken away about ₹2,059 million, so realisation and mix added about ₹3,374 million (our arithmetic, DRHP p.75, DRHP p.212). The company gives three reasons for FY26 growth: a full year of the subsidiaries, higher gold prices and a better product mix (DRHP p.384). Sales of plain gold bars rose from ₹322.16 million to ₹870.39 million (DRHP p.214).

The document does not give the gold price realised per gram or the making charge per gram, so the realisation gain cannot be separated into the gold price passed through and the company's own charge. That is the finding. Read from the filing: volume, the company's own measure, fell in FY26 while revenue and profit rose.

06Earnings quality

The item that needs explaining is the cash. Over three years the company reported ₹868.67 million of profit and used ₹441.08 million in operations (our arithmetic, DRHP p.75, DRHP p.76). In FY26, inventory alone absorbed ₹996.60 million and receivables ₹199.85 million (DRHP p.76). Inventory was ₹1,435.08 million at March 2026, 56.45% of total assets, against ₹438.48 million a year earlier (DRHP p.38). The company says it held more inventory and receivables in anticipation of higher revenue (DRHP p.32).

Two compliance points sit next to this. Advance tax was paid late in each of the three years, with interest charged, the company citing under-estimation of income (DRHP p.41). And smaller statutory dues were paid late: in FY25, for example, ₹0.44 million of provident fund in 14 instances and ₹1.15 million of professional tax in 20 instances, up to 122 days late (DRHP p.40).

07The balance sheet

At March 31, 2026 total assets were ₹2,542.22 million: inventories ₹1,435.08 million, trade receivables ₹498.06 million, property, plant and equipment ₹395.52 million, right of use assets ₹88.48 million, cash ₹9.06 million and other bank balances ₹13.51 million (DRHP p.74). Against that: current borrowings ₹958.77 million, non-current borrowings ₹176.32 million, trade payables ₹91.46 million and total equity ₹1,083.87 million, of which ₹149.37 million belongs to minority partners in the subsidiaries (DRHP p.74).

By September 26, 2026 borrowings were ₹1,269.80 million, of which cash credit lines from ICICI Bank and Kotak Mahindra Bank were ₹939.20 million (our arithmetic, DRHP p.357). Interest rates run from 7.75% to 8.85% (DRHP p.358). The promoters have personally guaranteed the bank loans (DRHP p.358). Unsecured loans from promoters and promoter group members, repayable on demand, were ₹183.51 million at March 2026 (DRHP p.52). Capital commitments were nil (DRHP p.386).

Contingent liabilities of ₹141.44 million comprise a ₹60.00 million income tax matter, a ₹11.03 million income tax matter of Tanvi Gold Cast LLP, a ₹1.41 million ESIC demand and a ₹69.00 million corporate guarantee for Tanvi Findings' borrowing (DRHP p.78). On the main tax matter, the appellate commissioner deleted a demand of ₹57.56 million in August 2025 and the tax department has appealed to the tribunal (DRHP p.78).

Source: DRHP p.357, DRHP p.124, our arithmetic. The after-issue figure assumes the full ₹700 million is applied to the September 2026 balance and nothing else changes; the two loans to be repaid are cash credit lines that can be drawn again (DRHP p.125). The company's own FY27 working capital plan shows no bank working capital funding (DRHP p.128). Net worth after the issue cannot be stated because the price and expenses are blank (DRHP p.356).

08What the money is for

Source: DRHP p.124. The percentages cannot be given because the fresh issue is a share count with no amount (DRHP p.123). The two named objects add to ₹1,800 million (our arithmetic, DRHP p.124), all to be spent in FY27 (DRHP p.124).

The repayment is to come from two cash credit facilities: ICICI Bank, ₹413.15 million outstanding at 8.00%, and Kotak Mahindra Bank, ₹497.06 million outstanding at 7.80%, the second with a prepayment charge of up to 2% (DRHP p.125). The company says the money will not repay loans from promoters, promoter group or directors (DRHP p.125).

The working capital object rests on the company's own estimate of an FY27 working capital gap of ₹2,727.92 million, to be met with ₹1,100.00 million from the issue and ₹1,627.92 million from internal accruals and owned funds (DRHP p.128). The objects have not been appraised by any bank (DRHP p.131). A monitoring agency will be appointed (DRHP p.131).

The company may place up to 700,000 shares before the red herring prospectus, which would reduce the fresh issue (DRHP p.96).

Into the business 3,580,000 new shares; the rupee amount depends on the price, which is not set; the named objects need ₹180.0 crore before general corporate purposes and expenses (DRHP p.70, DRHP p.124). To selling shareholders 3,580,000 shares, 16.3% of the present share count; the rupee amount depends on the price (DRHP p.70, our arithmetic).

09Who is selling

Source: DRHP p.71 for the offered shares, DRHP p.98 to DRHP p.110 for holdings; the percentages are our arithmetic. The seven promoter group sellers are Ravi Ashokbhai Bhalara, Vinodbhai M Parsana, Sandip Jagdishbhai Hapaliya and Dineshbhai Masrubhai Mevada with 248,882 shares each, Tushar Vallabhbhai Savaliya with 210,576, Ankur Jerambhai Ajani with 114,882 and Rajeshbhai Babubhai Tarpara with 76,576 (DRHP p.71). Each offers the whole of the shares held in that person's own name (our arithmetic, DRHP p.105 to DRHP p.109).

The five promoters offer 2,182,438 shares, 61.0% of the offer for sale, and the promoter group 39.0% (our arithmetic, DRHP p.71). Most of what the promoter group sellers held had been moved to private business trusts on July 18, 2026; Ravi Ashokbhai Bhalara, for example, transferred 1,066,058 shares to Hansa Private Business Trust (DRHP p.107). The trusts are not selling (DRHP p.71).

Average cost of the shares held, as certified: ₹3.86 for Bipinbhai Gordhanbhai Viradiya, ₹4.38 for Mayur Bhupatbhai Limbasiya, ₹3.79 for Hareshbhai Mohanbhai Sardhara, ₹15.26 for Hiteshbhai Mohanbhai Sardhara and ₹3.17 for Raj Ashokbhai Bhalara, and ₹14.89 to ₹16.11 for the promoter group sellers (DRHP p.1). The low figures reflect the 21:1 bonus of April 2026 (DRHP p.98).

10Promoters

The promoters are Bipinbhai Gordhanbhai Viradiya, Raj Ashokbhai Bhalara, Mayur Bhupatbhai Limbasiya, Hiteshbhai Mohanbhai Sardhara and Hareshbhai Mohanbhai Sardhara, together holding 7,708,438 shares, 35.04% (DRHP p.265). The document states that Mayur Bhupatbhai Limbasiya and Raj Ashokbhai Bhalara are sister's sons of Bipinbhai Gordhanbhai Viradiya, that Hiteshbhai Mohanbhai Sardhara is the brother of Hareshbhai Mohanbhai Sardhara, and that Tushar Vallabhbhai Savaliya and Sandip Jagdishbhai Hapaliya are husbands of Mayur Bhupatbhai Limbasiya's sisters (DRHP p.247, DRHP p.268).

Bipinbhai Gordhanbhai Viradiya, aged 51, is Chairman and Whole-time Director, with more than 25 years of experience; Raj Ashokbhai Bhalara, aged 37, is Managing Director; Mayur Bhupatbhai Limbasiya, aged 39, and Hiteshbhai Mohanbhai Sardhara, aged 41, are Whole-time Directors (DRHP p.243, DRHP p.244, DRHP p.246). Hareshbhai Mohanbhai Sardhara, aged 47, resigned as an executive director on August 24, 2026 (DRHP p.266, DRHP p.251). Bipinbhai Gordhanbhai Viradiya is also a director of Tanvi Alloy Limited and Tanvi Silver India Private Limited (DRHP p.243).

Pay: in FY26 the company paid ₹3.00 million to Bipinbhai Gordhanbhai Viradiya and ₹2.40 million each to Hareshbhai Mohanbhai Sardhara, Raj Ashokbhai Bhalara and Mayur Bhupatbhai Limbasiya, and ₹0.20 million to Hiteshbhai Mohanbhai Sardhara, about ₹1.0 crore together, against nothing shown for FY24 and FY25 (our arithmetic, DRHP p.79). In FY25 Tanvi Gold Cast LLP paid partner remuneration to several of them, ₹2.40 million each to Bipinbhai Gordhanbhai Viradiya and Mayur Bhupatbhai Limbasiya, for example (DRHP p.84). From August 25, 2026 the four executive directors may each be paid up to ₹60.00 million a year for three years (DRHP p.247, DRHP p.248).

Pledges and guarantees: none of the promoters' shares is pledged (DRHP p.104). The promoters have personally guaranteed the company's bank loans (DRHP p.358).

Cases: no criminal, regulatory or material civil case against the promoters; one direct tax matter of ₹2.48 million (DRHP p.392, DRHP p.394). No SEBI or exchange action in five years (DRHP p.392). None of the group companies is listed (DRHP p.409).

Group companies: Tanvi Alloy Limited, Tanvi Silver India Private Limited, Tanvi Eternals Private Limited and Parmeshwari Jewelex India Private Limited (DRHP p.406). The first three signed ten-year non-compete agreements on September 12, 2026, covering the manufacture and trading of gold in Gujarat; Parmeshwari Jewelex India Private Limited is not among them (DRHP p.408).

Promoter economics: the promoters subscribed at ₹10 a share on incorporation in August 2020 and in a 17:3 rights issue on March 29, 2024 (DRHP p.97). On April 15, 2026 the promoters and promoter group bought shares at ₹742 each from Amitkumar Jagdishbhai Hapaliya (DRHP p.98, DRHP p.116); those purchases add to 65,000 shares, the whole 6.50% holding Amitkumar Jagdishbhai Hapaliya had a year earlier (our arithmetic, DRHP p.114, DRHP p.116).

Amitkumar Jagdishbhai Hapaliya had resigned as an executive director on February 25, 2026 (DRHP p.251). Six days later, on April 21, 2026, the company issued 21,000,000 bonus shares at 21 for 1 (DRHP p.98). The document puts the average price of secondary transactions in the last 18 months at ₹33.73 a share after the bonus (DRHP p.140). In July 2026 holders moved shares by gift and into twelve private business trusts (DRHP p.110, DRHP p.111).

11Who already owns it

Source: DRHP p.98 to DRHP p.111, DRHP p.112; the trust and individual rows are our arithmetic from the holdings listed. All 22,000,000 shares are held by 24 promoter and promoter group shareholders (DRHP p.112, DRHP p.70). The largest holders are Bipinbhai Gordhanbhai Viradiya at 15.13%, Viradiya Private Business Trust at 8.40% and Dharmi Private Business Trust at 7.83% (DRHP p.113). There is no fund or company outside the promoter group holding 1% or more, and no employee stock option scheme (DRHP p.113, DRHP p.102).

When they came in: everyone listed came in through the August 2020 subscription, the transfers of November 2020 at ₹10, the March 2024 rights issue at ₹10 or the April 2026 purchases at ₹742, before the bonus (DRHP p.97, DRHP p.98, DRHP p.116). The trusts received their shares on July 18, 2026 for no cash (DRHP p.119).

After the issue: if all 3,580,000 new shares are issued and no pre-IPO placement is made, the share count becomes 25,580,000, the five promoters hold about 21.6% and promoters with promoter group about 72.0% (our arithmetic, DRHP p.70, DRHP p.71, DRHP p.98). The document leaves the post-issue figures blank (DRHP p.115).

12What changed just before the IPO

• Revenue and profit: revenue went from ₹1,374.60 million in FY24 to ₹11,399.36 million in FY26 and profit after tax from ₹25.86 million to ₹657.97 million (DRHP p.75).
• Two related firms consolidated: an 85% stake in Tanvi Gold Cast LLP for ₹4.25 million from May 10, 2024 and 99% of Tanvi Findings for ₹4.95 million from December 25, 2024 (DRHP p.343). In the business combination note, the fair value of Tanvi Gold Cast LLP's net assets was ₹298.91 million, the non-controlling interest ₹239.32 million and the balancing figure ₹55.34 million (DRHP p.343).
• The subsidiaries shrank as the parent grew: Tanvi Gold Cast LLP's revenue was ₹6,591.35 million in FY24, ₹4,857.36 million in FY25 and ₹780.99 million in FY26; Tanvi Findings' fell from ₹1,142.83 million to ₹561.86 million (DRHP p.240, DRHP p.241).
• Promoters left the subsidiaries: Raj Ashokbhai Bhalara, Mayur Bhupatbhai Limbasiya and Hiteshbhai Mohanbhai Sardhara retired as partners of Tanvi Gold Cast LLP on April 1, 2026, and Hareshbhai Mohanbhai Sardhara and Raj Ashokbhai Bhalara from Tanvi Findings on December 25, 2024 (DRHP p.268).
• Customer concentration fell: the largest customer went from 66.26% of FY24 revenue to 12.71% of FY26, and the top ten from 99.65% to 51.01% (DRHP p.219).
• Receivable days lengthened from 2 in FY24 to 14 in FY26, standalone (DRHP p.128).
• Inventory more than tripled in FY26, from ₹438.48 million to ₹1,435.08 million (DRHP p.38).
• Promoter pay started and is set to rise: about ₹1.0 crore in FY26 against nil in FY24 (our arithmetic, DRHP p.79), with new terms of up to ₹60.00 million a year each for four directors from August 25, 2026 (DRHP p.247, DRHP p.248).
• A director exited at ₹742: Amitkumar Jagdishbhai Hapaliya resigned on February 25, 2026 and the shares were bought by the promoters and promoter group on April 15, 2026 (DRHP p.251, DRHP p.98).
• Bonus issue: 21,000,000 bonus shares at 21 for 1 on April 21, 2026, the last allotment before the IPO (DRHP p.98).
• No pre-IPO placement yet: up to 700,000 shares may be placed before the red herring prospectus (DRHP p.96).
• Shares moved into trusts: on July 18, 2026 holders transferred 12,894,000 shares to twelve private business trusts (our arithmetic, DRHP p.110, DRHP p.111). One lender's covenants require prior approval for a change that includes forming a trust that becomes beneficiary of promoters' shares (DRHP p.359); the document does not say whether that approval was sought.
• Board and officers appointed: four independent directors on August 25, 2026, the CFO on September 2, 2026 and the company secretary on September 11, 2026 (DRHP p.251, DRHP p.264).
• Accounting moved to Ind AS with a transition date of April 1, 2023 (DRHP p.380).
• Land for a second plant: leasehold rights to Plot No. 334 at Aji Industrial Estate were acquired for ₹72.10 million on March 10, 2025 (DRHP p.223).
• The statutory auditor did not change: J B Limbasiya & Co. throughout the last three years (DRHP p.90).
• Public company from the start: incorporated as a public limited company in August 2020 (DRHP p.237).

13Capacity and expansion

Source: DRHP p.212, DRHP p.206. Installed capacity rose from 1,585.62 kg in FY24 to 4,573.63 kg in FY25 and 5,500 kg in FY26, and utilisation went from 31.27% to 72.20% and back to 49.25% (DRHP p.212). Actual production fell from 3,301.95 kg in FY25 to 2,708.84 kg in FY26 (DRHP p.212). The pollution control consent permits up to 1,200 kg a month (DRHP p.216).

None of the issue money goes to capacity; the new facility on Plot 334, an 8,787.85 square metre leasehold plot, is to be built in phases and not funded from the offer (DRHP p.206, DRHP p.211). The document does not give its planned capacity or cost. It describes the company as "presently operating close to our installed capacity of 5,500 kg per annum" (DRHP p.211) in the same section that prints utilisation of 49.25% for FY26 (DRHP p.212).

14Market size and industry structure

As claimed: the industry report is CareEdge's "Research Report on the Indian Gems and Jewellery Industry", September 2026, prepared by Care Analytics and Advisory Private Limited and commissioned and paid for by the company for the offer (DRHP p.202). It puts the Indian gold jewellery market at ₹7,907.74 billion in CY25, up from ₹7,104.88 billion in CY24 on higher gold prices (DRHP p.208), while jewellery demand by weight fell 21.77% to 440.72 tonnes (DRHP p.162). The wholesale gold jewellery market, which the report sizes separately, was ₹2,176.09 billion in CY25 (DRHP p.211).

The part that is addressable: the company sells to wholesalers and retailers, so the wholesale market is the closer measure (DRHP p.217).

What the company is today: FY26 revenue of ₹11,399.36 million is about 0.5% of the commissioned report's CY25 wholesale market value (our arithmetic, DRHP p.75, DRHP p.211), with the caveat that one is a fiscal year and the other a calendar year. The commissioned report says the company's 2.61 tonnes in FY26 were about 0.61% of gold jewellery consumption in India, and that it accounts for about 8% of Gujarat's gold jewellery exports (DRHP p.199, DRHP p.202).

On structure, the commissioned report says unorganised manufacturers were 86.86% of the wholesale market in CY25 (DRHP p.211), that demand peaks around festivals and weddings (DRHP p.208), and that much of India's gold is imported (DRHP p.32). Hallmarking under the Bureau of Indian Standards is mandatory for gold jewellery (DRHP p.222).

15Competitive position

Source: DRHP p.138, converted from ₹ million; the descriptions in the last column are from DRHP p.197. The document does not give the peers' borrowings in rupees, so debt to equity is shown. The company's EBITDA margin of 8.08% compares with 6.90% to 14.43% for the four (DRHP p.138).

What the company puts forward: an in-house design team and library, a growing and repeat customer base, all karigars on its own payroll, and certifications including BIS hallmarking registration (DRHP p.209, DRHP p.35, DRHP p.203). Against that: one manufacturing site, on leased land, a brand owned by a subsidiary, no long-term customer contracts, ten suppliers providing 86.80% of purchases, and no hedging arrangement described for gold (DRHP p.204, DRHP p.224, DRHP p.219, DRHP p.216, DRHP p.32).

16Peers the company named

Peers named in the offer document: Shanti Gold International Ltd, Sky Gold & Diamonds Ltd, RBZ Jewellers Ltd and Utssav CZ Gold Jewels Limited (DRHP p.135).

Utssav CZ Gold Jewels is the closest in size, with FY26 revenue of ₹11,548.96 million against the company's ₹11,399.36 million (DRHP p.135). Sky Gold & Diamonds is about 5.5 times the company's FY26 revenue and Shanti Gold about 1.8 times; RBZ Jewellers is about half its size and also runs retail stores under its own brand (our arithmetic, DRHP p.135, DRHP p.197).

The document prints the peers' P/E at 12.20 for Shanti Gold, 43.84 for Sky Gold, 12.92 for RBZ Jewellers and 26.54 for Utssav CZ, on closing prices of September 21, 2026, an average of 23.88 (DRHP p.135). The company's FY26 basic EPS is ₹29.52 after the bonus (DRHP p.135). With no price band, no P/E for the company can be stated.

17Risks, in plain words

Accounting base: FY24 is the company alone and FY25 and FY26 include two firms consolidated during FY25 (DRHP p.368) → the reported 188.0% revenue growth a year is not like-for-like growth (our arithmetic, DRHP p.75) → Tanvi Gold Cast LLP alone had FY24 revenue of ₹6,591.35 million (DRHP p.240).

Cash and working capital: operating cash outflows of ₹299.38 million in FY25 and ₹227.84 million in FY26 (DRHP p.76) → inventory was 56.45% of total assets at March 2026 (DRHP p.38) → the issue's ₹1,100 million for working capital is the company's answer, and the gold in stock is exposed to price falls (DRHP p.124, DRHP p.38).

Customers: ten customers took 51.01% of FY26 revenue and none is on a long-term contract (DRHP p.219) → orders are placed by purchase order, some orally (DRHP p.29) → five states were 61.17% of revenue (DRHP p.29).

Suppliers and gold: ten suppliers were 86.80% of FY26 raw material purchases (DRHP p.216) → gold is the main input and there is no long-term supply agreement (DRHP p.30, DRHP p.216) → jewellery demand by weight in India fell 21.77% in CY25 as gold prices rose, by the commissioned report (DRHP p.162).

Exports: the UAE was ₹1,729.90 million of ₹1,783.75 million of FY26 export revenue (DRHP p.204, DRHP p.208) → exports fell from ₹2,457.46 million in FY25 (DRHP p.204).

Labour compliance: an EPFO notice following a complaint alleges about 800 employees, provident fund not deducted for some and cash wages to more than 120 (DRHP p.391) → the matter is pending, with the company's reply filed on March 11, 2026 (DRHP p.391) → an ESIC notice assesses ₹1.41 million (DRHP p.391).

Related parties: purchases of ₹857.96 million from Parmeshwari Jewelex India Private Limited in FY26 (our arithmetic, DRHP p.80, DRHP p.82) → it is a group company not covered by the non-compete agreements (DRHP p.406, DRHP p.408).

Issue-specific: promoters' average cost of ₹3.17 to ₹15.26 a share (DRHP p.1) → shares changed hands at ₹742 before the bonus in April 2026 (DRHP p.116) → general corporate purposes and offer expenses are blank and a pre-IPO placement of up to 700,000 shares may still be made (DRHP p.124, DRHP p.96).

18Litigation and regulatory matters

Criminal: none by or against the company, subsidiaries, promoters, directors, key managerial personnel or senior management (DRHP p.391, DRHP p.392, DRHP p.393). Statutory: the two labour notices above, under the materiality policy (DRHP p.391). Civil: no material civil litigation by or against the company, subsidiaries, promoters or directors; the materiality threshold is ₹14.48 million (DRHP p.390, DRHP p.392, DRHP p.393).

Tax: the company's case is ₹59.99 million; the subsidiaries' are ₹11.03 million direct and ₹3.58 million indirect (DRHP p.393, DRHP p.394). The abridged prospectus totals company matters at ₹61.39 million and subsidiary matters at ₹14.61 million (AP p.9). No outstanding dues to material creditors or MSMEs at March 2026 (DRHP p.394).

19Related-party transactions

Source: DRHP p.79, DRHP p.80, DRHP p.82, DRHP p.85; the director loan and remuneration totals are our arithmetic. Loans from directors stood at ₹140.91 million at March 2026 (our arithmetic, DRHP p.79). Tanvi Gold Cast LLP also bought property, plant and equipment of ₹85.00 million from Parmeshwari Jewelex India Private Limited in FY26 (DRHP p.85). Tanvi Hallmarking Lab, an entity in which key personnel or relatives are interested, charged ₹9.59 million in FY26 (DRHP p.80).

What appeared or changed in the two years before filing: purchases from Parmeshwari Jewelex India Private Limited, nil in FY25, reached ₹736.41 million at the company in FY26 (DRHP p.80); company remuneration to directors began in FY26 (DRHP p.79); the two partnership firms became subsidiaries in FY25, so their dealings with promoters, such as partners' capital, interest and partner loans, now sit inside the group (DRHP p.81, DRHP p.83, DRHP p.84); and the trademark licence from Tanvi Gold Cast LLP was signed on September 12, 2026 (DRHP p.224). Payments to non-controlling partners were ₹53.23 million in FY25 and ₹34.79 million in FY26 (DRHP p.386).

20What the offer document does not say

The largest customers are not named by revenue, and no customer's share beyond the top one, five and ten is given (DRHP p.219). Realisation per gram, making charges and gross margin by product are not disclosed, so price and volume cannot be separated cleanly. The cost and capacity of the Plot 334 facility are not given (DRHP p.206).

The subsidiaries' revenue and profit for FY24, the year before consolidation, are given only in outline, and the document does not reconcile them with the consolidated growth (DRHP p.240). Whether lender approval was obtained for the July 2026 transfers into trusts is not stated (DRHP p.359). The fresh issue amount, general corporate purposes, offer expenses and price band are blank (DRHP p.123, DRHP p.124).

Some inconsistencies are recorded as document matters, not business ones: the largest customer's FY25 revenue is ₹1,520.75 million in the business section and ₹1,424.22 million in the restated notes (DRHP p.219, DRHP p.342); the abridged prospectus totals the promoter group at 61.84% and all promoter holders at 96.88% while the DRHP's lists give 64.96% and 100% (AP p.6, DRHP p.111, DRHP p.112);

the company is said to be operating close to its 5,500 kg capacity beside a printed utilisation of 49.25% (DRHP p.211, DRHP p.212); Tanvi Gold Cast LLP is an 85% subsidiary in the notes but the partners' table shows the company with a 99% profit share (DRHP p.343, DRHP p.240);

the history chapter says the company has made no material acquisitions since incorporation while the business and results chapters attribute growth to acquiring the two subsidiaries (DRHP p.239, DRHP p.209, DRHP p.383); the promoters chapter says the promoters have not advanced unsecured loans while a risk factor gives ₹183.51 million of such loans (DRHP p.267, DRHP p.52);

the company sells in 18 states and union territories in one place and 20 states in another (DRHP p.203, DRHP p.198); FY24 revenue is ₹1,376.40 million in one KPI table and ₹1,374.60 million elsewhere (AP p.6, DRHP p.75); and the FY26 discussion says material costs rose in line with higher sales volumes while kilograms sold fell (DRHP p.384, DRHP p.212).

21Five questions for management

1. What was the average gold price and the average making charge per gram realised in FY24, FY25 and FY26, and how much of FY26 revenue growth was gold price rather than the company's own charge?
2. What were the combined revenue and profit of the company, Tanvi Gold Cast LLP and Tanvi Findings in FY24, after eliminating sales between them, so that growth can be read like-for-like?
3. Why did Tanvi Gold Cast LLP's revenue fall from ₹6,591.35 million in FY24 to ₹780.99 million in FY26, and on what terms did its business move to the company?
4. What did the company pay Parmeshwari Jewelex India Private Limited per gram or per item in FY26, and how does that compare with unrelated suppliers?
5. How much of the ₹1,435.08 million of inventory at March 2026 was finished goods against specific orders, and how many days of sales did it cover on a consolidated basis?

2Sources and cited facts

This study was read from 2 documents the company filed. The 178 figures it cites are listed under the document each came from, with the page and the sentence as printed.