Omara Ventures India Limited IPO

01At a glance

Omara Ventures India IPO date, price band and lot size

What the company does: sells diamond jewellery set in gold, platinum and silver, plus gold jewellery and silver coins, under the Omara brand, primarily through one retail boutique at Sector 9-C, Chandigarh; the jewellery is designed in-house and made by product development and supply partners (RHP p.142, RHP p.143, RHP p.162).

Who pays it: retail customers; Chandigarh was 82.92% of FY26 revenue, the largest customer 16.33% and the top ten 27.32%, and the prospectus does not name them (RHP p.156).

Why it is raising money: ₹1,800.00 lakh to repay bank and finance-company borrowings, ₹1,000.00 lakh for working capital, ₹200.00 lakh to renovate and expand the boutique and ₹200.00 lakh for marketing, with general corporate purposes left blank (RHP p.94).

How fast it has grown: revenue rose from ₹2,319.36 lakh in FY24 to ₹4,587.35 lakh in FY26, about 40.6% a year, and profit after tax from ₹31.11 lakh to ₹936.53 lakh, about 448.7% a year (our arithmetic, RHP p.119).

The one thing to understand: profit and cash moved apart; the company reported ₹1,240.80 lakh of profit over FY24 to FY26 while operating cash flow was ₹(9.81) lakh, ₹(83.62) lakh and ₹(670.34) lakh, because inventory rose to ₹4,358.15 lakh, 347 days of it, funded by borrowings (our arithmetic, RHP p.39, RHP p.40, RHP p.119).

02The business, in plain words

What Omara Ventures India does

The company designs jewellery in-house, has it made by product development and supply partners to its designs, stamps each piece with the Omara logo, and sells it from its boutique with BIS hallmarking for gold and GIA grading for diamonds where applicable (RHP p.143, RHP p.159, RHP p.163). It states that it has no installed manufacturing capacity (RHP p.162). The range covers necklaces, earrings, rings and bracelets for weddings, festivals, gifting and daily wear, and customisation on request (RHP p.142, RHP p.143).

A customer wants a solitaire, a bridal set or a gold piece → visits the Omara boutique or an exhibition → the company sells from stock or orders a custom piece from its supply partner → the company keeps the gap between the retail price and the cost of the piece, less rent, staff, marketing and interest.

The company was incorporated in Haryana on October 16, 2020, moved its registered office to Chandigarh with effect from December 23, 2025 and became a public company with a fresh certificate dated February 26, 2026 (RHP p.183). The boutique, 2,350 square feet at SCO 162 and 163, Sector 9-C, Madhya Marg, is leased for fifteen years from September 15, 2022 at ₹5,00,000 a month, rising 15% every three years, with a ₹15,00,000 deposit (RHP p.167). It had 17 employees on June 30, 2026 (RHP p.166). Marketing runs through print and magazine advertising, bridal exhibitions such as Wedding Asia and The Indian Bride, private events and social media (RHP p.164).

Earnings equation: Profit = pieces sold × (retail price − cost of the piece) − rent, staff and marketing − interest. In FY26 revenue was ₹4,587.35 lakh against cost of goods sold of ₹2,771.47 lakh, a gross margin of 39.58%, with employee cost of ₹103.18 lakh, other expenses of ₹252.19 lakh and finance cost of ₹149.36 lakh (RHP p.119, RHP p.229).

03Where the money comes from

Source: RHP p.156. Diamond jewellery fell from 96.31% of sales in FY24 to 66.96% in FY26 as gold jewellery rose to 31.80% (RHP p.35).

By state, Chandigarh was 78.29%, 93.22% and 82.92% of revenue in FY24, FY25 and FY26, and Maharashtra 13.90%, 2.35% and 16.34%, or ₹749.72 lakh in FY26 (RHP p.156).

Omara Ventures India customers: how concentrated the revenue is

Source: RHP p.156; the top five are our arithmetic from the customer rows on the same page. Revenue does not rest on a few buyers in most years, but the FY26 largest customer bought ₹749.34 lakh, one sixth of the year's sales, against ₹89.25 lakh for the largest customer of FY25 (RHP p.156).

This is a judgement, not a disclosure: the FY26 largest customer's ₹749.34 lakh and Maharashtra's ₹749.72 lakh are close enough to suggest a single Maharashtra buyer, which the prospectus does not confirm. Purchases are concentrated the other way: the top supplier was 32.81% of FY26 purchases, the top two 64.57% and the top ten 92.60% (our arithmetic for the top two, RHP p.156).

04The growth record

Omara Ventures India financials: revenue, profit and margins

Source: RHP p.119, RHP p.39.

Net worth was ₹42.69 lakh, ₹315.85 lakh and ₹1,252.39 lakh; total debt ₹1,124.64 lakh, ₹1,395.25 lakh and ₹2,242.86 lakh; return on net worth 72.89%, 86.49% and 74.78%; return on capital employed 71.34%, 82.36% and 85.38%; debt to equity 26.35, 4.42 and 1.79 times (RHP p.119). Our arithmetic over the two years from FY24 to FY26: revenue rose about 40.6% a year, EBITDA about 180.0% a year and profit after tax about 448.7% a year; EBITDA margin widened 2,352 basis points and PAT margin 1,908 basis points (RHP p.119).

The growth is one year's: revenue rose 1.43% in FY25 and 95.00% in FY26 (RHP p.119). Earnings per share are ₹1.03, ₹9.08 and ₹31.11 on the 30,10,000 shares outstanding after the December 2025 bonus, applied back to every year (RHP p.116, RHP p.212). The prospectus prints FY25 total debt as ₹1,395.25 lakh in one table and ₹1,395.55 lakh in another (RHP p.119, RHP p.225).

05What the growth is made of

Revenue rose by ₹2,234.88 lakh from FY25 to FY26: gold jewellery by ₹1,219.07 lakh, diamond jewellery by ₹958.80 lakh and silver coins by ₹57.01 lakh (our arithmetic, RHP p.156). By place, Chandigarh added ₹1,610.78 lakh and Maharashtra ₹694.36 lakh (our arithmetic, RHP p.156). Without the largest FY26 customer, revenue would have risen from ₹2,352.47 lakh to ₹3,838.01 lakh, about 63.1% (our arithmetic, RHP p.156).

The management discussion attributes the increase to higher volumes, a larger share of diamond jewellery, new designs and "favourable price movements in gold and diamonds" (RHP p.231). The prospectus does not disclose pieces sold, carats sold, average ticket size or the gold price it realised, so the increase cannot be separated into volume and price. That sentence is the finding.

Margins moved with the mix and the purchase cycle: gross margin was 22.35%, 36.19% and 39.58% (RHP p.119). In FY24 the company bought ₹2,687.78 lakh of stock against ₹2,319.36 lakh of sales, in FY25 ₹1,611.35 lakh and in FY26 ₹4,670.06 lakh, so that inventory changes of ₹(886.81) lakh, ₹(110.29) lakh and ₹(1,898.59) lakh were added back to profit (RHP p.229).

06Earnings quality

The item that needs explaining is the gap between profit and cash. Profit rose to ₹936.53 lakh in FY26 while ₹670.34 lakh of cash went out of operations, because inventory rose by ₹1,898.59 lakh and payables fell from ₹1,120.96 lakh to ₹879.62 lakh (RHP p.39, RHP p.228, RHP p.229). The inventory was financed by borrowings, which rose from ₹1,395.25 lakh to ₹2,242.86 lakh (RHP p.119). The management discussion says the stock is "expected to be liquidated in the ordinary course of business" (RHP p.232). The company states it has had no material inventory write-down (RHP p.35); stock on the premises is insured for ₹5,100.00 lakh (RHP p.165).

07The balance sheet

At March 2026 borrowings were ₹2,242.86 lakh, ₹1,743.69 lakh secured and ₹499.17 lakh unsecured (RHP p.215). The largest item is an ICICI Bank cash credit of ₹1,451.96 lakh, secured on current assets and on a Panchkula house owned by Sunil Jaiswal and Samarth Jaiswal, with directors' personal guarantees; two ICICI term loans add ₹175.94 lakh (our arithmetic, RHP p.216, RHP p.217).

Vehicle loans were ₹82.39 lakh on a BMW X5 and ₹33.41 lakh on an Audi Q5 (RHP p.217, RHP p.218). Eight unsecured business loans from finance companies, taken between November 30 and December 8, 2025 at 15.00% to 17.00%, stood at ₹264.56 lakh (our arithmetic, RHP p.218 to RHP p.223). Directors had lent ₹215.44 lakh (Sunil Jaiswal) and ₹19.16 lakh (Samarth Jaiswal), interest-free and repayable on demand (RHP p.223). Cash was ₹31.22 lakh (RHP p.40).

The cash credit limit was raised from ₹1,500.00 lakh to ₹1,700.00 lakh by a sanction of July 26, 2026 (RHP p.102).

After the issue: ₹1,800.00 lakh of the proceeds is to repay ten loans whose balance was ₹1,863.24 lakh on September 17, 2026, including ₹1,471.16 lakh of the ICICI cash credit (our arithmetic, RHP p.102 to RHP p.106). On the March 2026 figures that would leave about ₹442.86 lakh of debt against net worth of ₹1,252.39 lakh before the new equity (our arithmetic, RHP p.119). The loans from directors are not to be repaid from the proceeds (RHP p.106), and prepayment charges are to be met from internal accruals (RHP p.106).

08What the money is for

Omara Ventures India IPO objects: what the money is for

Source: RHP p.94. All of it is scheduled for FY 2026-27 (RHP p.114). The boutique work is a ₹205.50 lakh quotation from Martins Impex Private Limited dated September 1, 2026 for civil work, flooring, interiors, a lift and air conditioning, on a first floor the landlords have undertaken to make available, 60 to 90 days of work, with no orders placed (RHP p.96, RHP p.97). The marketing budget is a ₹205.06 lakh quotation from M/s.

Mantrin dated September 1, 2026 covering shoots, influencers, front-page newspaper jackets in Chandigarh, Vogue, Harper's Bazaar and Taj magazine insertions and airport screens (RHP p.98 to RHP p.100). The working capital plan assumes inventory of ₹6,643.15 lakh at March 2027, 320 days (RHP p.41). Issue expenses are estimated at ₹415.00 lakh, of which ₹260.00 lakh is for the lead manager (RHP p.111).

The named objects and estimated expenses add to ₹3,615.00 lakh (our arithmetic, RHP p.94, RHP p.111). No monitoring agency is appointed (RHP p.66).

Into the business the whole issue: up to 13,50,000 new shares, amount not stated because the price is blank (RHP p.3). To selling shareholders nothing: there is no offer for sale (RHP p.1).

09Who is selling

Omara Ventures India IPO offer for sale: who is selling

No one. The issue is up to 13,50,000 new shares, of which 68,000 are reserved for the market maker, Rikhav Securities Limited, leaving a net issue of 12,82,000 shares (RHP p.3, RHP p.72). Of the net issue, not more than 2,56,400 shares are for qualified institutional buyers, not less than 5,12,800 for non-institutional investors and not less than 5,12,800 for individual investors (RHP p.54, RHP p.55). The company has not proposed any allocation to anchor investors (RHP p.55). The issue is 30.96% of the post-issue capital (RHP p.3).

10Promoters

The promoters are Samarth Jaiswal, Managing Director, and Ishani Mehta Jaiswal, Non-Executive Director; the prospectus states that Samarth Jaiswal is the husband of Ishani Mehta Jaiswal (RHP p.204, RHP p.205). Samarth Jaiswal, 33, has been a director since incorporation, became Managing Director from April 1, 2025, holds a Bachelor of Management Studies and is a GIA Graduate Diamonds Gemmologist with more than ten years in the trade (RHP p.188, RHP p.190).

Ishani Mehta Jaiswal, 33, holds a law degree, was Chief Executive Officer from November 1, 2025 to April 1, 2026 and became a Non-Executive Director on April 23, 2026 (RHP p.188, RHP p.202). Neither holds another directorship (RHP p.204, RHP p.205).

The promoter group names four companies, Aycee Sales Private Limited, Celestial Jewels Private Limited, Grace Aviation Private Limited and Alfa Strategies Private Limited, which the prospectus says are inactive and had no revenue in the last three years (RHP p.45, RHP p.209).

Promoter economics: Samarth Jaiswal subscribed 5,000 shares at ₹10 on incorporation, received 14,99,100 bonus shares on December 11, 2025 and received 14,79,398 shares as a gift from Sunil Jaiswal on March 11, 2026, for 29,83,495 shares, 99.12% of the capital; the only cash paid was the ₹10 subscription (RHP p.88). Ishani Mehta Jaiswal holds 301 shares, one received as a gift and 300 as bonus (RHP p.88).

The prospectus names Sunil Jaiswal as the father of Samarth Jaiswal (RHP p.208). Remuneration to Samarth Jaiswal was ₹14.40 lakh, ₹14.40 lakh and ₹20.90 lakh in FY24 to FY26, and salary to Ishani Mehta Jaiswal ₹7.20 lakh in each year, together ₹21.60 lakh in FY24 and ₹28.10 lakh in FY26 (our arithmetic, RHP p.59, RHP p.60). The Managing Director's basic pay is ₹30,00,000 a year from November 1, 2025 (RHP p.192).

No promoter shares are pledged (RHP p.89). There is no outstanding litigation against the promoters or directors (RHP p.241, RHP p.242).

11Who already owns it

Omara Ventures India promoter holding before and after the IPO

The company has seven shareholders (RHP p.89). Before the issue the promoters hold 29,83,796 shares, 99.13%, and the promoter group four more individuals holding 25,903 shares, 0.86%: Sunil Jaiswal 25,000, and Sadhna Jaiswal, Monisha Mehta and Punit Mehta 301 each (RHP p.88). The one public shareholder is Ruchi Shaw with 301 shares (RHP p.82). After the issue the promoters would hold 68.44% and the promoter group together 69.04% (RHP p.88).

No fund or company holds shares (RHP p.79, RHP p.83). A year before the prospectus Samarth Jaiswal and Sunil Jaiswal held 4,998 shares each (RHP p.87). The capital is 30,10,000 shares of ₹10 before the issue and up to 43,60,000 after it (RHP p.75). Of the promoters' holding, 9,30,000 shares, 21.33% of the post-issue capital, are locked in for three years (RHP p.89).

12What changed just before the IPO

• Revenue nearly doubled in FY26, from ₹2,352.47 lakh to ₹4,587.35 lakh, and profit rose from ₹273.16 lakh to ₹936.53 lakh (RHP p.119).
• The registered office moved from Panchkula, Haryana, to Chandigarh with effect from December 23, 2025 (RHP p.183).
• A bonus of 300 shares for every one held, 30,00,000 shares, was allotted on December 11, 2025 out of reserves (RHP p.76).
• The company became a public company with a certificate dated February 26, 2026 (RHP p.183).
• Sunil Jaiswal gifted 14,79,398 shares, 49.15% of the capital, to Samarth Jaiswal on March 11, 2026 (RHP p.88).
• Sunil Jaiswal moved from whole-time director to non-executive chairman on January 5, 2026 and, with Sadhna Jaiswal, left the board on April 24, 2026; two independent directors and a chief financial officer joined from January 1, 2026 and a company secretary from August 1, 2025 (RHP p.195, RHP p.202).
• An extraordinary general meeting of March 30, 2026 was treated as invalid for want of quorum, and the capital increase was passed again on May 19, 2026 (RHP p.76).
• The company registered its sales outlet with BIS on April 9, 2026, after operating without that registration from September 22, 2022 (RHP p.35, RHP p.248).
• Eight unsecured business loans at 15.00% to 17.00% were taken from finance companies between November 30 and December 8, 2025 (RHP p.218 to RHP p.223).
• Annual returns and accounts for earlier years were refiled with corrections between May 2025 and April 2026 (RHP p.36).

13Capacity and expansion

The company states that it does not manufacture and has no installed capacity, so capacity and utilisation are not applicable (RHP p.162). Its one outlet is the Chandigarh boutique (RHP p.154). The issue-funded expansion is the renovation of that boutique and the addition of its first floor, for private client lounges, meeting rooms and a bridal space (RHP p.96). The prospectus does not say what sales the expanded boutique is intended to carry, and gives no plan for a second outlet.

14Market size and industry structure

Omara Ventures India industry: market size and growth

As claimed: India's gems and jewellery market stood at ₹7,31,255 crore (US$ 85 billion) in January 2026, according to IBEF material quoted in the prospectus (RHP p.138); a Mordor Intelligence web report puts the global gems and jewellery market at USD 377.45 billion in 2025 (RHP p.141). The company did not commission an industry report and did not seek consent from the websites quoted; the chapter relies on public websites that the company has not verified (RHP p.42, RHP p.43).

The part that is addressable: retail diamond and gold jewellery sold from one boutique in Chandigarh, with occasional customers in other states (RHP p.156). The company's diamond jewellery uses natural diamonds (RHP p.142). The chapter does not size jewellery retail in Chandigarh or Punjab, or natural diamond jewellery in India.

What the company is today: ₹4,587.35 lakh of FY26 revenue, about 0.006% of the national figure quoted (our arithmetic, RHP p.138, RHP p.156).

Size over time: the chapter gives no earlier year for the Indian market and no historical growth rate. IBEF projects ₹11,18,390 crore (US$ 130 billion) by 2030 (RHP p.138, RHP p.140); that is IBEF's projection, not newboard's. Gems and jewellery exports were US$ 25.93 billion from April 2025 to February 2026 (RHP p.138). For the world, Mordor Intelligence estimates USD 394.74 billion in 2026 and projects USD 493.68 billion by 2031, 4.58% a year (RHP p.141). The chapter's first pages cover the world and Indian economies and do not bear on jewellery directly (RHP p.132 to RHP p.138).

Segments: Mordor Intelligence divides the global market by product, material, end user, category, channel and region. In 2025 rings were 33.02% of revenue, precious metals 62.10%, women 74.25% of spending, fine jewellery 83.60% and offline retail 81.55% (RHP p.141). Jewellery took 49.10% of the gold market in 2025 (RHP p.140). The company is in fine jewellery sold from a boutique (RHP p.142): diamond jewellery was 66.96% of its FY26 sales and gold jewellery 31.80% (RHP p.35). The chapter gives no split of the Indian market.

What drives demand: IBEF names global demand for gold jewellery and cut and polished diamonds, trade agreements and consumer spending in the US, the UK and the Middle East (RHP p.138), and customs duty cuts that it says make jewellery more affordable (RHP p.139). Mordor Intelligence names lab-grown diamonds, digital retail, changing consumer demographics, everyday fashion jewellery and men's jewellery (RHP p.141).

Structure: IBEF says the sector's future will be shaped by the growing dominance of large retailers and established brands, and that India has about 450 organised manufacturers, importers and exporters (RHP p.140). Companies named in its list of recent developments include BlueStone, PNGS Reva, Titan, Limelight Diamonds, Gargi and Sabyasachi; four of the entries concern lab-grown diamond jewellery (RHP p.138, RHP p.139).

BlueStone and PNGS Reva are also among the peers the company names (RHP p.118). Mordor Intelligence calls the global market moderately competitive (RHP p.141). The chapter gives no organised against unorganised share and nothing on barriers to entry. As the company describes it, organised brands, regional retailers, local jewellers and boutiques compete on design, purity, price, service and trust, and unorganised players on price and local ties (RHP p.164).

Inputs and trade: basic customs duty on gold and silver is around 6% and on platinum about 6.4%, unchanged in Budget 2026; duty on cut and polished diamonds and coloured gemstones was cut from 7.5% to 5% and nil, and the tariff on jewellery from 25% to 20% in Budget 2025-26 (RHP p.139). The India and UK trade agreement of July 2025 removed import duties of 2.5% to 4% on plain gold and diamond jewellery, which IBEF presents as an edge for Indian exporters (RHP p.138). The chapter gives no gold or diamond prices; Mordor Intelligence says mined gold supply faces structural cost pressures (RHP p.140).

Rules: 100% foreign investment is allowed under the automatic route (RHP p.138), and the GST rate on jewellery was kept at 3% in September 2025 (RHP p.139). Hallmarking, GST and anti-money-laundering rules apply (RHP p.227). The company registered its sales outlet with BIS on April 9, 2026 (RHP p.35).

What the chapter says can go wrong: the chapter lists no risks specific to jewellery. Its World Bank material projects global growth slowing from 2.9% in 2025 to 2.5% in 2026 after the Middle East conflict raised energy prices, and says it could fall to 1.3% if energy disruptions are more severe (RHP p.132). Elsewhere the prospectus says changes in import duties on diamonds, stricter rules on cash transactions and supply disruptions can raise costs (RHP p.227).

15Competitive position

Omara Ventures India competitors

Source: RHP p.122, RHP p.123, RHP p.124. What the company claims against them, on its own account, is in-house design, customisation, logo embossing on every piece, GIA and BIS certification and a boutique service model (RHP p.160, RHP p.161). It is the smallest of the five by revenue, at about 0.27 times Advit Jewels (our arithmetic, RHP p.124). The prospectus does not print the company's design count, repeat-customer rate or average ticket size, which is where these claims would be measured.

16Peers the company named

Omara Ventures India listed peers

Peers named in the offer document: BlueStone Jewellery and Lifestyle Ltd, PNGS Reva Diamond Jewellery Limited, PN Gadgil Jewellers Limited and Advit Jewels Limited (RHP p.118).

Source: RHP p.118; peer prices are closing prices of September 15, 2026. The prospectus prints an industry P/E of 763.27 at the highest, 18.05 at the lowest and 206.47 on average, the average taken over three peers without Advit Jewels (RHP p.117). The median of the four printed peer P/Es is 22.3 times (our arithmetic, RHP p.118). The prospectus itself says the peers are not strictly comparable (RHP p.118).

BlueStone and PN Gadgil are multi-store chains many times this company's size; PNGS Reva, a diamond jewellery retailer, is the closest by product at about 9.6 times the revenue (our arithmetic, RHP p.118). The peer table gives PN Gadgil's revenue as ₹1,06,407.38 lakh while the key performance indicator comparison gives ₹10,73,909.70 lakh for the same year (RHP p.118, RHP p.123), and the company's own RoNW is 74.89% here and 74.78% elsewhere (RHP p.117, RHP p.118).

17Valuation at the issue price

Omara Ventures India IPO valuation and P/E

The prospectus leaves the price band and the minimum bid lot blank ([●]), and no exchange issue page carried them when this study was written (RHP p.3). This section therefore computes no market capitalisation, P/E, price to book or enterprise value for the issue.

Source: RHP p.55, RHP p.116, RHP p.118; profit per share on post-issue shares is our arithmetic, ₹936.53 lakh over 43,60,000 shares (RHP p.119). The weighted average EPS over three years, as the prospectus weights it, is ₹18.75 (RHP p.116). The peer ratios the prospectus prints in its basis for issue price are in section 15: P/E of 763.27, 18.05, 20.75 and 23.82 as of September 15, 2026 (RHP p.118). The prospectus reports no primary or secondary transaction in the eighteen months before it other than the bonus issue, so there is no recent cost of acquisition to compare against (RHP p.125).

18Risks, in plain words

Omara Ventures India IPO risks

Inventory and cash: inventory was ₹4,358.15 lakh at March 2026, 347 days of it, and operating cash flow was negative in each of the three years (RHP p.39, RHP p.40) → profit is booked as stock builds, so cash depends on selling that stock → the working capital plan assumes inventory of ₹6,643.15 lakh by March 2027 (RHP p.41).

One boutique, one city: Chandigarh was 82.92% of FY26 revenue and the business runs from one leased boutique (RHP p.156, RHP p.167) → local demand, footfall or a problem at that address reaches the whole business → the lease runs to September 15, 2037 at ₹5,00,000 a month with 15% steps (RHP p.167).

Customers: the largest FY26 customer was ₹749.34 lakh, 16.33% of revenue, against 3.79% for the largest in FY25 (RHP p.156) → a single order of that size shapes a year's growth → without it FY26 revenue would have risen about 63.1% rather than 95.00% (our arithmetic, RHP p.156).

Suppliers: the top two suppliers were 64.57% of FY26 purchases and the top ten 92.60% (our arithmetic, RHP p.156) → the product comes through a small set of makers → the supply partner is not named and the prospectus discloses no written supply terms beyond an arrangement in the ordinary course (RHP p.163).

Compliance record: the sales outlet had no BIS registration from September 22, 2022 to April 8, 2026 and a compounding application is pending (RHP p.35); twenty company-law forms were filed late, up to 1,275 days (RHP p.36); TDS, TCS and ESI dues were paid late on many occasions (RHP p.37, RHP p.38); no provident fund compliance has been made since incorporation (RHP p.45) → penalties may follow → the company says any penalty will be paid from internal accruals, not the issue proceeds (RHP p.37).

Borrowing cost: FY26 finance cost was ₹149.36 lakh and eight unsecured finance-company loans carry 15.00% to 17.00% (RHP p.229, RHP p.218 to RHP p.223) → ₹1,800.00 lakh of the proceeds goes to repayment (RHP p.94) → prepayment charges of up to 8% apply on some loans and are to be met from internal accruals (RHP p.104, RHP p.106).

Brand: the OMARA trademark applications in class 14 are pending, and jewellery designs are not registered (RHP p.42, RHP p.44) → the name under which everything sells is not yet registered → the applications date from January 8, 2025 (RHP p.42).

Issue-specific: no monitoring agency is appointed and the objects have not been appraised (RHP p.66); the promoters and promoter group keep 69.04% after the issue (RHP p.88).

19Litigation and regulatory matters

Cases against Omara Ventures India and its promoters

The company has no subsidiaries and no group companies (RHP p.240, RHP p.250). There is no disciplinary action by SEBI or an exchange against the company or the promoters in the last five years (RHP p.241, RHP p.242). Two material creditors were owed ₹846.56 lakh of the ₹879.62 lakh of trade payables at March 2026; their names are on the company's website, not in the prospectus (RHP p.243). The late statutory filings in section 22 are disclosed as risk factors, not as proceedings (RHP p.36 to RHP p.39).

20Related-party transactions

Source: RHP p.59, RHP p.60; the rows for sales and loans are our arithmetic from the individual lines. Related-party dealings in FY26 other than loan movements come to ₹129.21 lakh (our arithmetic, RHP p.59, RHP p.60). Loans from directors outstanding at March 2026 were ₹215.44 lakh from Sunil Jaiswal and ₹19.16 lakh from Samarth Jaiswal, interest-free (RHP p.60, RHP p.61, RHP p.223).

Sadhna Jaiswal sold ₹15.00 lakh of goods to the company in FY26 (RHP p.60). This is a judgement, not a disclosure: FY26 sales to Sunil Jaiswal of ₹33.98 lakh equal the seventh-largest customer's ₹33.98 lakh, and FY25 sales of ₹25.37 lakh to Sunil Jaiswal and ₹32.35 lakh to Samarth Jaiswal equal the tenth and ninth customers, so related parties appear to sit inside the top-ten customer figures (RHP p.59, RHP p.60, RHP p.156).

The company secretary appears as Payal Agrawal in the management chapter and as Payal Mangal in the related-party list, both from August 1, 2025 (RHP p.59, RHP p.201).

21What the offer document does not say

The names of the largest customer and of the product development and supply partner are not disclosed. Pieces sold, carats sold, average ticket size and repeat-customer share are not disclosed, so growth cannot be split into volume and price. The terms of the supply arrangement, and whether the supply partner holds any of the stock, are not set out.

The restated financial statements and notes are listed but their text is not in the copy read, so the ageing of inventory, the composition of other expenses and the cash flow detail cannot be checked here. What the renovated boutique is meant to add in sales is not stated. The price, the lot, the amount for general corporate purposes and the post-issue capitalisation are left blank.

The omara.in domain, created on December 15, 2014, is shown with a GoDaddy placeholder registrant in Uttar Pradesh (RHP p.167).

22Five questions for management

1. Who was the ₹749.34 lakh FY26 customer, what did it purchase, and is that customer in Maharashtra, which was ₹749.72 lakh of FY26 revenue?
2. How much of the ₹4,358.15 lakh of March 2026 inventory is older than one year, and at what gold price is it carried?
3. Who are the two suppliers that made up 64.57% of FY26 purchases, and on what written terms does the supply partner make the jewellery?
4. How many pieces and carats were sold in FY25 and FY26, and what share of the 95.00% revenue increase came from the gold price rather than volume?
5. What sales does the ₹200.00 lakh boutique expansion assume, and does the ₹1,000.00 lakh of working capital go into more stock at the same boutique?

1Sources and cited facts

This study was read from 1 document the company filed. The 133 figures it cites are listed under the document each came from, with the page and the sentence as printed.