Preeti Kapoor

 Nityas Gems & Jewellery IPO — My View Nityas Gems is into gold jewellery with lab-grown diamonds, with both B2B and D2C business. What I like  • Revenue grew from ₹54 Cr to ₹203 Cr • PAT increased from ₹4 Cr to ₹22 Cr • Margins have improved • Integrated manufacturing + jewellery business • Lab-grown diamonds could be a good long-term opportunity • IPO money is mainly for working capital, not OFS But the risks matter  1. Cash Flow: FY26 profit was ~₹22 Cr, but operating cash flow was negative ₹14.7 Cr. 2. Working Capital: Money is getting stuck in inventory and receivables. Working-capital days have increased significantly. 3. Supplier Concentration: Top 10 suppliers contribute around 86% of purchases. 4. Lab-Grown Diamond Risk: Prices can fall quickly, which can impact inventory value and margins. 5. Governance/Controls: RHP mentions an internal theft/misappropriation incident at a subsidiary. No promoter involvement is indicated, but internal controls need to be wa...

  Vishal Nirmiti IPO – I went through the DRHP. Here’s what caught my attention. Vishal Nirmiti is into railway sleepers, MS pipes, precast prod ucts and infrastructure-related businesses. Financials: Revenue grew from around ₹325 Cr to ₹344 Cr , while PAT increased from ₹23.6 Cr to ₹25 Cr . The interesting part is the improvement in profitability, but I would still watch whether this growth continues. IPO price band: ₹208–₹220 At ₹220, the valuation works out to roughly 17–18x earnings based on FY26 numbers. So, on P/E alone, it doesn't look stretched. But valuation always needs to be seen along with future growth and earnings quality. Where is the IPO money going? The fresh issue is mainly for working capital, repayment/pre-payment of loans and general corporate purposes. Promoters & business: The company is promoted by the Tapadiya family and has an established operating history. Its exposure to railway and infrastructure spending gives it a potential gro...