Nityas Gems & Jewellery IPO — My View
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...