Yaashvi Jewellers Limited IPO: Opens in Two Days, Issue Price, Business Overview, Risks and IPORupee Insight

Published on 23 May 2026, Saturday

Yaashvi Jewellers Limited IPO: Opens in Two Days, Issue Price, Business Overview, Risks and IPORupee Insight

Published on 23 May 2026, Saturday

Yaashvi Jewellers Limited IPO is scheduled to open on Monday, 25 May 2026 and close on Wednesday, 27 May 2026. This is an SME IPO proposed to be listed on the BSE SME platform. The IPO is a 100% fixed price issue at an issue price of Rs. 83 per share. The company is engaged in the manufacturing and trading of gold jewellery, with a major focus on machine-made plain gold chains.

IPO Rupee Pre-Opening Announcement

Issue PriceRs. 83

Lot Size1600 Shares

Fresh Issue43.88 Cr

OFSNil

ListingBSE SME

IPO Details Application Note Business Objects Financials Risks Insight Disclaimer

Yaashvi Jewellers IPO Basic Details

Particulars	Details
Company Name	Yaashvi Jewellers Limited
IPO Segment	SME IPO
Issue Type	100% Fixed Price Issue
Issue Price	Rs. 83 per share
Open Date	Monday, 25 May 2026
Close Date	Wednesday, 27 May 2026
Listing	BSE SME
Fresh Issue	Rs. 43.88 Cr
OFS	Nil
Total IPO Size	Rs. 43.88 Cr
Face Value	Rs. 10 per share
Issue Price Multiple	8.3 times face value
Retail / Individual Portion	Not less than 50% of Net Issue
Other Investors / NII Portion	Balance portion
Lead Manager	Smart Horizon Capital Advisors Private Limited
Registrar	Bigshare Services Private Limited
Promoters	Ankita Agarwal and Ankit Aggarwal

Issue Structure: The IPO is a pure fresh issue. There is no Offer for Sale. This means the money raised from the IPO will go to the company and not to selling shareholders.

Important Note on Lot Size and Minimum Application

The IPO detail screen shows lot size as 1600 shares and issue price as Rs. 83.

1600 shares x Rs. 83 = Rs. 1,32,800

However, the prospectus mentions that the market lot and trading lot is 1600 shares, but also mentions minimum allotment of 3200 equity shares and minimum application size conditions. This is an important point for SME IPO investors.

3200 shares x Rs. 83 = Rs. 2,65,600

IPORupee Note: Retail investors should carefully check the actual application quantity and application amount on their broker platform before applying. In SME IPOs, application amount and post-listing liquidity risk can be much higher than mainboard IPOs.

IPO Rupee Pre-Opening Announcement

Yaashvi Jewellers Limited IPO is opening in two days. The company is coming with a fixed price SME IPO at Rs. 83 per share. The issue size is around Rs. 43.88 crore, entirely through a fresh issue.

Because the IPO has not opened yet, investors have time to study the company’s business model, product concentration, financials, cash flow, debt, working capital requirement, gold price risk, customer concentration and SME liquidity risk before applying.

IPORupee Reminder: Do not apply only because an IPO is opening. Study the prospectus, understand the business, check issue structure, review financials and wait for subscription data once the IPO opens.

One-Minute IPO Summary

Yaashvi Jewellers Limited is a Jaipur-based jewellery company engaged in manufacturing and trading of gold jewellery. Its major business is manufacturing of machine-made gold chains. The company manufactures gold jewellery in 9K, 14K, 18K, 20K and 22K categories and also trades in studded gold jewellery, fashion silver jewellery, diamond jewellery and gold bullion.

The company mainly supplies to dealers, showrooms and small jewellery shops in wholesale quantities, while it has also expanded into retail through a retail shop and showroom in Jaipur.

IPORupee Quick View: Yaashvi Jewellers IPO has positives like pure fresh issue structure, strong revenue scale, jewellery manufacturing business, working capital funding and debt repayment plan. But investors must carefully study negative operating cash flow, high debt, supplier concentration, customer concentration, gold price volatility, high working capital requirement, under-utilised capacity and SME IPO liquidity risk.

Business Overview

Yaashvi Jewellers Limited is engaged in manufacturing and trading a wide range of jewellery. Its main product portfolio includes gold jewellery across different purity levels such as 9K, 14K, 18K, 20K and 22K.

The company’s core specialisation is machine-made gold chains. These chains can be sold as finished jewellery or used in other products such as mangalsutra, bracelets, anklets and earrings. The company also undertakes certain processes on job-work basis and outsources some activities as needed.

Category	Details
Plain Gold Jewellery	9K, 14K, 18K, 20K and 22K jewellery
Machine-Made Gold Chains	Core product segment
Studded Gold Jewellery	18K, 20K and 22K studded jewellery
Diamond Jewellery	Classic and modern designs
Fashion Silver Jewellery	Trading portfolio
Gold Bullion	Trading activity
Customized Jewellery	Client-specific jewellery requirements

Revenue Concentration: Plain Gold Chains

A very important point is that the majority of revenue comes from plain gold chains.

Year	Contribution to Revenue from Operations
FY 2026	65.57%
FY 2025	66.29%
FY 2024	53.76%

IPORupee Interpretation: This is both a strength and a risk. It is a strength because the company has a focused product area and manufacturing specialisation. But it is also a risk because if demand for plain gold chains reduces, or if the company faces production issues in this category, revenue and profitability can be affected.

Retail Expansion

The company was mainly focused on B2B customers, but it has also expanded into retail. The prospectus mentions a retail shop and display outlet at Unit 867, Ganga Mata Street, Gopal Ji Ka Rasta, Jaipur, and a retail showroom at Plot No. 20, Brijpuri Yojna, Jagatpura, Jaipur.

IPORupee View: Retail expansion can improve brand visibility and margins if executed well. But retail jewellery requires customer trust, showroom footfall, inventory investment, staff, security and strong local brand recall.

Objects of the Issue

Object	Amount
Working capital requirements	Rs. 2,150.00 lakh
Repayment / prepayment of certain borrowings	Rs. 1,100.00 lakh
General corporate purposes	Balance amount

IPORupee Interpretation: The use of funds is business-oriented. Working capital is important in jewellery because gold inventory and receivables require large funding. Debt repayment is also positive because it may reduce finance cost. However, the absence of a monitoring agency means investors are relying on internal monitoring by the company’s Audit Committee.

Financial Performance

Particulars	FY 2026	FY 2025	FY 2024
Revenue from Operations	Rs. 44,814.95 lakh	Rs. 29,722.65 lakh	Rs. 20,093.00 lakh
Operating Cash Flow	Rs. (1,532.62) lakh	Rs. (2,903.23) lakh	Rs. (775.25) lakh
Secured Borrowings	Rs. 5,373.97 lakh	Noted in Prospectus	Noted in Prospectus
Working Capital Gap	Rs. 8,000.28 lakh	Rs. 4,587.86 lakh	Rs. 2,133.31 lakh

IPORupee Financial Reading: Revenue growth looks strong. Revenue from operations increased from Rs. 20,093.00 lakh in FY 2024 to Rs. 29,722.65 lakh in FY 2025 and further to Rs. 44,814.95 lakh in FY 2026.

Cash Flow Watch: Operating cash flow is a major concern. The company had negative operating cash flow in all three years shown. This means the company is growing, but cash is getting heavily blocked in working capital, inventory and receivables.

Working Capital Analysis

Year	Working Capital Gap
FY 2024	Rs. 2,133.31 lakh
FY 2025	Rs. 4,587.86 lakh
FY 2026	Rs. 8,000.28 lakh
FY 2027 Projected	Rs. 10,329.83 lakh

IPORupee Interpretation: Jewellery business needs high working capital because gold inventory is expensive. But this IPO shows a sharp increase in working capital requirement. Retail investors should check whether growth is creating healthy cash flow or only increasing inventory and receivables.

Customer Concentration

Particulars	FY 2026	FY 2025	FY 2024
Top 5 Customers	45.90%	32.23%	39.87%
Top 10 Customers	59.63%	45.76%	58.34%

IPORupee Interpretation: Top 10 customer contribution of nearly 60% in FY 2026 is high. If any major customer reduces orders, delays payments or shifts to another supplier, revenue and cash flow can be affected.

Supplier Concentration

Particulars	FY 2026	FY 2025	FY 2024
Top 5 Suppliers	72.42%	65.20%	69.27%
Top 10 Suppliers	86.57%	82.78%	88.12%

IPORupee Interpretation: Supplier concentration is a major red flag. Gold jewellery manufacturing requires uninterrupted raw material supply. If key suppliers reduce credit, delay supply or increase pricing, business operations and margins can be affected.

Gold Price Risk

Yaashvi Jewellers’ business is directly exposed to gold and silver price volatility. Gold is the main raw material, and the company manufactures jewellery from raw gold bullion and consumables. Fluctuations in gold and silver prices can impact costs, pricing, inventory valuation and profitability.

If gold price rises

Working capital requirement may increase because the company needs more funds for the same quantity of gold inventory.

If gold price falls suddenly

Inventory valuation risk may increase if stock was purchased at higher prices.

If customers delay buying

Sales can slow down due to high gold prices or weak discretionary spending.

If cost cannot be passed on

Margins can reduce if gold cost rises but the company cannot increase prices fully.

Manufacturing Capacity Utilisation

The company’s manufacturing facility is located in Jaipur, Rajasthan. The installed capacity of the manufacturing unit as on March 31, 2026 is 1,100 kg per annum.

Year	Capacity Utilisation
FY 2024	18.07%
FY 2025	28.57%
FY 2026	53.09%

IPORupee Interpretation: Capacity utilisation has improved, but it is still not fully utilised. Under-utilisation can affect operating leverage because fixed costs are spread over lower production volume. If the company improves utilisation, margins may benefit. But if demand slows, under-utilisation can remain a concern.

Debt and Borrowing

As on March 31, 2026, the company had aggregate outstanding secured borrowings of Rs. 5,373.97 lakh. The company proposes to use Rs. 1,100 lakh from IPO proceeds for repayment/prepayment of certain borrowings.

IPORupee View: Debt repayment is a positive use of IPO funds. But after repayment also, borrowings may remain because jewellery business is working-capital-heavy. Investors should track whether debt reduces meaningfully after IPO and whether cash flow improves.

Management and Promoters

The promoters of the company are Ankita Agarwal and Ankit Aggarwal. The company’s Managing Director is Ankita Agarwal, CFO is Dinesh Kumar Verma, and Company Secretary & Compliance Officer is Kalu Ram Kumawat.

The promoters and promoter group collectively held 94.30% of the company’s issued, subscribed and paid-up share capital before the issue. After the issue, their holding is expected to be 66.01%.

IPORupee Management View: High promoter holding shows promoter control and skin in the game. But after listing also, promoters will continue to have majority control. This means minority shareholders should watch governance quality, related-party transactions, disclosure standards and capital allocation decisions.

Governance Watch: The prospectus states that the promoters and executive directors do not have experience of being directors of a public listed company. This is important because listed company compliance is more demanding than private company operations.

Green Flags

1. Pure fresh issue

There is no OFS. IPO proceeds will go to the company.

2. Strong revenue growth

Revenue from operations increased from Rs. 20,093.00 lakh in FY 2024 to Rs. 44,814.95 lakh in FY 2026.

3. Focused product specialisation

The company has a strong focus on machine-made gold chains, which form a major part of revenue.

4. Jewellery manufacturing business

The company operates in gold jewellery manufacturing, a large and established Indian consumption segment.

5. Working capital funding

A major part of IPO proceeds will be used for working capital, which is important for jewellery business growth.

6. Debt repayment

The company proposes to repay/prepay Rs. 1,100 lakh of borrowings from IPO proceeds.

7. Retail expansion

The company has expanded into retail through its shop and showroom in Jaipur.

8. Improved capacity utilisation

Capacity utilisation improved from 18.07% in FY 2024 to 53.09% in FY 2026.

Red Flags

1. Negative operating cash flow

The company had negative operating cash flow in FY 2024, FY 2025 and FY 2026.

2. High working capital requirement

Working capital gap increased from Rs. 2,133.31 lakh in FY 2024 to Rs. 8,000.28 lakh in FY 2026.

3. High supplier concentration

Top 10 suppliers contributed 86.57% of total purchases in FY 2026.

4. Customer concentration

Top 10 customers contributed 59.63% of revenue in FY 2026.

5. Gold price volatility

Gold and silver price fluctuations can affect cost, pricing, inventory valuation and margins.

6. Product concentration

Plain gold chains contributed 65.57% of revenue from operations in FY 2026.

7. High debt

The company had secured borrowings of Rs. 5,373.97 lakh as on March 31, 2026.

8. Capacity under-utilisation

Even after improvement, FY 2026 capacity utilisation was 53.09%, so full operating leverage is not yet achieved.

9. Compliance delays

The prospectus mentions past delays in GST, EPF, ESIC, TDS/TCS and ROC filings.

10. Listed-company experience risk

Promoters and executive directors do not have prior experience as directors of a public listed company.

11. SME IPO liquidity risk

Post-listing liquidity may be limited, and price movement can be sharp.

Jewellery Business Risk Explainer

Jewellery business is not only about sales growth. It is also about gold price management, inventory control, purity, hallmarking, trust, security, working capital and customer relationships.

Gold price volatility

Gold price movement can affect cost, margins and inventory value.

Working capital

Gold inventory and receivables require large funding.

Quality and hallmarking

Trust, purity and compliance are very important in jewellery.

Supplier concentration

Dependence on few suppliers may affect procurement and credit terms.

Customer credit risk

B2B jewellery sales can create receivable pressure.

Security risk

Theft, fraud and inventory handling are important risks in jewellery business.

SME IPO Risk Box

Yaashvi Jewellers Limited is an SME IPO. SME IPOs may offer growth opportunities, but they carry higher risk than mainboard IPOs.

Lower liquidity

Post-listing trading volume may be lower than mainboard stocks.

Higher volatility

Price movement can be sharp due to low float and limited participation.

Large application amount

SME IPO lot size can require higher investment amount.

Limited research coverage

SME companies usually have fewer analyst reports.

Difficult exit

Exit may be difficult if trading volume is low.

Promoter dependence

Business may remain highly dependent on promoter decisions.

IPORupee Reminder: Before applying to any SME IPO, investors should first check whether they can hold the stock if listing liquidity is low. SME IPOs should not be treated only as listing-gain opportunities.

IPORupee Deep Insight

Yaashvi Jewellers Limited IPO is a pure fresh issue, which is positive because the proceeds will go to the company. The company is raising funds mainly for working capital and debt repayment, both of which are relevant for a jewellery business.

The company has shown strong revenue growth from FY 2024 to FY 2026. It has a focused manufacturing business, mainly machine-made plain gold chains, and has also expanded into retail through shop and showroom presence in Jaipur.

However, the IPO has important risk areas. The biggest concern is negative operating cash flow across all three financial years. This means the company is growing, but cash is not converting positively from operations. In jewellery business, this usually happens due to inventory, receivables and working capital blockage.

Supplier concentration is another major risk. Top 10 suppliers contributed more than 86% of purchases in FY 2026. Customer concentration is also meaningful, with top 10 customers contributing nearly 60% of revenue. The company is also exposed to gold price volatility and high debt.

The company’s capacity utilisation has improved, but it was still 53.09% in FY 2026. If demand remains strong and utilisation improves, it may support better operating efficiency. But if demand slows or gold prices remain volatile, working capital and margins may remain under pressure.

IPORupee View: Yaashvi Jewellers IPO may interest investors who understand SME IPO risk and jewellery-sector risk. The company has strong revenue growth, pure fresh issue structure and a focused gold-chain manufacturing business. But conservative investors should carefully study cash flow, working capital, debt, supplier concentration, customer concentration, gold price risk and SME liquidity before applying.

Final IPORupee View

Yaashvi Jewellers Limited IPO has positives such as pure fresh issue, strong revenue growth, jewellery manufacturing operations, retail expansion, working capital funding and partial debt repayment.

At the same time, investors should not ignore negative operating cash flow, high working capital gap, high supplier concentration, customer concentration, gold price volatility, product concentration, secured borrowings, compliance delays and SME liquidity risk.

Final View: This is a fundamentals-based SME jewellery IPO. Since the IPO is opening in two days, investors should use this time to study the prospectus, verify minimum application size, check business risks and decide based on risk appetite. Once the IPO opens, subscription trend should also be tracked before making the final decision.

Disclaimer

This article is for educational and informational purposes only. We are not SEBI registered investment advisors. This is not investment advice, recommendation, or a buy/sell call. IPO investments are subject to market risks, and SME IPOs may carry higher liquidity and volatility risk. Investors should read the prospectus carefully and consult their financial advisor before making any investment decision.