Yaashvi Jewellers IPO

Business Overview

Yaashvi Jewellers Limited is a Jaipur-based jewellery company engaged in manufacturing and trading of jewellery, with a major focus on machine-made plain gold chains.

The company manufactures gold jewellery in 9K, 14K, 18K, 20K and 22K purity. Its core specialization is machine-made gold chains, which are used directly as chains or as part of jewellery products such as mangalsutras, bracelets, anklets and earrings. Alongside manufacturing, the company also trades in studded gold jewellery, fashion silver jewellery, diamond jewellery, gold bullion and customized jewellery.

The IPO is a BSE SME fixed price issue. The issue price is Rs. 83 per share, face value is Rs. 10 per share, and the issue opens on May 25, 2026 and closes on May 27, 2026. The issue is a complete Fresh Issue of 52,86,400 equity shares, aggregating up to Rs. 4,387.71 lakhs, with no Offer for Sale.

Company Overview

Yaashvi Jewellers Limited was originally incorporated as Yaashvi Jewellers Private Limited on December 13, 2016. The company was later converted into a public limited company and renamed Yaashvi Jewellers Limited on December 13, 2024.

What Does Yaashvi Jewellers Do?

Yaashvi Jewellers manufactures and trades jewellery products. In simple words, the company purchases gold bullion and other consumables, manufactures gold jewellery, especially machine-made plain gold chains, and sells the finished products to dealers, showrooms, small jewellery shops, wholesale customers and retail customers.

Products and Services

Plain Gold Jewellery

Plain gold jewellery is jewellery made without stones or diamonds. Yaashvi Jewellers manufactures plain gold jewellery in 9K, 14K, 18K, 20K and 22K gold purity.

Machine-Made Gold Chains

Machine-made gold chains are the core product of the company. These chains can be used directly as final jewellery or can be used as a base in larger jewellery pieces such as mangalsutra, bracelet, anklet and earrings.

Designer, Silver and Diamond Jewellery

The company also trades in designer gold jewellery, fashion silver jewellery and diamond jewellery. This helps the company offer a broader jewellery portfolio beyond plain gold chains.

Gold Bullion and Customized Jewellery

Gold bullion is used as the key raw material for manufacturing and is also part of the trading business. The company also offers customized jewellery based on client requirements.

Manufacturing Facility and Retail Presence

The company has a manufacturing facility located at RIICO Area, Road No. 2, Plot No. F-19, Jaipur, Rajasthan. The facility is taken on lease and has an area of around 1,092 sq. meters.

The facility is equipped with machinery such as induction melting furnace, wire drawing machine, chain making machine, laser welding machine and other handling equipment.

Capacity Utilisation

Business Model

Step 1: Procurement of Gold and Other Inputs

The company procures 24K standard gold bullion, alloy, copper stick and other consumables. Gold bullion is sourced from DGFT-nominated vendors and other bullion dealers.

Step 2: Manufacturing

The company converts raw gold into finished gold jewellery, mainly machine-made gold chains. The process includes melting, wire drawing, chain making, welding, finishing and quality checks.

Step 3: Hallmarking and Quality Check

The company’s products are hallmarked by the Bureau of Indian Standards, supporting purity and authenticity assurance.

Step 4: B2B and Retail Sales

The company sells jewellery to dealers, showrooms and small jewellery shops in wholesale quantities. It has also entered the retail segment through its retail shop/display outlet and showroom.

Step 5: Trading Business

Along with manufacturing, the company trades in designer gold jewellery, silver jewellery, diamond jewellery and gold bullion.

Revenue Model

Yaashvi Jewellers earns revenue from manufacturing and sale of jewellery, trading of jewellery products and trading of gold bullion.

• Demand for gold jewellery and machine-made gold chains
• Gold price movement
• B2B customer orders and retail showroom visibility
• Wedding and festive season demand
• Ability to source gold at competitive prices
• Capacity utilisation, inventory management and working capital availability

Product Concentration

A key point in this IPO is product concentration. Majority of the company’s revenue comes from manufacturing and sale of plain gold chains.

Customer and Supplier Concentration

The company does not have long-term agreements with customers and suppliers and mainly works on a purchase order / invoice basis. This creates concentration and continuity risk.

Geographic Concentration

Yaashvi Jewellers derives a major portion of revenue from a few states.

Rajasthan and Maharashtra together contributed more than 90% of revenue in FY 2026. This makes regional concentration an important risk factor.

Objects of the IPO

The IPO is a complete Fresh Issue of 52,86,400 equity shares at an issue price of Rs. 83 per share, aggregating up to Rs. 4,387.71 lakhs. There is no Offer for Sale.

Financial Highlights

Revenue and profitability have improved strongly from FY 2024 to FY 2026. However, debt-equity ratio remains meaningful and the company has also reported negative operating cash flows in the past.

Cash Flow and Working Capital

The company’s working capital gap increased from Rs. 2,133.31 lakhs in FY 2024 to Rs. 4,587.86 lakhs in FY 2025 and Rs. 8,000.28 lakhs in FY 2026. The company projects a working capital gap of Rs. 10,329.83 lakhs in FY 2027.

Key Business Strengths

Key Risks

IPORupee Insight

Yaashvi Jewellers Ltd is a jewellery manufacturing and trading company with a strong focus on machine-made plain gold chains. The company operates from Jaipur and sells mainly to B2B customers, while also building retail presence through its display outlet and showroom.

The positive side is that the company has shown strong revenue growth. Revenue from operations increased from Rs. 20,093.00 lakhs in FY 2024 to Rs. 44,814.95 lakhs in FY 2026. PAT also increased sharply from Rs. 196.05 lakhs in FY 2024 to Rs. 1,828.43 lakhs in FY 2026. The issue is also a pure Fresh Issue, which means IPO proceeds will go to the company and not to selling shareholders.

The company’s focus on machine-made gold chains is both a strength and a risk. It gives the company a clear niche and repeatable manufacturing product, but it also creates concentration risk. Plain gold chains contributed more than 65% of revenue in FY 2026 and FY 2025.

The biggest point for retail investors is cash flow. The company is profitable, but operating cash flow was negative in FY 2024, FY 2025 and FY 2026. This means investors should not look only at PAT. In jewellery business, inventory, receivables, gold purchases and working capital cycle are very important.

The second important point is working capital. The company’s working capital gap increased sharply and the IPO proceeds are partly proposed for working capital. This is understandable in a jewellery business because gold inventory needs funds, but it also means the business can remain capital intensive.

The third important point is customer and supplier concentration. Top 10 customers contributed nearly 60% of revenue in FY 2026, and top 10 suppliers contributed more than 86% of purchases. Also, the company does not have long-term agreements with many customers and suppliers.

Overall, Yaashvi Jewellers is a growing jewellery manufacturing IPO with strong revenue and PAT growth, but investors should carefully study cash flow weakness, working capital intensity, product concentration, customer concentration, supplier dependence, debt and SME listing risk before making any IPO decision.

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