Yaashvi Jewellers Limited IPO: A Detailed Analysis of the Draft Prospectus
Yaashvi Jewellers Limited, a Jaipur-based gold jewellery manufacturer, has filed its Draft Prospectus (dated December 25, 2025) for a public issue on the SME platform of the BSE (BSE SME). Below is a plain-language breakdown of what the company does, how its numbers look, and the key points investors may want to understand before forming their own view. This is pure analysis — there is no buy or sell recommendation anywhere in this article.
About the Company
Yaashvi Jewellers was incorporated in 2016 and converted into a public limited company in 2024. The business is built around manufacturing and trading gold jewellery in a wide range of purities — 9K, 14K, 18K, 20K, 22K and 24K. Its core product is machine-made plain gold chains, which form the heart of its portfolio. Alongside this, the company trades in studded gold jewellery, fashion silver, gold bullion, and offers customised jewellery.
The company has historically been a B2B (wholesale) player but has recently expanded into the retail (B2C) space, setting up a retail shop and a showroom in Jaipur. The promoters are Ankita Agarwal (Chairman and Managing Director) and Ankit Aggarwal (Whole-Time Director), who together hold around 99.30% of the company before the issue. The manufacturing facility, registered office, retail shop and showroom are all located in Jaipur, Rajasthan.
About the Issue
This is a 100% fresh issue of up to 51,39,200 equity shares of face value ₹10 each. Being a fixed-price SME issue, there is no offer for sale (OFS) component — meaning no existing shareholders are cashing out, and all the money raised goes into the company itself. The shares are proposed to be listed on BSE SME, with Smart Horizon Capital Advisors as the Lead Manager and Bigshare Services as the Registrar. The issue price and the final issue size were left blank in the draft document and will be filled in later.
What the Money Will Be Used For (Objects of the Issue)
The company has earmarked the net proceeds for three main purposes:
- Working capital — ₹2,150.00 lakhs: Jewellery manufacturing is a working-capital-heavy business, since gold inventory must be funded before customers pay. This is the single largest use of funds.
- Debt repayment — ₹1,100.00 lakhs: Part or full repayment/prepayment of existing borrowings from banks and financial institutions.
- General corporate purposes: The balance, capped at 15% of gross proceeds (or ₹10 crore, whichever is lower), as per SEBI rules.
It is worth noting that the company itself discloses that these funding requirements are based on internal management estimates and have not been independently appraised by any bank or financial institution.
The Financial Picture
Here is a simplified summary of the company’s restated financials (figures in ₹ lakhs). Note that the June 30, 2025 column covers only a 3-month period, while the others are full financial years.
| Particulars (₹ lakhs) | 3M ended Jun 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Total Revenue | 6,295.89 | 29,776.48 | 20,093.09 | 19,043.54 |
| Profit After Tax (PAT) | 354.36 | 1,128.23 | 196.05 | 69.05 |
| Net Worth | 2,874.37 | 2,415.31 | 875.19 | 337.14 |
| Total Borrowings | 4,431.34 | 4,310.93 | 1,624.62 | 840.36 |
| EPS (₹, basic & diluted, post-bonus) | 2.88 | 9.66 | 3.45 | 3.94 |
A few observations stand out. Revenue grew modestly from FY2023 to FY2024 (about ₹19,044 lakhs to ₹20,093 lakhs) and then jumped sharply in FY2025 to nearly ₹29,776 lakhs — a near 48% rise. Profit after tax grew much faster, multiplying many times over from FY2023’s ₹69 lakhs to FY2025’s ₹1,128 lakhs. Net worth also expanded strongly across the period.
On profitability ratios, the company reported a Return on Net Worth (RoNW) of 46.71% for FY2025, 22.40% for FY2024 and 20.48% for FY2023, giving a weighted average of around 34.24%. The Net Asset Value per share (post-bonus) stood at ₹19.72 as of March 2025.
At the same time, total borrowings have climbed steeply — from roughly ₹840 lakhs in FY2023 to about ₹4,311 lakhs by FY2025. This rising debt is one reason a portion of the IPO proceeds is being directed toward repayment, and it is a number worth tracking against the company’s growth.
Business Strengths Highlighted by the Company
In its own assessment, management points to several strengths: an experienced promoter-led team; a diversified product portfolio spanning traditional, contemporary and customised designs; long-standing customer relationships generating repeat business; and an integrated manufacturing facility. The repeat-customer data is notable — repeat customers contributed the large majority of revenue in most periods shown (for example, around 66.5% in FY2025 and over 90% in FY2023), suggesting a relatively sticky client base on the wholesale side.
Key Risk Factors Disclosed
The prospectus is candid about several risks that investors should weigh:
- Product concentration: Plain gold chains make up a very large share of revenue — about 70.65% in the June 2025 period and 70.92% in FY2025. Heavy dependence on a single product line increases vulnerability to shifts in demand or taste.
- Geographic concentration: A large portion of revenue comes from Rajasthan (around 67.72% in FY2025). Any regional economic, political or natural-disaster shock could disproportionately hit the company.
- Single manufacturing facility: All operations run from one facility in Jaipur. A disruption there could materially affect output.
- Gold price volatility: As a gold-based business, swings in gold prices can affect inventory valuation, margins and profitability.
- Working capital intensity: The business needs significant working capital, and any squeeze could affect operations.
- Rising debt: Borrowings have grown sharply over the review period.
- Promoter concentration: The two promoters control almost the entire company pre-issue.
On the litigation front, the company itself reports no pending criminal, regulatory or material civil cases against it, its directors or promoters. There are two tax proceedings against the company with an aggregate amount of about ₹106.27 lakhs disclosed.
Pros and Cons
| Pros | Cons |
|---|---|
|
|
The Bottom Line
Yaashvi Jewellers presents a fast-growing gold jewellery business with strong recent profitability and a loyal wholesale customer base, balanced against meaningful concentration risks — in product, geography and manufacturing — along with rising debt. As an SME fixed-price issue, the price and final size were yet to be disclosed at the draft stage, so valuation cannot be assessed until those figures are filled in. Investors should read the full prospectus, particularly the “Risk Factors” and “Basis for Issue Price” sections, and form their own independent judgement.
SEBI Disclaimer
Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any securities. The author/publisher is not a SEBI-registered investment adviser or research analyst. All data referenced is sourced from the company’s Draft Prospectus dated December 25, 2025, and may change in the final Prospectus filed with the Registrar of Companies. Investments in securities, including SME IPOs, are subject to market risks; please read all scheme/offer-related documents carefully before investing. Past performance is not indicative of future results. The equity shares in this issue have not been recommended or approved by SEBI, nor does SEBI guarantee the accuracy or adequacy of the contents of the prospectus. Readers are advised to consult a SEBI-registered financial advisor and conduct their own due diligence before making any investment decision. The publisher shall not be liable for any losses arising from the use of this information.
