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Organized Manufacturing Under One Roof.
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Design and Innovation: Diversified Product Offering Across Customer Segments.
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Robust Operational Systems and Risk Mitigation Framework.
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Experienced Leadership with Proven Execution Capability.
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Unwavering Commitment to Quality.
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Prices of products manufactured by the company is highly dependent on the prices of gold, diamond polki and precious & semi- precious stones and cost of these raw materials comprises 99.85%, 99.66%, 99.95%, 99.76% of total cost of material consumed in production of product for the period ended on December 31, 2025 and for the fiscal years ended on March 31, 2025, 2024 and 2023 respectively. Any non-availability or significant increase in the cost of gold, diamond polki, and other precious or semi-precious stones and absence of long-term contracts with its suppliers could adversely affect the company business, results of operations, financial condition and prospects.
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The company inventory holding increased significantly from Rs. 1,041.67 Lakhs in Fiscal 2023 to Rs. 4,491.67 Lakhs in Fiscal 2024 and further to Rs. 10,723.91 Lakhs in Fiscal 2025. Further, inventory constituted 36.38%, 68.99%, 85.07% and 68.68% of its total current assets as of March 31, 2023, 2024 and 2025 and December 31, 2025, respectively. Inventory also represented 22.35%, 64.68%, 85.83% and 79.99% of the company revenue from operations for Fiscal 2023, 2024 and 2025 and the period ended December 31, 2025, respectively, while its inventory holding days were 91 days, 158 days, 199 days and 154 days for the corresponding periods. The high level of inventory maintained by the company exposes its to risks associated with inventory management, demand forecasting, valuation, carrying costs and supply chain disruptions, which may adversely affect the company working capital requirements, liquidity, profitability and overall financial condition.
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The company business is significantly dependent on Jaipur City as its entire manufacturing operations is based thereon along with 18.18%, 73.09%, 77.32% and 80.56% of the company total raw material purchases for the period ended on December 31, 2025 and for the Fiscal years ended on March 31, 2025, 2024 and 2023 are sourced from suppliers who are based in Jaipur City. This dependence exposes its to regional risk or a location risk. Any disruption, slowdown, or shutdown in Jaipur City or surroundings areas will affect the company manufacturing operations and/or its principal raw materials supplies which could adversely affect the company business, results of operations, financial condition and cash flows.
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The Company has recently acquired a registered trademark for brand name `Rambhajo' from its Promoter Group member by way of assignment, for which approval of form TM - P to record the said assignment is pending. The Company has also made application for registration of brand name `Advit' which is pending. Any inability to protect its brand, business processes or proprietary information may adversely affect the company business, financial condition and results of operations.
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The Company has low average employee base of 45 people in FY 25, 19 in FY 24 and 15 in FY 23 and significant number of employees leave the company every year. The percentage of attrition ratio reached nearly 50% in FY25 and its company weighted average attrition rate for the last three FYs is 38.95% which is way higher than the industry attrition rate, which may adversely impact the company business operations, continuity and financial performance.
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The company relies on limited number of suppliers and procure 88.27%, 76.55%, 73.15% and 82.93% of its Raw Materials for the period ended on December 31, 2025 and for the Fiscal Years ended on March 31, 2025, 2024 and 2023 respectively from the company Top 5 suppliers and 93.55%, 86.96%, 79.98% and 88.36% of its Raw Material from the company top 10 suppliers for the period ended on December 31, 2025 and the Fiscal Years ended on March 31, 2025, 2024 and 2023 respectively. Any delay or disruption in supply from these suppliers or any failures of its to maintain good business relations and continued arrangements with such suppliers may adversely affect the company results of operations and financial condition.
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The company business is subject to seasonal fluctuations and any decline in sales during peak seasons may disproportionately impact its results of operations.
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The Company proposes to repay in full or in partial payment of sanctioned working capital facilities of Rs. 4,075 lakhs from HDFC Bank Ltd Rs. 3,000 lakhs from ICICI Bank Ltd from the issue proceeds. The working capital facilities from HDFC Bank Ltd were sanctioned in FY23 but were availed only for limited period in FY24 and fully availed in FY25 only whereas ICICI Bank Ltd working capital facilities were sanctioned and availed in FY25. Its intention to utilize a portion of the Issue Proceeds for repayment of recently availed working capital facilities may not yield the anticipated benefits and may expose the company to refinancing and liquidity risks.
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The company inventory holding days were 199 days, 158 days and 91 days in Fiscal 2025, 2024 and 2023 representing 118% increase from Fiscal 2023 to Fiscal 2025. Also, the trade payable days were 39 days in FY 24 which significantly reduced to 7 days in FY 25. The sharp increase in inventory levels coupled with a reduction in supplier credit exposes its Company to risks of liquidity constraints, increased financing costs, and potential inventory obsolescence or valuation losses.
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The company has had negative cash flows from operating activities and investing activities in the past. Sustained negative cash flow could adversely impact its business, financial condition and growth.
