First and leading vertically integrated Indian player in the LGD industry with a presence across the entire value chain.
One of the world's leading and India's largest manufacturer of MPCVD Machines used for growing of Rough LGDs.
Large customers base with a diversified product portfolio and revenue streams.
Robust research and development capabilities across the LGD value chain
Integrated manufacturing infrastructure across the entire LGD value chain.
Operations led by the promoters and supported by experienced senior management team.
Our Company was incorporated in Fiscal 2022 and accordingly, we have a limited operating history. During Fiscals 2026, 2025 and 2024, our profit after tax for the year was Rs. 2,009.23 million, Rs. 1,467.88 million and Rs.900.61 million, respectively. Our limited historical operational and financial performance should not be an indication of our future performance.
We generated 31.84%, 29.31% and 53.74% of our revenue from operations for Fiscals 2026, 2025 and 2024, respectively from the sale of MPCVD Machines which are used to grow rough lab-grown diamonds ("Rough LGDs"). Any reduction in the demand for our MPCVD Machines may have an adverse impact on our business, results of operations and cash flows.
We generated 59.37%, 60.06% and 69.80% of our revenue from operations from our top 10 customers for Fiscals 2026, 2025 and 2024, respectively. Any reduction in the demand or loss of business from our top 10 customers may have an adverse impact on our business, results of operations and cash flows.
Imposition of United States tariffs and other trade measures on diamond products sourced from India could adversely affect our results of operations, cash flows and competitiveness.
We generated 65.89%, 51.94% and 71.89% of our revenue from operations from within India while 34.11%, 48.06% and 28.11% of our revenue from export sales for Fiscals 2026, 2025 and 2024, respectively. Any reduction in the demand or loss of business from the markets where we export our products may have an adverse impact on our business, results of operations and cash flows.
Lab-grown diamond demand depends on consumer perception and market acceptance compared to natural diamonds. Any shift in preferences or cultural attitudes may adversely affect our business, results of operations, and financial condition.
Our business is subject to seasonal fluctuations in demand for Lab-Grown Diamonds, which may adversely affect our business, results of operations, financial condition, and cash flows
Our credit ratings may fluctuate or be downgraded, and certain past ratings have been withdrawn or assigned under "Issuer Not Cooperating" status. Any negative rating change, withdrawal or adverse commentary could adversely affect our ability to raise funds and may have an adverse effect on our reputation, business, financial condition and results of operations.
The Offer Price, market capitalization to revenue multiple, enterprise-value-to-EBITDA ratio and price-to-earnings ratio based on the Offer Price of our Company, may not be indicative of the market price of our Company on listing or thereafter.
We do not have any exact comparable listed peers in India or globally, which may affect the comparability of our valuation for investors.
