Integrated and scalable business model.
Expanding customer base and market reach.
Design-Led manufacturing with strong product portfolio and supported by in-house karigars.
Presence in a high-growth lab-grown diamond jewellery segment.
Strong Financial Performance with Improving Margins.
The company's revenue from operations is significantly concentrated among a limited number of B2B customers.
During the six-month period ended September 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023,
our top 10 customers contributed 61.08%, 76.68%, 84.24% and 97.17% of its revenue from
operations, respectively. Any reduction in business from such customers or inability to diversify the company's
customer base may materially and adversely affect the company's business, financial condition, results of
operations, cash flows and prospects.
A substantial portion of the company's revenue from operations is derived from a limited number of states in
India, particularly Gujarat, Karnataka, Telangana, Tamil Nadu and Maharashtra, which together
contributed Rs.728.39 million, Rs.897.85 million, Rs.506.63 million and Rs.115.46 million, aggregating to
82.27%, 92.72%, 94.44% and 98.96% of its revenue from operations during the six-month period
ended September 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Any adverse
developments in these regions could materially and adversely affect the company's business, financial condition,
results of operations, cash flows and prospects.
The company's business is dependent on the availability and price of lab-grown diamonds and gold bullion, which
together constituted 88.82%, 88.38%, 95.14% and 99.26% of its total raw material purchases during
the six-month period ended September 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023,
respectively. Any volatility in the prices or disruption in the supply of such materials could materially
and adversely affect its business, results of operations, financial condition and cash flows.
The company's purchases are significantly concentrated among a limited number of suppliers, with its top 10
suppliers contributing 90.66%, 94.31%, 87.05% and 82.19% of our total purchases during the sixmonth
period ended September 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively.
Any disruption in supply or adverse changes in terms from such suppliers could materially and
adversely affect its business, results of operations, financial condition and cash flows.
The company's manufacturing operations are concentrated at a single facility in Surat, Gujarat, and any
disruption in operations, failures of machinery, or inability to maintain quality standards could
materially and adversely affect its business, financial condition, results of operations and prospects.
The company's business is working capital intensive, and the company's working capital requirements have increased from
Rs.12.42 million in Fiscal 2023 to Rs.461.77 million as of September 30, 2025. The company intend to utilise a
portion of the Net Proceeds towards funding our working capital requirements. Any inability to fund
or efficiently manage its working capital could materially and adversely affect its business, financial
condition, results of operations and cash flows.
The company is exposed to counterparty credit risk due to the extension of credit to the company's customers, and the company's
trade receivables have increased from Rs.40.64 million in Fiscal 2024 to Rs.263.73 million as of September
30, 2025, with receivable days increasing to 36 days. Any delay in, or non-receipt of, payments could
materially and adversely affect its cash flows, working capital position and results of operations.
Demand for lab-grown diamond studded gold jewellery is discretionary in nature, and any sustained
decline in discretionary consumer spending, adverse macroeconomic conditions or shifts in consumer
preferences could materially and adversely affect its business, results of operations, cash flows and
financial condition.
The company's business is subject to seasonal fluctuations, and lower-than-expected sales during peak periods
may have a disproportionate effect on its results of operations, cash flows and financial condition.
preferences, including acceptance of the company's designs. Any decline in such demand, failures to anticipate
design trends or inability to achieve market acceptance for its designs could materially and adversely
affect the company's business, results of operations, cash flows and financial condition.
