Priority Jewels IPO

Priority Jewels Limited is engaged in designing, manufacturing and selling lightweight, affordable diamond-studded gold and platinum fine jewellery. Its product range includes daily-wear jewellery such as rings, earrings, pendants, neckwear and bracelets, along with occasion couture jewellery and other specialised products.

The company was incorporated in Mumbai as Priority Jewels Private Limited on 12 October 2007 and was converted into a public limited company in February 2025. It operates primarily as a B2B jewellery manufacturer and supplies independent jewellers and jewellery chains in India and select international markets.

Priority Jewels operates two integrated manufacturing facilities in Mumbai, located in MIDC and SEEPZ, with a combined area of approximately 19,008.79 square feet. The facilities have an annual manufacturing capacity of around 700 kg of jewellery.

The company supplies jewellery to a wide customer base that includes independent retailers and major jewellery chains. Its customers include CaratLane Trading Private Limited, Kalyan Jewellers India Limited, Reliance Retail Limited, Malabar Gold & Diamonds, Tribhovandas Bhimji Zaveri Limited and Senco Gold Limited.

As of 30 June 2026, Priority Jewels had served more than 200 customers, including over 125 independent jewellers and 53 jewellery chains. The company has a presence across 21 states and 3 Union Territories and exports its products to 13 countries, including the United States, UAE, Hong Kong and Norway.

The company has also expanded its product and technology capabilities, including lab-grown diamond jewellery and technology-assisted design and manufacturing processes. Its in-house design team consisted of 39 professionals as of 30 June 2026, with the number of designs increasing from 5,231 in FY2024 to 8,356 in FY2026.

Priority Jewels has shown consistent improvement in its financial performance over the reported periods. Total income increased from ₹410.61 crore in FY2024 to ₹435.87 crore in FY2025 and ₹539.03 crore in FY2026. PAT increased from ₹7.15 crore in FY2024 to ₹10.51 crore in FY2025 and ₹17.65 crore in FY2026.

The company's business model is focused on B2B manufacturing and supply of lightweight diamond-studded gold and platinum jewellery. Its customer base includes both independent retailers and large organised jewellery chains, giving it exposure to different segments of the jewellery market.

Priority Jewels has also maintained an export presence, with products being supplied to 13 countries. Domestic and export sales were ₹274.15 crore and ₹264.80 crore respectively in FY2026, providing a relatively diversified geographical revenue base.

Profitability has improved over the reported financial periods. EBITDA increased from ₹19.35 crore in FY2024 to ₹24.28 crore in FY2025 and ₹33.62 crore in FY2026. EBITDA margin improved from 4.71% in FY2024 to 6.24% in FY2026, while PAT margin increased from 1.74% to 3.27%.

At the upper IPO price of ₹200, the pre-issue P/E is approximately 15.21x based on the reported pre-IPO EPS of ₹13.15, while the post-issue P/E is approximately 13.90x based on post-issue EPS of ₹14.39. The RHP-based FY2026 diluted EPS is ₹14.03 and NAV as of 31 March 2026 is ₹103.30.

The company intends to use ₹75 crore of the IPO proceeds towards repayment or pre-payment of borrowings. This could help reduce its debt burden, with debt-to-equity standing at 0.74 as of 31 March 2026 compared with 1.39 in FY2025.

Investors should nevertheless consider the company's relatively modest profit margins, working-capital requirements, raw-material price exposure, supplier concentration, export exposure and dependence on its two manufacturing facilities before making an investment decision.

As of 28 August 2026, Priority Jewels IPO was subscribed 1.93x overall, while the grey-market premium was reported at ₹45. GMP is unofficial and can change before listing, so it should not be considered a guaranteed listing-price indicator.

Priority Jewels IPO applications can be made through the ASBA process and UPI-supported IPO applications. The minimum application consists of one lot of 75 shares, requiring ₹15,000 at the upper price band of ₹200.

Through UPI

1. Log in to your stockbroker app or website.
2. Go to the IPO section.
3. Select Priority Jewels IPO.
4. Enter the number of lots you want to apply for.
5. Select the bid price. Retail investors can generally choose Cut-off when available.
6. Enter your valid UPI ID.
7. Submit the IPO application.
8. Open your UPI app when the mandate request arrives.
9. Approve the mandate using your UPI PIN.
10. The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.