Priority Jewels Limited

Priority Jewels Limited, established in 2007, possesses over 16 years of experience in the jewelry designing, manufacturing, and B2B distribution sector. The company's core value proposition is centered on the high-volume design and manufacture of lightweight, aspirational, yet highly affordable gold and platinum diamond-studded fine jewelry . Operating on a pure-play B2B business model, the company sells directly to independent jewellers and national organized retail jewelry chains, helping them streamline procurement of ready-to-sell items. Its long-standing domestic clients include major retail brands such as CaratLane Trading Private Limited, Kalyan Jewellers India Limited, Reliance Retail Limited, Tribhovandas Bhimji Zaveri Limited (TBZ), and Senco Gold Limited.

The company's target consumer demographics are urban and semi-urban populations driven by design and fashion value over heavy metal weight, looking for daily wear options. Its product portfolio primarily comprises daily wear jewelry, including rings, earrings, pendants, neckwear, and bracelets, alongside premium occasion-specific couture jewelry and lab-grown diamond studded jewelry. Geographically, Priority Jewels has built a well-diversified presence spanning 20 states and union territories in India . It also maintains a robust global export division that serves key international markets, including the United States of America, the United Arab Emirates, Hong Kong, Belgium, Australia, and Norway.

Priority Jewels operates two modern, integrated jewelry manufacturing facilities in Mumbai, Maharashtra . The domestic-focused MIDC facility in Andheri East spans 19,008.79 square feet and incorporates advanced casting, CAD/CAM, and 3D printing technology for direct casting wax patterns. To support growing overseas demand, the company established a second, export-only unit in 2012 inside the SEEPZ Special Economic Zone spanning 6,821.84 square feet. Across both units, the company possesses an aggregate installed manufacturing capacity of 700 kilograms per annum. The actual production and capacity utilization certified by Shwetendu Sharad Dhanuka, an independent chartered engineer, are as follows :

Financial Year 2024: 580 kilograms actual production, representing 83% capacity utilization.
Financial Year 2025: 567 kilograms actual production, representing 81% capacity utilization.
Financial Year 2026: 458 kilograms actual production, representing 65% capacity utilization.
Three Months Ended June 30, 2026: 102 kilograms actual production, representing 58% capacity utilization on an annualized basis.

The company's primary operational moat is its in-house design and research division, consisting of 39 skilled creative professionals as of June 30, 2026. This design team closely tracks contemporary consumer preferences and global style trends across digital platforms like Pinterest and Instagram to continuously refresh their product catalog. This active design lifecycle yielded 5,231 new designs in FY24, 6,401 in FY25, 8,356 in FY26, and 4,168 in the Q1 FY27 three-month stub period. Furthermore, the company has integrated lab-grown diamond (LGD) manufacturing into its current setup without requiring extra overheads or specialized tools, processing and selling 699 LGD-studded items in Q1 FY27 to address growing sustainable jewelry demand.

As per financial performance, Priority Jewels Limited has posted total income / net profits of Rs 410.61 Cr / Rs 7.15 Cr (FY24), Rs 435.87 Cr / Rs 10.51 Cr (FY25) and Rs 539.03 Cr / Rs 17.65 Cr (FY26). So as per previous financials data, the company has shown consistent top-line and bottom-line growth with a net profit CAGR of 57.12%, while maintaining stable leverage as total debt stood at Rs 121.65 Cr in FY26 compared to Rs 110.18 Cr in FY24. Company has an average EPS of Rs 10.74 and average RoNW of 10.96% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 1.94 as per NAV of Rs 103.30 as on 31.03.26 . Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.52. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 50.36, 34.25, and 20.40 respectively. As per RHP, a comparison between listed peers shows that the company is priced at a reasonable valuation of 20.40x post-issue P/E, representing a minor discount to its larger peer Khazanchi Jewellers Limited (22.24x) but a premium to RBZ Jewellers Limited (10.08x) and Ashapuri Gold Ornament Limited (7.02x).

On BRLM's front, Mefcom Capital Markets Limited is associated with this IPO, and the sole Book Running Lead Manager, Mefcom Capital Markets Limited, has handled 1 IPO in the last three fiscal years. (As On 24.08.26)

• 1 Mr. Shailesh Sangani
• 2 Mrs. Manisha Shailesh Sangani
• 3 Mr. Tushar Mehta
• 4 Mrs. Aditi Karan Motla
• 5 Mrs. Aashna Sangani Parikh
• 6 Priority Retail Ventures Private Limited