ADVIT JEWELS LIMITED
	(To be Listed on the Main board of BSE and NSE)

Our Company was incorporated in Jaipur Rajasthan as "Advit Jewels Private Limited" a private limited company under the Companies Act, 2013, pursuant to a certificate of incorporation dated October 29, 2019 issued by Registrar of Companies, Central Registration Centre, Manesar. Thereafter, our Company was converted from a private limited company to a public limited company under the provisions of the Companies Act, 2013, pursuant to a resolution passed in the extraordinary general meeting of our Shareholders held on April 16, 2025. Accordingly, upon conversion the name of our Company was changed to "Advit Jewels Limited" by deletion of the word "Private". A fresh certificate of incorporation consequent upon conversion of our Company from private limited company to public limited company dated April 30, 2025, was issued by the Registrar of Companies, Central Processing Centre bearing Corporate Identification Number "U36910RJ2019PLC066804". For details of incorporation, change of name and registered office of our company, please refer to chapter titled "History and Certain Corporate Matters" beginning on page 233 of the Red Herring Prospectus dated June 09, 2026 ("RHP").

1. Raw Material Price Volatility:

The cost of raw materials, comprising gold, diamond polki and precious & semi-precious stones, constituted 99.85%, 99.66%, 99.95% and 99.76% of total cost of materials consumed for the period ended December 31, 2025 and for Fiscal Years 2025, 2024 and 2023 respectively. We source gold from nominated banks and authorised vendors and do not enter into long-term supply agreements, exposing us to volatility in prices. Over the past three fiscals and stub period, gold prices have increased significantly, rising from Rs. 5,230.00 per gram in Fiscal 2023 to Rs. 6,101.00 per gram in Fiscal 2024 and further to Rs. 7,364.00 per gram in Fiscal 2025 and Rs. 11,829 per gram for the period ended December 31, 2025. Any significant increase in the cost of gold, diamond polki, or other precious stones, or their non-availability, could adversely affect our business, results of operations, financial condition and prospects.

2. High Inventory Holding Risk:

Our inventory holding increased significantly from Rs. 1,041.67 Lakhs in Fiscal 2023 to Rs. 10,723.91 Lakhs in Fiscal 2025. Inventory constituted 36.38%, 68.99%, 85.07% and 68.68% of our total current assets as of March 31, 2023, 2024 and 2025 and December 31, 2025, respectively, while inventory holding days were 91, 158, 199 and 154 days for the corresponding periods. The high inventory exposes us to risks of demand forecasting errors, valuation write-downs, carrying costs, supply chain disruptions and obsolescence, which may materially and adversely affect our working capital requirements, liquidity, profitability and overall financial condition.

(Rs. in Lakhs)

*Inventory days calculated as average inventories divided by cost of materials multiplied by 365 days for the full year.

3. Geographical Concentration Risk:

Our entire manufacturing operations are based in Jaipur City, and 18.18%, 73.09%, 77.32% and 80.56% of our total raw material purchases for the period ended December 31, 2025, and for Fiscal Years 2025, 2024 and 2023 respectively are sourced from suppliers based in Jaipur City. Additionally, 35.55%, 27.29%, 19.44% and 42.00% of our total revenue is also derived from Jaipur City. We do not have any alternative or backup manufacturing facility. Any disruption to our Jaipur operations due to natural disasters, civil unrest, regulatory actions or supply chain disruptions could materially affect our production, revenue, profitability and financial condition.

4. Supplier Concentration Risk:

We rely on a limited number of suppliers and procure 88.27%, 76.55%, 73.15% and 82.93% of our raw materials for the period ended December 31, 2025, and for the Fiscal Years ended March 31, 2025, 2024 and 2023 respectively from our Top 5 suppliers, and 93.55%, 86.96%, 79.98% and 88.36% from our Top 10 suppliers. We do not enter into any long-term supply agreements with our suppliers and procure through purchase orders only. Any failure to maintain good business relations or disruption in supply from these key suppliers may adversely affect our results of operations and financial condition.

The contribution to the raw material purchase of our Company by our top ten and top five supplier is as set out below:

(Rs. in Lakhs)

Pursuant to the certificate dated May 05, 2026, received from our Statutory and Peer Review auditor, Keyur Shah & Associates, Chartered Accountants.

5. Customer Concentration Risk:

We derive 56.49%, 54.17%, 43.06% and 75.47% of our revenue from our top 10 customers for the period ended December 31, 2025, and for Fiscal Years 2025, 2024 and 2023 respectively. Our top customer alone contributed 13.04%, 9.85%, 10.92% and 38.48% of revenue for the respective periods. We generally do not enter into long-term contracts with customers, and arrangements are primarily based on purchase orders. Any loss of, or reduction in orders from, key customers could materially and adversely affect our business, financial condition and results of operations.

The contribution to the revenue from operations of our Company by our top ten, top five and the largest customers is as set out below:

Pursuant to the certificate dated May 05, 2026, received from our Statutory and Peer Review auditor, Keyur Shah & Associates, Chartered Accountants.

6. High Working Capital Risk:

Our business operations are highly working capital intensive. Our working capital requirements have been funded through a combination of internal accruals and external borrowings. 41.91%, 54.59%, 41.30% and 27.55% of the working capital gap was funded through borrowings for the period ended December 31, 2025 and for Fiscal Years ended March 31, 2025, 2024 and 2023 respectively. The working capital gap grew from Rs. 2,119.36 Lakhs in Fiscal 2023 to Rs. 12,906.52 Lakhs as on December 31, 2025. Any inability to access adequate working capital financing on commercially reasonable terms may adversely affect our business, financial condition and results of operations.

7. Negative Cash Flows:

We have experienced negative cash flows from operating activities and investing activities in the past. The negative cash flow from operating activities in past three fiscal years is primarily due to the working capital-intensive nature of our business, where cash flow is significantly impacted by significant increase in working capital deployed in the business. Sustained negative operating cash flows could materially impact our ability to operate and implement growth plans, and there is no assurance that we will generate positive operating cash flows in future periods. The negative cash flows from operating activities and investing activities which are set forth below as per the Restated Financial Statements:

8. High Employee Attrition Rate:

Our Company has witnessed elevated employee attrition rates over the past three fiscal years. Our weighted average attrition rate for the last three FY's is 38.95%, which is significantly higher than industry average. Our Company operates with a small workforce (average 45 in FY25, 19 in FY24, and 15 in FY23), making high attrition particularly impactful. In the jewellery manufacturing industry, skilled artisans (Karigars) are a key competitive factor, and inability to recruit, train and retain them could adversely impact our operations, reputation and results of operations. The following table sets forth the attrition details:

Pursuant to certificate dated May 09, 2026, received from Statutory and Peer Review Auditor, M/S Keyur Shah & Associates, Chartered Accountants.

9. Seasonality Risk:

India's gold jewellery demand follows a well-defined seasonal cycle closely linked to weddings and festivals. Our financial performance in certain quarters disproportionately impacts our overall results. Any adverse developments during peak seasons such as weakened consumer sentiment, supply chain disruptions, regulatory changes, or inflationary pressures may result in revenue shortfalls that cannot be offset in off-peak quarters, adversely impacting our business, inventory management, cash flows and financial condition.

10. B2B Sales Concentration:

Our revenue is significantly concentrated in B2B sales, contributing 82.41%, 78.40%, 63.10% and 87.30% of total revenue for the period ended December 31, 2025 and Fiscal Years ended March 31, 2025, 2024 and 2023 respectively. We have a strong presence in the Business-to-Business ("B2B") segment, supported by our well-established network of dealers, wholesalers and retailers, which has facilitated market expansion and enhanced brand visibility and therefore a substantial portion of our revenue is derived from B2B sales. Any reduction in demand from key B2B customers, loss of major clients or adverse developments in the wholesale jewellery market could have a material adverse effect on our business, financial condition and results of operations.

11. Trademark and Intellectual Property Risk:

Our Company has acquired a trademark for brand name 'Rambhajo' (Certificate No. 9680460), for which the Form TM-P to record the assignment is yet to be approved by the Trademarks Registry. Our application for registration of the brand name 'Advit' (Application No. 6878704) is also currently pending and there can be no assurance that it will be successfully registered. Any failure to protect our brand, business processes, or proprietary information could adversely affect our competitive position, business, financial condition and results of operations.

12. Environmental Compliance Risk:

We obtained Consent to Establish (CTE) and Consent to Operate (CTO) under applicable environmental laws with a delay of approximately 5 years. Further, we were operating at a higher production capacity than permitted under the original approvals and the revised approvals for increased capacity were received on November 14, 2025 and November 17, 2025. While no regulatory actions have been initiated as of date, any future non-compliance with environmental laws or failure to renew applicable approvals in a timely manner may result in penalties, operational restrictions or closure of manufacturing units, which could adversely affect our operations and financial condition.

13. Litigation and Legal Proceedings Risk:

Our Promoters and Directors are involved in certain legal proceedings. Two criminal proceedings are pending against our Promoters and one criminal proceeding is pending against our Independent Director. Material civil litigations involving our Promoters include a civil suit seeking permanent injunction over plots valued at approximately Rs. 340.00 Lakhs. The aggregate amount involved in proceedings against our Promoters and Directors is approximately Rs. 340.04 Lakhs. While no liability arises directly on the Company from Promoter/Director proceedings, any adverse outcome could affect our reputation and management attention, which may have an adverse effect on our business and results of operations.

14. Revenue Growth Sustainability Risk:

Our revenue from operations has grown at a CAGR of 38.92% from FY 2023 to FY 2025, increasing from Rs. 4,660.41 Lakhs in FY 2023 to Rs. 12,493.73 Lakhs in FY 2025. This growth has been partly driven by continuous increases in gold prices and expansion of our customer base. There is no assurance that this growth rate is sustainable. Adverse developments including a fall in gold prices, shift in consumer preferences, inability to attract new customers, increased competition, or failure to retain skilled artisans could materially impact our future revenue and financial performance.

15. Manufacturing Capacity Underutilisation Risk:

Our manufacturing facility has not been fully utilised historically, given the handcrafted and design-specific nature of our Kundan Polki jewellery. Capacity utilisation stood at 21.58%, 45.86%, 43.02% and 22.16% for the period ended December 31, 2025 and for Fiscal Years ended on March 31, 2025, 2024 and 2023 respectively, against an installed annual capacity of 400 kg. Since our products are 100% handcrafted and require specialized Karigars, scaling production is constrained by skilled labour availability rather than physical infrastructure alone. Any prolonged underutilisation of our manufacturing capacity could result in higher fixed costs per unit, reduced profitability and operational inefficiencies, which may adversely affect our financial condition and results of operations.

16. Product Concentration Risk

We derived 94.90%, 88.08%, 83.57% and 89.99% of our total revenue from our top 5 products namely Necklace Sets, Chick Sets, Bracelets & Bangles, Earring Sets and Pendant Sets for the period ended December 31, 2025, and for Fiscal Years ended on March 31, 2025, 2024 and 2023 respectively. Any adverse change in consumer demand, shifting fashion trends, pricing pressure or competitive dynamics relating to these key product categories could materially impact our business, financial condition and results of operations.

17. Pre-IPO pricing risk:

The bidders in the IPO face the risk of applying in the IPO at a price of Rs. 138/- which is higher than Rs. 125/- at which the shares were allotted in the Pre-IPO.

18. The Price to Earnings ratio based on diluted EPS for financial year ended 2025 for the Company at the upper end of the Price Band is as high as 17.42 times as compared to the average industry peer group PE ratio of 11.98 times.

19. The average cost of acquisition of Equity Shares by Promoters is Rs. NIL and the Issue Price at upper end of the Price Band is Rs. 138/- per Equity Share.

20. Weighted Average Return on Net Worth for Fiscals 2025, 2024 and 2023 is 46.34%.

21. The Merchant Banker associated with the Issue have handled six public issues in past three years out of which NIL issues closed below the issue price on listing date.

22. Weighted average cost of acquisition of all shares transacted in the three years and one year from the date of the Red Herring Prospectus:

Note: Pursuant to the certificate dated June 08, 2026, received from our statutory and peer review auditor, Keyur Shah & Associates, Chartered Accountants.

The Issue is being made through the Book Building Process, in terms of Rule 19(2)(b)(i) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR") read with Regulation 31 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (SEBI ICDR Regulations) and in compliance with Regulation 6(1) of the SEBI ICDR Regulations wherein not more than 50% of the Net Issue shall be available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIBs" and such portion, the "QIB Portion"), provided that our Company in consultation with the BRLM, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis ("Anchor Investor Portion"), out of which Up to 40% of the Anchor Investor Portion shall be reserved in the following manner (i) 33.33% of the Anchor Investor Portion shall be reserved for domestic Mutual Funds; and (ii) 6.67% of the Anchor Investor Portion shall be reserved for Life Insurance Companies and Pension Funds, subject to valid Bids being received from domestic Mutual Funds, Life Insurance Companies and Pension Funds, as applicable, at or above the Anchor Investor Allocation Price ("Anchor Investor Allocation Price"), in accordance with the SEBI ICDR Regulations. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (excluding the Anchor Investor Portion) ("Net QIB Portion"). Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received from them at or above the Issue Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to QIBs. Further, not less than 15% of the Net Issue shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Net Issue shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Issue Price. The Equity Shares available for allocation to Non-Institutional Bidders under the Non-Institutional Portion, shall be subject to the following: (i) one-third of the portion available to Non-Institutional Bidders shall be reserved for applicants with an application size of more than Rs. 2.00 Lakhs and up to Rs. 10.00 Lakhs, and (ii) two-third of the portion available to Non-Institutional Bidders shall be reserved for applicants with an application size of more than Rs. 10.00 Lakhs, provided that the unsubscribed portion in either of the aforementioned sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders. All potential Bidders (except Anchor Investors) are mandatorily required to utilise the Application Supported by Blocked Amount ("ASBA") process by providing details of their respective ASBA accounts and UPI ID in case of UPI Bidders using the UPI Mechanism, as applicable, pursuant to which their corresponding Bid Amount will be blocked by the Self Certified Syndicate Banks ("SCSBs") or by the Sponsor Banks under the UPI Mechanism, as the case may be, to the extent of the respective Bid Amounts. Anchor Investors are not permitted to participate in the Issue through the ASBA Process. For details, see "Issue Procedure" beginning on page 396 of the RHP.

The bidding for Anchor Investor opened and closed on Monday, June 22, 2026. The Company received 6 applications from 4 (including 1 domestic Mutual Fund through 3 Mutual Fund schemes) Anchor Investors for 35,90,700 Equity Shares. The Anchor Investor Issue Price was finalized at Rs.138 per Equity Share. A total of 35,88,700 Equity Shares were allocated under the Anchor Investor Portion aggregating to Rs. 49,52,40,40,600/-.

The Issue has received 3263681 applications for 1793796300 Equity shares (Before Technical Rejections, Multiple Rejections, bids not banked and invalid duplicate / Multiple bids) excluding Anchor Investor Application. The Issue was subscribed to the extent of 223.15 times (excluding anchor investor portion) as per the application data (Before Technical Rejections, Multiple Rejections, bids not banked and after removing invalid duplicate / Multiple bids). After considering the technical rejections cases, the issue was subscribed 210.29 times (excluding Anchor investor portion). The details of the applications received in the Issue from Retail Individual Bidders, Non-Institutional Bidders and QIBs are as under (before technical rejections):

*This includes 20,304 applications for 20,30,400 Equity Shares from Retail Individual Investor which were not in book but excludes bids (UPI Mandates & SCSBs cancelled) not accepted by investor.

Final Demand

A summary of the final demand as per NSE and BSE as on the Bid/Issue Closing Date at different Bid prices is as under:

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being BSE on June 29, 2026.

A. Allotment to Retail Individual Bidders (After Technical Rejections) (including ASBA Applications)

The Basis of Allotment to the Retail Individual Bidders, who have bid at cut-off or at the Issue Price of Rs.138 per Equity, was finalized in consultation with BSE. This category has been subscribed to the extent of 92.98 times. The total number of Equity Shares Allotted in Retail Individual Bidders category is 4190000 Equity Shares to 41900 successful applicants. The category-wise details of the Basis of Allotment are as under:

B. Allotment to Non-Institutional Bidders (more than Rs. 0.2 million and upto Rs. 1 million) (After Technical Rejections) (including ASBA Applications)

The Basis of Allotment to the Non-Institutional Bidders (more than Rs. 0.2 million and upto Rs. 1 million), who have bid at the Issue Price of Rs.138 per Equity Share or above, was finalized in consultation with BSE. This category has been subscribed to the extent of 496.40 times. The total number of Equity Shares allotted in this category is 598100 Equity Shares to 399 successful applicants. The category-wise details of the Basis of Allotment are as under:

C. Allotment to Non-Institutional Bidders (more than Rs. 1 million) (After Technical Rejections) (including ASBA Applications)

The Basis of Allotment to the Non-Institutional Bidders (more than Rs. 1 million), who have bid at the Issue Price of Rs.138 per Equity Share or above, was finalized in consultation with BSE. This category has been subscribed to the extent of 551.38 times. The total number of Equity Shares allotted in this category is 1195700 Equity Shares to 798 successful applicants. The category-wise details of the Basis of Allotment are as under: (Sample)

D. Allotment to QIBs (After Technical Rejections)

Allotment to QIBs, who have bid at the Issue Price of Rs.138 per Equity Share or above, has been done on a proportionate basis in consultation with NSE. This category has been subscribed to the extent of 173.34 times of Net QIB portion. As per the SEBI Regulations, Mutual Funds were allotted 5% of the Equity Shares of Net QIB portion available i.e. 119600 Equity Shares and other QIBs and unsatisfied demand of Mutual Funds were allotted the remaining available Equity Shares i.e. 2273000 Equity Shares on a proportionate basis. The total number of Equity Shares allotted in the QIB category is 2392600 Equity Shares, which were allotted to 130 successful Applicants.

E. Allotment to Anchor Investors (After Technical Rejections)

The Company, in consultation with the BRLMs, have allocated 3588700 Equity Shares to 6 Anchor Investors (through 6 Anchor Investor Application Forms) (including 1 domestic Mutual Funds through 3 schemes) at an Anchor Issue Price of Rs.138 per Equity Share in accordance with SEBI ICDR Regulations. This represents 60% of the QIB portion.

The Board of Directors of our Company at its meeting held on June 29, 2026 has taken on record the basis of allotment of Equity Shares approved by the Designated Stock Exchange, being BSE and has allotted the Equity Shares to various successful applicants. The Allotment Advice Cum Refund Intimation and/or notices have been dispatched to the address of the investors as registered with the depositories. Further, instructions to the SCSBs have been issued for unblocking of funds and transfer to the Public Issue Account on June 29, 2026 and the payments to non-syndicate brokers have been issued on June 30, 2026. In case the same is not received within ten days, investors may contact the Registrar to the Issue at the address given below. The Equity Shares allotted to the successful allottees have been uploaded on June 30, 2026 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed the Listing application with BSE and NSE on June 30, 2026. The Company has received the listing and trading approval from BSE & NSE, and trading will commence on July 01, 2026.

Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus.

INVESTORS PLEASE NOTE

These details of the Allotment made was hosted on the website of Registrar to the Issue, BIGSHARE SERVICES PRIVATE LIMITED.

All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First/ Sole applicant, Serial number of the Bid cum Application form number, Bidders DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares bid for, name of the Member of the Syndicate, place where the bid was submitted and payment details at the address given below:

BIGSHARE SERVICES PRIVATE LIMITED

Office No. S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Center, Mahakali Caves Road, Andheri (East), Mumbai - 400093

Website: www.bigshareonline.com; Tel: +91 22-6263 8200; Investor Grievance ID: investor@bigshareonline.com; Email: ipo@bigshareonline.com;

Contact Person: Mr. Babu Rapheal C; SEBI Registration Number: INR000001385

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF BIGSHARE SERVICES PRIVATE LIMITED.

ADVIT JEWELS LIMITED is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed a RHP dated June 09, 2026 with the RoC. The RHP is made available on the website of the SEBI at www.sebi.gov.in as well as on the website of the BRLM i.e., HOLANI CONSULTANTS PRIVATE LIMITED at www.holaniconsultants.co.in, the website of the NSE at www.nseindia.com and the website of the BSE at www.bseindia.com and the website of the Company at www.rambhajo.com. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risks, please see the section "Risk Factors" beginning on page 25 of the RHP. Potential investors should not rely on the DRHP for making any investment decision and must rely on RHP filed by the Company with the RoC, SEBI and Stock Exchanges and their own examination of our Company and the Issue.

The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold outside the United States in "offshore transactions" in reliance on Regulation S the U.S. Securities Act and the applicable laws of the jurisdiction where such offers and sales occur.