Omara Ventures India IPO (30 Sep-05 Oct) Analysis

SME IPO Analysis  |  BSE SME Platform  |  100% Book Built Issue (Fresh Issue Only)  |  Regulation 229(1) and 253(1)

Based on Red Herring Prospectus dated September 22, 2026  |  Retail Diamond and Gold Jewellery under the Omara Brand  |  Chandigarh

STATUS: RHP FILED  |  Fresh Issue Only, No OFS  |  Regulation 229(1) and 253(1)  |  BSE SME Platform  |  Price Band: [TBD]  |  Bidding Dates: [TBD]  |  All Figures in Rs. Lakhs

Omara Ventures India Limited was incorporated as Omara Ventures India Private Limited on October 16, 2020, in Haryana, shifted its registered office to Chandigarh in December 2025, and converted to a public company in February 2026. The registered office is at SCO 162 and 163, Sector 9C, Madhya Marg, Sector 9, Chandigarh 160009. The website is www.omara.in. The promoters are Samarth Jaiswal and Ishani Mehta Jaiswal. Payal Agrawal is Company Secretary and Compliance Officer.

The company is a retail jewellery business selling diamond, gold and silver jewellery under its own brand, Omara, primarily through a single retail boutique in Chandigarh. The product range covers necklaces, earrings, rings, bracelets and other jewellery for weddings, festive occasions, gifting and daily wear, conceptualised and designed in house while manufacturing is carried out through a product development and supply arrangement with an external partner.

Products carry BIS hallmarking for precious metals and diamond grading from recognised gemological laboratories including the Gemological Institute of America where applicable. The business is entirely business to consumer, sold through the retail boutique, and remains heavily concentrated in Chandigarh, 82.92% of FY2026 revenue, and in the Solitaire and Diamond Jewellery segment, 66.96% of FY2026 revenue, though Gold Jewellery's share grew to 31.80% that year. The financial year ends March 31.

Key Basics

This is an SME book built issue on the BSE SME platform, made under Regulation 229(1) and 253(1) of the SEBI ICDR Regulations, because post Issue paid up capital is less than Rs.1,000.00 Lakhs. The RHP is dated September 22, 2026. The Price Band, lot size and Bid dates remain undetermined at this stage.

Field	Value
Document Type	Red Herring Prospectus dated September 22, 2026. Price Band, lot size and Bid dates are [TBD].
Platform	BSE SME. Designated Stock Exchange: BSE.
Issue Structure	Fresh Issue only, up to 13,50,000 Equity Shares. No Offer for Sale.
Face Value	Rs.10 per Equity Share
BRLM	Not identified in the extracted document
Registrar	Not identified in the extracted document
Bid Dates	[TBD]

What distinguishes this issue is the scale of the working capital strain behind the growth story: revenue nearly doubled in FY2026 and PAT jumped more than three fold, yet inventory holding periods stretched to 347 days and operating cash flow has been negative and worsening in all three years shown. This is a Fresh Issue only, with no promoter or investor exit.

How Will the IPO Money Be Used?

This is a Fresh Issue only, with no Offer for Sale.

Object	Amount (Rs. Lakhs)	Details
Capital expenditure: renovation and expansion of the jewellery boutique	200.00
Marketing and promotional expenses for the Omara brand	200.00
Repayment or prepayment of borrowings	1,800.00
Long term working capital requirements	1,000.00
General corporate purposes	[TBD]	Capped at 15% of Gross Proceeds or Rs.1,000.00 Lakhs, whichever is lower.
Total Net Proceeds	[TBD]	To be finalised once the Issue Price is set.

The four quantified objects total Rs.3,200.00 Lakhs, with debt repayment the largest single item, ahead of working capital. Together, debt repayment and working capital make up Rs.2,800.00 Lakhs of the Rs.3,200.00 Lakhs total, reflecting a business whose growth has consumed cash faster than it has generated it. None of the objects has been appraised by a bank or financial institution.

Financial Performance

Revenue, EBITDA, and Profitability

Rs. Lakhs	FY2026	FY2025	FY2024
Revenue from Operations	4,587.35	2,352.47	2,319.36
Profit Before Tax	1,274.08	367.30	42.13
Profit After Tax	936.53	273.16	31.11
PAT Margin	20.42%	11.61%	1.34%
EPS, Basic and Diluted (Rs.)	31.11	9.08	1.03

Revenue grew 95.03% in FY2026 to Rs.4,587.35 Lakhs, after essentially flat growth of 1.43% the year before, and PAT rose to Rs.936.53 Lakhs from Rs.273.16 Lakhs, itself up nearly nine fold from Rs.31.11 Lakhs in FY2024.

PAT margin expanded sharply across all three years, from 1.34% to 20.42%. Segment mix shifted within the year: Solitaire and Diamond Jewellery fell from 89.82% of FY2025 revenue to 66.96% in FY2026 as Gold Jewellery's contribution rose from 10.18% to 31.80%, alongside the launch of a small Silver Coins line.

Supplier concentration remains high: the top 2 suppliers were 64.57% of FY2026 purchases, and the single largest customer accounted for 16.33% of FY2026 revenue, up sharply from 3.79% the year before.

Balance Sheet and Cash Flow

Rs. Lakhs	FY2026	FY2025	FY2024
Total Assets	4,724.66	2,945.94	2,644.04
Total Equity	1,252.39	315.85	42.69
Total Borrowings	2,242.87	1,395.26	1,124.64
Inventories	4,358.15	2,459.56	2,349.27
Inventory Holding Days	347	382	370
Net Cash from Operating Activities	(670.34)	(83.62)	(9.81)

Operating cash flow has been negative in all three years shown and grew sharply more negative, from Rs.9.81 Lakhs used in FY2024 to Rs.670.34 Lakhs used in FY2026, entirely driven by inventory, which grew from Rs.2,349.27 Lakhs to Rs.4,358.15 Lakhs over the same period.

Inventory holding periods remain extremely long across all three years, 347 to 382 days, meaning stock sits for nearly a year on average before sale. Growth has been funded largely by short term borrowings, which rose from Rs.942.81 Lakhs in FY2024 to Rs.1,849.07 Lakhs in FY2026, alongside a large equity infusion that lifted total equity from Rs.42.69 Lakhs to Rs.1,252.39 Lakhs.

How Does It Compare to Peers?

The peer comparison section of this RHP was not located in the extracted document text. Investors should refer to the final Prospectus for the RHP's own listed peer comparison before applying.

Metric	Omara Ventures India	Listed Peers
EPS (Rs.)	31.11	[Not extracted]
P/E (x)	[TBD]	Not applicable
NAV per Share (Rs.)	[Not extracted]	Not applicable
RoNW (%)	74.80%	Not applicable

Pending confirmation of the RHP's own peer table, investors should weigh the company's very short track record as a public company, converted only in February 2026, against its recent growth, and treat the FY2026 EPS of Rs.31.11 as the product of a single exceptional year rather than an established multi year pattern.

Key Risks

• Operating cash flow has been negative in all three years shown and has grown sharply more negative, from Rs.9.81 Lakhs used in FY2024 to Rs.670.34 Lakhs used in FY2026, entirely driven by inventory growing from Rs.2,349.27 Lakhs to Rs.4,358.15 Lakhs.

• Inventory holding periods remain extremely long across all three years, 347 to 382 days, meaning jewellery stock sits for close to a year on average before it is sold, tying up substantial working capital.

• Revenue is heavily concentrated in Chandigarh, 82.92% of FY2026 revenue, and the company operates primarily through a single retail boutique; any adverse development in that one city or location would affect most of the business.

• The top 2 suppliers were 64.57% of FY2026 purchases, and the single largest customer was 16.33% of FY2026 revenue, up sharply from 3.79% the year before, both concentrated exposures for a retail jewellery business.

• The company only converted from a private to a public company in February 2026, just months before this RHP, giving investors a very limited track record of it operating under public company governance standards, and the exceptional FY2026 profit growth has not yet been tested across a full business cycle.

• Growth has been funded partly by rising short term borrowings, up from Rs.942.81 Lakhs in FY2024 to Rs.1,849.07 Lakhs in FY2026, alongside a large equity infusion during FY2026.

• Diamond, gold and other precious material prices are subject to volatility from domestic and international market conditions, foreign exchange movements and duties, directly affecting input costs and working capital requirements.

• Manufacturing is outsourced entirely to a product development and supply arrangement partner rather than an in house facility, so quality, timelines and craftsmanship depend on that external relationship.

• The peer comparison section of this RHP could not be located in the extracted document text; investors should confirm the RHP's own basis for Issue Price peer table before applying.

• This report could not identify the Book Running Lead Manager, Registrar, NAV per share or Bid dates from the extracted text; investors should confirm these directly from the final RHP or Prospectus.

• Solitaire and Diamond Jewellery remains the largest single segment at 66.96% of FY2026 revenue even after Gold Jewellery's rapid growth, so demand shifts away from diamond jewellery would still affect the majority of sales.

Positives to Note

• PAT grew from Rs.31.11 Lakhs in FY2024 to Rs.936.53 Lakhs in FY2026, and PAT margin expanded from 1.34% to 20.42% over the same period.

• The company has genuinely diversified its product mix within a single year, with Gold Jewellery's share of revenue rising from 10.18% to 31.80% as reliance on Solitaire and Diamond Jewellery eased.

• Products carry BIS hallmarking and diamond grading from recognised gemological laboratories including the Gemological Institute of America where applicable, credentials that support customer trust in a business built on discretionary, high value purchases.

• The equity base grew substantially during FY2026, from Rs.315.85 Lakhs to Rs.1,252.39 Lakhs, providing a larger capital cushion ahead of this Issue.

• The brand is embossed on every product sold, supporting brand recall and authenticity in a category where counterfeiting and quality assurance matter to customers.

• Revenue nearly doubled in FY2026 after two years of roughly flat performance, suggesting the business may be gaining genuine traction with its curated, design led positioning.

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