Varyaa Creations Limited IPO

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Varyaa Creations Limited, formerly known as Kalgi India Private Limited, is a distinguished entity in the gems and jewellery industry. Established on July 14, 2005, and incorporated under the Companies Act, 1956, the company has evolved significantly over the years. Initially named “Kalgi India Private Limited”, the firm underwent a name change to “Varyaa Creations Private Limited” in 2016 and was later rebranded as “Varyaa Creations Limited” in 2023, reflecting our transition into a public company.

Business Model and Operations

Their primary business involves the wholesale trading of gold, silver, precious stones, and semi-precious stones. Expanding their horizons, they have recently ventured into the manufacturing and retail of jewellery, enhancing their product offerings and tapping into diverse market segments. Their jewellery manufacturing is carried out through skilled job workers based in Mumbai, ensuring high-quality craftsmanship and design.

Product Portfolio

Their diverse range of products includes:

  • Necklaces, Earrings, Rings, Bracelets, Bangles
  • Various Gemstones, including newly introduced Lab Grown Diamonds
  • Customized jewellery options to cater to individual customer preferences

Market Presence and Customer Engagement

Varyaa Creations markets its products through both B2B and B2C platforms, offering items across different price points to attract a broad customer base. They place a strong emphasis on quality control, timely delivery, and competitive pricing to maintain customer satisfaction and loyalty.

Innovation and Ethical Sourcing

In response to increasing demand for ethically sourced products, they have included Lab Grown Diamonds in Their portfolio, reflecting their commitment to sustainability and ethical business practices.


Varyaa Creations Limited is poised for future growth, driven by a blend of traditional business strategies and modern marketing approaches. Their focus on diversifying product lines and integrating ethical practices into their business model are steps towards aligning with global trends and sustaining long-term growth. With a solid foundation and a clear vision for the future, Varyaa Creations continues to shine in the vibrant world of gems and jewellery.

Objects of the Varyaa Creations Limited IPO:

The Net Proceeds from the Issue are proposed to be utilized by the company for the following objects: i. To finance the establishment of the new showroom, ii. Capital expenditure cost for the proposed new showroom and Purchase of Inventory for the proposed new showroom; iii. Purchase of Inventory; and iv. General Corporate Purposes.

Varyaa Creations Limited IPO Details:

Open Date: Apr 22 2024
Close Date: Apr 25 2024
Total Shares: 1,340,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 20.10 Cr.
Lot Size: 1000 Shares
Issue Price: ₹ 150 Per Equity Share
Listing At: BSE SME
Listing Date: Apr 30 2024

Promoters And Management:

Mrs. Pooja Vineet Naheta, aged 42 years, is Promoter and Managing Director of the Company. She Possesses B.A. degree from University of Mumbai. She is having overall experience of 15 years in the Gems and Jewellery industry. She hails from the jewellers family and has a natural adapt for the jewellery designing and hence currently they look after the designing of jewellery. She is instrumental in development and implementation of strategies for the growth of the Company. Mrs. Sarika Amit Naheta, aged 45 years, is Promoter, Executive Director & CFO of the Company. She holds a degree M. Com from Dr. Bhimrao Ambedkar University, Agra. She also possesses a diploma certificate in polished diamond from J.K. Diamonds, Institute of Gems and Jewllery. She has been in the industry for more than a decade and has experience in Finance and Jewellery Sector. Her expertise lies in the realm of diamond jewellery production. Her forte lies in curating modern and stylish designs that effortlessly capture the essence of contemporary trends. Additionally, armed with her marketing and management skills, she spearheads finances, operations and business development initiatives within the company. Mr. Srinivas Ramchandra Kudikyala, aged 42 years, is Non-Executive Director of the Company. He is matriculation. He is associated with the Company as Non-Executive Director since August 30, 2023. He has several years of experience in marketing and business operations.

Financials of Varyaa Creations Limited IPO:

Particulars ( In Lakhs )
Revenue from Operations 9 247 523 1,719
Other Income 3 6 15 44
Total Revenue 12 253 538 1,762
Cost of raw material consumed 0 0 0 862
Purchase of stock-in-trade 0 107 1,903 34
Change in Inventories 6 69 -1,483 365
Employees Benefit Expenses 8 7 4 13
Other Expenses 0.35 2 2 18
EBITDA -2 68 113 469
Depreciation & Amortisation 0.18 0.12 0.08 0.25
Finance Cost 10 10 2 0
EBIT -3 68 113 469
OPM (%) -20.00% 26.79% 21.01% 26.64%
PBT -13 58 111 469
Tax 0 0.01 32 118
PAT -13 58 79 351
NPM (%) -108.38% 22.91% 14.67% 19.92%
No.of Shares 47.90 47.90 47.90 47.90
EPS -0.27 1.21 1.64 7.33

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Varyaa Creations Limited 5 1 1.64 91.0 150 72
PNGS Gargi Fashion Jewellery Ltd 29 5 4.87 71.5 554 534
Ashapuri Gold Ornament Ltd 158 2 0.05 47.8 14 355
* All the data is as per FY23.

Recommendation on Varyaa Creations Limited IPO:

Review and Recommendation of Varyaa Creations by team IZ is 4/10. 1. Varyaa Creations Limited has been a key player in the wholesale trading of precious commodities, including gold, silver, and a variety of precious and semi-precious stones. Over the years, the company has built a robust trading business based out of Mumbai, India’s bustling economic hub. 2. Starting from this financial year, the company has expanded its operations to include the manufacturing and retailing of jewelry. This move is supported by an established network of job workers in Mumbai who adhere to the high design and quality standards set by the company. 3. Market Strategy The company operates a dual-channel sales strategy: Offline Sales: Traditional sales through the physical office in Mumbai. Online Sales: Through its websites and the newly launched 4. Product Portfolio Varyaa Creations boasts a diverse range of jewelry products including: - Necklaces, Earrings, Rings, Bracelets, Bangles - Gemstones, Diamonds, Lab Grown Diamonds, Pearls The company also offers customized jewelry, catering to individual customer preferences. Recent expansions include the introduction of lab-grown diamonds, reflecting a shift towards ethically sourced and environmentally friendly jewelry options. 5. Competitive Landscape Varyaa Creations faces competition from a mix of organized and unorganized sector entities within the jewelry market. Competitors range from large-scale enterprises like PNGS Gargi Fashion Jewellery Ltd and Titan Company to smaller, regional players. The company competes on various fronts including product quality, customer relationship management, pricing, and market adaptability. 6. The Revenue has Increased from Rs.9 Lakhs in FY21 to Rs.5 Crores in FY23. 7. The EBITDA has Increased from (-2) Lakhs in FY21 to 1 Crores in FY23. 8. The PAT has Increased from (-13) Lakhs in FY21 to 79 Lakhs in FY23. 9. As per FY23, CFO/EBITDA is 0.99, As per FY24, EPS is 9.77, 10. Market Capitalization is 72 Crore & P/E is 15.34x based on FY24.

Lead Manager of Varyaa Creations Limited IPO:

  1. Inventure Merchant Banker Services Private Limited

Registrar of Varyaa Creations Limited IPO:

  1. Bigshare Services Private Limited

Company Address:

Varyaa Creations Limited 11, Floor-3rd, Plot 5/1721, Kailash Darshan, Jagannath Shankarseth Marg-Kennedy Bridge, Gamdevi, Grant Road, Mumbai-400007 Phone: +91 9920558483 Email: Website:

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