Rohit jain

CA | IPO RHP breakdowns | Investor Psychology | Long-term Investor | Not SEBI registered IA/RA

[Rohit jain @Rohit2jains]

New chapter for this account.

I’m a Chartered Accountant and a long-term investor.

From now on, I’ll share what I learn about:

📊 Indian stocks & businesses
🚀 IPO analysis
💰 Valuation
🧠 Investor psychology
📚 Financial statements

No “sure-shot” tips.

Just numbers, research, mistakes, lessons and the mindset needed to survive the market.

Let’s learn & invest better together.

[Rohit jain @Rohit2jains]

@dhanesh500 Painful but true, A slow, grinding bleed is way worse. Fast and hard drops usually way for V shape recovery.

[Rohit jain @Rohit2jains]

₹29,613 crore.

That’s the FII selling in just the last 3 sessions.

Sep 29: −₹9,980 Cr
Sep 30: −₹10,148 Cr
Oct 1: −₹9,484 Cr

Yet Nifty is down only 1.3% from Sep 29.

Domestic money is absorbing the supply.

The question is not if. It is for how long.

[Rohit jain @Rohit2jains]

@ChanderBhatia01 A 3-5 years horizon aligns perfectly with how companies actually compound their earnings, cutting out the daily market noise.

[Rohit jain @Rohit2jains]

Nifty is heading for its 8th red week in a row.

Longest weekly losing streak in 25 years.

But the fall so far is only −6%.

2001: −20.5%
2008: −22.1%

Duration looks scary.
Damage is not the same.

Is this just a long correction, or something bigger?

[Rohit jain @Rohit2jains]

@connectgurmeet If we over tax FPI, we aren’t just hurting market sentiment, we are actively pressuring the INR and long term corporate valuation. Needs urgent attention.

[Rohit jain @Rohit2jains]

₹44,000+ crore.

That’s roughly how much FII sold in Indian equities in September.

Nifty: −6%
IT: −11%
Midcaps: −7.6%

DII absorbed most of it.

So the market didn’t collapse.

The real question isn’t why FII sold.

It’s:

How long can domestic money keep supporting Indian equities without foreign confirmation?

[Rohit jain @Rohit2jains]

@sourabhsiso19 Great breakdown! Top line growth number is great but for a jewellery business, working capital and inventory turnover will be the real test.

[Rohit jain @Rohit2jains]

@Patterns0001 Classic sign of broadening market breadth. Usually happens when market leadership rotates away from mega caps.

[Rohit jain @Rohit2jains]

7. Disclaimer:

I am not a SEBI registered analyst. This thread is purely for educational purposes based on publicly available RHP data and is NOT investment advice.

[Rohit jain @Rohit2jains]

Nityas Gems IPO.

Price alone doesn’t tell you the business.

Went through the RHP.

LGD jewellery. Fast growth. Profitable in FY26.

But cash is stuck in working capital.

Here’s the RHP breakdown 🧵👇

[Rohit jain @Rohit2jains]

6. What the RHP leaves you with

Fast LGD growth and rising margins, but profits sit in inventory and receivables. IPO funds WC, not plants.

What is your take on Nityas Gems at 19.4x Post-IPO P/E?

[Rohit jain @Rohit2jains]

5. Key Risk Factors stated in the RHP.

• No long term contracts. Order driven B2B
• D2C is 4% of sales
• 5 states = 85% of revenue
• Related-party txn: 33% of FY26 sales
• WC days: 47 → 135
• LGD price deflation is an industry risk the RHP itself flags

[Rohit jain @Rohit2jains]

4. Key Highlights from the RHP

• Integrated manufacturer, not just a trader
• EBITDA margin: 10.2% → 15.3%
• D/E: 0.69x → 0.29x
• 32,000+ designs. 122 karigars.
• Customers named: GIVA, Palmonas, ONYA
• 100% fresh issue

[Rohit jain @Rohit2jains]

3. Valuation

Band: ₹70–75
FY26 EPS: ₹5.17 (Pre-IPO)
Pre-IPO P/E at ₹75: 14.5x
Post-IPO P/E: 19.4x

Issue: Fresh ₹108 Cr | OFS: Nil

₹70 Cr earmarked for WC.

RHP peers (P/E): Golkunda 16.6x | Renaissance 18.6x | Goldiam 21.7x

[Rohit jain @Rohit2jains]

2. Now the numbers

FY24 → FY26:
• Rev: ₹54 Cr → ₹203 Cr
• EBITDA: ₹5.5 Cr → ₹31 Cr
• PAT: ₹4 Cr → ₹22 Cr

OCF stayed negative: FY24 (₹1 Cr) → FY26 (₹15 Cr)

Inventory: ₹5 Cr → ₹64 Cr. Receivables: ₹4 Cr → ₹21 Cr.

Growth is real. Cash conversion is not.

[Rohit jain @Rohit2jains]

1. First, the business

Surat maker of lab-grown diamond studded gold jewellery
FY26 mix:
• B2B 95.6% (GIVA, Palmonas,etc)
• D2C (Ayaani) 4.3%
Top 10 clients = 55% of sales. D2C started only after the Jul’25 Ayaani buy.
Gujarat + Karnataka + MH + Telangana + TN = 85% of sales.

[Rohit jain @Rohit2jains]

FII short positions are hitting a record high.

But a high short position doesn’t automatically mean “market crash.”

It can be hedging.
It can be a trade.
It can be positioning.

Don’t confuse positioning with prediction.

The better question:
What happens when that positioning starts reversing?

[Rohit jain @Rohit2jains]

@_soniashenoy Corrections like this act as a real stress test for asset allocation.

[Rohit jain @Rohit2jains]

Big test for the bulls, but major support levels like this is usually invite heavy buying. What’s your play?

[Patterns @Patterns0001]

JUST IN: Nifty50 just hit its 200-Week MA

First time since COVID

[Rohit jain @Rohit2jains]

7. Disclaimer:

I am not a SEBI registered analyst. This thread is purely for educational purposes based on publicly available RHP data and is NOT investment advice.

[Rohit jain @Rohit2jains]

SRIT India IPO.

Price alone doesn’t tell you the business.

Went through the RHP.

27-year-old IT/ITeS company. ₹1,182.8 Cr FY26 order book.

Growth is strong. Government + customer concentration is the catch.

RHP breakdown 🧵👇