Anjali Labtech IPO
Anjali Labtech Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, through the confidential pre-filing route. SEBI issued its observations on 17 February 2026, so the company can open the IPO any time up to 17 February 2027. The draft proposes a fresh issue of up to ₹925 crore and an offer for sale of up to ₹300 crore by three promoter group members. In FY26 the company made a profit of ₹200.92 crore on revenue of ₹615.51 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued17 Feb 2026
- SEBI received draft
- 6 Oct 2025
- Type of issue
- Pre-filing
- Lead manager
- IIFL Capital Services Limited
- Must open by
- 17 Feb 202712 months from observations
- Price band and dates
- Not announced
Where it stands
Anjali Labtech IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI6 Oct 2025
- SEBI reviewDone
- SEBI observations17 Feb 2026
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
The company used SEBI's confidential pre-filing route. Under it, the draft is not made public until the company files an updated draft (UDRHP-I) after SEBI's observations.
DRHP at a glance
Anjali Labtech DRHP at a glance
Updated draft red herring prospectus (UDRHP-I), 24 Sep 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 229 to 230) and Risk Factors (p. 24 to 27)Anjali Labtech, formerly Anjali Diamonds, works across the lab-grown diamond (LGD) value chain. It makes MPCVD machines used to grow rough lab-grown diamonds, with about a 41% share of India's market by volume as of 31 March 2026, grows rough diamonds, and sells polished diamonds and studded jewellery.
MPCVD machines gave 31.84% of FY26 revenue and exports 34.11%. It works through the company and two subsidiaries. It was incorporated in 2021 and is based in Surat, Gujarat.
The offer
DRHP cover page, The Offer (p. 83) and Capital Structure (p. 103)| Fresh issue | Up to ₹925 croreMoney goes to the company |
| Offer for sale | Up to ₹300 croreMadhubhai Samajubhai Raddiya ₹118.75 crore, Shilpaben Rajanibhai Radadiya ₹106.25 crore and Nehalben Sandipkumar Radadiya ₹75 crore; average cost nil |
| Shares before the IPO | 15,00,00,000Face value ₹5 |
| Pre-IPO placement | Up to ₹185 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | IIFL Capital Services Limited and Axis Capital Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Rajnikant M Radadiya and Sandipbhai Madhubhai Radadiya |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 122 to 123)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Making and installing MPCVD machines for its own use | 524.56 | 56.7% |
| Building the Anjali Corporate office | 74.27 | 8.0% |
| Repaying or prepaying certain borrowings | 75.00 | 8.1% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹925 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary of Financial Information (p. 85 to 87) and Basis for Offer Price, KPIs (p. 142 to 146), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 223.19 | 472.50 | 615.51 |
| EBITDA | 109.87 | 184.64 | 264.22 |
| EBITDA margin | 49.23% | 39.08% | 42.93% |
| Profit after tax | 90.06 | 146.79 | 200.92 |
| Diluted EPS (₹) | 6 | 9.79 | 13.40 |
| Net worth | 172.34 | 318.53 | 518.80 |
| Cash from operations | 108.15 | 49.62 | 306.95 |
| Return on equity | 70.51% | 59.81% | 47.99% |
| Debt to equity | 0.11 | 0.35 | 0.27 |
Restated consolidated figures. Net worth is total equity. Revenue grew about 66.1% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 143 to 144). Peer price as of 18 Sep 2026 on NSE.The DRHP calls Goldiam International an indirect peer. The P/E for Anjali Labtech is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Anjali Labtech (FY26) | 13.40 | Set with the price band | 48.01% |
| Goldiam International | 15.43 | 21.18x | 18.40% |
Risks the draft lists first
DRHP, Risk Factors (p. 24 to 29)- MPCVD machinesMPCVD machine sales gave 31.84% of FY26 revenue, so lower demand would hurt. (Risk factor 2, p. 24)
- Key customersThe top 10 customers gave 59.37% of FY26 revenue. (Risk factor 3, p. 25)
- US tariffsUS tariffs or trade measures on Indian diamond products could hurt results. (Risk factor 4, p. 26)
- ExportsExports gave 34.11% of FY26 revenue. (Risk factor 5, p. 27)
- Consumer acceptanceDemand depends on how buyers see lab-grown diamonds compared with natural ones. (Risk factor 6, p. 28)
- SeasonalityDemand for lab-grown diamonds is seasonal. (Risk factor 7, p. 29)
Documents
Anjali Labtech DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Anjali Labtech IPO FAQs
When will the Anjali Labtech IPO open?
The date is not announced. SEBI issued observations on 17 February 2026, and SEBI rules require the IPO to open within 12 months of that date, so by 17 February 2027 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Anjali Labtech IPO?
Yes. SEBI issued its final observations on 17 February 2026 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the Anjali Labtech IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Anjali Labtech IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Anjali Labtech IPO?
IIFL Capital Services Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Anjali Labtech do with the IPO money?
According to the DRHP, the fresh issue money goes to making and installing MPCVD machines for its own use (₹524.56 crore), building the Anjali Corporate office (₹74.27 crore), repaying or prepaying certain borrowings (₹75.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Anjali Labtech do?
Anjali Labtech, formerly Anjali Diamonds, works across the lab-grown diamond (LGD) value chain. It makes MPCVD machines used to grow rough lab-grown diamonds, with about a 41% share of India's market by volume as of 31 March 2026, grows rough diamonds, and sells polished diamonds and studded jewellery.
Where can I read the Anjali Labtech DRHP?
On SEBI's website, where the draft red herring prospectus was published on 25 September 2026. The draft is dated 24 September 2026 and runs to 538 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 24 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.