Tanvi Exports India IPO
Tanvi Exports India Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue of up to 35,80,000 shares and an offer for sale of up to 35,80,000 shares by its five promoters. In FY26 the company made a profit of ₹65.80 crore on revenue of ₹1,139.94 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 5 Oct 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Aryaman Financial Services Limited
- Last SEBI contact
- 22 Oct 2026
- Price band and dates
- Not announced
Where it stands
Tanvi Exports India IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI5 Oct 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 5 October 2026, 32 days ago, and its last communication on the draft was on 22 October 2026 (day count is our calculation).
DRHP at a glance
Tanvi Exports India DRHP at a glance
Draft red herring prospectus, 30 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. 198) and Risk Factors (p. 24 to 28)Tanvi Exports India designs, makes and exports fine gold jewellery. Gold jewellery gave 90.55% of FY26 revenue, and gold bullion is its main raw material.
Maharashtra, Chhattisgarh, Uttar Pradesh, Gujarat and West Bengal gave 61.17% of FY26 revenue, and the top 10 customers 51.01%. It was incorporated in 2020 and is based in Rajkot, Gujarat.
The offer
DRHP cover page and The Offer (p. 66)| Fresh issue | Up to 35,80,000 shares₹ amount set with the price; money goes to the company |
| Offer for sale | Up to 35,80,000 sharesBy its five promoters, led by Bipinbhai Gordhanbhai Viradiya with 8,42,338 (average cost ₹3.86) |
| Shares before the IPO | 2,20,00,000The fresh issue and the offer for sale each equal about 16.3% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Aryaman Financial Services Limited |
| Registrar | Bigshare Services Private Limited |
| Promoters | Bipinbhai Gordhanbhai Viradiya, Raj Ashokbhai Bhalara, Mayur Bhupatbhai Limbasiya, Hiteshbhai Mohanbhai Sardhara and Hareshbhai Mohanbhai Sardhara |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 119 to 120)| Object | ₹ crore |
|---|---|
| Repaying or prepaying certain borrowings | |
| Working capital | |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
The amount for each object is in the DRHP, Objects of the Offer (p. 119 to 120), and is not shown here. The fresh issue size in ₹ is set with the price. The offer for sale money goes to the selling promoters, not the company.
Financials
DRHP, Summary of Financial Information (p. 68 to 72) and Basis for Offer Price, KPIs (p. 129 to 134), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 137.46 | 1,008.41 | 1,139.94 |
| EBITDA | 6.41 | 31.73 | 92.08 |
| EBITDA margin | 4.66% | 3.15% | 8.08% |
| Profit after tax | 2.59 | 18.48 | 65.80 |
| Diluted EPS (₹) | 1.22 | 8.27 | 29.52 |
| Net worth | 4.79 | 47.46 | 108.39 |
| Cash from operations | 8.61 | -29.94 | -22.78 |
| Return on equity | 54.00% | 38.95% | 60.71% |
Restated figures. Net worth is total equity. Revenue grew 188.00% a year from FY24 to FY26 (DRHP, Risk factor 4).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 131 to 132). Peer prices as of 21 Sep 2026 on BSE.The P/E for Tanvi Exports is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Tanvi Exports India (FY26) | 29.52 | Set with the price band | 69.49% |
| Shanti Gold International | 21.22 | 12.20x | 23.42% |
| Sky Gold & Diamonds | 18.06 | 43.84x | 23.37% |
| RBZ Jewellers | 13.70 | 12.92x | 18.28% |
| Utssav CZ Gold Jewels | 23.95 | 26.54x | 29.84% |
Risks the draft lists first
DRHP, Risk Factors (p. 24 to 28)- Key customersThe top 10 customers gave 51.01% of FY26 revenue. (Risk factor 1, p. 24)
- Five statesFive states gave 61.17% of FY26 revenue. (Risk factor 2, p. 25)
- Few suppliersThe top 10 suppliers were 86.80% of FY26 raw material purchases. (Risk factor 3, p. 26)
- Fast growthRevenue rose very fast, at 188.00% a year from FY24 to FY26, which may not continue. (Risk factor 4, p. 26)
- Gold jewelleryGold jewellery gave 90.55% of FY26 revenue. (Risk factor 5, p. 27)
- Gold supplyIt depends on gold bullion, whose supply and price it cannot control. (Risk factor 6, p. 28)
Documents
Tanvi Exports India 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
Tanvi Exports India IPO FAQs
When will the Tanvi Exports India IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 32 days ago (our calculation).
Has SEBI approved the Tanvi Exports India IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the Tanvi Exports India 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 Tanvi Exports India 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 Tanvi Exports India IPO?
Aryaman Financial 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 Tanvi Exports India do with the IPO money?
According to the DRHP, the fresh issue money goes to repaying or prepaying certain borrowings; working capital; general corporate purposes (set later, up to 25% of the gross proceeds). The offer for sale money goes to the selling shareholders, not the company.
What does Tanvi Exports India do?
Tanvi Exports India designs, makes and exports fine gold jewellery. Gold jewellery gave 90.55% of FY26 revenue, and gold bullion is its main raw material.
Where can I read the Tanvi Exports India DRHP?
On SEBI's website, where the draft red herring prospectus was published on 5 October 2026. The draft is dated 30 September 2026 and runs to 496 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 30 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.