Anjali Labtech filed draft documents for an IPO that could raise ₹1,225 crore, while its FY26 PAT surged to ₹200.92 crore – a 36% jump from the ₹146.79 crore recorded in FY25. According to the company’s draft prospectus, the issuance will comprise a fresh issue of up to ₹925 crore and an offer‑for‑sale (OFS) of ₹300 crore, with the OFS proceeds earmarked for the promoter‑group shareholders Shilpaben Rajanibhai Radadiya, Nehaben Sandipkumar Radadiya and Madhubhai Samujbhai Radadiya. Shares will carry a ₹5 face value.
The fresh‑issue proceeds are earmarked to purchase and install MPCVD machines that will boost the in‑house production of lab‑grown diamonds. Part of the money will also fund the construction of the Anjali Corporate House in Surat and be used to pre‑pay or repay existing borrowings, with the remainder directed toward general corporate purposes.
PAT growth is tempered by the company’s limited operating history; it flagged that its FY26 revenue from MPCVD machines constituted 31.84% of total sales, down from 53.74% in FY24 but still a major revenue driver. Top‑10 customers accounted for 59.37% of revenue in FY26, a concentration risk that the company highlighted. US tariffs on diamond products also loom as a potential export risk, especially as exports make up 34.11% of revenue.
The company’s filing notes that the IPO will be listed on both the NSE and BSE, with a target listing date in the third quarter. Analysts anticipate that the market will price the shares at a modest premium, reflecting the company’s debt‑reduction plans and capacity expansion, and that the valuation could see a 12% upside once trading commences.