“Assigns an 'Apply' tag to Priority Jewels IPO for the long term. While the issue is fully priced at 20.5x P/E (FY26 earnings) and 13.9x EV/EBITDA, the company is well-positioned to benefit from growing demand for affordable and designer jewellery. Capacity expansion, balance sheet deleveraging, and diversification into silver and lab-grown diamond jewellery are expected to support future growth.”