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| IPO Listing At | NSE SME |
| SME IPO Issue Type | Book Build Issue |
| Total Issue Size | ₹33.83 Cr |
| Reserved for Market Maker | ₹1.70 Cr |
| Net Issue Size | ₹33.83 Cr |
| Fresh Issue | ₹32.13 Cr |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹83.00-88.00 per share |
| NSE Code | GJL |
| Registrar | Maashitla Securities Pvt.Ltd. |
| Lead Managers | Finshore Management Services Ltd. |
Disclaimer: GMP is sourced from grey market dealers and is indicative only. Always conduct your own due diligence.
* Allotment, Refund, Demat Credit & Listing dates are tentative and subject to change.
Minimum bid: 3,200 shares · Multiples of 1,600 shares
Grover Jewells Limited is engaged in the design and manufacturing of gold jewellery, catering primarily to the wholesale segment. Its product portfolio includes plain gold jewellery, studded pieces, and semi-finished items, mainly produced in 22K, 20K, and 18K gold. The company distributes both hallmarked and non-hallmarked jewellery through its retail locations in Karol Bagh and Chandni Chowk, New Delhi.
Manufacturing operations are structured around two key verticals: machine-manufactured chains and cast jewellery production. This integrated setup enables the company to meet bulk demand efficiently while offering contemporary designs with consistent quality and dependable delivery timelines.
To enhance operational efficiency, the company classifies its sales into three categories—wholesale, retail, and direct consumer sales. Headquartered in Delhi, Grover Jewells Limited has established a strong B2B footprint across close to 20 states in India and has expanded its reach internationally, with exports to markets such as Australia and the United Arab Emirates.
Competitive strengths:
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Working Capital Requirements | 25.34 |
| 2 | General Corporate Purposes | 4.50 |
| 3 | Issue Expenses | 3.99 |
| Total | 33.83 |
| Period Ended | 31 Oct 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 67.51 | 29.85 | 13.91 | 11.71 |
| Total Income | 473.22 | 460.95 | 258.00 | 255.11 |
| Profit After Tax | 10.45 | 7.62 | 2.78 | 2.71 |
| EBITDA | 14.62 | 11.26 | 4.71 | 4.10 |
| NET Worth | 27.14 | 16.69 | 9.07 | 6.29 |
| Reserves and Surplus | 16.48 | 14.03 | 6.41 | 3.63 |
| Total Borrowing | 28.30 | 9.34 | 4.17 | 3.74 |
| Amount in ₹ Crore | ||||
| KPI | Oct 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROCE | 30.62% | 45% |
| Debt / Equity | 1.04% | 0.56% |
| RoNW | 38.52% | 45.67% |
| PAT Margin | 2.21% | 1.65% |
| EBITDA Margin | 3.09% | 2.44% |
| Price to Book Value | 3.46 | 5.62 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 7.15 | 12.35 |
| P/E (x) | 12.31 | 7.12 |
| Promoter Holding | 100% | 73.48% |
| Market Cap | ₹127.66 Cr. | |
