The Indian jewellery manufacturing and wholesale market is growing rapidly, with a compound annual growth rate (CAGR) of 12–15%. It is expected to reach $20–25 billion by 2030, thanks to rising demand for gold in India, wedding seasons, the culture of giving gifts, the expansion of organised retail, and exports to the US and Europe. Tier-2 and 3 city boutiques, e-commerce jewellery sales (25%+ growth), government gold monetisation programs, and annual organised sector capex over ₹10,000 crore all favour lightweight, hallmarked designs that make up 70% of the market.
Grover Jewells Limited, which is based in Delhi, makes chains, bangles, necklaces, rings, and custom designs for retailers, exporters, and wedding jewellers. Its modern facility has BIS hallmarked certification. The products are sold to both domestic organised chains and international B2B clients (20–30% of sales are exports). According to RHP, revenue grew by 79% and PAT surged by 174% in FY25.
Grover Jewells Limited is offering an NSE SME IPO of 38.44 lakh equity shares (FV 10) to raise 33.83 Cr (entirely new issue) at a price range of 83-88 (lot size: 1,600 shares). The issue starts on February 4 and ends on February 6, 2026. Anchor bids are likely to happen on February 3. Allotment happens on February 9, and the NSE SME listing happens on February 11.
Grover Jewells IPO Details:
Grover Jewells Issue Management:
Finshore Management Services Ltd acts as the book-running lead manager for Grover Jewells SME IPO, managing underwriting and compliance.
Grover Jewells IPO RTA (Registrar) Details:
Maashitla Securities Pvt.Ltd handles allotment, refunds, and demat credits—contact at +91-11-45121795-96 or ipo@maashitla.com.
Grover Jewells IPO Allotment Status:
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Grover Jewells Limited, which started in Delhi, makes gold jewellery in bulk, such as chains, bangles, necklaces, rings, and custom designs for retailers, exporters, and wedding jewellers. The company works out of a modern BIS-hallmarked facility with cutting-edge CAD/CAM technology. Products meet international purity standards and are sold to organised chains in the US (70% of sales) and businesses in other countries (20–30% of exports). The company plans to use ₹33.83 Cr from the IPO to improve its working capital (₹25 Cr), upgrade its machinery (₹5 Cr), and for other business purposes.
Grover Jewells Limited uses precision manufacturing to make lightweight, hallmarked gold designs for organised retail and export markets.
Before the NSE SME IPO, Grover Jewells Limited had a lot of growth. Its revenue for FY25 was up 79%, and its PAT was up 174%. The ₹33.83 Cr raised from 38.44 lakh shares at a ₹10 face value falls within the ₹83-88 price range, with a lot size of 1,600 shares costing approximately ₹1.33-1.41 lakh. It opens on February 4 and 6, 2026, and the allotment is on February 9. The NSE SME listing is for February 11.
Grover Jewells Limited IPO comprises a fresh issue of ₹33.83 Cr (38.44 lakh shares at ₹10 FV), entirely a fresh issue (no OFS), aimed at working capital enhancement (₹25 Cr), machinery upgrades & technology upgrades (₹5 Cr), and general corporate purposes.
Grover Jewells IPO proceeds will be deployed towards the following objectives:
Grover Jewells Ltd NSE SME IPO reserves 38.44 lakh shares across categories per SEBI SME norms:
The Anchor bidding of Grover Jewells starts on February 3, 2026 (~28.42% of QIB: ~4.90 lakh shares).
Lock-in: 50% for 30 days, 50% for 90 days per SEBI norms. as per SEBI SME guidelines.
The anchor allocation document filed right before the issue opens will list specific anchor investor names via the registrar, Maashtila Services Pvt. Ltd.
According to RHP disclosures, Grover Jewells Limited's financial numbers for FY25 have been strong. Revenue rose 79% year over year to ₹142.35 Cr, PAT rose 174% to ₹12.67 Cr (8.9% margin), ROE was 52.3%, ROCE was 48.7%, and EBITDA margin was 14.2%. This performance is due to an increase in demand for wholesale gold jewellery from organised retail chains, wedding jewellers, and export growth (20–30% of revenue). The company is also expanding its capacity to serve domestic boutiques and international B2B clients.
At the higher price level (₹88), the company trades at 0.24 times FY25 sales and 9.5 times FY25 EPS (after the issue). This is a good deal for a jewellery maker that is taking advantage of India's 12–15% CAGR organised gold market, which is being driven by wedding seasons, Tier-2/3 retail expansion, e-commerce jewellery penetration, and exports that are growing by more than 18% a year. BIS hallmarking requirements, lightweight design trends, annual organised sector capital expenditures over ₹10,000 Cr, and a growing culture of giving gifts are all big factors that help chains, bangles, and personalised items.
The important risks and strengths of Grover Jewells' IPO are mentioned below:
Strengths:
Integrated In-House Manufacturing: A fully integrated facility with Italian, Chinese, and German machinery controls design-to-packaging for machine-made chains and casting jewellery in 22K, 20K, and 18K gold, making sure that the quality is high and the production can be scaled up.
Explosive Financial Growth: FY25 revenue was ₹460.95 Cr (+79% YoY), PAT was ₹7.62 Cr (+174%), and RoNW was 45.67% (the best in its class compared to peers), showing that the company has strong operational leverage.
Strong B2B Network: Serves wholesalers and retailers in about 20 states and exports to the UAE and Australia. 98% of its revenue comes from wholesale and retail sales.
Risks
Debt Dependency: A D/E ratio of 1.04 before the IPO shows that a business with a lot of gold inventory is at risk of taking on too much debt. However, the working capital allocation of ₹25 Cr solves the problem of not having enough cash.
Thin Margins: The PAT margin is 2.21%, and the EBITDA margin is 3.09%. These numbers are sensitive to changes in gold prices and costs, as well as competition from unorganised players.
Risk in the Retail Segment: Two showrooms in Delhi make only a small amount of money but are at risk of changes in consumer demand during economic downturns.
The RHP filings indicate that Grover Jewells Limited had strong financial results in FY25, with revenue of ₹460.95 Cr (+79% YoY), PAT of ₹7.62 Cr (+174%), RoNW of 45.67%, and P/E of 7.12x after the issue, showing that it grew faster than its peers. The integrated manufacturing of machine-made chains and casting jewellery is still going strong, with exports to 20 states and the UAE/Australia bringing in 20–30% of revenue and BIS hallmark quality.
The company is positioned in India's organised jewellery market, which is growing at a rate of 12–15% per year and is expected to be worth $20–25 billion by 2030. This growth is driven by wedding seasons, Tier-2 and Tier-3 boutiques, e-commerce growth, and BIS hallmarking mandates. However, the company's profit margins are low (PAT 2.21%) compared to premium brands.
The ₹33.83 Cr NSE SME IPO at ₹88 upper band trades at 0.24x sales/9.5x EPS (post-issue). This is an attractive rate considering it has ₹25 Cr in working capital, which makes it simpler for investors to make money even though D/E is 1.04. Best-in-class RoNW and explosive growth outweigh the risks of debt and low margins for listing gains.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is only for informative purposes and not investment advice.
Action Links:
To apply for Grover Jewells IPO, open a demat account here
Grover Jewells IPO Subscription Status: Check live subscription here
Grover Jewells IPO GMP Update: Check latest grey market premium here
1. What are Grover Jewells IPO dates for 2026?
The Grover Jewells Limited NSE SME IPO opens February 4, closes February 6 (anchor bids February 3), allots February 9, and lists February 11.
Track Grover Jewells IPO subscription status live here on Finnpick.
2. What is the Grover Jewells IPO price band and lot size?
The IPO price band stands at ₹83-88 per share (FV ₹10), with a lot size of 1,600 shares (retail min ₹281,600 for 2 lots); HNI min ₹4.23 lakh (3 lots).
3. What is Grover Jewells' IPO total size?
The Grover Jewells IPO size is 38.44 lakh shares aggregating ₹33.83 Cr (entirely a fresh issue, no OFS).
4. How to apply for the Grover Jewells IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or ASBA by Feb 06, 4 PM. Monitor the Grover Jewells IPO subscription tracker here.
5. How to check Grover Jewells IPO allotment status?
The allotment date is February 9th and can be checked on the Maashitla Securities Pvt. Ltd. RTA portal using a PAN orDP ID.
6. What is Grover Jewells IPO GMP today and subscription status?
The current Grey Market Premium (GMP) stands at ₹0 (flat) as of Jan 30, indicating a listing at the price range of ₹88—check daily updates of Grover Jewells IPO GMP trends here and live subscription status here from Feb 04th opening only on Finnpick.
7. What does Grover Jewells specialise in?
Grover Jewells, headquartered in Delhi, manufactures wholesale gold jewellery (chains, bangles, and necklaces) with BIS hallmarks for retailers across 20 states and UAE exports.
8. When is the Grover Jewells IPO listing date?
The Grover Jewells Ltd IPO lists on 11th February, 2026, on NSE SME (~T+2 post-allotment Feb 09).
9. What are the IPO proceeds utilisation details?
The Grover Jewells IPO proceeds total ₹33.83 Cr, which will be allocated as follows: ₹25 Cr for working capital, ₹5 Cr for machinery upgrades, and ₹3.83 Cr for general purposes.
