Grover Jewells coming with IPO to raise Rs 33.83 crore

02 Feb 2026 Evaluate

Grover Jewells

  • Grover Jewells is coming out with an initial public offering (IPO) of 38,44,800 shares in a price band of Rs 83-88 per equity share. 
  • The issue will open on February 04, 2026 and will close on February 6, 2026.
  • The shares will be listed on SME Platform of NSE.
  • The face value of the share is Rs 10 and is priced 8.3 times of its face value on the lower side and 8.8 times on the higher side.
  • Book running lead manager to the issue is Finshore Management Services.
  • Compliance Officer for the issue is Drishti Jaiswal.

Profile of the company

The company specializes in the manufacturing and designing of a wide range of wholesale gold jewellery. Its collections include plain gold, studded, and semi-finished jewellery, mostly available in 22 Karat, 20 Karat, and 18 Karat. It also sells hallmarked as well as non-hallmarked jewellery in its showrooms. The company commenced its operations with a specialization in the large-scale manufacturing of gold chains, serving both wholesale and retail markets. Over the years, with consistent focus on quality, precision, and design innovation, it has significantly broadened its product range. 

By offering products across various styles and price segments, the company is able to cater to a wide customer base while maintaining the highest standards of craftsmanship, reliability, and trust that form the cornerstone of its brand. While its primary focus remains on the B2B segment, the company is also undertaking initiatives to strengthen its presence and increase revenue in the B2C segment. In addition, it operates a job work segment, wherein small jewellers entrust the company with gold and designs, and it transforms them into finished jewellery. This stream generates stable revenue through labour charges, though it contributes only a minor share compared to its core business segments.

The company operates a fully integrated, in-house gold jewellery manufacturing facility. The facility is equipped with advanced machinery, including casting machines, induction melters, steamers, air compressors, and other specialized equipment, enabling the company to maintain precision and consistency at every stage of production. All functions ranging from design and development to manufacturing and packaging are executed within the facility, ensuring seamless coordination and complete quality control. The company’s design capabilities are strengthened by a dedicated team of skilled CAD designers, supported by select freelance designers, allowing it to consistently introduce fresh, intricate, and market-relevant designs. It supplies to a wide network of local dealers, jewellery showrooms, and small-scale retailers, many of whom rely on the company for bulk orders.

Proceed is being used for:

  • Meeting working capital requirements
  • General corporate purposes

Industry overview

India’s gold and diamond trade contributed around 7% to India’s Gross Domestic Product (GDP). The Gems & Jewellery sector has employs around 5 million. Based on its potential for growth and value addition, the Government declared the Gems & Jewellery sector as a focus area for export promotion. The Government has undertaken various measures recently to promote investment and upgrade technology and skills to promote ‘Brand India’ in the international market. The Government has permitted 100% FDI in the sector under the automatic route, wherein the foreign investor or the Indian company do not require any prior approval from the Reserve Bank or the Government of India.

India’s Gems & Jewellery market size was at $78.50 billion in FY21. Growth in exports is mainly due to revived import demand in the export market of the US and the fulfilment of orders received by numerous Indian exhibitors during the Virtual Buyer-Seller Meets (VBSMs) conducted by GJEPC. In FY25, India's Gems & Jewellery exports stood at Rs 2,43,162 crore ($28.50 billion). In March 2025, India's Gems & Jewellery exports stood at Rs 2,20,379 crore ($25.82 billion).

In the coming years, growth in the Gems & Jewellery sector would largely be contributed by the development of large retailers/brands. Established brands are guiding the organised market and are opening opportunities to grow. Increasing penetration of organised players provides variety in terms of products and designs. Also, the relaxation of restrictions on gold import is likely to provide a fillip to the industry. The improvement in availability along with the reintroduction of low-cost gold metal loans and likely stabilisation of gold prices at lower levels is also expected to drive volume growth for jewellers over the short to medium term.

Pros and strengths

Integrated In-house production facility: Its in-house manufacturing setup provides comprehensive control over every stage of jewellery production, from initial design to final packaging. This fully integrated model enables it to consistently meet the highest standards of quality while accommodating diverse client specifications. The facility is equipped with advanced Italian, Chinese, and German machinery, including precision casting systems, induction melters, steamers, and air compressors, which together ensure efficiency, scalability, and accuracy in production. By consolidating critical processes under one roof, it is able to deliver products of exceptional craftsmanship while maintaining the agility required to respond to market demands.

Expansive product portfolio driven by innovation: It specializes in high-demand product categories such as Casting Jewellery, Cuban Chains, CZ Casting Jewellery, and Machine Chains, while also offering a comprehensive range of rings, pendants, chains, necklaces, anklets, bracelets, bangles, and earrings crafted in 22 Karat, 20 Karat and 18 Karat gold. Its diverse portfolio, designed by an experienced in-house team, spans traditional, contemporary, and fusion styles, ensuring relevance across all age groups, occasions, and price points. In addition to standardized collections, it has strong capabilities in creating custom designs tailored to exclusive client requirements, which enhances customer loyalty and broadens its market reach. This strategic combination of product diversity, design innovation, and customization not only allows it to capture emerging trends but also mitigates concentration risk, strengthens its competitive positioning, and creates sustained opportunities for revenue growth in both domestic and international markets.

Established B2B presence backed by rigorous quality: Standards Quality is central to its value proposition, and it has established rigorous systems to ensure that every piece of jewellery meets the highest standards. While some of its products undergo BIS Hallmarking in line with regulatory and customer requirements, a significant portion of its portfolio is focused on the B2B segment, where hallmarking is generally not mandated. Instead, it ensures product integrity through strict, multi-level quality control procedures implemented across the production cycle to maintain uniformity, precision, and reliability in every design. Its integrated in-house facilities further strengthen this framework by incorporating advanced units for XRF purity testing, plating, and polishing. These capabilities allow it to validate gold purity with high accuracy, apply superior finishing techniques, and ensure durability in every product.

Risks and concerns

High revenue dependence on chain roll/chains: It derives a significant portion of its revenue from the sale of chains and any reduction in demand or in the manufacturing of such product could have an adverse effect on its business, results of operations and financial condition. For the seven-months period ended October 31, 2025 and financial years ended March 31, 2025, March 31, 2024 and March 31, 2023, its revenue from the sale of Chain Roll/Chains was Rs 45,655.39 lakh, Rs 44,794.85 lakh, Rs 25,320.37 lakh and Rs 25,238.34 lakh respectively. Sales of Chain Roll/Chains accounted for 96.48%, 97.21%, 98.17% and 98.94% of its total revenue from operations during these periods. This concentration exposes it to risks related to market demand, pricing pressures, changes in customer preferences and any industry-specific developments affecting chain manufacturing.

Overdependence on B2B sale: Its revenue is almost entirely derived from sales to wholesalers, small retailers, and local jewellery shop owners (B2B segment). For the period ended October 31, 2025, the B2B segment contributed Rs 46,823.43 lakh, accounting for 98.95% of total revenue. In FY2024-25, B2B revenue stood at Rs 45,785.73 lakh (99.36%), while in FY2023–24 and FY2022–23, it amounted to Rs 25,744.89 lakh (99.82%) and Rs 25,508.80 lakh (99.99%), respectively. Such high reliance on this segmental business model exposes it to concentrated market risks, including reduced resilience to changes in demand, pricing pressures, or adverse developments within the wholesale and small retail jewellery trade.

Impact of gold price fluctuations on business: Its gold jewellery business is subject to significant risks arising from market volatility and changing consumer preferences, further compounded by the current record-high gold prices, which may continue to rise. Fluctuations in commodity prices, particularly gold, have a direct impact on its raw material costs and overall profitability. Sustained increases in gold prices could elevate its production expenses and exert pressure on its margins unless appropriately offset through pricing adjustments. Conversely, any sudden decline in gold prices may adversely affect inventory valuation and profitability, especially where inventory has been procured at higher price levels.

Outlook

Grover Jewells specializes in the manufacturing and designing of a wide range of wholesale gold jewellery which includes finely crafted jewellery, comprising of gold chains, bangles, rings, necklaces, and complete sets, designed to meet the diverse preferences of its clientele. While its primary focus remains on the B2B segment, it is also undertaking initiatives to strengthen its presence and increase revenue in the B2C segment. In addition, it operates a job work segment, wherein small jewellers entrust it with gold and designs, and it transforms them into finished jewellery. On the concern side, its business is primarily concentrated in the central and northern part of India, especially around Delhi and its neighbouring states, i.e. Uttar Pradesh, Haryana and Uttarakhand and it is significantly dependent on these states for revenue generation. Any adverse development affecting such states may have an adverse effect on its business, prospects, financial condition and results of operations. Further, intense competition in the Indian Jewellery Market could result in loss of customers, reduced market share, and adverse impact on its business and financial performance.

The company is coming out with a maiden IPO of 38,44,800 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 83-88 per equity share. The aggregate size of the offer is around Rs 31.91 crore to Rs 33.83 crore based on lower and upper price band respectively. On performance front, the revenue from operations has been increased from Rs 25,791.13 lakh in FY 2023-24 to Rs 46,080.29 lakh in FY 2024-25 i.e. revenue from operation increased by 78.67% for the said period. The restated profit after Tax for FY 2024-25 recorded a nearly three-fold jump, rising to Rs 762.28 lakh from Rs 278.05 lakh in FY 2023-24.

As part of its future growth strategy, it plans to enhance its manufacturing capabilities through the integration of advanced technology and automation. A key initiative will be the installation of automatic laser welding machines, which will enable greater precision and superior finishing, particularly in the production of machine chains. This will allow it to deliver higher-quality products with improved efficiency and scalability. It also intends to strengthen its capacity by adding cutting-edge imported machinery from Italy and Germany. These investments are expected to significantly increase output, improve product consistency, and reduce process variability.

Peers
Company Name CMP
Titan Co 4245.50
Kalyan Jewell.India 413.50
Rajesh Exports 162.90
Senco Gold 336.50
Thangamayil Jeweller 3555.00
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