Grover Jewells
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 11 Feb 2026 | ₹0 | 0.00% | ₹0 | ₹88 | ₹0 |
| 10 Feb 2026 | ₹0 | 0.00% | ₹0 | ₹88 | ₹0 |
| 09 Feb 2026 | ₹0 | 0.00% | ₹0 | ₹88 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 04 Feb 2026 – 06 Feb 2026
- Listing date
- 11 Feb 2026
- Face value
- ₹10 per share
- Issue price
- ₹88 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹33.83 Cr
- Market cap at offer price
- ₹128 Cr
- Promoter holding
- 100.00% → 73.48% pre-issue → post-issue
- ISIN
- INE1TY801010
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Finshore Management Services Ltd.
- Registered office
- House No C-44/5, 1st Floor Lawrance, Road Industrial Area, Keshavpuram Ind Area, North West, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 10,92,800 | — | — |
| Market maker | 1,93,600 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹88
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,40,800 |
| S-HNI (min) | 2 | 3,200 | ₹2,81,600 |
| S-HNI (max) | 7 | 11,200 | ₹9,85,600 |
| B-HNI (min) | 8 | 12,800 | ₹11,26,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹88 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.15 | 12.35 |
| P/E (×) | 12.31 | 7.13 |
| Price to book (×) | 5.62 | — |
| Market cap | — | ₹128 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 45.67%
- ROCE
- 45.00%
- Debt / equity
- 0.56
- PAT margin
- 1.65%
- EBITDA margin
- 2.44%
- NAV per share
- ₹15.66
- Price to book
- 5.62
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Grover Jewells
Grover Jewells Limited (formerly Grover Chain Private Limited) is a Delhi-based jewellery manufacturer incorporated on October 12, 2021, specializing in the manufacturing and designing of wholesale gold jewellery. The company's primary focus is on the B2B segment, serving wholesalers, small retailers, and local jewellery shop owners, though it is undertaking initiatives to strengthen its B2C segment presence through two retail showrooms in Karol Bagh and Chandni Chowk. The company also operates a job-work segment where small jewellers entrust it with gold and designs for conversion into finished jewellery. The company was converted from a Private Limited Company to a Public Limited Company on April 2, 2025, to facilitate this initial public offering.
Company Analysis
from RHPGrover Jewells Limited manufactures and designs wholesale gold jewellery including chains, bangles, rings, necklaces and complete sets for the B2B segment, with emerging B2C presence through retail showrooms.
Grover Jewells Limited (formerly Grover Chain Private Limited) is a Delhi-based jewellery manufacturer incorporated on October 12, 2021, specializing in the manufacturing and designing of wholesale gold jewellery. The company's primary focus is on the B2B segment, serving wholesalers, small retailers, and local jewellery shop owners, though it is undertaking initiatives to strengthen its B2C segment presence through two retail showrooms in Karol Bagh and Chandni Chowk. The company also operates a job-work segment where small jewellers entrust it with gold and designs for conversion into finished jewellery. The company was converted from a Private Limited Company to a Public Limited Company on April 2, 2025, to facilitate this initial public offering.
Objects of the Issue
- Working Capital Requirements Up to 2,534.08 lakhs p.22
- Issue Related Expenses [●] lakhs (to be finalized upon determination of Issue Price) p.22
- General Corporate Expenses [●] lakhs (not to exceed 15% of Gross Proceeds or ₹10.00 crores, whichever is lower) p.22
- Working Capital Requirements Up to ₹2,534.08 Lakhs p.80
- General Corporate Purposes Not exceeding 15% of Gross Proceeds or ₹10.00 crores whichever is lower p.80
Issue Structure
- Total Issue
- Up to 38,44,800 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 38,44,800 Equity Shares of face value ₹10/- each aggregating to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Price Band
- [●] times and [●] times of the face value
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10/- per equity share
Business Model
Revenue is generated through: (1) B2B sales of gold jewellery products (98.95% of revenue as of October 31, 2025) to wholesalers and small retailers; (2) B2C sales through retail showrooms (1.05% of revenue); and (3) job-work segment where the company manufactures finished jewellery from customer-provided materials. The company sources raw materials including gold bars, stones (pearls, beads, gemstones, cubic zirconia) and alloy metals from suppliers.
Business Segments
SWOT Analysis
- • Established revenue base with consistent growth in gold jewellery manufacturing(p.30)
- • Strong market position in B2B segment with diversification into B2C underway(p.31)
- • Strategic retail presence in prime Delhi locations(p.31)
- • Established B2B gold jewellery manufacturer with strong market presence(p.82)
- • Strong revenue growth trajectory(p.82)
- • High return on net worth demonstrating operational efficiency(p.91)
- • Significant operational profitability improvement(p.91)
- • Integrated in-house manufacturing facility with advanced machinery(p.123)
- • Experienced promoters with 15+ years industry expertise(p.124)
- • Diverse product portfolio spanning multiple design styles and price points(p.124)
- • Strong B2B presence with rigorous quality control standards(p.124)
- • Digital platform enabling direct customer engagement(p.124)
- • Pan-India presence with established B2B customer base across ~20 states(p.125)
- • Strong revenue growth trajectory from ₹25.5 crore to ₹450 crore(p.112)
- • Experienced promoter leadership with 15+ years in jewellery industry(p.156)
- • Fully integrated in-house manufacturing facility with advanced machinery(p.222)
- • Strong revenue growth trajectory; revenue nearly doubled YoY(p.182)
- • Significant profitability improvement; PAT grew 174% in FY 2024-25(p.222)
- • Diverse product portfolio beyond core chains business(p.221)
- • Strong brand equity and long-standing distribution network(p.222)
- • Robust financial performance with strong revenue and PAT growth(p.226)
- • High return on net worth demonstrating efficient capital utilization(p.226)
- • In-house manufacturing capability with state-of-the-art machinery(p.226)
- • Strategic retail expansion in premium jewellery hub(p.226)
- • Diversified product portfolio enabling margin optimization(p.226)
- • Strong positive net worth and financial stability(p.242)
- • Significant negative cash flow from operations in recent fiscal(p.29)
- • High dependence on a limited customer base creates revenue concentration risk(p.32)
- • Dependence on limited suppliers without long-term contracts(p.32)
- • Leasehold interest in registered office and key showroom rather than ownership(p.29)
- • No long-term contracts with customers; reliance on purchase orders only(p.31)
- • High working capital intensity with significant inventory and trade receivables requirements(p.32)
- • Prior delays in statutory filings and compliance matters(p.38)
- • Promoters' average cost of acquisition significantly lower than issue price(p.30)
- • High debt burden relative to equity(p.91)
- • Heavy working capital requirements and inventory dependency(p.82)
- • Significant recent capital expenditure creating financial strain(p.83)
- • Limited profitability margins relative to peers(p.91)
- • Dependency on market conditions and economic cycles(p.126)
- • Limited retail customer base with focus on B2B segment(p.126)
- • Limited brand recognition in the market(p.126)
- • High customer concentration with top 10 customers representing 41.20% of revenue(p.126)
- • High supplier concentration with top 1 supplier representing 33.50% of purchases(p.126)
- • Dependence on limited customer base; top 10 customers represent 41% of turnover(p.199)
- • High financial leverage with debt-to-equity ratio of 1.04(p.222)
- • Significant reliance on S.S. Bullions as sole supplier; 6.72% of purchases(p.215)
- • Heavy concentration of revenue in Delhi region; 57.96% from Delhi(p.223)
- • Related party director loans represent material portion of borrowing(p.190)
- • One promoter-level income tax demand pending(p.233)
- • Significant concentration among material creditors(p.235)
- • Expansion into B2C segment with significant untapped growth potential(p.31)
- • Growing Indian gems and jewellery exports market with strong international demand(p.21)
- • Geographic expansion beyond concentrated northern/central India markets(p.29)
- • Significant scope to increase export volumes beyond current negligible levels(p.29)
- • Expansion into new geographies and markets(p.82)
- • Increased exhibition participation to drive brand visibility and customer acquisition(p.83)
- • Production capacity enhancement through advanced machinery imports(p.83)
- • Listing benefits to enhance corporate image and future financing capabilities(p.81)
- • Expansion of production capacity through advanced laser welding technology(p.125)
- • Strategic expansion into Southern India with strong regional foundation(p.125)
- • International market expansion beyond Australia and UAE(p.125)
- • B2C retail expansion with new showrooms across tier-1 and tier-2 cities(p.125)
- • Product diversification into lightweight daily wear and bridal segments(p.125)
- • Growing India gems and jewellery sector with government support(p.108)
- • Expansion of B2C segment; currently only 1.05% of revenue(p.221)
- • Geographic expansion beyond Delhi; significant headroom in untapped markets(p.223)
- • Product diversification to non-chain jewellery; chains are 96.48% of sales(p.224)
- • Government customs duty reduction supporting consumer demand for gold(p.209)
- • Enhanced retail presence through new showroom in Chandni Chowk(p.209)
- • Revenue expansion through increased exhibition participation(p.226)
- • Tailwind from government reduction in custom duty on gold(p.228)
- • Potential to migrate to NSE Main Board post-eligibility(p.261)
- • Intense competition from larger national brands and regional players(p.30)
- • Significant commodity price volatility, particularly in gold prices(p.28)
- • Rapidly changing customer preferences in jewellery design and fashion trends(p.28)
- • Substantial dependence on economic conditions and discretionary consumer spending(p.37)
- • Geographic concentration risk in central and northern India regions(p.29)
- • Regulatory and compliance risks including BIS hallmarking and HUID requirements(p.37)
- • Exposure to changes in import policies and bullion sourcing regulations(p.40)
- • Growth of organised retail chains and omnichannel jewellery competitors(p.31)
- • Seasonal demand fluctuations affecting operational profitability(p.34)
- • Security risks associated with transportation and handling of high-value jewellery(p.34)
- • Delays in completion of IPO affecting business plans and revenues(p.46)
- • Share price volatility and market risks post-listing(p.46)
- • Economic slowdown and reduced demand for jewellery(p.49)
- • Regulatory and tax law changes(p.50)
- • Foreign exchange risk on rupee and repatriation restrictions(p.51)
- • COVID-19 and other pandemic risks(p.48)
- • Economic downturns affecting consumer demand and jewellery consumption(p.126)
- • Changes in import-export laws and regulations(p.126)
- • Rapid changes in fashion trends impacting product relevance(p.126)
- • Intense competition in jewellery manufacturing and retail markets(p.126)
- • Volatility in global gold prices and raw material costs(p.101)
- • Global trade tensions and tariff uncertainties affecting export markets(p.100)
- • Volatility in gold prices affecting raw material costs and product margins(p.222)
- • Intense competition in jewellery sector may pressure margins(p.222)
- • Regulatory and compliance risks in jewellery manufacturing and hallmarking(p.222)
- • Dependence on workforce retention in specialized jewellery design and manufacturing(p.222)
- • Rapid technological advancement and risk of obsolescence(p.222)
- • General economic and cyclical risks to jewellery sector(p.222)
- • Volatility in raw material costs and input prices(p.231)
- • Exposure to general economic conditions and policy changes(p.230)
- • Competitive pressures in jewellery manufacturing sector(p.231)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Deepak Kumar Grover | Promoter | 99.79% | — |
| Lavkesh Kumar Grover | Promoter | 0.19% | — |
| Bhawna Grover | Promoter | 0.00% | — |
| Deepak Kumar Grover | Promoter | 99.79% | 73.34% |
| Lavkesh Kumar Grover | Promoter | 0.19% | 0.14% |
| Bhawna Grover | Promoter | 0.00% | 0.00% |
| Shyam Sunder Grover | Promoter Group | 0.00% | 0.00% |
| Rupali Grover | Promoter Group | 0.00% | 0.00% |
| Diksha Grover | Promoter Group | 0.00% | 0.00% |
| Sunny Grover | Promoter Group | 0.00% | 0.00% |
| Tiya Grover | Promoter Group | 0.00% | 0.00% |
| Deepak Kumar Grover | Promoter/Managing Director | — | — |
| Lavkesh Kumar Grover | Promoter/Executive Director | — | — |
| Deepak Kumar Grover | Promoter | 99.79% | 73.34% |
| Lavkesh Kumar Grover | Promoter | 0.19% | 0.14% |
| Bhawna Grover | Promoter | 0.00% | 0.00% |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.