Pushpa Jewellers
Book Building issueSMENSE₹98.65 Cr issue
-23.81%
Listing gain over issue price
Issue size
₹98.65 Cr
1 lot at cut-off
₹1,47,000
Lot size
1,000shares
Open
30 Jun 2025
Close
02 Jul 2025
Allotment
03 Jul 2025
Listing
07 Jul 2025
Listing performance
Issue price
₹147
Listed at
₹112
Listing-day close
₹117.60
Latest price
₹123.15
Close on 23 Oct 2026
Listing gain
-23.81%
Return since issue
-16.22%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 Jun 2025 – 02 Jul 2025
- Listing date
- 07 Jul 2025
- Face value
- ₹10 per share
- Issue price
- ₹147 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹98.65 Cr
- Market cap at offer price
- ₹356 Cr
- Promoter holding
- 100.00% → 77.29% pre-issue → post-issue
- ISIN
- INE154801018
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Affinity Global Capital Market Pvt.Ltd.
- Registered office
- Unit 4A, Tirumala 22, Premises No.22, East Topsia Road, West Bengal
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 | 9,56,000 | — | — |
| Market maker | 3,36,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹147
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,47,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,94,000 |
| S-HNI (max) | 6 | 6,000 | ₹8,82,000 |
| B-HNI (min) | 7 | 7,000 | ₹10,29,000 |
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.
Shares allocated
9,56,000
Anchor portion
₹14.05 Cr
at ₹147 per share
Valuation and performance
Valuation at offer price
₹147 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.82 | 9.20 |
| P/E (×) | 12.44 | 15.98 |
| Price to book (×) | 4.77 | — |
| Market cap | — | ₹356 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 38.34%
- ROCE
- 27.84%
- Debt / equity
- 0.38
- PAT margin
- 7.93%
- EBITDA margin
- 11.30%
- NAV per share
- ₹30.83
- Price to book
- 4.77
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Pushpa Jewellers
Pushpa Jewellers Limited (formerly Pushpa Jewellers Private Limited) was incorporated on June 3, 2009 and converted to a public limited company in July 2024. The company operates in the jewelry manufacturing and trading business, producing jewelry from raw materials and trading in finished goods. It maintains inventory of raw materials, finished goods, and traded stock, with a working capital-intensive business model requiring significant funding for inventory and receivables. The company has experienced growth with revenue from operations increasing from ₹16,580.17 lakhs (FY 2023) to ₹28,106.07 lakhs (FY 2025). It operates through operations in West Bengal, Tamil Nadu, and Telangana, with exhibitions held in December 2024 and January 2025. The company is led by promoters Anupam Tibrewal (Chairman and Managing Director) and Mridul Tibrewal (Wholetime Director and CEO).
Company Analysis
from RHPPushpa Jewellers Limited manufactures and trades jewelry and accessories in the precious metals and specialty diamonds segment.
Pushpa Jewellers Limited (formerly Pushpa Jewellers Private Limited) was incorporated on June 3, 2009 and converted to a public limited company in July 2024. The company operates in the jewelry manufacturing and trading business, producing jewelry from raw materials and trading in finished goods. It maintains inventory of raw materials, finished goods, and traded stock, with a working capital-intensive business model requiring significant funding for inventory and receivables. The company has experienced growth with revenue from operations increasing from ₹16,580.17 lakhs (FY 2023) to ₹28,106.07 lakhs (FY 2025). It operates through operations in West Bengal, Tamil Nadu, and Telangana, with exhibitions held in December 2024 and January 2025. The company is led by promoters Anupam Tibrewal (Chairman and Managing Director) and Mridul Tibrewal (Wholetime Director and CEO).
Objects of the Issue
- To meet working capital requirements ₹4,539.39 lakhs p.131
- To Finance Establishment of proposed new showroom - Capital expenditure cost for proposed new showroom ₹190.00 lakhs p.131
- To Finance Establishment of proposed new showroom - Inventory cost for the proposed new showroom ₹345.60 lakhs p.131
- General Corporate Purpose p.131
- To Meet the Offer expenses p.131
- Not specified in this document part
Issue Structure
- Total Issue
- Up to 67,11,000 Equity Shares
- Fresh Issue
- Fresh Offer of up to 53,70,000 Equity Shares of Face Value of ₹10/- each
- Offer for Sale
- Offer for Sale of up to 13,41,000 Equity Shares of Face Value of ₹10/- each
- Face Value
- ₹10/- per Equity Share
Business Model
The company earns revenue from the manufacture and sale of jewelry and trading of finished jewelry. Revenue is generated through the Cost of Raw Material Consumed, Purchase of Traded Goods, and changes in inventory of finished goods and work-in-progress. The business requires significant working capital to finance inventory of raw materials, purchase of goods, and trade receivables. For FY 2025, the company had inventory of ₹3,548.73 lakhs and trade receivables of ₹1,966.54 lakhs.
Business Segments
Gold necklace jewellery products
Gold earring jewellery products
Gold mala jewellery products
Gold chain jewellery products
Gold ring jewellery products
Wholesale distribution of gold jewellery to retailers, family jewellers, and commercial establishments across India through showrooms and B2B channels
International sales of gold jewellery to Dubai, United States, and Australia
Design and manufacture of diverse gold jewellery products including necklaces, kanth, earrings, chokers, chick sets, bangles, rings, and mangal sutras in traditional, modern, and contemporary styles
Sale of manufactured and traded jewellery to retail and wholesale customers in India
Sale of jewellery to international markets including Dubai, Australia, and the United States
Sale of gold jewellery across multiple product categories
SWOT Analysis
Strengths
- • Integrated in-house design and production processes(p.36)
- • Established long-term relationships with key customers(p.48)
- • Pan-India presence and export operations(p.36)
- • Network of experienced Karigars for specialized manufacturing(p.49)
- • Diverse product portfolio with fine stones(p.36)
- • Robust working capital management with multi-year track record(p.55)
- • Strong track record of customer credit management with no defaults(p.60)
- • Long-standing customer and supplier relationships providing stability(p.64)
- • No pledged or encumbered promoter equity(p.119)
- • All promoter shares dematerialised and in compliant form(p.119)
- • Diverse, customizable jewellery collection with regional adaptation(p.183)
- • Strong in-house design and streamlined production control(p.183)
- • Skilled artisan network with 33 Karigars in Kolkata(p.183)
- • BIS Hallmark certification and quality assurance commitment(p.184)
- • Experienced promoter team with 20+ years in jewellery industry(p.185)
- • Distinctive brand identity with 15 years of proven track record(p.188)
- • Extensive variety of unique designs from skilled in-house design team(p.188)
- • Rigorous quality assurance and hallmarking compliance(p.189)
- • Advanced inventory management system with real-time demand forecasting(p.189)
- • Experienced promoters with two decades of industry expertise(p.188)
- • 24/7 comprehensive security and surveillance systems(p.190)
- • Digitalization of operations during pandemic enabling steady growth(p.186)
- • Established brand presence with 15+ years of industry experience from promoters(p.250)
- • Multi-city geographic expansion with showroom presence in Hyderabad, Chennai, and Bengaluru(p.244)
- • Export capabilities with duty-free gold reception certificates from customs authorities(p.244)
- • Strong revenue growth trajectory, reaching ₹250 crores in FY2024(p.244)
- • Certified hallmark registration across multiple locations (Kolkata, Chennai, Hyderabad, Bengaluru)(p.244)
- • Industry memberships demonstrating credibility (GJEPC, India Bullion & Jewellers Association, Hitech City JMA)(p.244)
- • In-house design and streamlined production capabilities(p.318)
- • Multi-regional branch presence with digital engagement(p.318)
- • BIS hallmark certification for quality assurance(p.319)
- • Diversified product portfolio across jewelry categories(p.318)
- • Strong revenue growth and improved profitability(p.332)
- • Long-standing customer relationships and B2B wholesale focus(p.318)
Weaknesses
- • High customer concentration risk(p.47)
- • Dependence on few key suppliers for raw materials(p.49)
- • Reliance on non-exclusive Karigar arrangements(p.49)
- • High geographic revenue concentration in Southern states(p.50)
- • Reliance on verbal orders creating operational risks(p.50)
- • Dependence on promoters and key management personnel(p.54)
- • Significant and growing working capital requirements(p.55)
- • Dependence on promoter guarantees for debt facilities(p.56)
- • Volatile operating cash flows with minimal net cash generation(p.59)
- • Rapidly growing trade receivables indicating collection challenges(p.60)
- • History of GST and statutory compliance delays(p.60)
- • Licenses and approvals registered under previous company name requiring updates(p.64)
- • High concentration of revenue from top customers(p.184)
- • Significant increase in working capital requirement(p.141)
- • Inventory intensity and working capital cycle extension(p.139)
- • Dependence on job-worker Karigars without contractual employees(p.183)
- • Limited operational presence (only 4 branches including proposed Vijayawada)(p.183)
- • Vulnerability to raw material price fluctuations(p.208)
- • Limited scalability due to handmade production process(p.208)
- • Dependence on economic fluctuations affecting consumer spending(p.208)
- • Concentration of revenue in few geographic regions(p.195)
- • Dependence on third-party job workers and Karigars for manufacturing(p.200)
- • High dependence on three promoters with concentrated shareholding(p.273)
- • Significant working capital borrowings and increasing finance costs(p.297)
- • One promoter (Madhur Tibrewal) holds no equity shares in the company despite being co-founder(p.273)
- • Relatively small employee base with limited staff welfare infrastructure noted(p.297)
- • Significant dependence on a limited customer base(p.344)
- • High supplier concentration risk(p.345)
- • Increased debt obligations from recent financing(p.346)
- • Asset concentration in Kolkata region(p.318)
- • High inventory carrying requirements(p.333)
Opportunities
- • Expansion into new geographic markets(p.36)
- • Growth in global jewellery market(p.36)
- • Strong growth in India jewellery market(p.36)
- • B2B wholesale expansion potential(p.36)
- • Expansion through effective working capital management strategies(p.55)
- • Enhancement of receivables management and supplier negotiations(p.60)
- • Continued revenue growth leveraging customer relationships(p.64)
- • Deployment of IPO proceeds for business expansion(p.63)
- • Expansion into high-growth markets including Vijayawada(p.143)
- • India's gold jewellery market expected to reach 800-900 tonnes in 2024(p.177)
- • Growing organized jewellery sector consolidation(p.178)
- • Potential expansion of digital sales and online jewellery market(p.185)
- • Strong revenue growth trajectory with 74% projected increase(p.141)
- • Export market expansion into Dubai, US, and Australia(p.183)
- • Expansion into unorganized market through organized retail growth(p.186)
- • Global export expansion beyond current three markets(p.197)
- • Leveraging e-commerce and digital channels for wider market reach(p.208)
- • Geographic expansion through new showroom openings(p.190)
- • AI-powered lead management and sales optimization(p.192)
- • Capitalizing on heightened consumer sustainability awareness(p.186)
- • Expansion of B2B corporate and institutional sales channels(p.208)
- • Expansion into precious metals and gemstones market with growing domestic consumption(p.243)
- • Export market penetration with established duty-free gold reception infrastructure(p.287)
- • Portfolio diversification into precious stones and artifacts beyond traditional jewelry(p.243)
- • Strategic geographic footprint expansion with properties already acquired in Hyderabad(p.244)
- • Expansion to new geographic markets(p.318)
- • Growth in export markets(p.332)
- • Digital and AI-enabled customer engagement(p.320)
- • E-commerce platform growth(p.319)
- • Increased credit sales strategy with markup pricing(p.332)
- • Strong regional demand in southern India(p.337)
Threats
- • Gold price volatility impact on production costs and inventory(p.51)
- • Rising transportation costs and infrastructure challenges(p.53)
- • Risk of order delays, modifications or cancellations by customers(p.48)
- • Foreign exchange rate volatility affecting export competitiveness(p.54)
- • Cyber-attacks and IT system disruptions(p.54)
- • Risk of fraud, theft and inventory losses(p.52)
- • Inability to secure adequate working capital financing on commercial terms(p.55)
- • Payment delays or defaults by customers(p.60)
- • Economic slowdown affecting domestic demand(p.65)
- • Government regulatory changes affecting business operations and costs(p.65)
- • Dependence on short-term orders without long-term customer contracts(p.64)
- • Inflation and wage pressures in India eroding margins(p.67)
- • Volatile gold price fluctuations impacting demand and margins(p.140)
- • Intense competition in organized jewellery sector(p.178)
- • Global economic uncertainties and trade policy risks(p.170)
- • Monsoon and weather-dependent seasonality in demand(p.175)
- • Geopolitical uncertainties affecting exports(p.171)
- • Government policy changes affecting jewelry industry operations(p.208)
- • Economic downturn impacting consumer spending on luxury goods(p.208)
- • Fluctuations in currency exchange rates affecting import/export costs(p.208)
- • Rapid changes in fashion trends requiring constant design innovation(p.208)
- • Competition from both organized and unorganized jewelry players(p.217)
- • Dependence on precious metal supply and international gold rates(p.189)
- • Regulatory compliance requirements for hallmarking and BIS standards(p.219)
- • Exposure to precious metals price volatility affecting raw material costs(p.285)
- • Regulatory risk from Consumer Protection Act enforcement and e-commerce rules compliance(p.240)
- • Data protection regulatory compliance burden under Digital Personal Data Protection Act 2023(p.241)
- • Dependence on government customs clearance for duty-free gold imports and export operations(p.244)
- • Cyclical nature of jewelry industry sensitive to economic conditions and consumer discretionary spending(p.285)
- • Exposure to fluctuating gold and precious metal prices(p.338)
- • Dependence on job workers (Karigars) in Kolkata for production(p.318)
- • Intense competition in the jewelry industry(p.345)
- • External economic and political risks affecting business(p.323)
- • Regulatory changes and licensing requirements(p.323)
- • Currency and foreign exchange fluctuation risk(p.323)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Anupam Tibrewal | Promoter | 37.50% | — |
| Mridul Tibrewal | Promoter | 62.50% | — |
| Anupam Tibrewal | Promoter | 37.50% | — |
| Mridul Tibrewal | Promoter | 62.50% | — |
| Anupam Tibrewal | Managing Director/Promoter | — | — |
| Madhur Tibrewal | Promoter | — | — |
| Mridul Tibrewal | Promoter | — | — |
| Mridul Tibrewal | Promoter | 62.50% | 48.65% |
| Anupam Tibrewal | Promoter | 37.50% | 29.19% |
| Madhur Tibrewal | Promoter | — | — |
| Anupam Tibrewal | Promoter | — | — |
| Mridil Tibrewal | Promoter | — | — |
| Anupam Tibrewal | Promoter | — | — |
| Mridul Tibrewal | Promoter | — | — |
| Madhur Tibrewal | Promoter | — | — |
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.
Pushpa Jewellers IPO FAQs
What is the lot size of Pushpa Jewellers IPO?
The minimum lot size of Pushpa Jewellers IPO is 1,000 shares. One lot costs ₹1,47,000 at the cut-off price.
When does Pushpa Jewellers IPO open and close?
Pushpa Jewellers IPO opened for subscription on 30 Jun 2025 and closed on 02 Jul 2025.
What is the listing date of Pushpa Jewellers IPO?
Pushpa Jewellers IPO listed on 07 Jul 2025.