SMR Jewels SME
Book Building issueSME₹63.74 Cr issue
-19.57%
Listing gain over issue price
Price band
₹125 – ₹128
Issue size
₹63.74 Cr
1 lot at cut-off
₹1,28,000
Lot size
1,000shares
Open
26 May 2026
Close
03 Jun 2026
Allotment
04 Jun 2026
Listing
08 Jun 2026
Listing performance
Issue price
₹128
Listed at
₹102.95
Listing-day close
₹103.05
Latest price
₹90
Listing gain
-19.57%
Return since listing
-29.69%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
02 Jun 2026 Range ₹0 – ₹0 over 7 days 08 Jun 2026
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹128 | ₹0 |
| 07 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹128 | ₹0 |
| 06 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹128 | ₹0 |
| 05 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹128 | ₹0 |
| 04 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹128 | ₹0 |
| 03 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹128 | ₹0 |
| 02 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹128 | ₹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
- 26 May 2026 – 03 Jun 2026
- Listing date
- 08 Jun 2026
- Face value
- ₹10 per share
- Price band
- ₹125 – ₹128
- Issue price
- ₹128 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹63.74 Cr
- Market cap at offer price
- ₹239 Cr
- Promoter holding
- 90.37% → 65.74% pre-issue → post-issue
- ISIN
- INE11XK01017
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead managers
- Wealth Mine Networks Pvt.Ltd.
- Registered office
- 3, Vrindavan Appartments, Gulbai Tekra, Gujarat
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 | 0 | — | — |
| Market maker | 2,49,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹128
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,28,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,56,000 |
| S-HNI (max) | 7 | 7,000 | ₹8,96,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,24,000 |
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
0
Anchor portion
₹0 Cr
at ₹128 per share
Valuation and performance
Valuation at offer price
₹128 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.11 | 13.26 |
| P/E (×) | 18.00 | 9.65 |
| Price to book (×) | 2.19 | — |
| Market cap | — | ₹239 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 43.14%
- ROCE
- 47.92%
- PAT margin
- 3.96%
- EBITDA margin
- 5.76%
- NAV per share
- ₹58.57
- Price to book
- 2.19
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About SMR Jewels SME
SMR Jewels Limited was originally incorporated as a private limited company on October 26, 2018, and converted to a public limited company on October 11, 2024. The company specializes in designer heritage jewellery that combines traditional Indian craftsmanship with contemporary aesthetics. Its product portfolio includes theme-based collections inspired by mythology and spirituality, traditional forms such as Jadtar, Meenakari, and Polki, bridal and festive jewellery, nature-inspired designs, and daily-wear ranges. The company operates on a purchase order basis with customers and outsources manufacturing to skilled artisans (Karigars) who perform finishing work including stone setting, meenakari, kundan, and other traditional embellishments. Revenue generation comes primarily from the sale of jewellery products, with significant customer and geographical concentration in Gujarat.
Company Analysis
from DRHPSMR Jewels Limited manufactures and sells Designer Heritage Jewellery blending traditional Indian artistry such as Jadtar, Meenakari, and Polki with theme-based, bridal, festive, nature-inspired, and daily-wear collections across the jewelry industry.
SMR Jewels Limited was originally incorporated as a private limited company on October 26, 2018, and converted to a public limited company on October 11, 2024. The company specializes in designer heritage jewellery that combines traditional Indian craftsmanship with contemporary aesthetics. Its product portfolio includes theme-based collections inspired by mythology and spirituality, traditional forms such as Jadtar, Meenakari, and Polki, bridal and festive jewellery, nature-inspired designs, and daily-wear ranges. The company operates on a purchase order basis with customers and outsources manufacturing to skilled artisans (Karigars) who perform finishing work including stone setting, meenakari, kundan, and other traditional embellishments. Revenue generation comes primarily from the sale of jewellery products, with significant customer and geographical concentration in Gujarat.
Jewelry manufacturingLuxury goodsRetail jewelryHeritage craftsDesigner jewelry
Objects of the Issue
- Capital expenditure requirements towards construction of a jewellery studio ₹640 lakhs p.42
- Repayment/prepayment of certain borrowings availed by our Company p.47
- Long term working capital requirement ₹3,000 lakhs p.38
- General corporate purposes p.49
- Funding capital expenditure requirements towards Construction of Jewellery Studio ₹640.00 lakhs p.105
- Repayment/prepayment of all or certain of our borrowings availed of by our Company ₹650.00 lakhs p.105
- Long Term Working capital requirement ₹3,000.00 lakhs p.105
- General Corporate Purpose p.105
- Capital expenditure requirements towards Construction of Studio ₹640.00 lakhs p.122
- Funding towards Repayment of Loan ₹650.00 lakhs p.122
- Working capital requirement ₹3000.00 lakhs p.122
- General Corporate Purpose p.122
- —
Issue Structure
- Total Issue
- 49,80,000 Equity Shares aggregating to ₹[●] Lakhs
- Fresh Issue
- 40,00,000 Equity Shares aggregating to ₹[●] Lakh
- Offer for Sale
- 9,80,000 Equity Shares aggregating to ₹[●] Lakh
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price)
- Face Value
- ₹10.00 each
Business Model
The company manufactures Designer Heritage Jewellery by procuring raw materials (gold, precious metals, gemstones, pearls) and engaging skilled artisans as job workers. It creates base moulds using in-house designs and provides semi-finished products to artisans for finishing work. Products are then certified through third-party agencies including BIS hallmarking and gemstone certification. Revenue is generated through direct sales to customers on a purchase order basis without long-term contracts.
Business Segments
Blends traditional artistry such as Jadtar, Meenakari and Polki with contemporary aesthetics
Inspired by mythology and spirituality including Radha-Krishna, Buddha, Cow Designs, Peacock, Birds, Temples
Includes traditional forms such as Jadtar, Meenakari and Polki
Specialized jewellery for bridal and festive occasions
Nature-inspired designs and daily-wear jewellery ranges
The company designs, manufactures, and retails premium jewelry collections through exhibition-driven sales strategy, developing over 500 unique designs annually
In-house design and outsourced production of Designer Heritage Jewellery, Nature-Inspired Jewellery, Traditional Jewellery (Jadtar, Meenakari, Polki), Bridal Festive & Bridal Jewellery, and Daily Wear Jewellery
Trading of jewellery products
Manufacture and trade in gold jewelry, gold ornaments, semi-gold ornaments, diamonds, precious metals, and related items through retail and wholesale channels
In-house design, CAD modelling, outsourced job work to skilled karigars for base structure and artistic detailing, and in-house finalization, polishing, stone setting, and quality control with hallmark certification.
Purchase and sale of finished and semi-finished jewellery products.
SWOT Analysis
Strengths
- • Established market presence with documented design leadership and exhibition success(p.106)
- • Strong financial performance with significant revenue growth trajectory(p.60)
- • Solid profitability with improving margins(p.60)
- • Strong promoter commitment with significant insider shareholding(p.99)
- • Specialization in Designer Heritage Jewellery with diversified product portfolio(p.150)
- • Strong in-house design capabilities enabling innovation and customization(p.150)
- • Experienced promoter with three-generation family legacy in jewellery business(p.165)
- • Established B2B network with prestigious client base including leading Indian brands(p.165)
- • Long-standing artisan relationships with dual-phase exclusive manufacturing model protecting designs(p.166)
- • Brand credibility demonstrated by exhibition success and secured orders(p.166)
- • Strong revenue growth trajectory with EBITDA margin expansion(p.123)
- • High operational profitability with strong PAT margins and positive cash generation(p.123)
- • Established BIS hallmarking compliance and jewellery manufacturing(p.180)
- • 13+ years of operational history and industry experience(p.193)
- • Multiple awards and recognition in jewellery sector(p.188)
- • In-house design capability with skilled artisanal network(p.227)
- • BIS Hallmark certification ensuring product authenticity(p.228)
- • Strong revenue growth trajectory with 111.4% YoY growth in FY 2024-25(p.236)
- • Diversified product portfolio across multiple design categories(p.228)
- • Improved profitability with PAT margin growth from 3.1% to 4% in FY 2024-25(p.239)
- • Expanding customer base with new customer contribution of 33.49% in FY 2024-25(p.234)
- • Asset-light manufacturing model outsourcing to skilled karigars(p.227)
- • Improved raw material efficiency and product mix optimization(p.295)
- • Enhanced manpower efficiency and cost optimization(p.295)
- • Direct customer engagement reducing commission costs(p.296)
- • Significant revenue growth and operational leverage(p.296)
Weaknesses
- • High customer concentration with top 10 customers contributing over 51% of revenue(p.30)
- • Significant dependence on limited supplier base for raw materials(p.31)
- • Heavy geographic revenue concentration in Gujarat state(p.31)
- • Reliance on independent artisans with no long-term non-compete agreements(p.32)
- • Regulatory and compliance lapses including delayed statutory filings and tax payment defaults(p.32)
- • Negative cash flows from operating and investing activities in multiple periods(p.40)
- • Working capital intensive business with significant inventory and receivables requirements(p.37)
- • No long-term customer contracts, operating only on purchase order basis(p.44)
- • Registered office premises not owned by company(p.41)
- • Unregistered trademark and logo creating intellectual property vulnerability(p.41)
- • Designs not registered under Designs Act 2000, vulnerable to replication(p.42)
- • No prior listed company board experience among directors(p.49)
- • No dividend history and uncertainty regarding future dividend payments(p.49)
- • Existing debt with restrictive covenants and variable interest rates(p.48)
- • Heavy reliance on design-dependent business model with concentrated customer base exposure(p.53)
- • Significant working capital intensity and inventory concentration requirements(p.113)
- • High leverage with substantial outstanding borrowings relative to equity base(p.109)
- • Governance risks from family promoter structure with related-party transactions(p.60)
- • Limited operational scale and newly incorporated status with short track record(p.62)
- • High customer concentration risk with top customer accounting for significant portion of sales(p.160)
- • Dependence on outsourced job workers without in-house manufacturing facility(p.150)
- • Significant reliance on gold as primary raw material subject to daily price fluctuations(p.158)
- • Limited permanent workforce of only 23 employees constraining operational scale(p.171)
- • High inventory holding days of 27-69 days historically requiring significant working capital(p.119)
- • High dependence on few customers(p.202)
- • Significant related-party transaction exposure(p.197)
- • Promoter litigation exposure(p.216)
- • High customer concentration with top customer at 14.06% of revenue(p.244)
- • Significant working capital absorption with negative operating cash flow for nine months ended Dec 31, 2025(p.241)
- • High supplier concentration with top supplier at 19.91% of purchases(p.244)
- • Substantial debt burden with total borrowings of ₹1,653.92 lakhs as of Dec 31, 2025(p.225)
- • Regulatory compliance lapses with delayed filing of special resolution(p.253)
- • Increased working capital requirements(p.295)
- • Heavy reliance on traded goods sourcing(p.295)
Opportunities
- • Expansion into premium retail through dedicated Jewellery Studio facility(p.107)
- • Growth through exhibition-driven sales model with proven demand validation(p.114)
- • Leverage of established order book and market visibility for accelerated growth(p.114)
- • Market expansion opportunity through public listing and enhanced brand visibility(p.105)
- • Operational scaling through long-term lease of premium facility(p.107)
- • Indian Gems & Jewellery sector expected to reach $100 billion by 2027 with strong export growth(p.139)
- • Strengthening B2B relationships and expanding geographical market reach through exhibitions(p.166)
- • Continuous design expansion strategy with 500+ new designs developed annually(p.166)
- • Proposed Jewellery Studio development as hub for design innovation and client engagement(p.167)
- • India-UK Free Trade Agreement expected to more than double Gems & Jewellery exports to UK(p.140)
- • Government initiatives including reduced customs duty on jewellery and emerging Lab-grown diamond sector(p.140)
- • Growth in organised jewellery market with increasing penetration of organised players and brands(p.141)
- • Cumulative FDI inflows in diamond and gold ornaments reached $1,427.39 million in Apr-Dec 2024(p.140)
- • India's large and growing jewellery market(p.180)
- • Export opportunities via Gem and Jewellery Export Promotion Council(p.179)
- • Expansion into bridal jewellery segment(p.188)
- • Increased capital availability via IPO for jewellery studio construction(p.197)
- • Strategic shift towards manufacturing-led business generating higher margins(p.230)
- • Growing exhibition participation driving bulk B2B orders(p.234)
- • Design innovation driving customer acquisition with 500+ new designs launched in FY 2024-25(p.234)
- • Benefiting from unprecedented gold price appreciation with domestic prices up 27% in FY 2024-25(p.236)
- • Expansion into new geographic markets with presence across 10+ states(p.228)
- • Customization and heirloom recreation services capturing niche segments(p.227)
- • Festive and seasonal demand fulfillment strategy(p.295)
- • Inventory management for higher seasonal demand(p.295)
Threats
- • Significant gold price volatility affecting raw material costs and product pricing(p.37)
- • Shifting consumer preferences and fashion trends affecting product demand(p.37)
- • Risk of adverse cultural representation and reputational harm(p.46)
- • Changes in government regulations and taxation affecting business operations(p.53)
- • Interest rate fluctuations impacting debt servicing costs(p.53)
- • Risk of tax and levy changes including GST implications(p.53)
- • Supply chain disruptions affecting raw material availability and costs(p.30)
- • Foreign investment restrictions limiting ability to attract international investors(p.53)
- • Stock exchange circuit breaker restrictions affecting share price movements and trading(p.51)
- • Potential market volatility and stock price decline after listing(p.51)
- • Systemic industry risks from unethical practices affecting all market participants(p.53)
- • Regulatory risk from evolving labour laws impacting operational flexibility(p.53)
- • Macroeconomic sensitivity to slowdown in Indian economy and discretionary spending(p.54)
- • Infrastructure and operational disruption risks from natural calamities and civil unrest(p.53)
- • Global financial market contagion and forex volatility impacting financial stability(p.54)
- • Exposure to infrastructure constraints and commodity price volatility(p.54)
- • Highly competitive jewellery industry with large numbers of organized and unorganized players(p.168)
- • Extreme volatility in gold prices driven by global economic factors and forex movements(p.158)
- • Potential design replication risk and intellectual property protection challenges in jewellery industry(p.168)
- • Dependence on artisan availability and quality, with limited in-house manufacturing capability(p.166)
- • Regulatory changes affecting customs duties, hallmarking requirements, and export regulations(p.173)
- • Monsoon and seasonal variations affecting customer demand for jewellery purchases(p.119)
- • Mandatory hallmarking compliance and regulatory burden(p.178)
- • Strict anti-money laundering requirements for precious metals dealers(p.178)
- • Exposure to gold price and foreign exchange volatility(p.179)
- • Competition from large established jewellery manufacturers(p.180)
- • Cyclical demand risk in jewellery sector(p.186)
- • Extreme volatility in gold prices impacting margins and inventory valuation(p.230)
- • Seasonal demand fluctuations concentrated around festivals and wedding season(p.244)
- • Regulatory changes in hallmarking, taxation, and labour laws affecting operations(p.230)
- • Exposure to foreign trade regulations and RBI/FEMA guidelines on gold imports(p.230)
- • Pending income tax inquiry into undisclosed income of managing director(p.255)
- • Increased reliance on unsecured borrowings from multiple lenders at high interest rates(p.248)
- • Gold price volatility impact on realizations(p.295)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Vismay Manojkumar Soni | Promoter | — | — |
| Mr. Jainil Virendra Soni | Promoter | — | — |
| Mrs. Parul Manoj Soni | Promoter | — | — |
| Mrs. Dipikaben Virendra Soni | Promoter | — | — |
| Mrs. Drashti Pal Modi | Promoter | — | — |
| Vismay Manojkumar Soni | Promoter | 18.08% | 14.20% |
| Jainil Virendra Soni | Promoter | 13.76% | 10.81% |
| Parul Manoj Soni | Promoter | 21.02% | 16.51% |
| Dipikaben Virendra Soni | Promoter | 16.92% | 13.29% |
| Drashti Pal Modi | Promoter | 16.92% | 13.29% |
| Bhanumati Ramanlal Parekh | Promoter Group | 0.50% | 0.23% |
| Niharika Vismay Soni | Promoter Group | 0.50% | 0.23% |
| Mitul Virendra Soni | Promoter Group | 0.50% | 0.23% |
| Vismay Manojkumar Soni | Promoter | — | — |
| Vismay Manojkumar Soni | Promoter/Managing Director | 18.08% | — |
| Jainil Virendra Soni | Promoter/Whole Time Director | 13.76% | — |
| Parul Manoj Soni | Promoter/Non-Executive Director | 21.02% | — |
| Dipikaben Virendra Soni | Promoter/Non-Executive Director | 16.92% | — |
| Drashti Pal Modi | Promoter/CFO | 16.92% | — |
| Vismay Manojkumar Soni | Promoter | 18.08% | — |
| Parul Manoj Soni | Promoter | 21.02% | — |
| Drashti Pal Modi | Promoter | 16.92% | — |
| Dipikaben Virendra Soni | Promoter | 16.92% | — |
| Jainil Virendra Soni | Promoter | 13.76% | — |
| Mrs. Parul Manoj Soni | Selling Shareholder | 21.02% | — |
| Mrs. Dipikaben Virendra Soni | Selling Shareholder | 16.92% | — |
| Mr. Vismay Manojkumar Soni | Selling Shareholder | 18.08% | — |
| Mrs. Drashti Pal Modi | Selling Shareholder | 16.92% | — |
| Mrs. Bhanumati Ramanlal Parekh | Selling Shareholder | 0.50% | — |
| Mr. Soni Mitul Virendra | Selling Shareholder | 0.50% | — |
| Mrs. Soni Niharika Vismay | Selling Shareholder | 0.50% | — |
| Mrs. Parul Manoj Soni | Selling Shareholder | — | — |
| Mrs. Dipikaben Virendra Soni | Selling Shareholder | — | — |
| Mr. Vismay Manojkumar Soni | Selling Shareholder | — | — |
| Mrs. Bhanumati Ramanlal Parekh | Selling Shareholder | — | — |
| Mr. Soni Mitul Virendra | Selling Shareholder | — | — |
| Mrs. Soni Niharika Vismay | Selling Shareholder | — | — |
| Mrs. Drashti Pal Modi | Selling Shareholder | — | — |
Leadership
Mr. Vismay Manojkumar Soni · Managing Director
Mr. Jainil Virendra Soni · Whole-time Director
Mrs. Parul Manoj Soni · Non-Executive Director
Mrs. Dipikaben Virendra Soni · Non-Executive Director; Chief Financial Officer
Ms. Sangita Rajpurohit · Company Secretary & Compliance Officer
Auto-extracted from the company's DRHP 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 DRHP before relying on it.