Grover Jewells
February 4, 2026 – February 6, 2026
| Price | ₹83 - ₹88 |
| GMP Rumors * | ₹0 |
|---|---|
| Lot size | 1600 |
| Issue size | ₹33.83 cr |
| Allotment | Feb 9, 2026 |
| Listing | Feb 11, 2026 |
Grover Jewells Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| INDIVIDUAL | 2 | 3200 | 281600 | 400 |
| sHNI | 3 | 4800 | 422400 | 38 |
| bHNI | 8 | 12800 | 1126400 | 76 |
Grover Jewells Reservation
| Category | Shares Offered | % |
|---|---|---|
| Anchor | 1092800 | 28.42% |
| QIB | 729600 | 18.98% |
| HNI | 548800 | 14.27% |
| INDIVIDUAL | 1280000 | 33.29% |
| Market Maker | 193600 | 5.04% |
| Total | 3844800 | 100% |
Grover Jewells About
IPO Details
| Total Issue Size | 38,44,800 shares (aggregating up to ₹33.83 Cr) |
| Fresh Issue | 38,44,800 shares (aggregating up to ₹33.83 Cr) |
| Face Value | ₹10/- Per Share |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,06,62,400 shares |
| Share Holding Post Issue | 1,45,07,200 shares |
| Reserved for Market Maker | 1,93,600 shares (aggregating up to ₹1.70 Cr) |
| Market Maker | Anant Securities |
Key Performance Indicators (KPI)
| KPI | Oct-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| RONW | 38.52% | 45.67% | 30.65% | 43.00% |
| ROCE | 30.62% | 45.00% | 28.73% | 36.52% |
| EPS (BASIC) | 9.80 | 7.15 | 2.61 | 2.54 |
| P/E PRE IPO | 12.31 | |||
| P/E POST IPO | 7.12 |
Company Financial (In ₹Crore)
| Period Ended | Oct-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 67.51 | 29.85 | 13.91 | 11.71 |
| Total Income | 473.22 | 460.95 | 258 | 255.11 |
| Profit After Tax | 10.45 | 7.62 | 2.78 | 2.71 |
| EBITDA | 14.62 | 11.26 | 4.71 | 4.1 |
| NET Worth | 27.14 | 16.69 | 9.07 | 6.29 |
| Reserves and Surplus | 16.48 | 14.03 | 6.41 | 3.63 |
| Total Borrowing | 28.3 | 9.34 | 4.17 | 3.74 |
Peer Comparison (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Grover Jewells Limited | 12.31 | 88.00 | 10.00 |
| Shanti Gold International Limited | 20.71 | 192.28 | 10.00 |
| Retaggio Industries Limited | 9.08 | 37.70 | 10.00 |
| RBZ Jewellers Limited | 14.18 | 134.27 | 10.00 |
| Utssav CZ Gold Jewels Limited | 19.01 | 221.05 | 10.00 |
Peer Comparison (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Grover Jewells Limited | 15.66 | 45.67 | 7.15 |
| Shanti Gold International Limited | 21.13 | 36.56 | 10.34 |
| Retaggio Industries Limited | 13.51 | 11.57 | 2.60 |
| RBZ Jewellers Limited | 61.26 | 15.86 | 9.70 |
| Utssav CZ Gold Jewels Limited | 53.23 | 19.76 | 11.63 |
About Company
The Company offers a diverse product range comprising plain gold jewellery, studded jewellery, and semi-finished jewellery, predominantly crafted in 22 Karat, 20 Karat, and 18 Karat gold. Its product offerings include both hallmarked and non-hallmarked jewellery, marketed through its two retail showrooms located in Karol Bagh, New Delhi and Chandni Chowk, Delhi.
Grover Jewells operates across two core manufacturing segments—machine-made chain manufacturing and casting jewellery production—allowing it to efficiently serve high-volume wholesale requirements while also addressing contemporary design trends with consistent quality and timely delivery.
For operational and reporting purposes, the Company classifies its sales into wholesale, retail, and consumer sales. Headquartered in Delhi, Grover Jewells has established a strong B2B distribution network across approximately 20 states in India and has expanded its international presence through exports to Australia and the United Arab Emirates.
Strength
Integrated In-House Manufacturing: The company operates a fully integrated jewellery manufacturing facility, controlling the entire process from design to packaging. Advanced Italian, Chinese, and German machinery ensures high quality, precision, scalability, and faster response to market demand.
Experienced Promoters & Management: Led by Promoter and Managing Director Mr. Deepak Kumar Grover, with over 15 years of industry experience, and supported by Director Mr. Lavkesh Kumar Grover. Their strong domain expertise and industry relationships drive strategic growth and operational excellence.
Diversified & Innovative Product Portfolio: The company offers a wide range of gold jewellery including casting jewellery, chains, CZ jewellery, and customized designs across 22K, 20K, and 18K gold. Its diversified, trend-driven portfolio caters to multiple customer segments, reduces concentration risk, and supports sustained revenue growth.
Weakness
Dependence on Leased Properties: The Company operates its Registered Office and Chandni Chowk showroom from leased premises. Non-renewal or early termination of these agreements may require relocation, increase costs, disrupt operations, and expose the Company to higher competition in key markets.
Gold Price Volatility & Changing Consumer Preferences: Fluctuations in gold prices directly impact raw material costs, inventory valuation, and profitability. Additionally, changing customer preferences require continuous product adaptation, and failure to respond effectively may affect demand and margins.
Geographic Revenue Concentration: A significant portion of revenue is derived from Delhi and neighbouring states. Any adverse economic, political, social, or regulatory developments in these regions could materially affect the Company’s business, financial performance, and cash flows.
Grover Jewells Lead Manager(s)
Grover Jewells Address
House No C-44/5
1st Floor Lawrance, Road Industrial Area
Keshavpuram Ind Area, North West
Delhi, New Delhi, 110035
Phone: +91 9218012596
E-mail: cs@groverjewells.com
Website: https://groverjewells.com/