SMR Jewels IPO
Price Band
₹128 – ₹135
Issue Size
₹67.23 Cr
Lot Size
1000 shares
Min ₹1,35,000
Issue Dates
26 May – 3 Jun 2026
Listing Date
8 Jun 2026
About SMR Jewels Limited
SMR Jewels Limited, incorporated in 2018, is engaged in the design and distribution of designer heritage jewellery. The company offers a diverse portfolio including nature-inspired jewellery (floral, leaf, vine, animal and seasonal motifs), traditional jewellery such as Jadtar, Meenakari, Polki, and bridal & festive collections.
The company does not own manufacturing facilities and instead outsources production to skilled artisans and job workers, while all design and product conceptualization is handled in-house. Its products are supplied to established jewellery retailers such as HSJ, Rokde Jewellers, WHP, JOSCO Jewellers, Kalamandir Jewellers, Vaibhav Jewellers, and D. P. Abhushan Limited.
IPO Details
| Price Band | ₹128 – ₹135 |
| Face Value | ₹10 |
| Lot Size | 1000 shares(Min ₹1,35,000) |
| Issue Size | ₹67.23 Cr |
| Fresh Issue | ₹54 Cr |
| Offer for Sale | ₹13.23 Cr |
| Listed On | BSE |
Objects of the Issue
Construction of Jewellery Studio, repayment/prepayment of borrowings, long-term working capital requirements, and general corporate purposes
Key Financial Metrics
ROE
71.76%
ROCE
47.92%
Debt / Equity
0.31
Financial Performance
| Particulars (₹ Cr) | FY23 | FY24 | FY25 | Q1 FY26 |
|---|---|---|---|---|
| Revenue | 67.53 | 124.52 | 263.25 | 100.03 |
| EBITDA | 1.96 | 6.14 | 15.17 | 6.24 |
| PAT | 0.91 | 3.85 | 10.41 | 4.47 |
| Total Assets | 21.3 | 15.06 | 43.35 | 56.04 |
| Net Worth | 1.04 | 4.88 | 24.14 | 28.61 |
| Total Borrowings | 6.33 | 7.65 | 8.57 | 8.74 |
Valuation
Market Capitalisation
P/E Ratio
Promoter Holding
Public Holding
Lot Size & Allocation
Investment by Category
| Category | Lot Size | Min Investment | Max Investment |
|---|---|---|---|
| S-HNI | 3 × 1000 | ₹4,05,000 | ₹9,45,000 |
| B-HNI | 8 × 1000 | ₹10,80,000 | — |
| Retail (RII) | 2 × 1000 | ₹1,35,000 | ₹2,70,000 |
Registrar & Lead Managers
Registrar
Lead Managers (1)
Anchor Investors
| # | Investor | Type | Shares | Amount (₹ Cr) | % of Issue |
|---|---|---|---|---|---|
| 1 | HDFC Mutual Fund | Domestic MF | 17,85,714 | 250.5 | 15.25% |
Peer Comparison
| Company | Listed | Mkt Cap (₹ Cr) | EPS (₹) | P/E | ROE % |
|---|---|---|---|---|---|
| SMR Jewels IPO (this IPO) | — | — | — | — | 71.76% |
| Kalyan Jewellers India Ltd | Yes | 58,000 | ₹5.85 | 72.4x | 14.8% |
| Senco Gold Ltd | Yes | 14,500 | ₹18.2 | 31.6x | 16.9% |
| Thangamayil Jewellery Ltd | Yes | 6,200 | ₹34.5 | 21.8x | 18.4% |
| Sky Gold Ltd | Yes | 4,200 | ₹18.4 | 22.1x | 24.5% |
| PNGS Gargi Fashion Jewellery Ltd | Yes | 1,800 | ₹7.6 | 27.4x | 19.3% |
| Vaibhav Global Ltd | Yes | 5,200 | ₹16.9 | 18.7x | 15.2% |
| Titan Company Ltd | Yes | 3,10,000 | ₹38.4 | 81.2x | 32.1% |
| Radhika Jeweltech Ltd | Yes | 950 | ₹9.1 | 15.8x | 21.4% |
Data as of 31/3/2025
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