Grover Jewells IPO
Market Sentiment
IPO Details
Market Lot Size
IPO Reservation
Financial Analysis
| Metric | 2023 | 2024 | 2025 | Oct 2025 |
|---|---|---|---|---|
| Revenue | 255.11 | 258.00 | 460.95 | 473.22 |
| Expense | 250.97 | 253.21 | 449.55 | 458.57 |
| Profit (PAT) | 2.71 | 2.78 | 7.62 | 10.45 |
| Total Assets | 11.71 | 13.91 | 29.85 | 67.51 |
| Company | EPS | P/E | Market Cap (Cr) |
|---|---|---|---|
| Shanti Gold International Limited | 10.34 | 20.71 | 37 |
| Retaggio Industries Limited | 2.60 | 9.08 | 12 |
| RBZ Jewellers Limited | 9.70 | 14.18 | 16 |
| Utssav CZ Gold Jewels Limited | 11.63 | 19.01 | 20 |
Promoters: Mr. Deepak Kumar Grover, Mr. Lavkesh Kumar Grover and Mrs. Bhawna Grover
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 1,06,62,400 | 100.00% |
| Promoter Holding Post Issue | 1,45,07,200 | 73.48% |
Strengths & Risks
- Strong institutional (QIB) demand — 11.3x.
- Revenue grew 79% in the latest reported year.
- Strong return on equity — 46%.
- Thin profit margin — 1.7%.
- Lists on the exchange's SME platform, where trading is usually thinner than on the main board — selling at your price can be harder.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
Grover Jewells Limited was incorporated in 2021 and started a business of designing and manufacturing a wide range of gold jewellery for the wholesale market. Further, the company’s 22,20 and 18 karat gold provide plain gold, studded, and semi-finished jewellery. Moreover, It sells both hallmarked and non-hallmarked jewellery through its two showrooms, which are located in Karol Bagh and Chandni Chowk in Delhi. Based in Delhi, the company has built a strong business-to-business network across around 20 states in India. It has also expanded internationally, with exports to countries like Australia and the UAE.
Grover Jewells Ltd., House No C-44/5, 1st Floor Lawrance, Road Industrial Area, Keshavpuram Ind Area, North West, Delhi, New Delhi, 110035
| Purpose | Amount (Cr) |
|---|---|
| Working Capital Requirements | 21.35 |
| General Corporate Purpose | - |
Resources & Documents
Grover Jewells has set a price band of Rs 83–Rs 88 per share for an issue size of Rs 34 crore in the jewellery sector. The stock listed with a 9.09% gain versus its issue price on February 11, 2026.
Grover Jewells Limited was incorporated in 2021 and started a business of designing and manufacturing a wide range of gold jewellery for the wholesale market. Further, the company’s 22,20 and 18 karat gold provide plain gold, studded, and semi-finished jewellery. The company operates in the jewellery space.
The issue is promoted by Mr. Deepak Kumar Grover, Mr. Lavkesh Kumar Grover and Mrs. Bhawna Grover with Finshore Management Services Ltd. acting as lead manager. Net proceeds will primarily be used towards Working Capital Requirements (Rs 21 crore) and General Corporate Purpose.
On fundamentals, the company is posting revenue growth of 78.7%, a profit margin of 1.7%, return on equity of 45.7% in its most recent reported period. Listed peers in this segment include Shanti Gold International Limited (P/E 20.71x, market cap Rs 37 crore) and Utssav CZ Gold Jewels Limited (P/E 19.01x, market cap Rs 20 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
On our data-signal score, the combined signals for this issue currently read mixed — some indicators read positively and others do not. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Grover Jewells IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed.
See the full Grover Jewells GMP history and trend, or learn how grey market premium works and how reliable it is.
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