SMR Jewels IPO
Market Sentiment
IPO Details
IPO Reservation
Market Lot Size
Financial Analysis
| Metric | 2023 | 2024 | 2025 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 67.53 | 124.52 | 263.25 | 308.72 |
| Expense | 66.31 | 119.26 | 249.17 | 283.76 |
| Profit (PAT) | 0.91 | 3.85 | 10.41 | 18.56 |
| Total Assets | 21.30 | 15.06 | 43.35 | 85.43 |
| Company | P/E | EPS |
|---|---|---|
| Pushpa Jewellers | 28.42 | 4.55 |
| Khazanchi Jewellers Limited | 25.96 | 25.76 |
| Sky Gold & Diamonds Limited | 30.97 | 9.80 |
Promoters: Mr. Vismay Manojkumar Soni, Mr. Jainil Virendra Soni, Mrs. Parul Manoj Soni, Mrs. Dipikaben Virendra Soni, Mrs. Drashti Pal Modi
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 1,46,53,743 | 90.37% |
| Promoter Holding Post Issue | 1,86,53,743 | 65.74% |
Strengths & Risks
- Strong institutional (QIB) demand — 5.4x.
- Revenue grew 56% in the latest reported year.
- Solid profit margin — 8.7%.
- Strong return on equity — 72%.
- Mostly fresh capital — proceeds fund the company's growth, not an exit.
No major red flags in the available data.
Auto-generated from live GMP, subscription, valuation and financial data. Informational only — not investment advice. Always read the RHP before applying.
Company Information
SMR Jewels Limited, incorporated in 2018, is involved in the design and distribution of designer heritage jewellery. The company offers a wide range of jewellery collections, including nature-inspired designs based on flowers, leaves, vines, animals, and seasonal themes, as well as traditional jewellery such as Jadtar, Meenakari, Polki, and bridal and festive collections. The company’s client base includes several well-known jewellery brands such as HSJ, Rokde Jewellers, WHP, JOSCO Jewellers, Kalamandir Jewellers, Vaibhav Jewellers, and D. P. Abhushan Limited, highlighting its strong presence and trusted relationships within the jewellery industry. The Theme-Based Designer Heritage Jewellery draws inspiration from mythology, spirituality, and cultural narratives. Further, collections include designs inspired by Radha-Krishna, Buddha, and other revered icons, celebrating India’s legacy of storytelling and devotion.
| Purpose | Amount (Cr) |
|---|---|
| Funding capital expenditure requirements towards Construction of Jewellery Studio | 6.40 |
| Funding towards Repayment or prepayment, in full or in part, of borrowings availed by the Company from banks and financial institutions | 6.50 |
| Funding long-term Working Capital Requirement | 30.00 |
| Funding expenditure for General Corporate Purposes. | - |
Resources & Documents
SMR Jewels Ltd., 3 Vrindavan Appartments,, Gulbai Tekra, Ahmedabad, Gujarat, 380006
SMR Jewels has set a price band of Rs 128–Rs 135 per share for an issue size of Rs 67 crore. The stock listed with a 23.74% discount versus its issue price on June 08, 2026.
SMR Jewels Limited, incorporated in 2018, is involved in the design and distribution of designer heritage jewellery. The company offers a wide range of jewellery collections, including nature-inspired designs based on flowers, leaves, vines, animals, and seasonal themes, as well as traditional jewellery such as Jadtar, Meenakari, Polki, and bridal and festive collections.
The issue is promoted by Mr. Vismay Manojkumar Soni, Mr. Jainil Virendra Soni, Mrs. Parul Manoj Soni, Mrs. Dipikaben Virendra Soni, Mrs. Drashti Pal Modi with Wealth Mine Networks Pvt.Ltd. acting as lead manager. Net proceeds will primarily be used towards Funding capital expenditure requirements towards Construction of Jewellery Studio (Rs 6 crore) and Funding towards Repayment or prepayment, in full or in part, of borrowings availed by the Company from banks and financi… (Rs 7 crore).
Current grey market activity shows a flat premium, indicating muted unofficial demand. Final subscription data records overall subscription at 1.09x, retail at 0.29x, QIB at 5.41x, NII at 1.00x.
On fundamentals, the company is posting revenue growth of 56.3%, a profit margin of 8.7%, return on equity of 71.8% in its most recent reported period. Listed peers in this segment include Pushpa Jewellers (P/E 28.42x) and Khazanchi Jewellers Limited (P/E 25.96x) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
Our data-driven engine currently flags this issue as an Avoid view — key indicators are weak enough that the risk-reward looks unfavourable for now. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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