Grover Jewells Ltd
IPOIssue Details
Issue Size
– Cr
Fresh Issue
– Cr
OFS
– Cr
Price Band
₹83 – ₹88
Lot Size
1600
₹1,40,800
Face Value
₹10
Important Dates
Open Date
04 Feb 2026
Close Date
06 Feb 2026
Allotment
09 Feb 2026
Refund
10 Feb 2026
Listing
11 Feb 2026
About Company
Incorporated in 2021, Grover Jewells Limited is engaged in the manufacturing and designing of a wide range of wholesale gold jewellery.
The company’s product portfolio includes plain gold, studded, and semi-finished jewellery, primarily available in 22 Karat, 20 Karat, and 18 Karat.
It offers hallmarked and non-hallmarked jewellery through its two showrooms located at Karol Bagh, New Delhi, and Chandni Chowk, Delhi.
The company operates across two key segments — machine-made chain manufacturing and casting jewellery production.
Grover Jewells caters to both high-volume demand and contemporary fashion-oriented designs with consistent quality and timely delivery.
The company sells through wholesale, retail and consumer sales channels and has a B2B network across approximately 20 states in India.
Grover Jewells has also expanded internationally with exports to Australia and the U.A.E.
As of August 31, 2025, the company employed 68 individuals.
Objects of the Issue
| # | Description | Amount (₹ Cr) |
|---|---|---|
| 1 | Working capital requirements. | ₹21.35 |
| 2 | General corporate purposes. | – |
Financial Performance
Share Reservations
QIB
18,24,000
Anchor
10,94,400
NII
5,48,800
Retail
12,78,400
Employee
0
Total
38,44,800
RHP Insights
AI-powered analysis from Red Herring Prospectus
Substantial Profit Growth
The company has achieved significant financial growth, with Restated Profit After Tax (PAT) increasing from ₹271.40 Lakhs in FY 2023 to ₹762.13 Lakhs in FY 2025.
Impact: HighStrong Revenue Expansion
Total revenue saw a steady climb from ₹15,361.32 Lakhs in FY 2023 to ₹20,131.02 Lakhs in FY 2025, driven by its core wholesale gold jewellery operations.
Impact: HighRegional Market Concentration Risk
A significant portion of revenue is concentrated in Delhi and neighboring states like Uttar Pradesh, Haryana, and Uttarakhand. Any regional economic downturn or adverse developments in these areas could impact business results.
Impact: LowSensitivity to Gold Price Volatility
Fluctuations in gold prices directly impact raw material costs and inventory valuation. Sustained price increases could pressure margins if costs cannot be offset through pricing adjustments.
Impact: Low100% Fresh Issue Structure
The IPO consists entirely of a Fresh Issue of up to 38,44,800 Equity Shares. There is no Offer for Sale (OFS) by promoters, ensuring that all net proceeds flow into the company for its growth.
Impact: HighSWOT Analysis
AI-generated strategic view
Strengths
- •Diversified product portfolio across plain, studded and semi-finished gold jewellery.
- •Presence in both machine-made chain manufacturing and casting jewellery segments.
- •Established B2B network across about 20 states in India.
- •Export presence in Australia and the U.A.E. enhancing geographical diversification.
- •Showrooms in prime jewellery markets of Karol Bagh and Chandni Chowk, Delhi.
- •Healthy return ratios with high RoNW and ROCE in recent periods.
Weaknesses
- •High working capital requirements typical of jewellery and gold-intensive businesses.
- •Exposure to fluctuations in gold prices impacting margins.
- •Relatively short operating history as the company was incorporated in 2021.
- •Concentration in gold jewellery segment without significant diversification into other precious metals or categories.
Opportunities
- •Growing organized jewellery market in India.
- •Expansion of B2B network across additional states and regions.
- •Scaling exports to existing and new international markets.
- •Potential to deepen retail presence beyond Delhi through new showrooms.
- •Leveraging branding to improve margins and customer recall.
Threats
- •Volatility in gold prices affecting inventory valuation and profitability.
- •Intense competition from regional and national jewellery players.
- •Regulatory changes in jewellery and bullion sectors.
- •Macroeconomic slowdown impacting discretionary spending on jewellery.
Grover Jewells Ltd IPO Peer Comparison
The table below shows peer comparison from DRHP/RHP.
| Company | EPS Basic | EPS Diluted | NAV | P/E(x) | RoNW | Financial statements |
|---|---|---|---|---|---|---|
| Grover Jewells | 7.15 | 7.15 | 15.66 | – | 45.67 | Consolidated |
| RBZ Jewellers | 9.7 | 9.7 | 61.26 | 14.18 | 15.86 | Consolidated |
| Retaggio Industries | 2.6 | 2.6 | 13.51 | 9.08 | 11.57 | Consolidated |
| Shanti Gold International | 10.34 | 10.34 | 21.13 | 20.71 | 36.56 | Consolidated |
Grover Jewells Ltd - Documents & Links
Registrar
Company contact
Grover Jewells Ltd
Address: House No C-44/5, 1st Floor Lawrance, Road Industrial Area, Keshavpuram Ind Area, North West Delhi, New Delhi, 110035
cs@groverjewells.comhttps://groverjewells.comLead managers
Frequently Asked Questions
Common questions about Grover Jewells Ltd IPO.