Grover Jewells Limited is engaged in the manufacturing and designing of wholesale gold jewellery, with a primary focus on serving the B2B jewellery market. The company offers a diversified portfolio of gold jewellery products catering to wholesalers, retailers, and select end consumers.
The product range includes plain gold jewellery, studded jewellery, and semi-finished jewellery, predominantly manufactured in 22 Karat, 20 Karat, and 18 Karat gold. Grover Jewells also deals in both hallmarked and non-hallmarked jewellery, addressing varied customer preferences and pricing requirements.
In addition to its wholesale operations, the company operates two retail showrooms in Karol Bagh, New Delhi, and Chandni Chowk, Delhi, which primarily support consumer and retail sales.
Operationally, the company functions across two core manufacturing segments — machine-made chain manufacturing and casting jewellery production. This dual capability enables Grover Jewells to efficiently cater to high-volume bulk demand while also producing contemporary and design-driven jewellery, ensuring consistent quality, precision, and timely delivery.
For internal and reporting purposes, the company classifies its revenue into three sales divisions: wholesale sales, retail sales, and consumer sales, with wholesale sales contributing the majority of overall revenue. Headquartered in Delhi, Grover Jewells has established a strong pan-India B2B distribution network across approximately 20 states. The company has also expanded its presence in international markets through exports to Australia and the United Arab Emirates (U.A.E.).
As of August 31, 2025, Grover Jewells Limited employed 68 personnel, including skilled artisans, designers, production staff, and administrative professionals, supporting its manufacturing and distribution operations.
Grover Jewells IPO – Details
| IPO Opening Date | 04 February 2026 |
| IPO Closing Date | 06 February 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 38,44,800 Shares Worth ₹33.83 Crore Fresh Issue: 38,44,800 Shares Worth ₹33.83 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹83 – ₹88 per share |
| Market Lot | 1600 Shares |
| Min Order | 1600 Shares [ 1 Lot ] |
| Listing At | NSE SME |
| Registrar | Maashitla Securities Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Grover Jewells IPO – Date Schedule
| IPO Open Date | 04 February 2026 |
| IPO Close Date | 06 February 2026 |
| Basis of Allotment | 09 February 2026 |
| Initiation of Refund | 10 February 2026 |
| Credit of Shares to Demat | 10 February 2026 |
| IPO Listing Date | 11 February 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on February 06, 2026 |
Grover Jewells IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3200 | ₹2,81,600 |
| Retail (Max) | 2 | 3,200 | ₹2,81,600 |
| S-HNI (Min) | 3 | 4,800 | ₹4,22,400 |
| S-HNI (Max) | 7 | 11,200 | ₹9,85,600 |
| B-HNI (Min) | 8 | 12,800 | ₹11,26,400 |
Competitive Strength
- Established and proven track record;
- Leveraging the experience of our Promoters;
- Experienced management team and a motivated and efficient work force;
- Cordial relations with our customers;
- Quality Assurance & Control.
Company Promoters
- Mr. Deepak Kumar Grover
- Mr. Lavkesh Kumar Grover
- Mrs. Bhawna Grover
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹255.11 Cr | ₹250.97 Cr | ₹2.71 Cr | ₹3.74 Cr |
| 31 March 2024 | ₹258.00 Cr | ₹253.21 Cr | ₹2.78 Cr | ₹4.17 Cr |
| 31 March 2025 | ₹460.95 Cr | ₹449.55 Cr | ₹7.62 Cr | ₹9.34 Cr |
| 31 October 2025 | ₹473.22 Cr | ₹458.57 Cr | ₹10.45 Cr | ₹28.30 Cr |
Key Performance Indicator
| KPI | Values (Oct 31, 2026) |
|---|---|
| ROCE | 30.62% |
| Debt/Equity | 1.04 |
| RoNW | 38.52% |
| PAT Margin | 2.21% |
| EBITDA Margin | 3.09% |
| Price to Book Value | 3.46 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 7.15 | 12.35 |
| P/E (x) | 12.31 | 7.12 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Working Capital Requirements. | ₹21.35 |
| General corporate purposes. | – |
✅Strengths
- Integrated in-house manufacturing with design, production, and finishing under one roof.
- Strong B2B-focused model, with wholesale & retail sales contributing 98% of revenue.
- Wide product range across machine-made chains and casting jewellery in 22K, 20K & 18K.
- Experienced promoters with over a decade in jewellery manufacturing.
- Pan-India presence across ~20 states with growing export markets (UAE & Australia).
- Scalable manufacturing capacity with improving utilisation levels.
⚠️Risks
- High dependence on gold prices, which are volatile and impact margins & working capital.
- Low operating margins, making profits sensitive to cost increases.
- Working capital–intensive business requiring continuous funding.
- Revenue concentration in B2B customers, risk of order or pricing pressure.
- Highly competitive industry with organized & unorganized players.
- Dependence on skilled labour for quality and timely execution.
Grover Jewells IPO Promoter Holding
| Pre-Issue Share Holding | 100.00% |
| Post Issue Share Holding | 73.48% |
Grover Jewells IPO Prospectus
Company Contact Information
| Grover Jewells Ltd. House No C-44/5 1st Floor Lawrance, Road Industrial Area, Keshavpuram Ind Area, North West Delhi, 110035 Phone: +91 9218012596 Email: cs@groverjewells.com Website: https://groverjewells.com/ |
Grover Jewells IPO Registrar
| Maashitla Securities Pvt.Ltd. Phone: +91-11-45121795-96 Email: ipo@maashitla.com Website: https://maashitla.com/allotment-status/public-issues |
Grover Jewells IPO Lead Manager(s)
| 1. Finshore Management Services Ltd. |
Grover Jewells IPO FAQ
| What is the Grover Jewells IPO? Grover Jewells IPO is an SME IPO. The issue is priced at ₹83 – ₹88 per equity share. The IPO is to be listed on NSE SME. |
| When will Grover Jewells IPO open? The IPO is to open on 04 February 2026 for QIB, NII, and Retail Investors. |
| What is Grover Jewells IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Grover Jewells IPO Size? Grover Jewells IPO size is ₹33.83 Crore. |
| What are the Grover Jewells IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 3200 Shares for ₹2,81,600, while the maximum bid is 3200 Shares for ₹2,81,600. |
| What is the Grover Jewells IPO Allotment Date? Grover Jewells IPO allotment date is 09 February 2026. |
| What is the Grover Jewells IPO Listing Date? Grover Jewells IPO listing date is 11 February 2026. The IPO is to be listed on the NSE SME. |
