SMR Jewels Limited is engaged in the design and distribution of designer heritage jewellery, catering to customers seeking traditional as well as contemporary jewellery collections.
The company’s product portfolio includes Heritage Jewellery, Nature-Inspired Jewellery, and Traditional Jewellery. Its nature-inspired collections are influenced by floral patterns, leaves, vines, animals, and seasonal themes, while traditional offerings include Jadtar, Meenakari, Polki, bridal jewellery, and festive collections. These products are designed to meet diverse consumer preferences ranging from heavy wedding jewellery to modern festive wear.
SMR Jewels follows an asset-light business model. The company does not own any manufacturing facility and instead outsources production activities to skilled artisans and craftsmen. However, the conceptualization, product development, and jewellery designing processes are managed in-house, enabling the company to maintain design quality and uniqueness.
The company has built relationships with several reputed jewellery retailers across India. Its client base includes well-known jewellers such as HSJ, Rokde Jewellers, WHP, JOSCO Jewellers, Kalamandir Jewellers, Vaibhav Jewellers, and D. P. Abhushan Limited.
As of March 31, 2026, SMR Jewels had 23 permanent employees, supported by an extensive network of artisans and job workers involved in the manufacturing process.
SMR Jewels IPO – Details
| IPO Opening Date | 26 May 2026 |
| IPO Closing Date | 29 May 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 49,80,000 Shares Worth ₹67.23 Crore Fresh Issue: 40,00,000 Shares Worth ₹54.00 Crore Offer For Sale: 9,80,000 Shares Worth ₹13.23 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹128 – ₹135 per share |
| Market Lot | 1000 Shares |
| Min Order | 1000 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Purva Sharegistry (India) Pvt. Ltd. |
| QIB Shares Offered | 10.00% |
| NII Shares Offered | 40.01% |
| Retail Shares Offered | 49.99% |
SMR Jewels IPO – Date Schedule
| IPO Open Date | 26 May 2026 |
| IPO Close Date | 29 May 2026 |
| Basis of Allotment | 01 June 2026 |
| Initiation of Refund | 02 June 2026 |
| Credit of Shares to Demat | 02 June 2026 |
| IPO Listing Date | 03 June 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on May 29, 2026 |
SMR Jewels IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2000 | ₹2,70,000 |
| Retail (Max) | 2 | 2000 | ₹2,70,000 |
| S-HNI (Min) | 3 | 3000 | ₹4,05,000 |
| S-HNI (Max) | 7 | 7000 | ₹9,45,000 |
| B-HNI (Min) | 8 | 8000 | ₹10,80,000 |
Competitive Strength
- Experienced Promoter and management team with proven execution capabilities and Skilled work force and Karigars with contemporary designing capabilities.
- Long business experience and established network of suppliers and Clients.
- Profitable track record and strong balance sheet.
- Wide and diverse range of ornament offerings.
- Large and unique design database.
Company Promoters
- Mr. Vismay Manojkumar Soni
- Mr. Jainil Virendra Soni
- Mrs. Parul Manoj Soni
- Mrs. Dipikaben Virendra Soni
- Mrs. Drashti Pal Modi
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹67.53 Cr | ₹66.31 Cr | ₹0.91 Cr | ₹6.33 Cr |
| 31 March 2024 | ₹124.52 Cr | ₹119.26 Cr | ₹3.85 Cr | ₹7.65 Cr |
| 31 March 2025 | ₹263.25 Cr | ₹249.17 Cr | ₹10.41 Cr | ₹8.57 Cr |
| 31 December 2025 | ₹308.72 Cr | ₹283.76 Cr | ₹18.56 Cr | ₹16.54 Cr |
Key Performance Indicator
| KPI | Values (Dec 31, 2025) |
|---|---|
| ROE | 55.52% |
| ROCE | 50.18% |
| RoNW | 43.54% |
| PAT Margin | 6.01% |
| EBITDA Margin | 8.65% |
| Price to Book Value | 4.63 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 7.11 | 13.26 |
| P/E (x) | 19 | 10.18 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| 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 |
| General corporate purposes. | – |
✅Strengths
- Strong focus on Designer Heritage Jewellery with unique traditional and modern designs.
- Diversified jewellery portfolio including Polki, Meenakari, Jadtar, Bridal, Festive, Nature-Inspired and Daily Wear jewellery.
- Strong in-house design and innovation capabilities with 500+ new designs launched in FY25.
- Experienced promoter family with 3 generations of jewellery business experience.
- Asset-light outsourcing model helps reduce manufacturing setup cost while using skilled artisans across India.
- Strong B2B client network including HSJ, Rokde Jewellers, JOSCO, Vaibhav Jewellers and D.P. Abhushan.
- Exclusive long-term agreements with artisans/job workers ensure quality and confidentiality of designs.
- Strong revenue and profit growth in recent years.
- Hallmarked jewellery and strong quality control systems improve customer trust.
- Exhibition-driven sales model showing strong demand; company generated around ₹20 crore orders in a recent exhibition.
⚠️Risks
- Heavy dependence on top customers; loss of major clients may impact revenue and profitability.
- No owned manufacturing facility; business depends heavily on outsourced artisans and job workers.
- Jewellery industry is highly competitive with organized and unorganized players.
- Business performance is sensitive to gold price fluctuations.
- IPO objects are not appraised by any bank/financial institution, creating execution risk for expansion plans.
- Company operates with a small employee base of only 23 permanent employees.
- High dependence on promoter-driven design and business relationships.
- Dependence on exhibitions and new design launches for growth continuity.
SMR Jewels IPO Promoter Holding
| Pre-Issue Share Holding | 90.37% |
| Post Issue Share Holding | 65.74% |
SMR Jewels IPO Prospectus
- SMR Jewels IPO DRHP
- SMR Jewels IPO RHP
Company Contact Information
| SMR Jewels Limited 3, Vrindavan Appartments, Gulbai Tekra, Ahmedabad, Gujarat, 380006 Phone: +91079 4941033 Email: info@smrjewels.in Website: https://smrjewels.in/ |
SMR Jewels IPO Registrar
| Purva Sharegistry (India) Pvt. Ltd. Phone: +91-022-23018261/ 23016761 Email: newissue@purvashare.com Website: https://www.purvashare.com/investor-service/ipo-query |
SMR Jewels IPO Lead Manager(s)
| 1. Wealth Mine Networks Limited |
SMR Jewels IPO FAQ
| What is the SMR Jewels IPO? SMR Jewels IPO is an SME IPO. The issue is priced at ₹128 – ₹135 per equity share. The IPO is to be listed on BSE SME. |
| When will SMR Jewels IPO open? The IPO is to open on 26 May 2026 for QIB, NII, and Retail Investors. |
| What is SMR Jewels IPO Investors’ Portion? The investors’ portion for QIB – 10%, NII – 40.01%, and Retail – 49.99%. |
| What is the SMR Jewels IPO Size? SMR Jewels IPO size is ₹67.23 Crore. |
| What are the SMR Jewels IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 2000 Shares for ₹2,70,000, while the maximum bid is 2000 Shares for ₹2,70,000. |
| What is the SMR Jewels IPO Allotment Date? SMR Jewels IPO allotment date is 01 June 2026. |
| What is the SMR Jewels IPO Listing Date? SMR Jewels IPO listing date is 03 June 2026. The IPO is to be listed on the BSE SME. |
