SMR Jewels SME IPO
ListedBSE SMEOpens 26 May 2026Closes 3 June 2026
SMR Jewels Limited, incorporated in 2018, is an Ahmedabad-based boutique designer and distributor specializing in Designer Heritage, Nature-Inspired, and Traditional Jewellery (including Jadtar, Meenakari, and Polki…
SMR Jewels Limited, incorporated in 2018, is an Ahmedabad-based boutique designer and distributor specializing in Designer Heritage, Nature-Inspired, and Traditional Jewellery (including Jadtar, Meenakari, and Polki work). Operating entirely on an asset-light, outsourced business model, the company manages product conceptualization and design in-house while contracting out precision manufacturing to traditional skilled artisans and job-workers. SMR Jewels operates primarily in the B2B segment, supplying high-value bridal and festive luxury collections to premium listed and corporate jewelry chains across India.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
26 May
IPO Closes
3 Jun
Allotment
4 Jun
Listing
8 Jun
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 26 May 2026 |
| IPO Close Date | 3 June 2026 |
| Allotment Date | 4 June 2026 |
| Listing Date | 8 June 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,70,000 |
SHNI (Min) | 3 | ₹4,05,000 |
SHNI (Max) | 7 | ₹9,45,000 |
BHNIAbove ₹10,00,000 | 8 | ₹10,80,000 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 10.00% |
| NII (Non-Institutional Investor) | 40.01% |
| SHNI (Small Non-Institutional Investor) | 12.67% |
| BHNI (Big Non-Institutional Investor) | 25.34% |
| Retail | 49.99% |
| Market Maker | 5.00% |
| Total | 100.00% |
IPO Objectives
- Funding long-term working capital requirements of the company (₹30.00 Cr).
- Full or partial repayment/prepayment of existing borrowings availed from banks and financial institutions (₹6.50 Cr).
- Funding capital expenditure requirements towards the construction of a new specialized Jewellery Studio (₹6.40 Cr).
- General Corporate Purposes.
Strengths
- The company commands a Premium B2B Client Portfolio, serving as a trusted design vendor for prominent national brands including Rokde Jewellers, Josco Jewellers, WHP, Kalamandir, and D.P. Abhushan.
- It maintains a Niche Product Focus on high-margin designer heritage lines like Polki and Jadtar, which command premium ticket prices and steady demand during the Indian wedding seasons.
- The business benefits from Excellent Asset Sizing, operating on a lean, asset-light distribution model by outsourcing heavy factory execution workflows, which effectively reduces upfront capital risk.
- The firm delivers Exceptional Operational Efficiency, showcasing massive capital returns with a restated financial RoCE of 50.18% and an EBITDA margin of 8.65% as of late 2025.
- It is backed by a Healthy Order Runway, featuring a strong visible pipeline with verified outstanding purchase orders totaling over ₹30 Crores on hand.
Weaknesses
- The company faces Earnings Integrity Queries, as the dramatic earnings surges achieved from FY24 onwards have drawn analytical caution regarding potential short-term pre-IPO window dressing.
- It has Zero Production Infrastructure, and a complete lack of an in-house factory floor leaves the company entirely reliant on external artisans, amplifying quality control and delivery timeline risks.
- The business operates under Intense Competitive Friction, navigating a heavily contested, fragmented jewelry sector alongside large mainboard chains and unorganized regional retailers.
- The issue shows Muted Public Market Interest, with early grey market premiums tracking flat at ₹0, indicating a highly conservative local reception ahead of its opening hours.
Financial Performance
| Period Ended | 31 Dec 2025 (9M) | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 85.43 | 43.35 | 15.06 | 21.3 |
| Revenue (₹ Cr.) | 308.72 | 263.25 | 124.52 | 67.53 |
| PAT (₹ Cr.) | 18.56 | 10.41 | 3.85 | 0.91 |
| Net Worth (₹ Cr.) | 42.69 | 24.14 | 4.88 | 1.04 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| SMR Jewels Ltd. | 4.63 | 10.18 | 43.54% | 42.69 |
| Sky Gold & Diamonds Ltd. | 7.26 | 32.85 | 17.87% | 684.9 |
| Khazanchi Jewellers Ltd. | 4.9 | 17.51 | 27.98% | 231 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 | Day 4 | Day 5 | Day 6 |
|---|---|---|---|---|---|---|
| QIB | 2.35x | 2.35x | 2.35x | 2.35x | 2.35x | 5.41x |
| NII | 0x | 0x | 0.06x | 0.05x | 0.06x | 1x |
| S-HNI | 0x | 0.02x | 0.09x | 0.07x | 0.09x | 0.21x |
| B-HNI | 0x | 0x | 0.04x | 0.04x | 0.04x | 1.4x |
| RII | 0.02x | 0.06x | 0.26x | 0.15x | 0.18x | 0.3x |
| Total | 0.25x | 0.26x | 0.39x | 0.33x | 0.35x | 1.09x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 4,73,000 | 25,58,000 | 32.74 |
| NII | 18,92,000 | 19,01,000 | 24.33 |
| Small NII | 6,30,000 | 1,31,000 | 1.68 |
| Big NII | 12,62,000 | 17,70,000 | 22.66 |
| RII | 23,66,000 | 7,04,000 | 9.01 |
| Total | 47,31,000 | 51,63,000 | 66.09 |
Company Details
- SMR Jewels Ltd.
- 3, Vrindavan Apartments, Gulbai Tekra, Ahmedabad, Gujarat, 380006
- +91 079 4941033
- info@smrjewels.in
- https://smrjewels.in/
Registrar Details
- Purva Sharegistry (India) Pvt.Ltd.
- +91-022-23018261, +91-022-23016761
- newissue@purvashare.com
- https://www.purvashare.com/
Frequently Asked Questions
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SMR Jewels SME IPO News & Updates
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SMR Jewels SME IPO IPO Pages
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SMR Jewels SME IPO Details
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Sources
We match SMR Jewels SME IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- Purva Sharegistry (India) Pvt.Ltd.Official site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, and How allotment chances work.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.