SMR Jewels Ltd.
SMRJEWELSME
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Overview
SMR Jewels Limited is an Ahmedabad-based jewellery company focused on designer heritage jewellery that combines Indian cultural, mythological and artistic themes with contemporary styling. The company offers theme-based heritage, nature-inspired, traditional, bridal, festive and daily wear jewellery, with strong in-house design capabilities and outsourced manufacturing through skilled artisans and job workers. Its portfolio includes Jadtar, Meenakari, Polki and bridal collections, serving wholesalers, retailers, boutiques, showrooms and exhibition customers across India, with Gujarat as its largest market.
Opening Date
May 26, 2026
Closing Date
May 29, 2026
Listing Date
Jun 03, 2026
IPO Type
SME
IPO Status
Closed
Issue Size
67.23 Cr
Fresh Issue
54 Cr
Offer for Sale
13.23 Cr
Price Band
₹128 - ₹135
Lot Size
1000
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
IPO Objective
The main objectives of the issue are to support SMR Jewels Limited’s expansion, strengthen its balance sheet and fund operating growth.
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Fund capital expenditure of about Rs. 6.40 crore for construction, development and establishment of a multi-level jewellery studio in Ahmedabad that will function as an integrated hub for design, prototyping, quality control, customer interaction, exhibitions, retail showcasing and administrative operations.
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Repay or prepay, in full or in part, certain outstanding borrowings availed from banks and financial institutions, with around Rs. 6.50 crore earmarked to reduce debt, lower finance costs, improve the debt-equity profile and create headroom for future business expansion.
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Meet long-term working capital requirements of about Rs. 30.00 crore to support higher inventory, order execution, exhibition-led sales, broader product availability and the planned scale-up associated with the jewellery studio and growth in the B2B business.
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Support general corporate purposes, including funding growth opportunities, meeting business operating contingencies, and potential capital expenditure, refurbishment or expansion needs within the regulatory limits applicable to such utilization.
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Enhance the company’s visibility, brand image and market standing through listing on the BSE SME platform while creating a public market for its equity shares in India.
Key Performance Indicator
P/E Ratio
19
EPS
7.11
ROE
55.52%
ROCE
50.18%
RONW
43.54%
Debt to Equity Ratio
—
PAT Margin
6.01%
EBITDA Margin
8.65%
P/B
4.63
SWOT Analysis
Strengths
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Specialised focus on designer heritage jewellery blending mythology, cultural storytelling and modern aesthetics.
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Strong in-house design and CAD capabilities supporting original, customised and theme-based collections.
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Asset-light outsourced production model with skilled artisans enables craftsmanship, scalability and lower fixed manufacturing overheads.
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Established B2B relationships with prominent jewellery clients and a strong revenue base in Gujarat and across India.],
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weaknesses:[
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Dependence on outsourced job workers rather than owned manufacturing facilities may affect control over execution and timelines.
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Business is working-capital intensive because of high inventory requirements in gold jewellery and exhibition-led sales.
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Revenue concentration is significant in Gujarat, making the company exposed to regional demand concentration.
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Customer concentration exists, with top customers contributing a meaningful share of revenue across reporting periods.
Opportunities
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Planned jewellery studio can deepen customer engagement, host in-house exhibitions and strengthen premium brand positioning.
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Growing Indian gems and jewellery market and supportive policy environment can expand domestic demand.
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Higher working capital availability can accelerate design-to-market cycles and support larger order execution and broader collections.
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Digital outreach through Instagram, website and WhatsApp can complement traditional wholesale and exhibition channels.
Threats
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Gold price volatility and fluctuations in availability or cost of gemstones can pressure margins and working capital needs.
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Macroeconomic slowdown, financial market instability or weaker consumer spending in India can reduce jewellery demand.
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Competitive pressures from established branded jewellers and regional players may affect growth and pricing power.
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Infrastructure disruptions or logistical constraints in India can impact supply chains, procurement and timely deliveries.
Subscription Rate
Frequently Asked Questions about SMR Jewels Ltd.
SMR Jewels Limited is an Ahmedabad-based jewellery company focused on designer heritage jewellery that combines Indian cultural, mythological and artistic themes with contemporary styling. The company offers theme-based heritage, nature-inspired, traditional, bridal, festive and daily wear jewellery, with strong in-house design capabilities and outsourced manufacturing through skilled artisans and job workers. Its portfolio includes Jadtar, Meenakari, Polki and bridal collections, serving wholesalers, retailers, boutiques, showrooms and exhibition customers across India, with Gujarat as its largest market.
The SMR Jewels Ltd. IPO is scheduled to open for subscription on May 26, 2026 and close on May 29, 2026. Investors can apply for shares during this period through eligible platforms.
The price band for the SMR Jewels Ltd. IPO is ₹128 to ₹135. Investors can place bids within this range once the issue opens.
The minimum lot size for the SMR Jewels Ltd. IPO is 1000 shares. The minimum investment amount ₹1,35,000.
The total issue size of the SMR Jewels Ltd. IPO is approximately ₹67.23. Issue size represents the total value of shares offered to the public.
As per the latest available information, the SMR Jewels Ltd. IPO has been subscribed 0.26 times. Subscription levels can change significantly during the offer period.
The Grey Market Premium (GMP) for the SMR Jewels Ltd. IPO is not available as of now. GMP reflects unofficial market sentiment and should not be considered a guarantee of listing performance.
The shares of SMR Jewels Ltd. are expected to list on stock exchanges on Jun 03, 2026, subject to completion of the allotment process and regulatory approvals.
The net proceeds from the SMR Jewels Ltd. IPO are proposed to be used for The main objectives of the issue are to support SMR Jewels Limited’s expansion, strengthen its balance sheet and fund operating growth., Fund capital expenditure of about Rs. 6.40 crore for construction, development and establishment of a multi-level jewellery studio in Ahmedabad that will function as an integrated hub for design, prototyping, quality control, customer interaction, exhibitions, retail showcasing and administrative operations., Repay or prepay, in full or in part, certain outstanding borrowings availed from banks and financial institutions, with around Rs. 6.50 crore earmarked to reduce debt, lower finance costs, improve the debt-equity profile and create headroom for future business expansion., Meet long-term working capital requirements of about Rs. 30.00 crore to support higher inventory, order execution, exhibition-led sales, broader product availability and the planned scale-up associated with the jewellery studio and growth in the B2B business., Support general corporate purposes, including funding growth opportunities, meeting business operating contingencies, and potential capital expenditure, refurbishment or expansion needs within the regulatory limits applicable to such utilization., Enhance the company’s visibility, brand image and market standing through listing on the BSE SME platform while creating a public market for its equity shares in India.
Before applying for the SMR Jewels Ltd. IPO, investors generally review the company’s business model, financial performance, valuation, industry outlook, and risk factors mentioned in the offer document.
