SMR Jewels IPO

The SMR Jewels SME IPO runs from 26 May 2026 to 3 Jun 2026, offered at a price band of ₹125–128 per share, and is set to list on BSE. The company is looking to raise ₹60.56 crore through the offer. Retail investors bid in lots of 1000 shares, a minimum application of ₹2,56,000.

Issue structure

The offer combines a fresh issue of ₹48.01 crore with an offer for sale (OFS) of ₹12.54 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward funding long-term working capital requirement (₹30 crore), alongside funding towards repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions (₹6.5 crore). In all, 5 objects are disclosed — the full break-up is in the table above.

Financials

In FY2025, SMR Jewels reported revenue of ₹308.72 crore and a net profit of ₹18.56 crore. Revenue grew from ₹67.53 crore in FY2023 to ₹308.72 crore in FY2025 (+357.0%). Net worth stood at ₹42.69 crore at the end of FY2025. At the upper band, that puts the issue at roughly 18.0× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 9.65× post-issue earnings and 4.63× book value, against a return on net worth of 43.54%. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Khazanchi Jewellers Ltd. and Pushpa Jewellers Ltd., with a median peer P/E of about 28.4×. The issue's own post-issue P/E works out to 9.65×.

Promoters

The promoters of the company are Vismay Manojkumar Soni, Jainil Virendra Soni, Parul Manoj Soni, Dipikaben Virendra Soni and Drashti Pal Modi. Promoter holding stands at 90.37% before the issue and comes down to 65.74% after listing.

Subscription

The SMR Jewels IPO was subscribed 1.09 times overall. The strongest demand came from qualified institutional buyers (QIB) at 5.41 times, with non-institutional investors (NII) at 1× and retail investors at 0.3×.

Listing performance

SMR Jewels listed on 8 Jun 2026 at ₹102.95, a discount of -19.6% over the issue price of ₹128.

What to weigh

When evaluating the SMR Jewels IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and subscription demand across investor categories. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About SMR Jewels

Incorporated in 2018, SMR Jewels Limited is engaged in the designing and distribution of designer heritage jewellery, offering a range of intricately crafted pieces for weddings, festive occasions, and traditional wear. The company’s jewellery portfolio includes heritage collections along with nature-inspired designs influenced by flowers, leaves, vines, animals, and seasonal elements. It also offers traditional jewellery styles such as Jadtar , Meenakari , Polki , as well as bridal and festive collections, catering to a wide range of customer preferences from classic to contemporary aesthetics. SMR Jewels follows an asset-light business model and does not operate its own manufacturing facility. The production process is outsourced to a network of skilled artisans and craftsmen, while product conceptualization, design development, and collection planning are handled internally by the company. The company serves a reputed customer base of jewellers across India, including HSJ , Rokde Jewellers , WHP , JOSCO Jewellers , Kalamandir Jewellers , Vaibhav Jewellers , and D. P. Abhushan Limited . As of June 30, 2025, SMR Jewels Limited had 20 permanent employees , supported by an extended network of artisans and job workers involved in jewellery production.