Divine Hira Jewellers Limited IPO

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Divine Hira Jewellers Limited is a distinguished player in the Indian jewellery industry, engaged in the designing, marketing, and wholesale distribution of gold jewellery. Their core business lies in offering an extensive range of 22 Karat gold jewellery, meticulously designed to cater to the diverse tastes and preferences of customers across regional and cultural demographics.

With a deep understanding of local and regional market nuances, they specialize in curating localized product design mixes that align with evolving customer preferences. Their diverse product portfolio spans both traditional and contemporary styles, ranging from wedding and festive jewellery to daily wear ornaments, serving a wide spectrum of age groups, genders, and price segments.

Their product offerings include a broad assortment of jewellery pieces such as:

i. Necklaces                                                 ii. Mangalsutras                                       iii. Chains & Malas
iv. Rings & Pendants                                 v. Bracelets, Bangles & Kada                 vi. Coins and other wedding jewellery

In addition to plain gold jewellery, they have recently expanded their portfolio by curating and offering antique gold jewellery—blending historical craftsmanship with modern aesthetics to appeal to a niche yet growing market segment.

They currently operate primarily in the wholesale segment, catering to a robust network of wholesalers, showrooms, and retail partners across Mumbai and other parts of Maharashtra. Their business also includes the trade of silver articles, gold and silver bullions, and coins.

Today, Divine Hira Jewellers Limited stands as a trusted name in the gold jewellery wholesale industry, known for its commitment to purity, quality craftsmanship, and customer satisfaction. Their focus on innovation, heritage design, and market adaptability continues to drive their growth in an increasingly competitive jewellery landscape.

Objects of the Divine Hira Jewellers Limited IPO:

The Company Divine Hire Jewellers IPO proposes to utilise the Net Proceeds from the Issue towards the following objects: i. Prepayment or repayment of all or a portion of certain loans availed by the company, ii. Funding of working capital requirements of the Company, iii. General corporate purposes.
DRHP of Divine Hira Jewellers Limited IPO
RHP of Divine Hira Jewellers Limited IPO

Divine Hira Jewellers Limited IPO Details:

Open Date: Mar 17 2025
Close Date: Mar 19 2025
Total Shares: 35,37,600
Face Value: ₹ 10 Per Equity Share
Issue Size: 31.84 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 90 Per Equity Share
Listing At: NSE Emerge
Listing Date: Mar 24 2025

Promoters And Management:

Hirachand Pukhraj Gulecha (63), Promoter and Managing Director of Divine Hira Jewellers Limited, brings over 30 years of experience in the gems and jewellery industry. He has been associated with the Company since its inception and oversees overall growth, strategy formulation, and implementation. Niraj Hirachand Gulecha (38), Whole-time Director and Promoter of Divine Hira Jewellers Limited, has over 10 years of experience in the gold and jewellery business. Associated with the Company since inception, he leads design innovation, product development, styling, pricing, and business development, bringing strong expertise from his earlier role in the erstwhile proprietorship firm since 2013. Khushbu Niraj Gulecha (35), Non-Executive Director of Divine Hira Jewellers Limited, holds a Bachelor's degree in Commerce from the University of Mumbai and has also pursued a Master’s degree in Commerce. With over 5 years of experience in jewellery designing, she was previously associated with Hira Traders and has been part of the Company since its inception.

Financials of Divine Hira Jewellers Limited IPO:

In Cr.
Particulars Sep 30, 2024 March 31, 2024 March 31, 2023 March 31, 2022
Revenue from Operations 135.97 183.25 246.44 142.40
EBITDA 4.02 3.31 2.59 1.62
EBITDA Margins 2.96% 1.81% 1.05% 1.14%
PAT 2.49 1.48 0.91 0.28
PAT Margins 1.84% 0.81% 0.37% 0.20%
D/E Ratio 1.05 1.89 1.68 5.53
ROCE 13.54% 10.83% 8.18%
CFOA 7.19 -3.07 0.87 1.33

Comparison With Peers:

Companies Revenue EBITDA Margins PAT Margins D/E Ratio MCap P/E
Divine Hira Jewellers (FY 2024) 183.25 1.81% 0.81% 1.89 117.42 79.34*
Sky Gold (TTM) 3,003 Cr. 5% 3.59% 1.35 4,919 Cr. 45.50
*Forward PE is 23.58 on the basis of FY 25 PAT.

Recommendation on Divine Hira Jewellers Limited IPO:

Review and recommendation of Divine Hira Jewellers IPO by team IZ is 3/10.
 

Lead Manager of Divine Hira Jewellers Limited IPO:

  1. Horizon Financial Pvt Ltd

Registrar of Divine Hira Jewellers Limited IPO:

  1. Bigshare Services Private Limited

Company Address:

Divine Hira Jewellers Limited 74/A, 1st Floor, Office No.2, Opp. Hotel Bhagat Tarachand Zaveri Bazar, Mumbai 400002 Phone: +91 222 240 2662 Email: info@divinehirajewellers.com Website: http://www.divinehirajewellers.com/

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