Grover Jewells Limited IPO

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Grover Jewells Limited, incorporated on October 12, 2021, specializes in the manufacturing and designing of a wide range of wholesale gold jewellery, including plain gold, studded, and semi-finished jewellery in 22K, 20K, and 18K variants. The company offers both hallmarked and non-hallmarked jewellery through two showrooms located in Karol Bagh and Chandni Chowk, Delhi.

Product Portfolio

The company manufactures a diverse range of jewellery products, including:

i) Gold chains, rings, bangles, necklaces, pendants, bracelets, and earrings
ii) Specializes in Casting Jewellery, Cuban Chains, CZ Casting Jewellery, and Machine Chains
iii) Customization: Grover Jewells offers tailored designs catering to specific client requirements, strengthening customer loyalty and broadening its market reach.

Business Segments

1. B2B (Business to Business): The company primarily serves the wholesale market, with a strong presence in gold jewellery manufacturing for local dealers, jewellery showrooms, and small-scale retailers.

2. B2C (Business to Consumer): Efforts are being made to strengthen its presence in the B2C segment through digital engagement and retail expansion.

3. Job Work: Small jewellers entrust Grover Jewells with gold and designs for transformation into finished jewellery, generating stable revenue through labour charges.

Competitive Strengths

1. Integrated In-House Production Facility: The company manages every stage of the jewellery production process under one roof, ensuring quality, efficiency, and scalability.

2. Experienced Leadership: With over 15 years in the jewellery industry, promoters bring expertise, strategic vision, and strong industry relationships, guiding the company’s growth.

3. Expansive Product Portfolio: The company’s diversified product range, including traditional and modern designs, caters to all customer segments.

4. B2B Focus with Quality Control: The company’s emphasis on quality assurance through multi-level testing and BIS hallmarking has built trust within the B2B sector.

5. Digital Platform for Growth: The Grover Jewells app enhances visibility, customer engagement, and sales through direct communication and personalized services, while maintaining a strong user rating of 4.5+ stars.

Market Presence

1. Domestic: Grover Jewells has established a strong B2B presence across 20 states in India, adapting to varying market preferences.

2. International: The company has initiated jewellery exports to Australia and the U.A.E., marking its entry into international markets and setting the stage for global expansion.

Objects of the Grover Jewells Limited IPO:

Company proposes to utilize the funds towards the following objects: i. Working Capital Requirements (₹25.34 cr) ii. General Corporate Purposes
DRHP of Grover Jewells Limited IPO
RHP of Grover Jewells Limited IPO

Grover Jewells Limited IPO Details:

Open Date: Feb 04 2026
Close Date: Feb 06 2026
Total Shares: 38,44,800
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 34 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 83-88 Per Equity Share
Listing At: NSE Emerge
Listing Date: Feb 11 2026

Promoters And Management:

1. Deepak Kumar Grover, aged 44, is a Promoter and the Managing Director of the Company. He has been with the Board since its inception and was appointed Managing Director on August 2, 2025. With over 15 years of experience in the jewellery industry as the proprietor of Grover Chain Company since 2010, he has been pivotal in transforming the Company from a chain-focused operation into a comprehensive jewellery brand with a robust distribution network. His entrepreneurial vision, commitment to quality, and growth have solidified the Company’s position as a trusted name in the Indian jewellery sector. 2. Lavkesh Kumar Grover, aged 49, is a Promoter and Executive Director of the Company, having been on the Board since its inception. With over 10 years of experience in the jewellery industry as the proprietor of S. S. Bullions since 2015, he brings deep expertise in jewellery manufacturing, process management, and product innovation. He plays a crucial role in driving operational excellence and ensuring top-quality offerings across the Company. 3. Bhawna Grover, aged 43, is a Promoter and Non-Executive Director of the Company, joining the Board on March 6, 2025. As a member of the Nomination and Remuneration Committee, she brings valuable strategic insight and a fresh perspective to the leadership. She plays an integral role in shaping the Company’s vision for growth, innovation, and long-term success in the jewellery industry.

Financials of Grover Jewells Limited IPO:

Particulars 7M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 473 461 258 255
EBITDA (Cr) 15 11 5 4
EBITDA Margins 3.1% 2.4% 1.8% 1.6%
PAT (Cr) 10 8 2.8 2.7
PAT Margins 2.2% 1.6% 1.1% 1.1%
ROCE 31% 45% 29% 37%
OPerating Cash Flow (Cr) -12 0.23 3 1.6
Debt to Equity Ratio(In Times) 1.04 0.56 0.46 0.59

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Grover Jewells Limited 461 2% 8 2% 45% 0.56 127.66 15.96
Shanti Gold International Limited 1106 8% 56 5% 26% 0.34 1470 16.30
Retaggio Industries Limited 23.49 17% 2.43 10% 13% 0.35 67 13
RBZ Jewellers Limited 530 12% 39 7.4% 20% 0.55 536 11.3
Utssav CZ Gold Jewels Limited 646 6% 25 3.87% 22% 0.88 512 11.5
NOTE:Forward P/E is 7.45 According to FY 2026 PAT

Lead Manager of Grover Jewells Limited IPO:

  1. Finshore Management Services Limited

Registrar of Grover Jewells Limited IPO:

  1. Maashitla Securities Pvt. Limited.

Discussion on Grover Jewells Limited IPO:

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