Pushpa Jewellers Limited IPO

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Pushpa Jewellers Limited, originally incorporated as Pushpa Jewellers Private Limited on June 3, 2009, transitioned into a public limited company in July 2024. Headquartered in Kolkata, the company has evolved into a reputed B2B gold jewellery manufacturer and wholesaler with a strong presence across India and select international markets such as Dubai, the United States, and Australia.

Business Model & Operations 

i) Operates primarily in the wholesale B2B jewellery segment, catering to retailers, wholesalers, and corporate buyers.

ii) Offers a diverse product portfolio that includes Necklaces, Earrings, Rings, Bangles, Bracelets, Pendants, Mangalsutras, Kadas, etc. It also incorporates high-value stones such as Emerald, Jade, Pearl, Meena.

iii) Jewellery is designed to suit bridal, occasional, and daily wear requirements.

iv) Follows a hybrid manufacturing model:

– In-house design team manages the conceptualization and design process.

– Outsourced production to a network of 33 skilled Karigars (job workers) based in Kolkata, a hub known for jewellery craftsmanship.

v) Focuses on minute detailing and premium finishing in all products.

Geographical Presence & Expansion Plans

Pushpa Jewellers currently operates office-cum-showrooms in Hyderabad, Bangalore, and Chennai, serving as key regional hubs for its wholesale operations. The company plans to expand its footprint by opening a new showroom in Vijayawada, with further expansion into other strategic markets across India to strengthen its national presence.

Quality, Certification & After-Sales Service

All jewellery manufactured and sold by Pushpa Jewellers is BIS Hallmarked, ensuring purity and building customer trust. The company places a strong emphasis on quality control and after-sales service, offering repair and maintenance (such as resizing, polishing, or stone replacement) with quick turnaround via courier services.

Pandemic-Led Transformation

While the COVID-19 pandemic posed challenges for many, Pushpa Jewellers leveraged the period to digitize operations, adopt agile strategies, and strengthen its foothold in the organized jewellery market. This strategic shift coincided with a broader industry transformation, where the share of organized players in India’s jewellery market rose from 20% in 2019 to 36% in 2024.

Objects of the Pushpa Jewellers Limited IPO:

The company intend to utilize the issue proceeds to meet the following objects: 1. To meet the working capital requirements (₹45.39 cr) 2. To Finance Establishment of proposed new showroom, i.e. (a) Capital expenditure cost for proposed new showroom (₹1.90 cr) (b) Inventory cost for the proposed new showroom (₹3.45 cr) 3. General Corporate Purpose
DRHP of Pushpa Jewellers Limited IPO
RHP of Pushpa Jewellers Limited IPO

Pushpa Jewellers Limited IPO Details:

Open Date: Jun 30 2025
Close Date: Jul 02 2025
Total Shares: 67,11,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 98.65 Cr.
Lot Size: 1000 Shares
Issue Price: ₹ 143-147 Per Equity Share
Listing At: NSE Emerge

Promoters And Management:

1. Mr. Mridul Tibrewal, Promoter, Whole Time Director & CEO, is a Promoter and currently serves as Whole Time Director and CEO of the Company (term: June 28, 2024 – June 27, 2029). Appointed to the Board in 2010, he holds a B.Com from the University of Calcutta and brings over a decade of experience in jewellery manufacturing and retail. Under his leadership, the “Pushpa” brand has expanded significantly, with a focus on product variety and wholesale presence. He oversees operations, marketing, sales, expansion, and customer service strategies. 2. Mr. Anupam Tibrewal, Promoter, Chairman & Managing Director, is a founding Promoter and Chairman & Managing Director of the Company (term: June 28, 2024 – June 27, 2029). An Electronics & Telecommunication Engineering graduate from the University of Pune, he has 15+ years of experience in the jewellery industry. He has led strategic planning, business expansion, tech-driven manufacturing, and ethical sourcing. He also oversees administration and jewellery design, playing a key role in shaping the company’s long-term vision. 3. Mr. Madhur Tibrewal, Promoter, Whole Time Director & CFO, aged 48, is a Promoter and has been associated with the Company since inception in 2009. He was re-designated as Whole Time Director and CFO effective June 28, 2024 (term ending June 27, 2029). A qualified Chartered Accountant, he has 14.5+ years of experience in finance, accounting, audit, and taxation. He leads the Company’s finance and commercial functions, providing valuable insights for strategic decision-making.

Financials of Pushpa Jewellers Limited IPO:

Particulars FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations 281.06 253.34 165.8
EBITDA 31.75 19.87 12.82
EBITDA Margins 11.30% 7.78% 7.74%
PAT 22.28 13.57 8.14
PAT Margins 7.93% 5.32% 4.91%
ROCE 27.84% 30.62% 21.84%
Debt to Equity Ratio(In Times) 0.38 0.23 0.66
Operating Cash Flows 0.14 8.78 0.13

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins D/E Ratio MCap (in cr) P/E
Pushpa Jewellers Limited(FY25) 281.06 11.30% 7.93% 0.38 356.07 15.98
Sky Gold Limited(FY25) 3548 6% 3.75% 0.92 4,654 35
Khazanchi Jewellers Limited(FY25) 1772 4% 2.54% 0.28 1,411 31.4

Lead Manager of Pushpa Jewellers Limited IPO:

  1. Affinity Global Capital Markets Pvt Ltd

Registrar of Pushpa Jewellers Limited IPO:

  1. Cameo Corporate Services Limited

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