Grover Jewells IPO

About Grover Jewells IPO

The Grover Jewells IPO opens on Wednesday, Feb 4, 2026 and closes on Friday, Feb 6, 2026. The allotment of shares will take place on Monday, Feb 9, 2026 . The credit of shares to the demat account will take place on Tuesday, Feb 10, 2026. The initiation of refunds will take place on Tuesday, Feb 10, 2026. The listing of shares will take place on Wednesday, Feb 11, 2026.

The offer consists of a fresh issue. The fresh issue will include 0.38 crore shares of ₹33.83 crores. The offer does not have an Offer for Sale.

Grover Jewells IPO’s price band is set at ₹83 to ₹88 per share. The lot size for an application is 1,600. The minimum amount of investment required by an individual investor (retail) is ₹2,81,600 (3,200 shares) (based on upper price). The minimum lot size required for investment by HNIs is 3 lots (4,800 shares), amounting to ₹4,22,400.

Grover Jewells specializes in the manufacturing and designing of a wide range of wholesale gold jewellery. Their collec[1.1]tions include plain gold, studded, and semi-finished jewellery, mostly available in 22 Karat, 20 Karat, and 18 Karat. They also sell hallmarked as well as non-hallmarked jewellery in their two (2) showrooms located at Karol Bagh, New Delhi and Chandni Chowk, Delhi.

Objectives of Grover Jewells IPO

• To meet working capital requirements.
  
• General corporate purposes.
  

Industry Outlook

India’s gold and diamond trade contributed ~7% to India’s Gross Domestic Product (GDP). The Gems & Jewellery sector has employed ~5 million. Based on its potential for growth and value addition, the Government declared the Gems & Jewellery sector as a focus area for export promotion.

The Government has undertaken various measures recently to promote investment and upgrade technology and skills to promote ‘Brand India’ in the international market. The Government has permitted 100% FDI in the sector under the automatic route, wherein the foreign investor or the Indian company do not require any prior approval from the Reserve Bank or the Government of India. The Indian Government also signed a Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE) in March 2022, this will allow the Indian Gems & Jewellery industry to further boost exports. CEPA will provide the industry with duty-free access to the UAE market. India’s Gems Jewellery Export Promotion Council (GJEPC) aims to triple its exports to the UAE post the CEPA.

India’s Gems & Jewellery market size was at US$ 7850 crores in FY21. Growth in exports is mainly due to revived import demand in the export market of the US and the fulfilment of orders received by numerous Indian exhibitors during the Virtual Buyer-Seller Meets (VBSMs) conducted by GJEPC. In FY25, India's Gems & Jewellery exports stood at Rs. 2,43,162 crores (US$ 2850 crores). In March 2025, India's Gems & Jewellery exports stood at Rs. 2,20,379 crores (US$ 2582 crores).

About Grover Jewells

Grover Jewells began its remarkable journey in 2010, when Mr. Deepak Kumar Grover, their Managing Director (MD), started the business under a proprietorship model named “Grover Chain Company”. The enterprise began with a modest setup of two machines in a small workshop and gradually built a reputation for reliability within the jewellery manufacturing industry.

The company specializes in the manufacturing and designing of a wide range of wholesale gold jewellery. Their collections include plain gold, studded, and semi-finished jewellery, mostly available in 22 Karat, 20 Karat, and 18 Karat. They also sell hallmarked as well as non-hallmarked jewellery in their two (2) showrooms located at Karol Bagh, New Delhi and Chandni Chowk, Delhi.

By offering products across various styles and price segments, they are able to cater to a wide customer base while maintaining the highest standards of craftsmanship, reliability, and trust that form the cornerstone of their brand. While their primary focus remains on the B2B segment, they are also undertaking initiatives to strengthen their presence and increase revenue in the B2C segment. In addition, they operate a job work segment, wherein small jewellers entrust them with gold and designs, and they transform them into finished jewellery. This stream generates stable revenue through labour charges, though it contributes only a minor share compared to their core business segments.

Strengths of Grover Jewells

• Integrated in-house production facility.
  
• Experienced promoters and senior management team.
  
• Expansive product portfolio driven by innovation.
  
• Established B2B presence backed by rigorous quality standards.
  
• Leveraging digital platforms for growth.
  
• PAN India as well as international presence.
  

Risks of Grover Jewells

• The company has experienced negative cash flows in the past. Sustained negative cash flows can impact the business.
  
• Their gold jewellery business faces risks from market volatility and changing customer preferences.
  
• Their business is primarily concentrated in the central and northern part of India, especially around Delhi and its neighbouring states, i.e. Uttar Pradesh, Haryana and Uttarakhand and they are significantly dependent on these states for revenue generation.
  
• They derive a significant portion of their revenue from the sale of chains.
  
• Overdependence on B2B Sales with negligible direct consumer sales.
  
• Dependent on and derive a substantial portion of their revenue from a limited number of customers.
  
• Absence of long-term agreements with raw material suppliers.
  

#Considering the nature and size of business of the Company, the peers may not be exactly comparable. Hence a strict comparison is not possible. However, the above companies have been included for broader comparison. ^ Based on full completed financial year ended on March 31, 2025 on Restated basis.

*Source for Peer Companies: Annual Report as available of Stock exchange/Company Website (figures as on March 31, 2025) ** Data from Prospectus as available on Company Website ***CMP as on 23-01-2026 for Peer Group and IPO price for Grover Jewells.

Anchor Investor Bidding Date: February 03, 2026

*The company in consultation with the Book Running Lead Manager may consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bidding Date shall be One (1) Working Day prior to the Bid/ Issue Opening Date.

Registrar: Maashitla Securities Private Limited Book Running Lead Managers: Finshore Management Services Limited

Grover Jewells Business Model

The company earns its revenue through manufacturing and designing of a wide range of wholesale gold jewellery.

Grover Jewells Growth Trajectory

Grover Jewells’ total income for FY25 was ₹460.947 crores, whereas in FY24 and FY23 it was ₹258.004 crores and ₹255.113 crores, respectively.

The profit after tax for FY25 was ₹7.623 crores, whereas in FY24 and FY23 it was ₹2.780 crores and ₹2.705 crores, respectively.

Their EBITDA for FY25 was ₹11.256 crores, whereas in FY24 and FY23 it was ₹4.706 crores and ₹4.101 crores, respectively .

Grover Jewells Market Position

By 2024, Grover Jewells had significantly expanded its product portfolio, offering a wide range of jewellery ranging from gold chains to casting and Italian-style designs — all produced under one roof through its in-house manufacturing facilities.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹460.947 crores, ₹7.623 crores, and ₹11.256 crores, respectively.

How to apply for Grover Jewells IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.