SMR Jewels IPO

About SMR Jewels IPO

The SMR Jewels IPO opens on Tuesday, May 26, 2026 and closes on Friday, May 29, 2026. The allotment of shares will take place on Monday, June 1, 2026. The credit of shares to the demat account will take place on Tuesday, June 2, 2026. The initiation of refunds will take place on Tuesday, June 2, 2026. The listing of shares will take place on Wednesday, June 3, 2026.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 0.40 crore shares aggregating to ₹54.00 crores. The offer for sale portion includes 0.10 crore shares aggregating to ₹13.23 crores. The total number of shares and aggregate amount are 49,80,000 shares aggregating up to ₹67 crores.

SMR Jewels IPO’s price band is set at ₹128 to ₹135 per share. The lot size for an application is 1,000 shares. The minimum amount of investment required by a retail investor is ₹2,70,000 (2,000 shares) (based on upper price). The minimum lot size investment for HNI is 3 lots (3,000 shares), amounting to ₹4,05,000. The SMR Jewels IPO will be listed on the BSE SME (SME Platform of BSE Limited) upon completion of the offer.

SMR Jewels’ operations encompass designing, manufacturing, and distributing a wide range of jewellery across India, including wedding and festive collections, daily wear ornaments, bridal sets, and customised designer pieces. In addition to their diverse product portfolio, they also provide customisation services that allow customers to personalise jewellery designs as per their unique preferences.

Objectives of SMR Jewels IPO

• Funding capital expenditure requirements towards construction of a jewellery studio.
  
• Funding towards repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions.
  
• Funding long-term working capital requirements.
  
• Funding expenditure for general corporate purposes.
  

Industry Outlook

India’s gold and diamond trade contributed ~7% to India’s Gross Domestic Product (GDP). The Gems & Jewellery sector employs ~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 does not require any prior approval from the Reserve Bank or the Government of India.

About SMR Jewels

SMR Jewels specialises in Designer Heritage Jewellery that blends the richness of India’s cultural and artistic traditions with modern aesthetics. Their jewellery reflects intricate craftsmanship, heritage artistry, and traditional motifs, while incorporating contemporary styles to suit the evolving tastes of today’s customers. Each piece is created with its own storytelling, carrying cultural meaning, emotional value, and artistic expression. Their Theme-Based Designer Heritage Jewellery draws inspiration from mythology, spirituality, and cultural narratives. Collections include designs inspired by Radha-Krishna, Buddha, and other revered icons, celebrating India’s legacy of storytelling and devotion. These creations connect deeply with customers who view jewellery as more than ornamentation, but as a symbol of heritage, identity, and spirituality.

Alongside Designer Heritage Jewellery, the company also creates Nature-Inspired Jewellery, where designs are influenced by elements of the natural world such as flowers, leaves, vines, animals, and seasonal motifs. These pieces highlight harmony between nature and artistry, offering jewellery that represents freshness, beauty, and universal appeal.

Strengths of SMR Jewels

• Specialisation in designer heritage jewellery and diversified portfolio.
  
• Strong in-house design capabilities and innovation focus.
  
• Experienced leadership and industry expertise.
  
• Strong B2B network and prestigious client base.
  
• Established artisan network and dual-phase manufacturing model.
  

Risks of SMR Jewels

• A reduction in business from their top ten customers or any other major clients.
  
• Any shortfall in the supply of their raw materials, or an increase in their raw material costs and other input costs.
  
• Any fluctuation in price and supply of raw materials, particularly gold, which is their primary raw material for the manufacture of their product.
  
• Inability to adapt to changing consumer preferences.
  
• Risks arising from reliance on cultural narratives in jewellery design, including misrepresentation, evolving sensitivities, and reputational exposure.
  

*Figures are taken from the latest available data of the peer companies (i.e., December 31, 2025) except the CMP which is taken as on April 30, 2026. 123 # P/E Ratio is taken from https://www.screener.in/company/ & NAV and Market cap is taken from the portal of NSE/BSE which is taken as on April 30, 2026. ## RONW & NAV is calculated on the basis of figures for the half year ended 30th September 2025.

Anchor Investor Bidding Date: NA

Registrar: Purva Sharegistry (India) Private Limited is a SEBI-registered registrar and share transfer agent (SEBI Registration No. INR000001112) headquartered in Mumbai, Maharashtra. They specialise in IPO processing, share allotment, refund initiation, and demat credit services.

Book Running Lead Managers: Wealth Mine Networks Limited, is a SEBI-registered merchant banker (SEBI Registration No. INM000013077) based in Jamnagar, Gujarat. The contact person for this issue is Mr. Jay Trivedi / Ms. Shabnam Khureshi. For investor grievances, they may be reached at complaints@wealthminenetworks.com.

SMR Jewels Business Model

The company earns its revenue through the following: Designing, manufacturing, and distributing a wide range of jewellery across India, including wedding and festive collections, daily wear ornaments, bridal sets, and customised designer pieces.

SMR Jewels Growth Trajectory

SMR Jewels’ Total Income for FY25 was ₹263.252 crores, whereas in FY24 and FY23 it was ₹124.523 crores and ₹67.530 crores, respectively.

The Profit After Tax for FY25 was ₹10.412 crores, whereas in FY24 and FY23 it was ₹3.845 crores and ₹0.909 crores, respectively.

Their EBITDA for FY25 was ₹15.166 crores, whereas in FY24 and FY23 it was ₹6.145 crores and ₹1.958 crores, respectively.

SMR Jewels Market Position

Through consistent quality and innovative designs, the company has established strong brand credibility in the B2B jewellery market. Their participation in prestigious jewellery exhibitions has further enhanced their visibility and growth.

As on 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹263.252 crores, ₹10.412 crores, and ₹15.166 crores, respectively.

How to apply for SMR Jewels IPO?

• Step 1: Log in to your Kotak Neo 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.