- Price band
- To be announcedNot in this filing
- Issue size
- 49,80,000 sharesAmount set with price
- Face value
- ₹10per equity share
- Lot size
- To be announcedMin. investment shown once set
- OpensTue, 2026
- ClosesFri, 2026
- ListingWed, 2026
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- 40,00,000 shares
- Offer for sale
- 9,80,000 shares
- Total issue
- 49,80,000 shares
- Market maker portion
- 2,49,000 shares
- Face value
- ₹10
- Listing at
- BSE SME
- RHP date
- 18 May 2026
Source: Red Herring Prospectus dated 18 May 2026Updated
Reservation
Share of the total issue- Retail47.5%
- Big NII25.3%
- Small NII12.7%
- QIB9.5%
- Market maker5.0%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 23,65,000 | 49.99% | 35% |
| Non-institutional investors (NII) | 18,93,000 | 40.01% | 15% |
| Small NII (₹2–10 lakh) | 6,31,000 | 13.34% | — |
| Big NII (above ₹10 lakh) | 12,62,000 | 26.68% | — |
| Qualified institutional buyers (QIB) | 4,73,000 | 10.00% | — |
| Market maker | 2,49,000 | — | 5% |
Source: Red Herring Prospectus dated 18 May 2026Updated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2024-25, pre-issue- EPS (basic)
- ₹7.11
- EPS (basic) (Period ended December 31, 2025 (not annualised))
- ₹12.66
- RoNW
- 43.14%
- NAV per share (As on December 31, 2025)
- ₹29.13
P/E and market cap are calculated once the price band is announced.
Source: Red Herring Prospectus dated 18 May 2026Updated
Financials
Standalone, restated · ₹ crore| Period ended | 31 Dec 20259 months | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|---|
| Revenue from operations | 308.72 | 263.25 | 124.52 | 67.53 |
| Total income | 308.72 | 263.25 | 124.52 | 67.53 |
| EBITDA | 26.71 | 15.17 | 6.14 | 1.96 |
| Profit after tax | 18.56 | 10.41 | 3.85 | 0.91 |
| Net worth | 42.69 | 24.14 | 4.88 | 1.04 |
| Reserves and surplus | 28.04 | 19.25 | 4.87 | 1.03 |
| Total assets | 85.43 | 43.35 | 15.06 | 21.30 |
FY 2024-25 vs FY 2023-24: revenue +111.4%, profit after tax +170.8%. Periods shorter than 12 months are shown as reported and are not annualised.
Source: Red Herring Prospectus dated 18 May 2026Updated
About the company
The company designs and manufactures designer heritage jewellery that combines traditional techniques such as Jadtar, Meenakari and Polki with bridal, festive, theme-based and daily-wear collections. It sells mainly to wholesale and trade clients, with most revenue from Gujarat. It plans to build a jewellery studio in Ahmedabad.
- Incorporated
- 2018
- Industry
- Jewellery
- CIN
- U74999GJ2018PLC104946
- Website
- smrjewels.in
Source: Red Herring Prospectus dated 18 May 2026Updated
Promoters and shareholders
| Name | Type | Before issue | After issue | Shares offered |
|---|---|---|---|---|
| Mrs. Parul Manoj Soni | Promoter | 21.02% | — | 3,50,000 |
| Mr. Vismay Manojkumar Soni | Promoter | 18.08% | — | 1,40,000 |
| Mrs. Drashti Pal Modi | Promoter | 16.92% | — | 50,000 |
| Mrs. Dipikaben Virendra Soni | Promoter | 16.92% | — | 3,50,000 |
| Mr. Jainil Virendra Soni | Promoter | 13.76% | — | — |
| Mrs. Bhanumati Ramanlal Parekh | Promoter group | 0.50% | — | 30,000 |
| Mr. Soni Mitul Virendra | Promoter group | 0.50% | — | 30,000 |
| Mrs. Soni Niharika Vismay | Promoter group | 0.50% | — | 30,000 |
Source: Red Herring Prospectus dated 18 May 2026Updated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Construction of a jewellery studio in Ahmedabad | 6.40 |
| Repayment or prepayment of certain bank and other borrowings | 6.50 |
| Long-term working capital requirements | 30.00 |
| General corporate purposes | Set with price |
Source: Red Herring Prospectus dated 18 May 2026Updated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| SMR Jewels LimitedIssuer | ₹12.66 | — | — | ₹29.13 |
| Pushpa Jewellers | ₹4.55 | 28.42× | 14.88% | ₹57.6 |
| Khazanchi Jewellers Limited | ₹25.76 | 25.96× | 15.47% | ₹109 |
| Sky Gold & Diamonds Limited | ₹9.8 | 30.97× | 10.66% | ₹66.9 |
Source: Red Herring Prospectus dated 18 May 2026Updated
Strengths and risks
Our summary of what the offer document statesStrengths
- Designs are developed in-house, with more than 500 new designs a year according to the company.
- Long operating history with established supplier and client relationships.
- Reports profitable growth in revenue and profit over the restated periods.
- Wide range of jewellery categories and a large design database.
- Skilled artisans and in-house design capability.
Risks
- A large share of revenue comes from a limited set of customers, with top ten customers at about 60% of revenue for the period ended December 31, 2025.
- Dependence on a concentrated group of suppliers for gold, gemstones and other raw materials.
- Most revenue comes from Gujarat, so regional conditions have a large effect on results.
- Proceeds planned for a studio, debt repayment and working capital are not appraised by any bank or agency.
- Operating cash flow was negative for the period ended December 31, 2025 as inventory and receivables grew.
Source: Red Herring Prospectus dated 18 May 2026Updated
Contacts
Source: Red Herring Prospectus dated 18 May 2026Updated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Listing
Source: Red Herring Prospectus dated 18 May 2026Updated
After listing
Listing price, day-one high and low, and the change from the issue price (set at allotment) appear here after the shares list on BSE SME.
Frequently asked questions
When does the SMR Jewels IPO open and close?
According to the Red Herring Prospectus, the issue opens on Tuesday, 26 May 2026 and closes on Friday, 29 May 2026. These dates are tentative.
What is the SMR Jewels IPO price band?
The Red Herring Prospectus does not include a price band. The company announces it by advertisement before the issue opens, and this page is updated when it is filed.
Where will SMR Jewels shares list?
On BSE SME. The tentative listing date is Wednesday, 3 June 2026.
Who is the registrar of the issue?
Purva Sharegistry (India) Private Limited (SEBI registration INR000001112). Allotment status is checked on the registrar's website.
How do I check the SMR Jewels IPO allotment status?
Search by PAN, application number or DP/client ID on the registrar's website (Purva Sharegistry (India) Private Limited) or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹6.4 Cr for construction of a jewellery studio in Ahmedabad, ₹6.5 Cr for repayment or prepayment of certain bank and other borrowings, ₹30 Cr for long-term working capital requirements, and the rest for the other stated purposes.
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