SMR Jewels SME: Check IPO Date, Live Subscription and Key Details
SMR Jewels Limited, incorporated in 2018, is an Ahmedabad-based boutique designer and distributor specializing in Designer Heritage, Nature-Inspired, and Traditional Jewellery (including Jadtar, Meenakari, and Polki work). Operating entirely on an asset-light, outsourced business model, the company manages product conceptualization and design in-house while contracting out precision manufacturing to traditional skilled artisans and job-workers. SMR Jewels operates primarily in the B2B segment, supplying high-value bridal and festive luxury collections to premium listed and corporate jewelry chains across India.
Price Range
₹128.0 - ₹135.0
Issue Size
₹67.23 Cr
Lot Size
1,000 shares
IPO Type
BSE SME
GMP
-
Est. Listing Price
₹135
Estimate Profit
-
Retail Portion
49.99%
Key Metrics
Check Live GMPGMPFace Value
₹10
EPS
13.26
P/E Ratio
10.18
RoNW
43.54%
ROE
55.52%
Debt to Equity
0.39
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Timeline
IPO Opens
26 May
IPO Closes
3 Jun
Allotment
4 Jun
Listing
8 Jun
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 26 May 2026 | Subscription starts |
| IPO Close Date | 3 June 2026 | Subscription ends |
| Allotment Date | 4 June 2026 | Allotment |
| Listing Date | 8 June 2026 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,70,000 |
SHNI (Min) | 3 | ₹4,05,000 |
SHNI (Max) | 7 | ₹9,45,000 |
BHNIAbove ₹10,00,000 | 8 | ₹10,80,000 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 10.00% |
| NII (Non-Institutional Investor) | 40.01% |
| SHNI (Small Non-Institutional Investor) | 12.67% |
| BHNI (Big Non-Institutional Investor) | 25.34% |
| Retail | 49.99% |
| Market Maker | 5.00% |
| Total | 100.00% |
IPO Objectives
- Funding long-term working capital requirements of the company (₹30.00 Cr).
- Full or partial repayment/prepayment of existing borrowings availed from banks and financial institutions (₹6.50 Cr).
- Funding capital expenditure requirements towards the construction of a new specialized Jewellery Studio (₹6.40 Cr).
- General Corporate Purposes.
Strengths
- The company commands a Premium B2B Client Portfolio, serving as a trusted design vendor for prominent national brands including Rokde Jewellers, Josco Jewellers, WHP, Kalamandir, and D.P. Abhushan.
- It maintains a Niche Product Focus on high-margin designer heritage lines like Polki and Jadtar, which command premium ticket prices and steady demand during the Indian wedding seasons.
- The business benefits from Excellent Asset Sizing, operating on a lean, asset-light distribution model by outsourcing heavy factory execution workflows, which effectively reduces upfront capital risk.
- The firm delivers Exceptional Operational Efficiency, showcasing massive capital returns with a restated financial RoCE of 50.18% and an EBITDA margin of 8.65% as of late 2025.
- It is backed by a Healthy Order Runway, featuring a strong visible pipeline with verified outstanding purchase orders totaling over ₹30 Crores on hand.
Weaknesses
- The company faces Earnings Integrity Queries, as the dramatic earnings surges achieved from FY24 onwards have drawn analytical caution regarding potential short-term pre-IPO window dressing.
- It has Zero Production Infrastructure, and a complete lack of an in-house factory floor leaves the company entirely reliant on external artisans, amplifying quality control and delivery timeline risks.
- The business operates under Intense Competitive Friction, navigating a heavily contested, fragmented jewelry sector alongside large mainboard chains and unorganized regional retailers.
- The issue shows Muted Public Market Interest, with early grey market premiums tracking flat at ₹0, indicating a highly conservative local reception ahead of its opening hours.
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Financial Performance
| Period Ended | 31 Dec 2025 (9M) | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 85.43 | 43.35 | 15.06 | 21.3 |
| Revenue (₹ Cr.) | 308.72 | 263.25 | 124.52 | 67.53 |
| PAT (₹ Cr.) | 18.56 | 10.41 | 3.85 | 0.91 |
| Net Worth (₹ Cr.) | 42.69 | 24.14 | 4.88 | 1.04 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| SMR Jewels Ltd. | 4.63 | 10.18 | 43.54% | 42.69 |
| Sky Gold & Diamonds Ltd. | 7.26 | 32.85 | 17.87% | 684.9 |
| Khazanchi Jewellers Ltd. | 4.9 | 17.51 | 27.98% | 231 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 | Day 4 |
|---|---|---|---|---|
| QIB | 2.35x | 2.35x | 2.35x | 2.35x |
| NII | 0x | 0x | 0.06x | 0.05x |
| S-HNI | 0x | 0.02x | 0.09x | 0.07x |
| B-HNI | 0x | 0x | 0.04x | 0.04x |
| RII | 0.02x | 0.06x | 0.26x | 0.15x |
| Total | 0.25x | 0.26x | 0.39x | 0.33x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 4,73,000 | 11,12,000 | 14.23 |
| NII | 18,92,000 | 94,000 | 1.2 |
| Small NII | 6,30,000 | 43,000 | 0.55 |
| Big NII | 12,62,000 | 51,000 | 0.65 |
| RII | 23,66,000 | 3,64,000 | 4.66 |
| Total | 47,31,000 | 15,70,000 | 20.1 |
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Company Details
- SMR Jewels Ltd.
- 3, Vrindavan Apartments, Gulbai Tekra, Ahmedabad, Gujarat, 380006
- +91 079 4941033
- info@smrjewels.in
- https://smrjewels.in/
Registrar Details
- Purva Sharegistry (India) Pvt.Ltd.
- +91-022-23018261, +91-022-23016761
- newissue@purvashare.com
- https://www.purvashare.com/
Frequently Asked Questions
What does SMR Jewels do?
SMR Jewels operates in the jewellery sector and focuses on designing and distributing traditional jewellery products such as Jadtar, Meenakari, and Polki jewellery through a B2B business model.
What are the IPO dates for SMR Jewels SME IPO?
The SMR Jewels SME IPO will open for subscription on May 26, 2026, and close on May 29, 2026.
What is the price band and minimum investment for SMR Jewels IPO?
The IPO price band is fixed at ₹128 to ₹135 per share. Retail investors need to apply for a minimum of 2 lots (2,000 shares), requiring an investment of ₹2,70,000.
What is the Grey Market Premium (GMP) of SMR Jewels IPO today?
As of May 24, 2026, the Grey Market Premium (GMP) of SMR Jewels IPO is ₹0, indicating an expected listing price near ₹135 per share.
Where will SMR Jewels IPO be listed?
SMR Jewels IPO is proposed to be listed on BSE SME, with the tentative listing date set for June 3, 2026.
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