SMR Jewels Ltd IPO
Diamond, Gems and Jewellery
Price Band
₹125 – ₹128
Lot Size
1000
Minimum Bid Quantity
2000
Minimum Investment
₹256000
Issue Size
₹67.23Cr
Opens
2026-05-26
Closes
2026-06-03
Listing
08-06-2026
Subscription Status
Qualified Institutional Buyers
5.41 x
Non-Institutional Investor
1 x
Retail Individual Investor
0.3 x
Total
1.09 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE11XK01017
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
SMR Jewels Limited is a Gujarat-based jewellery company incorporated in 2018. The company deals in designer, traditional, and everyday jewellery and also offers customisation services to customers. The company's product portfolio covers several categories. Its Designer Heritage Jewellery draws from cultural and mythological themes, including designs inspired by figures such as Radha-Krishna and Buddha. Nature-inspired jewellery features motifs drawn from flowers, leaves, vines, and animals. Under traditional jewellery, the company offers Jadtar, Meenakari, and Polki varieties. It also has dedicated bridal and festive collections, as well as daily-wear jewellery designed for regular use. In addition to its standard product range, SMR Jewels provides customisation services that allow customers to personalise designs or recreate traditional and ancestral ornaments. Designs are developed in-house through a process that includes hand sketching, CAD modelling, and prototype creation before being handed over for production. SMR Jewels does not operate its own manufacturing facility. Production is outsourced to skilled artisans and job workers. The finished products are distributed through wholesalers, retailers, boutiques, and showrooms, and the company also participates in exhibitions across India. All jewellery is hallmarked by recognised agencies for purity and authenticity.
Pros
- • SMR Jewels has carved out a distinct position in the jewellery market through its focus on designer heritage jewellery, drawing on Indian cultural, mythological, and spiritual traditions. Its collections include designs inspired by figures such as Radha-Krishna, Shrinathji, and Buddha. This positions the company in a niche segment that goes beyond conventional jewellery offerings.
- • The company supplies jewellery to several established Indian retail brands and chains. Its clientele includes names such as HSJ, Rokde Jewellers, WHP, JOSCO Jewellers, Kalamandir Jewellers, Vaibhav Jewellers, and D.P. Abhushan Limited. These relationships indicate a degree of trust and repeat business within the B2B jewellery trade.
- • SMR Jewels claims to have a structured in-house design team that handles concept development, hand sketching, CAD modelling, and prototype creation before production begins. This process is carried out prior to outsourcing work to artisans, which the company says helps maintain design originality and consistency across its collections.
Cons
- • The top 10 customers of SMR Jewels contributed Rs 186.66 crore (60.46%) for the period ended December 31, 2025, Rs 164.34 crore (62.43%), Rs 76.38 crore (61.34%), and Rs 35.04 crore (51.89%) of total revenue from operations in FY25, FY24, and FY23, respectively. Any failure to retain these key customers, expand the customer base, or a loss of business from these clients could adversely affect the company's revenue and financial standing. The company operates on a purchase order basis without long-term contracts, which further adds to the uncertainty of retaining these customers.
- • SMR Jewels derives a significant majority of its revenues from the state of Gujarat, which contributed Rs 226.32 crore (73.31%), Rs 195.79 crore (74.37%), Rs 88.82 crore (71.33%), and Rs 20.84 crore (30.86%) of total revenue from operations for the period ended December 31, 2025, and FY25, FY24, and FY23, respectively. Any adverse economic, regulatory, or competitive developments in Gujarat could materially impact the company's business and financial condition. The company has a limited presence outside Gujarat, and there is no assurance that its efforts to expand into other geographies will be successful.
- • SMR Jewels operates entirely on a purchase order basis and does not enter into long-term agreements with its customers. This means the company has no assured or committed revenue from its existing client base, making future sales inherently uncertain. Any increase in competition or shift in customer preferences could result in order cancellations or reduced volumes without any contractual recourse.
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