Which company's IPO is this?
This IPO is of SMR Jewels Ltd. The issue is scheduled to open on Tuesday, 26 May 2026 and closes on Friday, 29 May 2026.
After the IPO process is completed, the shares are proposed to be listed on BSE.
IPO Details
SMEClosed
Open:Tue, 26 May 2026
Close:Fri, 29 May 2026
Lot Size:1000 Shares
Price Band:₹ 128 - ₹ 135
Listing:BSE
Fresh Issue:54.00 Cr
OFS:13.23 Cr
Total IPO Size:67.23 Cr
QIB : 10.00%
Retail : 49.99%
Total HNI : 40.01%
IPO Timeline
| Event | Date |
|---|---|
| Open Date | 26-05-2026 , Tuesday |
| Close Date | 29-05-2026 , Friday |
| Tentative Allotment | 01-06-2026 , Monday |
| Tentative Listing Date | 03-06-2026 , Wednesday |
| Retail Appl. Cut Off Time | 29-05-2026 , Friday 05:00 PM |
| Non Retail Appl. Cut Off Time | 29-05-2026 , Friday 04:00 PM |
| Initiation Of Refund | 02-06-2026 , Tuesday |
| Credit Of Share To Demat | 02-06-2026 , Tuesday |
Company Business Overview
SMR Jewels IPO
Detailed business overview, IPORupee Insight and IPORupee Education based on the Red Herring Prospectus of SMR Jewels Limited.
BSE SME IPO
Designer Heritage Jewellery
Fresh Issue + OFS
Opens May 26, 2026
Quick Navigation
Business Overview
SMR Jewels Limited is an Ahmedabad-based jewellery company engaged in designing, manufacturing and selling designer heritage jewellery. The company focuses on jewellery that blends Indian cultural traditions with modern aesthetics.
As per the RHP, SMR Jewels specialises in Designer Heritage Jewellery with collections inspired by mythology, spirituality, nature and traditional jewellery styles. Its jewellery categories include Jadtar, Meenakari, Polki, Kundan, bridal jewellery, festive jewellery, nature-inspired jewellery and daily wear jewellery.
The company is coming with a BSE SME IPO through a 100% book-built issue. The IPO includes a Fresh Issue of 40,00,000 equity shares and an Offer for Sale of 9,80,000 equity shares, making the total offer size 49,80,000 equity shares. The equity shares are proposed to be listed on the SME Platform of BSE.
Company Overview
SMR Jewels Limited was originally incorporated as SMR Jewels Private Limited on October 26, 2018. Later, it was converted into a public limited company and renamed SMR Jewels Limited on October 11, 2024.
| Particulars | Details |
|---|---|
| Registered Office | 3, Vrindavan Appartments, Gulbai Tekra, Ahmedabad, Gujarat, India - 380006 |
| Listing Platform | BSE SME |
| Issue Opens | Tuesday, May 26, 2026 |
| Issue Closes | Friday, May 29, 2026 |
| UPI Mandate End Time | 5:00 PM on the Bid/Offer closing date |
Promoters
| Promoter |
|---|
| Mr. Vismay Manojkumar Soni |
| Mr. Jainil Virendra Soni |
| Mrs. Parul Manoj Soni |
| Mrs. Dipikaben Virendra Soni |
| Mrs. Drashti Pal Modi |
What Does SMR Jewels Do?
SMR Jewels designs and sells jewellery focused on heritage, culture and craftsmanship. In simple words, the company creates jewellery designs in-house, gets jewellery manufactured through skilled artisans or Karigars, completes final finishing and quality checks, and then sells jewellery to customers.
Core Products
- Designer heritage jewellery
- Bridal and festive jewellery
- Daily wear jewellery
- Gold jewellery with gemstones, pearls and motis
Traditional Styles
- Jadtar jewellery
- Meenakari jewellery
- Polki jewellery
- Kundan jewellery
Design Themes
- Nature-inspired jewellery
- Mythology and spirituality themes
- Customised jewellery
- Heirloom recreation
Product Forms
- Necklaces, rings and earrings
- Bangles, bracelets and pendants
- Hair accessories and matha patti
- Nose pins, payal and kandora
Products and Jewellery Categories
Designer Heritage Jewellery
Designer Heritage Jewellery is the main identity of SMR Jewels. These designs are inspired by Indian culture, mythology, spirituality, temples, traditional motifs and heritage craftsmanship.
Bridal and Festive Jewellery
Bridal and festive jewellery is used for weddings, family functions, festivals and traditional occasions. This category generally involves heavier designs, detailed craftsmanship, stones, pearls, motis, Polki, Meenakari and Kundan work.
Jadtar, Meenakari, Polki and Kundan
Jadtar is a traditional jewellery style involving detailed craftsmanship and stone setting. Meenakari involves enamel work on jewellery. Polki jewellery uses uncut diamonds. Kundan is a traditional jewellery technique where stones are set using refined gold foil or related traditional methods.
Nature-Inspired and Daily Wear Jewellery
The company also makes nature-inspired jewellery using motifs such as flowers, birds, peacocks and other nature-based themes. Daily wear jewellery is lighter and simpler compared with bridal or festive jewellery.
Design and Manufacturing Model
SMR Jewels follows an in-house design and outsourced artisan manufacturing model.
| Step | Process |
|---|---|
| 1 | Design and conceptualisation by the in-house design team. |
| 2 | CAD modelling to convert creative ideas into precise digital jewellery models. |
| 3 | Raw material sourcing including gold, gemstones, pearls, motis and allied inputs. |
| 4 | Dual-phase outsourcing: base mould creation and artisan detailing such as hand-engraving, Meenakari, Polki, Jadtar and Kundan work. |
| 5 | Final finishing, stone setting, polishing and refinement. |
| 6 | Quality control, hallmark certification and third-party certification. |
| 7 | Secure packaging and barcode-enabled traceability before dispatch. |
Revenue Model
SMR Jewels earns revenue mainly from sale of jewellery products. Its revenue depends on number of customers, average order size, new designs launched, repeat orders, gold price movement, bridal and festive jewellery demand, exhibition participation, working capital and inventory availability, artisan production and timely collection from customers.
In simple terms: Company designs jewellery -> gets it crafted through Karigars -> sells finished jewellery -> earns revenue from jewellery sales.
Key Operating Metrics
| KPI | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Number of new products / designs launched | 500 | 250 | 150 |
| Number of total customers | 229 | 400 | 156 |
| Number of total suppliers | 96 | 79 | 41 |
| Number of exhibitions participated | 5 | 5 | 5 |
| Average per customer order size | Rs. 114.95 lakhs | Rs. 31.13 lakhs | Rs. 43.28 lakhs |
Objects of the IPO
| Particulars | Details |
|---|---|
| Fresh Issue | 40,00,000 equity shares |
| Offer for Sale | 9,80,000 equity shares |
| Total Offer Size | 49,80,000 equity shares |
| Face Value | Rs. 10 per equity share |
| Listing | BSE SME |
| Issue Type | 100% Book Built Issue |
| Market Maker Reservation | 2,49,000 equity shares |
| Net Offer | 47,31,000 equity shares |
Proposed Use of Net Proceeds
| Object | Details |
|---|---|
| Construction of jewellery studio | Capital expenditure for proposed jewellery studio |
| Repayment / prepayment of certain borrowings | Reduction of debt burden |
| Long-term working capital requirement | Funding inventory, receivables and business growth |
| General corporate purposes | Balance amount |
The RHP mentions that the proposed jewellery studio is estimated to cost up to Rs. 640 lakhs, and the company proposes to utilise Rs. 3,000 lakhs from Net Proceeds towards working capital requirements.
Financial Highlights
| Particulars | Period ended Dec 31, 2025 | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Revenue from Operations | Rs. 30,872.01 lakhs | Rs. 26,325.18 lakhs | Rs. 12,452.30 lakhs | Rs. 6,752.78 lakhs |
| Profit After Tax | Rs. 878.58 lakhs | Rs. 1,041.47 lakhs | Rs. 384.51 lakhs | Rs. 90.94 lakhs |
| EBITDA | Rs. 1,334.30 lakhs | Rs. 1,516.74 lakhs | Rs. 614.48 lakhs | Rs. 195.84 lakhs |
| EBITDA Margin | 4.32% | 5.76% | 4.93% | 2.90% |
| PAT Margin | 2.85% | 3.96% | 3.09% | 1.35% |
| Net Worth | Rs. 4,269.28 lakhs | Rs. 2,413.79 lakhs | Rs. 488.16 lakhs | Rs. 103.64 lakhs |
| Total Borrowings | Rs. 1,653.92 lakhs | Rs. 856.55 lakhs | Rs. 764.71 lakhs | Rs. 632.72 lakhs |
Cash Flow Position
| Particulars | Period ended Dec 31, 2025 | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Net cash generated from / used in operating activities | Rs. (1,600.62) lakhs | Rs. 125.38 lakhs | Rs. (105.98) lakhs | Rs. (136.69) lakhs |
| Net cash used in investing activities | Rs. (36.66) lakhs | Rs. (5.97) lakhs | Rs. (7.98) lakhs | Rs. (2.35) lakhs |
| Net cash generated from financing activities | Rs. 627.09 lakhs | Rs. 895.06 lakhs | Rs. 69.81 lakhs | Rs. 141.97 lakhs |
Working Capital Position
SMR Jewels is a working capital intensive business. The company’s net working capital requirement increased from Rs. 726.35 lakhs in FY 2023 to Rs. 3,255.43 lakhs in FY 2025 and further to Rs. 5,826.44 lakhs as of December 31, 2025.
The RHP projects net working capital requirement of Rs. 10,157.71 lakhs for the period ended December 31, 2026, out of which Rs. 3,000 lakhs is proposed to be funded from IPO proceeds.
Customer, Supplier and Geographic Concentration
Customer Concentration
| Particulars | Period ended Dec 31, 2025 | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Top 1 customer | 14.06% | 26.39% | 19.99% | 11.46% |
| Top 5 customers | 45.56% | 48.36% | 48.95% | 42.44% |
| Top 10 customers | 60.46% | 62.43% | 61.34% | 51.89% |
Supplier Concentration
| Particulars | Period ended Dec 31, 2025 | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Top 1 supplier | 19.91% | 11.79% | 22.36% | 38.66% |
| Top 5 suppliers | 55.98% | 49.00% | 62.77% | 89.41% |
| Top 10 suppliers | 71.12% | 72.52% | 81.99% | 95.03% |
Geographic Concentration
| Period | Gujarat Revenue Contribution |
|---|---|
| Period ended Dec 31, 2025 | 73.31% |
| FY 2025 | 74.37% |
| FY 2024 | 71.33% |
| FY 2023 | 30.86% |
Key Business Strengths
Designer Heritage Focus
SMR Jewels has clear positioning in heritage-inspired jewellery based on mythology, spirituality, nature, traditional motifs and bridal/festive themes.
Diversified Portfolio
The company offers necklaces, chokers, malas, pendant sets, bangles, kadas, patlas, rings, earrings, hair accessories, matha patti, tikka, nose pins, payal and kandora.
In-House Design
The company has an in-house design team that works on conceptualisation, CAD modelling and product development.
Artisan Network
The company works with skilled Karigars and job workers for specialised traditional craftsmanship.
Revenue Growth
Revenue from operations increased from Rs. 6,752.78 lakhs in FY 2023 to Rs. 26,325.18 lakhs in FY 2025.
Design Launch Growth
The company launched 500 new products/designs in FY 2025 compared with 250 in FY 2024 and 150 in FY 2023.
Key Risks
Retail investors should read the full RHP risk factors before taking any IPO decision.
Customer Concentration
Top 10 customers contributed 60.46% of revenue for the period ended December 31, 2025 and 62.43% in FY 2025.
Supplier Concentration
Top 10 suppliers contributed 71.12% of purchases for the period ended December 31, 2025 and 72.52% in FY 2025.
Gujarat Concentration
Gujarat contributed 73.31% of revenue for the period ended December 31, 2025 and 74.37% in FY 2025.
Gold Price Volatility
Gold is the primary raw material. Sharp movement in gold prices can affect cost, demand, inventory value and margins.
Working Capital Intensive
Jewellery business requires significant working capital for inventory, gold, gemstones and receivables.
Negative Operating Cash Flow
The company reported negative operating cash flow in multiple periods, including the period ended December 31, 2025.
Karigar Dependency
A significant portion of manufacturing is outsourced to skilled artisans or Karigars.
Design Protection Risk
The company does not register its jewellery designs under the Designs Act, 2000.
Jewellery Studio Execution
The company proposes to use IPO proceeds for jewellery studio construction. Delay or cost overrun may affect expansion plans.
SME Listing Risk
SME IPOs can have lower liquidity, higher volatility and larger lot-size constraints compared with mainboard IPOs.
IPORupee Insight
SMR Jewels Ltd is a designer heritage jewellery company with a strong focus on cultural, bridal, festive and traditional jewellery. The company’s identity is built around in-house design, artisan craftsmanship and heritage storytelling.
The positive side is that the company has shown strong revenue growth. Revenue from operations increased from Rs. 6,752.78 lakhs in FY 2023 to Rs. 26,325.18 lakhs in FY 2025. The company also launched 500 new designs in FY 2025, showing strong focus on design innovation.
The company’s jewellery portfolio is differentiated compared with plain jewellery businesses. It focuses on Designer Heritage Jewellery, Jadtar, Meenakari, Polki, Kundan, bridal, festive, nature-inspired and daily wear jewellery. This can help the company target customers looking for design-led and occasion-based jewellery.
However, retail investors should not look only at revenue growth. Jewellery businesses are highly working capital intensive. SMR Jewels had net working capital requirement of Rs. 5,826.44 lakhs as of December 31, 2025, and the company proposes to use Rs. 3,000 lakhs from IPO proceeds for working capital.
The second important point is cash flow. The company reported negative operating cash flow for the period ended December 31, 2025. In jewellery business, profit growth must be checked along with inventory, receivables and operating cash flow.
The third important point is concentration risk. Top 10 customers contributed more than 60% of revenue in recent periods, top 10 suppliers contributed more than 70% of purchases, and Gujarat contributed more than 70% of revenue. This means the business is still concentrated by customer, supplier and geography.
The fourth important point is the artisan-led manufacturing model. Working with Karigars helps the company create heritage and handmade jewellery, but it also creates dependency on skilled artisans, quality control and timely execution.
The fifth important point is the offer structure. The IPO includes both Fresh Issue and OFS. The company will receive money only from the Fresh Issue portion. The OFS proceeds will go to selling shareholders.
Retail investors should check
- IPO valuation compared with EPS, PAT and cash flow
- Whether FY 2025 and Dec 2025 growth is sustainable
- Operating cash flow trend
- Inventory level and receivables trend
- Working capital requirement after IPO
- Customer concentration
- Supplier concentration
- Gujarat revenue concentration
- Gold price volatility
- Karigar dependency
- Jewellery studio execution plan
- Borrowing after IPO proceeds utilisation
- Design protection and trademark status
- SME listing liquidity risk
Overall: SMR Jewels is a growing designer heritage jewellery SME IPO with strong revenue growth, in-house design capability and artisan-led jewellery positioning. However, investors should carefully study working capital intensity, negative operating cash flow, customer concentration, supplier concentration, Gujarat concentration, gold price risk, design protection risk and SME listing risk before making any IPO decision.
IPORupee Education
These terms help retail investors understand the jewellery business and IPO structure better.
What is Designer Heritage Jewellery?
Designer Heritage Jewellery means jewellery inspired by culture, tradition, mythology, spirituality and historic art forms. Design, craftsmanship, story and detailing also matter.
What is Jadtar Jewellery?
Jadtar is a traditional jewellery style involving detailed stone setting and craftsmanship. It is generally used in heritage, bridal and traditional jewellery.
What is Meenakari?
Meenakari is enamel work on jewellery. It adds colour, detailing and artistic value to gold jewellery.
What is Polki Jewellery?
Polki jewellery uses uncut diamonds. It is popular in bridal and traditional jewellery because of its royal and heritage appearance.
What is Kundan Jewellery?
Kundan is a traditional jewellery style where stones are set using refined gold foil or traditional setting methods.
What is Karigar?
Karigar means skilled artisan or craftsman. In jewellery business, Karigars perform specialised work such as stone setting, Meenakari, Polki, Jadtar, Kundan work and finishing.
What is CAD Modelling?
CAD means Computer-Aided Design. In jewellery, CAD modelling helps convert design ideas into precise digital models before manufacturing.
What is Hallmarking?
Hallmarking is certification of gold purity. In India, BIS hallmarking helps customers verify the purity and authenticity of gold jewellery.
What is Customer Concentration?
Customer concentration means a large portion of revenue comes from a small number of customers.
What is Gold Price Risk?
Gold price risk means the company’s cost, inventory value, product pricing and customer demand can be affected by changes in gold prices.
What is Working Capital?
Working capital is the money required to run day-to-day business. In jewellery business, it is needed for gold, gemstones, inventory, receivables, artisan payments and sales operations.
What is SME IPO?
SME IPO means an IPO listed on an SME platform such as BSE SME or NSE SME. SME IPOs may have lower liquidity and higher volatility.
Full Forms
| Short Form | Full Form |
|---|---|
| IPO | Initial Public Offering |
| RHP | Red Herring Prospectus |
| SME | Small and Medium Enterprise |
| BSE SME | SME Platform of BSE Limited |
| CAD | Computer-Aided Design |
| BIS | Bureau of Indian Standards |
| GJEPC | Gem and Jewellery Export Promotion Council |
| GJC | All India Gem and Jewellery Domestic Council |
| IGI | International Gemological Institute |
| Kt | Karat |
| B2B | Business to Business |
| ASBA | Application Supported by Blocked Amount |
| UPI | Unified Payments Interface |
| QIB | Qualified Institutional Buyer |
| NII | Non-Institutional Investor |
| II | Individual Investor |
| BRLM | Book Running Lead Manager |
| RoC | Registrar of Companies |
| PAT | Profit After Tax |
| PBT | Profit Before Tax |
| EBITDA | Earnings Before Interest, Tax, Depreciation and Amortisation |
| EPS | Earnings Per Share |
| ROE | Return on Equity |
| ROCE | Return on Capital Employed |
| RoNW | Return on Net Worth |
| NAV | Net Asset Value |
| OFS | Offer for Sale |
| GST | Goods and Services Tax |
| TDS | Tax Deducted at Source |
| TCS | Tax Collected at Source |
| NSDL | National Securities Depository Limited |
| CDSL | Central Depository Services India Limited |
| DP | Depository Participant |
Disclaimer
This content is for educational and informational purposes only. It is based on the company’s Red Herring Prospectus and publicly available IPO-related information. This is not investment advice, recommendation, research report or a call to apply or avoid the IPO. We are not SEBI registered investment advisors. Investors should read the RHP, check valuation, risk factors, financials, cash flows, working capital position, borrowings, customer concentration, supplier concentration, offer structure, SME listing risks, market conditions and consult their financial advisor before making any investment decision.
Subscription Data
IPO Structure
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 10.00 % | 4,73,000 | 6.39 Cr |
Retail | 49.99 % | 23,65,000 | 31.93 Cr |
Total HNI | 40.01 % | 18,93,000 | 25.56 Cr |
SHNI | 13.34 % | 6,31,000 | 8.52 Cr |
BHNI | 26.67 % | 12,62,000 | 17.04 Cr |
Market Maker | 0.00 % | 2,49,000 | 3.36 Cr |
Lot Size Details
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 2000 (2) | ₹ 2,70,000 |
Retail MAX | - | 2000 (2) | ₹ 2,70,000 |
SHNI MIN | - | 3000 (3) | ₹ 4,05,000 |
SHNI MAX | - | 7000 (7) | ₹ 9,45,000 |
BHNI MIN | - | 8000 (8) | ₹ 10,80,000 |
Objectives
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Issue | 40,00,000 | 54.00 Cr |
Offer for Sale | 9,80,000 | 13.23 Cr |
IPO Blogs & News
| # | Title | Published Date |
|---|---|---|
| 1 | SMR Jewels Ltd IPO: GMP Around 1%, Price Band, Business Overview, Financials, Risks and IPORupee Insight | 26-05-2026 , Tuesday |
Contact Details
IPO Contact Details
Registered Office
3, Vrindavan Appartments, Gulbai Tekra,
Ahmedabad Gujarat, India 380006.
Corporate Office
3, Vrindavan Appartments, Gulbai Tekra,
Ahmedabad Gujarat, India 380006.
Contact Person
Sangita Rajpurohit - Company Secretary and Compliance Officer
Telephone
Email
Website
Registrar to Issue Details
Registrar Name
Purva Shareregistry (India) Private Limited
Contact Person
Deepali Dhuri
Telephone
Website
Lead Managers
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
Wealth Mine Networks Limited | Jay Trivedi / Shabnam Khureshi | +91 77788 67143 / 82007 08527 | info@wealthminenetworks.com | www.wealthminenetworks.com |