- Price band
- ₹125 – ₹128
- Issue size
- ₹63.74 Cr
- Lot size
- 1000 sh
- Bidding
- 26 May – 3 Jun
- Grey market
- —
Face value ₹10.00
80% fresh capital
Lists 8 Jun 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
SMR Jewels sells traditional Indian gold jewellery wholesale to other jewellery businesses rather than to walk-in shoppers; the record states it runs no factory, hands execution to karigars engaged as job workers, and had 23 permanent employees as of 31 March 2026. Revenue was Rs 67.53 Cr in FY23, Rs 124.52 Cr in FY24 and Rs 263.25 Cr in FY25, with profit after tax of Rs 0.91 Cr, Rs 3.85 Cr and Rs 10.41 Cr over the same three years. The Rs 63.74 Cr BSE SME issue, Rs 51.2 Cr fresh and Rs 12.54 Cr offer for sale, banded at Rs 125 to Rs 128, was subscribed 1.09 times in total on its closing day, 3 June 2026. It listed on 8 June 2026 at Rs 102.95 against the band top of Rs 128, and last traded at Rs 101.39 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for SMR Jewels, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2018 · Ahmedabad, Gujarat · 23 employees
SMR Jewels designs and sells traditional Indian gold jewellery — Polki, Jadtar, Meenakari, kundan, bridal and festive sets, plus plainer daily-wear pieces — to other businesses rather than to walk-in shoppers. Its buyers are wholesalers, retailers, showrooms and boutiques across India, and the prospectus names clients including HSJ, Rokde Jewellers, WHP, JOSCO Jewellers and Kalamandir Jewellers. The company runs no factory. An in-house team sketches and CAD-models each design, then hands execution to karigars engaged as job workers, splitting the work across two vendor stages so no single artisan sees a complete design. It also recreates ancestral ornaments to customer order. The business is run from Ahmedabad and had 23 permanent employees as of 31 March 2026.
Revenue is the wholesale value of finished jewellery, so gold dominates the cost line: cost of materials consumed was Rs 23,296.74 lakh in FY25, or 88.50% of revenue from operations of Rs 26,325.18 lakh. Because manufacturing is outsourced to job workers, fixed costs stay tiny — employee benefits were Rs 93.56 lakh, 0.36% of FY25 revenue — so margins are thin rather than operationally geared: EBITDA margin was 5.76% in FY25 and 8.65% for the nine months to 31 December 2025. The binding constraints are working capital, with total borrowings rising from Rs 856.55 lakh at March 2025 to Rs 1,653.92 lakh at December 2025 and inventories from Rs 2,318.50 lakh to Rs 5,188.54 lakh, and customer concentration — the top ten customers were 62.43% of FY25 revenue.
The company on paper
- Legal name
- SMR Jewels Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 26 Oct 2018
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U74999GJ2018PLC104946
- Sector
- Consumer Discretionary · Designer heritage and bridal gold jewellery sold wholesale to jewellery retailers
- Employees
- 23
- Registered office
- Ahmedabad, Gujarat
- Promoters
- Vismay Manojkumar Soni, Jainil Virendra Soni, Parul Manoj Soni, Dipikaben Virendra Soni, Drashti Pal Modi
- Promoter holding, pre-issue
- 90.4%
- Promoter holding, post-issue
- 65.7%
- Website
- smrjewels.in
The numbers
Financial performance
Revenue has compounded at 97.4% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
80% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹51.20 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹12.54 Cr
- Total issue size
- ₹63.74 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 2,49,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 24.6% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 7. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹128.00
- Listed at
- ₹102.95
- Listing gain
- down 19.6%
- Since listing
- down 14.4%
- Against the issue price
- down 31.1%
Trading at ₹88.15 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 2,000
- At cut-off price
- ₹128.00
- Amount blocked
- ₹2,56,000
One lot is 1000 shares at ₹1,28,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,56,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~100%
chance of one lot, per application
- Retail subscription
- 0.30×
- Applicants per share available
- 0.3× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹102.95
listed at, −19.6% against the issue price
- Issue price
- ₹128.00
- Premium said
- —
- If allotted 1000 shares
- −₹25,050
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue rose from Rs 67.53 Cr in FY23 to Rs 124.52 Cr in FY24, up 84.39%, and to Rs 263.25 Cr in FY25, up a further 111.41%.
- Profit after tax was Rs 0.91 Cr on revenue of Rs 67.53 Cr in FY23 (a margin of 1.35%), Rs 3.85 Cr on Rs 124.52 Cr in FY24 (3.09%) and Rs 10.41 Cr on Rs 263.25 Cr in FY25 (3.95%), a higher margin at each of the three years on record.
- EBITDA margin was 2.90% in FY23 (Rs 1.96 Cr on Rs 67.53 Cr), 4.93% in FY24 (Rs 6.14 Cr on Rs 124.52 Cr) and 5.76% in FY25 (Rs 15.17 Cr on Rs 263.25 Cr). The record's business-model note separately gives 8.65% for the nine months to 31 December 2025, a part-year figure comparable only as a margin.
- Total borrowings were Rs 6.33 Cr against net worth of Rs 1.04 Cr in FY23 (6.09x), Rs 7.65 Cr against Rs 4.88 Cr in FY24 (1.57x) and Rs 8.57 Cr against Rs 24.14 Cr in FY25 (0.36x), a lower ratio at each step across all three years present.
What to weigh against it
- Cost of materials consumed was Rs 23,296.74 lakh in FY25, which the record puts at 88.50% of revenue from operations of Rs 26,325.18 lakh; employee benefits were Rs 93.56 lakh, or 0.36% of the same revenue. FY25 EBITDA margin was 5.76%.
- The record states the top ten customers were 62.43% of FY25 revenue. Its keyCustomers, segments, facilities and geographies fields are all empty and exportSharePct is null, so no further breakdown of the revenue book is present here.
- Over the nine months from 31 March 2025 to 31 December 2025 the record shows total borrowings rising from Rs 856.55 lakh to Rs 1,653.92 lakh, up 93.09%, and inventories from Rs 2,318.50 lakh to Rs 5,188.54 lakh, up 123.79%.
- On the closing day the issue was subscribed 5.41 times in the QIB category, 1.00 times in NII and 0.30 times in retail, for 1.09 times overall. It listed at Rs 102.95 against the band top of Rs 128, 19.57% below it, closed day one at Rs 103.05, and stood at Rs 101.39 on 23 October 2026, 20.79% below the band top.
Easy to miss in the prospectus
- Net worth was Rs 4.88 Cr at FY24 and Rs 24.14 Cr at FY25, an increase of Rs 19.26 Cr, while FY25 profit after tax was Rs 10.41 Cr. The record carries no equity, reserves or share-premium breakdown accounting for the remaining Rs 8.85 Cr.
- The valuation and allocation blocks are null and the offerObjects, peers, gmp and anchor fields are empty, so the Rs 125 to Rs 128 band cannot be set here against earnings, against a comparator set, or against a stated use of the Rs 51.2 Cr fresh proceeds.
- The annual financial series stops at FY25. The only post-FY25 figures in the record are the 31 December 2025 borrowings of Rs 1,653.92 lakh, inventories of Rs 5,188.54 lakh and the nine-month EBITDA margin of 8.65%, all from the business-model note, with no revenue or profit figure for that period.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Wealth Mine Networks Limited
- RegistrarAllotment status is checked on the registrar's own site
- Purva Sharegistry (India) Private Limited
How these figures were checked
Reconciled to SMR Jewels's own prospectus and to exchange disclosures, then cross-checked against 7 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- SMR Jewels Limited — Red Herring Prospectus dated May 18, 2026 (issuer website) · read 16 Oct 2026
- SMR Jewels Limited — Draft Red Herring Prospectus dated September 6, 2025 (issuer website) · read 16 Oct 2026
- BSE equity bhavcopy, 8 June 2026 (listing day: ISIN, series MT, OHLC, NewBrdLotQty) · read 16 Oct 2026
- BSE equity bhavcopy, 9 June 2026 (confirms 8 June close as previous close) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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