Grover Jewells IPO – GMP, Price Band, Dates & Review

Grover Jewells IPO- Company Analysis

Grover Jewells IPO under the SME IPO category is a bookbuild issue of Rs. 33.83 Cr by Grover Jewells Limited and is producing and creating a variety of wholesale gold jewelry.

The company's product line consists of semi-finished, studded, and plain gold jewelry that is mostly offered in 22, 20, and 18 carats. Additionally, it sells both hallmarked and non-hallmarked jewelry in its two showrooms in Delhi's Chandni Chowk and New Delhi's Karol Bagh.

The company's two main business sectors, casting jewelry production and machine-made chain manufacture, allow it to meet both high-volume demand and modern fashion-focused designs with reliable quality and prompt delivery.

Grover Jewells IPO Details

The Grover Jewells IPO date of opening is 04 Feb 2026, its initial public offering will end on 06 Feb, IPO allotment on Feb 09 and refund initiation on Feb 10, 2026.

The Rs. 33.83 crore new SME IPO comprises a wholly fresh issue of 0.38 crore Shares.

The Grover Jewells IPO listing date (expected) might be on Wednesday, Feb 11, 2026, and listing at the NSE and SME. 

The Grover Jewells IPO price band is Rs. 83 to Rs. 88.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Feb 04, 2026
IPO Closing Date	Feb 06, 2026
IPO Allotment Date	Feb 09, 2026
Refund Initiation	Feb 10, 2026
IPO Listing Date	Feb 11, 2026

 

Click to open demat account and apply for the IPO.

 

Company Financials

(Amount in Cr)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	29.85	13.91	11.71
Total Income	460.95	258.00	255.11
PAT	7.62	2.78	2.71
EBITDA	11.26	4.71	4.10
Net Worth	16.69	9.07	6.29
Reserves & Surplus	14.03	6.41	3.63
Total Borrowing	9.34	4.17	3.74

 

Cash Flows

(Amount in lac)

Net Cash Flow	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	23.54	256.11	165.12
Net Cash Flow Investing Activities	(209.95)	(219.11)	(175.57)
Net Cash Flow Financing Activities	429.83	6.21	10.58

 

Revenue Bifurcation

(Rs. in Lac)

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Working Capital Requirements. ~ Rs. 21.35 Cr.

• General Corporate Purposes. 

Listed Peers of Grover Jewells Ltd. 

Name of Company	Face Value (₹)	Basic EPS (₹)	PE Ratio (x)
Shanti Gold International Limited	10.00	10.34	20.71
Retaggio Industries Limited	10.00	2.60	9.08
RBZ Jewellers Limited	10.00	9.70	14.18
Utsav CZ Gold Jewels Limited	10.00	11.63	19.01

 

Valuation

KPI	Value
ROCE	45%
Debt / Equity	0.56
RoNW	45.67%
PAT Margin	1.65%
EBITDA Margin	2.44%
Price to Book Value	5.62

 

 

Evaluation of P/E Ratio

Considering the period ended on FY 2025 with an EPS of Rs. 7.15 from the last year, the resulting P/E ratio is 12.30x.

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IPO's Strengths

• Robust revenue.

• Skilled execution team & promoters.

• Customization expertize.

• Good rapport with suppliers and customers.

• An online promotion mobile application.

IPO's Weaknesses

• The state of the market.

• Limited Retail Clientele because individual retail sales are not our company's primary focus.

• Low brand awareness.
  
  

Grover Jewells IPO GMP (Grey Market Premium)

Grover Jewells IPO GMP today has not started yet as of 30 Jan 2026 while writing this information. 

Grover Jewells IPO Summary

IPO Opening & Closing Date	04 Feb, 2026 to 06 Feb, 2026
Face Value	Rs. 10 per Share
Issue Price	Rs. 83 to Rs. 88 per Share.
Lot Size	1600 Shares
Issue Size	38,44,800 Shares (Rs. 34 Cr)
Offer for Sale	-
Fresh Issue	38,44,800 Shares (Rs. 34 Cr)
Listing at	NSE, SME
Issue Type	Bookbuild issue IPO
Registrar	Maashitla Securities Pvt. Ltd.

 

IPO Lot Details 

Retail investors can invest in a minimum of 2 Lots (3200 Shares) for Rs. 2,81,600, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (4800 Shares) for Rs. 4,22,400.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
HNI (Min)	3 Lots

 

Grover Jewells IPO Allotment Status

To check the Grover Jewells IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Grover Jewells Ltd.

• Mr. Deepak Kumar Grover

• Mr. Lavkesh Kumar Grover 

• Mrs. Bhawna Grover 

Pre-Issue Promoter Shareholding	100%
Post-Issue Promoter Shareholding	73.48%

 

IPO Lead Managers

• Finshore Management Services Ltd. 
  
  

Dividend Policy

The company has not paid a dividend during the last three years.

 

Conclusion

The Grover Jewells IPO offers a rapidly expanding SME opportunity supported by robust revenue growth, a high return on equity, and a scalable wholesale gold jewelry business. However, it's better to approach it with a medium-to-high risk perspective due to poor margins and minimal brand visibility.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.