Updated on 11.02.2026|10:16 AM
Grover Jewells Limited has announced its Initial Public Offering (IPO) on the NSE SME platform. It is a Delhi-based manufacturer of wholesale gold jewellery.
The subscription will open on February 4, 2026 and close on February 6 2026, with a price band of ₹83 to ₹88 per share. You can track the details of all the upcoming and live IPOs at IPO calendar which is updated regularly.
The company, formerly known as Grover Chain Private Limited, produces items such as gold chains, necklaces and bangles for the B2B segment.
The 100% fresh issue aims to raise approximately ₹33.83 Crores, with proceeds earmarked for working capital requirements.
In this article, you will find Grover Jewells IPO GMP today, price band, and a detailed review. For subscription check the IPO subscription status page and for the allotment related information check our ipo allotment status hub page which are updated regularly.
Briefs of Grover Jewells IPO Details:
- Price Band: ₹83 – ₹88 per equity share
- IPO Open / Close Dates: February 4, 2026 – February 6, 2026
- Lot Size: 1,600 Shares (Note: Retail Minimum Application is 2 Lots / 3,200 Shares)
- Issue Size: 38,44,800 Equity Shares / ~₹33.83 Crores
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Maashitla Securities Pvt.Ltd.
- Listing Exchange: NSE SME
What Is The Grover Jewells IPO GMP Today?
You can check the GMP of this and other issues at our GMP hub page.
The Grey Market Premium (GMP) is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
Listing Updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 88.00 | 96.00 | 9.09 |
What Are The Important Grover Jewells IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Wednesday, February 4, 2026
- IPO Close Date: Friday, February 6, 2026
- Basis of Allotment Date: Monday, February 9, 2026
- Refund Initiation Date: Tuesday, February 10, 2026
- Credit of Shares: Tuesday, February 10, 2026
- Listing Date: Wednesday, February 11, 2026
What Are The Objectives of Grover Jewells IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Working Capital: A substantial portion of ₹25.34 Crores is earmarked for meeting incremental working capital requirements. The jewellery business is inventory-heavy, requiring significant funds to procure gold and hold stock for exhibitions and orders.
- General Corporate Purposes: To meet ongoing operational contingencies and strategic initiatives.
How is The Financial Performance of Grover Jewells?
The following table summarizes the financial performance of the company based on restated financial statements.
(Figures in ₹ Crores)
| Particulars | Period Ended 31 Oct 25 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 473.22 | 460.95 | 258.00 | 255.11 |
Profit After Tax (PAT) | 10.45 | 7.62 | 2.78 | 2.71 |
EBITDA | 14.62 | 11.26 | 4.71 | 4.10 |
Total Borrowing | 28.30 | 9.34 | 4.17 | 3.74 |
Assets | 67.51 | 29.85 | 13.91 | 11.71 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company reported Total Income of ₹460.95 Crores in FY25, marking a staggering growth of nearly 79% over FY24.
This momentum accelerated further in the seven months ended October 2025, where revenue reached ₹473.22 Crores, surpassing the entire previous year's figure.
This growth is driven by marketing, new showroom openings, and favorable government policies on gold duties.
Profit After Tax (PAT):
Grover Jewells witnessed a massive jump in profitability, with PAT rising to ₹7.62 Crores in FY25 from ₹2.78 Crores in FY24.
For the period ended October 2025, PAT surged to ₹10.45 Crores, reflecting strong operating leverage and better cost management.
EBITDA:
Operational efficiency has improved, with EBITDA margins expanding to 3.09% in the recent period from 1.82% in FY24.
The absolute EBITDA of ₹14.62 Crores (Oct '25) indicates the company's ability to generate cash from operations despite the thin margins typical of the wholesale jewellery trade.
Total Borrowing:
Debt levels have spiked significantly to ₹28.30 Crores as of October 2025, up from ₹9.34 Crores in March 2025.
This increase is primarily due to new term loans for machinery and working capital loans to support the massive inventory buildup required for B2B orders.
Assets:
The asset base more than doubled to ₹67.51 Crores by October 2025. This is largely due to a sharp increase in inventory (gold stocks), which is characteristic of a jewellery manufacturer scaling up its operations to meet high demand.
What Are the P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹7.15, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 12.31x at the upper end of the price band (₹88).
P/E Ratio = ₹88(Price) / ₹7.15(Earnings Per Share)
P/E Ratio ≈ 12.31x
Peer Comparison Table
| Company | P/E Ratio | RoNW (%) | Revenue (₹ Lakhs) |
Grover Jewells | 12.31 | 45.67 | 46,080 |
| Shanti Gold International | 20.71 | 36.56 | 1,10,640 |
| RBZ Jewellers Limited | 14.18 | 15.86 | 53,014 |
| Utssav CZ Gold Jewels | 19.01 | 19.76 | 64,631 |
Analysis:
Grover Jewells is entering the market at a P/E multiple of approximately 12.31x based on an EPS of ₹7.15. When compared to its listed peers, the issue appears to be priced attractively.
For instance, RBZ Jewellers trades at 14.18x, while Shanti Gold International commands a multiple of 20.71x.
The company reports a Return on Net Worth (RoNW) of 45.67%, which is higher than Utssav CZ Gold Jewels (19.76%) and RBZ Jewellers (15.86%).
What is the Industry Outlook of Grover Jewells ?
Growth Potential:
The Indian gems and jewellery sector contributes significantly to the GDP and is poised for growth with rising disposable incomes and the cultural affinity for gold.
Market Trends:
There is a shift towards lightweight and daily-wear jewellery, which Grover caters to. The recent reduction in customs duty on gold has also spurred demand, benefiting manufacturers.
What Are The Strengths and Risks of Grover Jewels' IPO?
Strengths:
- Explosive Growth: The company has nearly doubled its revenue run-rate in the current fiscal year, demonstrating strong market traction.
- High Efficiency: A RoNW of ~45% is best-in-class among peers, indicating strong management of equity.
- Valuation Comfort: The pricing seems to leave substantial room for listing gains given the low P/E multiple relative to the industry.
Risks:
- Negative Cash Flows: The company reported negative operating cash flows of ₹(12.28) Crores in the recent period due to funds getting locked in inventory.
- Product Concentration: Over 96% of revenue comes from gold chains. A shift in fashion trends could impact sales.
- High Debt: The sharp rise in borrowings to fund inventory increases interest/finance costs and leverage risk.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is 1,600 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 2 Lots (3,200 Shares), amounting to ₹2,81,600. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, which implies this category effectively targets HNI investors.
- Valuation: At ~12.31x P/E, the stock is priced lesser than its competitors, but the high debt and cash flow issues are concerns.
- Sector: Gold is a cyclical sector; investors must be aware of commodity price risks.
Key Takeaways
- IPO Price: ₹88 per share (Upper Band).
- Min Investment: ₹2,81,600 (3,200 Shares).
- Allotment Date: February 09, 2026
- Listing: NSE SME platform on February 11, 2026.
FAQs on Grover Jewells IPO
What is Grover Jewells IPO GMP today?
The GMP is a dynamic market sentiment indicator. Please check trusted financial news portals or our dedicated GMP section for the latest updates.
What is Grover Jewells IPO price band?
The price band is fixed at ₹83 to ₹88 per equity share.
What is Grover Jewells IPO allotment date?
The allotment status is expected to be finalized on Monday, February 9, 2026.
How to check Grover Jewells IPO allotment status?
Investors can check the status on the Registrar's website or via the NSE IPO allotment portal.
What is Grover Jewells IPO listing date?
The shares are tentatively scheduled to list on Wednesday, February 11, 2026.
Investment Perspective on Grover Jewells IPO
Grover Jewells offers a high-growth play in the gold jewellery manufacturing space with impressive return ratios. While the valuation is attractive, the high ticket size for retail investors, negative cash flows, and rising debt levels are key risks to weigh against the growth potential.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
