SMR Jewels Limited IPO

Incorporated in 2018, SMR Jewels Ltd operates in the gems and jewellery industry with a focus on heritage-inspired jewellery designs, bridal collections and customized premium jewellery products.

The company offers a diversified jewellery portfolio including Traditional Jewellery such as Jadtar, Meenakari, Polki and Bridal & Festive collections along with Nature-Inspired Jewellery influenced by floral, leaf, vine and seasonal motifs.

SMR Jewels follows an asset-light business model where jewellery manufacturing is outsourced to skilled artisans and craftsmen while conceptualization, product design and quality supervision are managed internally. The company caters to reputed jewellery retailers and brands including HSJ, Rokde Jewellers, WHP, JOSCO Jewellers, Kalamandir Jewellers, Vaibhav Jewellers and D. P. Abhushan Limited.

As of March 31, 2026, the company had 23 permanent employees supported by a wider network of job workers and artisans.

The SMR Jewels IPO comprises a combination of fresh issue and offer for sale aggregating to approximately Rs 67.23 Cr at a price band of Rs 128-135 per share.

The proceeds from the fresh issue will be utilized towards construction of a jewellery studio, repayment or prepayment of borrowings, long-term working capital requirements and general corporate purposes.

The company has demonstrated strong growth in revenue and profitability over the last three financial years supported by increasing demand for heritage jewellery collections and expansion of its customer base.

Key strengths include diversified jewellery designs, established B2B customer relationships, scalable outsourcing model and experienced promoters. Key risks include dependence on outsourced manufacturing, gold price volatility, intense competition in jewellery industry and SME liquidity risks.