| Annual Financials | Mar 2023 | Mar 2024 | Mar 2025 |
| Revenue | 67.53 | 124.52 | 263.25 |
| Expenses | 66.31 | 119.26 | 249.17 |
| Other Income | 0.00 | 0.00 | 0.00 |
| Total Revenue | 67.53 | 124.52 | 263.25 |
| Profit Before Tax | 1.22 | 5.26 | 14.08 |
| Net Profit | 0.91 | 3.85 | 10.41 |
SMR Jewels
SMR Jewels IPO
₹2,56,000
0.25 xOver-subscribedBidding Dates 26 May, 26 -29 May, 26
Min Investment ₹2,56,000
Lot Size1,000
Price Range ₹128 – ₹135
Issue Size ₹67.23 Cr.
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IPO Subscription Details
Retail Subscription Details
0.02 x
Non-Institutional Buyers (sHNI)
0 x
Non-Institutional Buyers (bHNI)
0 x
Qualified Institutional Buyers (QIB)
2.35 x
Total0.25 x
0.25 x IPO Timeline
IPO Offer Start
26 May,26
IPO Offer Ends
29 May,26
Allotment Finalisation
01 Jun,26
Refund Initiation
02 Jun,26
Listing of Shares
03 Jun,26
IPO Analysis
Strengths
The company is uniquely positioned through its focus on Designer Heritage Jewellery, blending India's cultural traditions with modern aesthetics, offering diversified portfolio including heritage collections, nature-inspired jewellery, traditional jewellery, bridal & festive jewellery, and daily wear jewellery.
The company's in-house design team plays a central role in conceptualisation, CAD modelling, and product development, drawing inspiration from mythology, spirituality, nature, and global fashion trends to ensure collections remain culturally rooted and contemporary.
The company benefits from a family legacy of over three generations in the jewellery business, with Promoter Mr. Vismay Manojkumar Soni's deep understanding of consumer behaviour, design trends, and market dynamics enabling creation of jewellery appealing to both traditional and modern customers.
Risks
The company derives 60.46%, 62.43%, 61.34% and 51.89% of total revenue from its top ten customers for the periods ended December 31, 2025 and years ended March 31, 2025, 2024 and 2023 respectively. Any reduction in business from these major clients could have severe negative implications for both revenue and profitability.
The company is highly dependent on third-party suppliers for gold, precious metals, gemstones, and specialized components, with top 10 suppliers representing 71.12%, 72.52%, 81.99% and 95.03% of purchases across recent periods. Any supply disruption, quality issues, or significant cost increases could adversely affect production and financial condition.
Revenue from Gujarat state contributed 73.31%, 74.37%, 71.33% and 30.86% of total revenue for recent periods, creating significant exposure to region-specific economic downturns, regulatory changes, or adverse developments. This concentration poses material risks to business continuity and growth prospects.
Objectives
The company proposes to utilize funds for construction, development, and establishment of a modern Jewellery Studio at Ahmedabad, Gujarat. The facility will serve as an integrated hub for design, manufacturing, customer experience, and exhibitions to strengthen the company's design leadership and brand positioning in the jewellery industry.
The company intends to utilize proceeds for full or partial repayment/prepayment of outstanding borrowings including term loans and working capital facilities. This will help reduce outstanding indebtedness, debt servicing costs, and improve debt-to-equity ratio for future growth opportunities.
The company proposes to deploy funds towards incremental working capital requirements driven by its design-led business model, exhibition-driven sales strategy, and establishment of the proposed Jewellery Studio. The working capital is essential for maintaining inventory levels, supporting exhibitions, and scaling operations.
The company will utilize funds for general corporate purposes including funding growth opportunities, meeting expenses in ordinary course of business, capital expenditure for expansion/development of assets, and other contingencies as approved by management within regulatory limits.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2023 | Mar 2024 | Mar 2025 |
| Total Assets | 21.30 | 15.06 | 43.35 |
| Current Assets | 21.20 | 14.92 | 43.20 |
| Fixed Assets | 0.10 | 0.14 | 0.15 |
| Total Equity & Liabilities | 21.30 | 15.06 | 43.35 |
| Total Liabilities | 20.26 | 10.18 | 19.22 |
| Current Liabilities | 15.76 | 4.80 | 11.82 |
| Non Current Liabilities | 4.50 | 5.37 | 7.40 |
| Total Equity | 1.04 | 4.88 | 24.14 |
Cash Flow
| Cash Flow | Mar 2023 | Mar 2024 | Mar 2025 |
| Net Cash Flow | 0.03 | -0.44 | 10.14 |
| Investing Activities | -0.02 | -0.08 | -0.06 |
| Operating Activities | -1.37 | -1.06 | 1.25 |
| Financing Activities | 1.42 | 0.70 | 8.95 |
About SMR Jewels
SMR Jewels Limited specializes in Designer Heritage Jewellery that blends India's cultural and artistic traditions with modern aesthetics. The company creates theme-based collections inspired by mythology, spirituality, and cultural narratives including Radha-Krishna, Buddha, and other revered icons. The company also produces Nature-Inspired Jewellery, Traditional Jewellery (Jadtar, Meenakari, Polki), Bridal Festive...more
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Managing DirectorMr. Vismay Manojkumar Soni
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