Stocks
Invest in Stocks
Invest in stocks, ETFs, IPOs with fast orders. Track returns on your stock holdings and view real-time P&L on your positions.
F&O
Mutual Funds
Invest in Mutual Funds
Invest in direct mutual funds at zero charges via lump sump investments or SIPs
Grover Jewells IPO
Grover Jewells Ltd
₹2,65,600 /1600 sharesMinimum Investment
Grover Jewells IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 4 Feb ‘26 - 6 Feb ‘26 | ₹2,65,600 | 1,600 | ₹83 - ₹88 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| -- | RHP PDF | 09 Feb ‘26 | 11 Feb ‘26 |
| Face value |
|---|
| 10 |
About Grover Jewells
Founded in
2021
MD/CEO
Mr Deepak Kumar Grover
Parent organisation
Grover Jewells Ltd
Strengths & Risks of Grover Jewells
Strengths
Risks
Grover Jewells claims to operate a fully integrated, in-house jewellery manufacturing facility that covers design, production, finishing, and packaging. The company states that this centralised setup helps reduce dependency on external vendors and allows closer control over production processes and material movement.
The company claims to manufacture a wide range of gold jewellery products, including casting jewellery, chains, rings, bangles, necklaces, bracelets, and earrings. These products are offered primarily in 22 Karat, 20 Karat, and 18 Karat gold and cater to both standardised and custom design requirements.
Grover Jewells claims to primarily serve the B2B segment, supplying jewellery to dealers, showrooms, and retailers across multiple regions. The company states that it follows multi-level internal quality checks, especially for products where hallmarking is not mandatory.
The company claims to have in-house facilities for processes such as purity testing, plating, and polishing. It states that managing these functions internally allows better control over consistency, timelines, and product specifications.
Grover Jewells claims to have an established B2B customer base across around 20 states in India. The company also states that it has undertaken jewellery exports to markets such as Australia and the UAE.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 255.10 crore in FY23 to Rs 257.91 crore in FY24 and Rs 460.80 crore in FY25. PAT increased from Rs 2.70 crore in FY23 to Rs 2.78 crore in FY24 and Rs 7.62 crore in FY25.
The company reported negative cash flow from operating activities amounting to Rs 12.28 crore for the period ended October 31, 2025. This was mainly due to an increase in trade receivables, short-term loans, and advances. Additionally, negative cash flow from investing activities amounted to Rs 7.14 crore for the period ended October 31, 2025; Rs 2.10 crore in FY25; Rs 2.19 crore in FY24; and Rs 1.75 crore in FY23, mainly on account of capital expenditure and non-current investments. The company also reported a net decrease in cash and cash equivalents amounting to Rs 1.57 crore for the period ended October 31, 2025. Sustained negative cash flows or inability to generate positive cash flows in the future could adversely affect the company’s liquidity, business operations, and financial condition.
Grover Jewells operates in the gold jewellery segment, where profitability is directly impacted by fluctuations in gold prices. Sustained increases in gold prices can raise raw material and production costs and put pressure on margins, while sudden declines may negatively affect inventory valuation where stock has been procured at higher prices. Additionally, changes in consumer preferences driven by fashion trends and cultural factors require continuous design adaptation, and failure to respond effectively to these shifts could lead to excess inventory, reduced sales, and erosion of market position.
Grover Jewells’ business operations and revenue generation are primarily concentrated in Delhi and neighbouring states such as Uttar Pradesh, Haryana, and Uttarakhand. This geographic dependence makes the company susceptible to region-specific risks, including economic slowdowns, regulatory changes, social or political disruptions, and natural events in these states. Any adverse political, social, economic, or policy-related developments in these regions, or delays in expanding into other domestic or international markets, could negatively impact the company’s usiness performance, financial condition, and growth prospects.
Chains accounted for Rs 456.55 crore (96.48 percent) of the company’s total turnover for the period ended October 31, 2025; Rs 447.95 crore (97.21 percent) in FY25; Rs 253.20 crore (98.17 percent) in FY24, and Rs 252.38 crore (98.94 percent) in FY23. Any reduction in demand for chains, disruptions in manufacturing, changes in customer preferences, pricing pressures, or operational issues affecting chain production could adversely impact the company’s revenue, financial condition, and results of operations.
The B2B segment accounted for Rs 468.23 crore (98.95 percent) of the company’s revenue for the period ended October 31, 2025; Rs 457.86 crore (99.36 percent) in FY25; Rs 257.45 crore (99.82 percent) in FY24, and Rs 255.09 crore (99.99 percent) in FY23. Any adverse developments affecting wholesalers, small retailers, or the broader B2B jewellery trade, or delays in successfully expanding direct-to-consumer (D2C) operations, could adversely affect the company’s revenue diversification, business stability, and financial performance.
The top customer accounted for Rs 87.94 crore (18.59 percent) of the company’s revenue for the period ended October 31, 2025; Rs 47.44 crore (10.29 percent) in FY25; Rs 41.82 crore (16.21 percent) in FY24, and Rs 32.95 crore (12.92 percent) in FY23. Loss of this client, reduction in order volumes, changes in sourcing strategies, or cancellation or cut in purchase orders could adversely affect the company’s business stability, results of operations, and financial condition.
Grover Jewells does not have long-term or binding agreements with its raw material suppliers and relies largely on informal arrangements for procuring gold bars, stones, and alloy metals. The top supplier accounted for Rs 156.36 crore (33.50 percent) of the company’s purchases for the period ended October 31, 2025; Rs 149.13 crore (32.64 percent) in FY25; Rs 86.51 crore (34.74 percent) in FY24, and Rs 45.91 crore (18.29 percent) in FY23. Any disruption in supply, price volatility, deterioration in supplier relationships, or financial or operational difficulties faced by this vendor could adversely affect the company’s production schedules, cost structure, cash flows, and overall financial condition.
As of October 31, 2025, the company had trade receivables of Rs 12.22 crore. Failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
Grover Jewells’ revenue and sales are subject to seasonal fluctuations linked to festivals, auspicious occasions, and wedding seasons, during which jewellery demand is typically higher. Any decline in demand during peak seasons, inaccuracies in demand forecasting, or sharp fluctuations in gold prices during high-demand periods could disproportionately impact the company’s revenues, margins, and results of operations.
The company, its promoters, and directors are involved in certain ongoing legal proceedings. The company’s business prospects could be hit in case of adverse judgments in any of these cases.
As of October 31, 2025, the company had outstanding financial indebtedness of Rs 28.29 crore. Failure to service or repay these loans could harm the company’s operations and financial position.
Grover Jewells Financials
*All values are in Rs. Cr
No Graph Data To Display
Application Details of Grover Jewells IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Individual investor | ₹83 - 88 | ₹2 - 5 Lakh | 1600 |
For Grover Jewells IPO, eligible investors can apply as Individual investor.