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GJL IPO

GROVER JEWELLS LIMITED

IPO Doc

Start Date04-02-2026

Application Timing10am-5pm

Price Range₹83 - ₹88

Min Qty1600

Min. Investment₹132800

Listing Date11-02-2026

Close Date06-02-2026

About GROVER JEWELLS LIMITED

Grover Jewells Limited was incorporated in 2021 and is engaged in the manufacturing and designing of wholesale gold jewellery. The company offers a wide range of products including plain gold jewellery, studded jewellery, and semi-finished jewellery in 22 Karat, 20 Karat, and 18 Karat categories. Its portfolio includes both hallmarked and non-hallmarked jewellery. The company operates through two main production segments—machine-made chain manufacturing and casting jewellery production. This allows Grover Jewells to cater to bulk wholesale demand as well as modern, design-focused jewellery requirements with consistent quality and timely delivery. Grover Jewells has a presence in wholesale, retail, and consumer sales. It operates two showrooms located in Karol Bagh and Chandni Chowk, Delhi. Headquartered in Delhi, the company has built a strong B2B network across nearly 20 Indian states and has also expanded internationally through exports to Australia and the UAE. As of August 31, 2025, the company employed 68 people.

Why To Invest in GROVER JEWELLS LIMITED

Grover Jewells has shown steady growth in revenue and profitability over recent years. The company’s total income increased from Rs. 255.11 crore in FY23 to Rs. 473.22 crore as of October 31, 2025, while profit after tax rose from Rs. 2.71 crore to Rs. 10.45 crore during the same period. The company operates in the organised jewellery manufacturing segment with diversified product offerings and a growing domestic and international presence. Post-IPO, the company’s valuation appears relatively reasonable with a lower post-issue P/E compared to pre-IPO levels. The IPO proceeds are mainly intended to meet working capital requirements, which can support business expansion and operational efficiency. Investors seeking exposure to the jewellery manufacturing sector may consider this IPO with a long-term perspective and risk awareness.

Financial Table

Period Ended	31 Oct 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	67.51	29.85	13.91	11.71
Total Income	473.22	460.95	258.00	255.11
Profit After Tax	10.45	7.62	2.78	2.71
EBITDA	14.62	11.26	4.71	4.10
NET Worth	27.14	16.69	9.07	6.29
Reserves and Surplus	16.48	14.03	6.41	3.63
Total Borrowing	28.30	9.34	4.17	3.74

Strengths And Risks

Diversified Product Portfolio: Grover Jewells offers a wide range of gold jewellery including plain, studded, and semi-finished products in 22K, 20K, and 18K categories. This diversified portfolio helps the company cater to both traditional and modern jewellery demand.

Consistent Financial Growth: The company has reported steady growth in total income, EBITDA, and profit after tax over recent years, reflecting improving business scale and operational performance.

Strong Distribution Network: Grover Jewells has an established wholesale presence across nearly 20 Indian states along with export operations in Australia and the UAE, providing geographical diversification and revenue stability.

Improving Profit Margins: The improvement in EBITDA and PAT margins indicates better cost control and operational efficiency in recent financial periods.

Highly Competitive Industry: The jewellery sector is highly competitive and fragmented, which may put pressure on pricing, margins, and long-term profitability.

Profit Sustainability Risk: The sharp increase in profits in recent periods raises concerns about whether such growth levels can be sustained in the long run.

Exposure to Gold Price Fluctuations: The business is sensitive to changes in gold prices, which can impact working capital needs and profit margins.

Higher Borrowings: An increase in borrowings to support growth and working capital requirements may affect financial ratios if revenue growth slows.

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Company

Astha Credit & Securities Pvt Ltd NSE, BSE & MCX SEBI Reg No:

INZ000187932

Membership ID:

NSE - 12227 BSE-6844 MCX - 40000 NSDL-IN303420 CDSL-94500

CIN:

U65929MP2003PTC016241

SEBI Depository Participant Reg No:

IN-DP-611-2021

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INH000013332

AMFI Registration:

ARN-35911

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We do proprietary trading

Client Bank Account Details:

Sr. No	Name of Bank Account	Bank Account Number	IFSC Code
1	ASTHA CREDIT AND SECURITIES P LTD - USCNBA A/c	00620340000150	HDFC0000062

*Investors are requested to note that Stock broker Astha Credit and Securities Private Limited is permitted to receive/pay money from/to investor through designated bank accounts only named as client bank accounts. Stock broker Astha Credit and Securities Private Limited is also required to disclose these client bank accounts to Stock Exchange. Hence, you are requested to use following client bank accounts only for the purpose of dealings in your trading account with us. The details of these client bank accounts are also displayed by Stock Exchanges on their website under “Know/ Locate your Stock Broker.

1. No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorize your bank to make payment in case of allotment. No worries for refund as the money remains in the investor's account. 2. KYC is a one-time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (Broker, DP, Mutual Fund, etc.), you need not undergo the same process again when you approach another intermediary.

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GJL IPO

About GROVER JEWELLS LIMITED

Why To Invest in GROVER JEWELLS LIMITED