SMR Jewels Ltd. IPO

SMR Jewels

• SMR Jewels is coming out with an initial public offering (IPO) of 49,80,000 shares in a price band of Rs 128-135 per equity share. 
• The issue will open on May 26, 2026 and will close on May 29, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 12.80 times of its face value on the lower side and 13.50 times on the higher side.
• Book running lead manager to the issue is Wealth Mine Networks.
• Compliance officer for the issue is Sangita Rajpurohit.

Profile of the company

The company specializes in Designer Heritage Jewellery that blends the richness of India’s cultural and artistic traditions with modern aesthetics. Its jewellery reflects intricate craftsmanship, heritage artistry, and traditional motifs, while incorporating contemporary styles to suit the evolving tastes of today’s customers. Each piece is created with its own storytelling, carrying cultural meaning, emotional value, and artistic expression. Its Theme-Based Designer Heritage Jewellery draws inspiration from mythology, spirituality, and cultural narratives. Collections include designs inspired by Radha-Krishna, Buddha, and other revered icons, celebrating India’s legacy of storytelling and devotion. These creations connect deeply with customers who view jewellery as more than ornamentation, but as a symbol of heritage, identity, and spirituality.

Alongside Designer Heritage Jewellery, the company also creates Nature-Inspired Jewellery, where designs are influenced by elements of the natural world such as flowers, leaves, vines, animals, and seasonal motifs. These pieces highlight harmony between nature and artistry, offering jewellery that represents freshness, beauty, and universal appeal. The company further specialises in Traditional Jewellery, which includes Jadtar Jewellery, Meenakari Jewellery, Polki Jewellery and Bridal Festive & Bridal Jewellery. In addition to these categories, its portfolio also includes Daily Wear Jewellery designed with simplicity, comfort, and durability for everyday use.

In addition to its diverse product portfolio, it also provides customisation services that allow customers to personalise jewellery designs as per their unique preferences. It specialises in recreating traditional and ancestral ornaments with modern styling, ensuring that timeless heritage is preserved while reflecting contemporary aesthetics. These value-added services not only enable customers to express their individuality but also ensure that jewellery retains its emotional and cultural relevance across generations.

Proceed is being used for:

• Funding capital expenditure requirements towards construction of jewellery studio
• Funding towards repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions
• Funding long-term working capital requirement
• General corporate purposes

Industry overview

India’s gold and diamond trade contributed around 7% to India’s Gross Domestic Product (GDP). The Gems & Jewellery sector has employs around 5 million. Based on its potential for growth and value addition, the Government declared the Gems & Jewellery sector as a focus area for export promotion. The Government has undertaken various measures recently to promote investment and upgrade technology and skills to promote ‘Brand India’ in the international market. The Government has permitted 100% FDI in the sector under the automatic route, wherein the foreign investor or the Indian company do not require any prior approval from the Reserve Bank or the Government of India.

India’s Gems & Jewellery market size was at $78.50 billion in FY21. Growth in exports is mainly due to revived import demand in the export market of the US and the fulfilment of orders received by numerous Indian exhibitors during the Virtual Buyer-Seller Meets (VBSMs) conducted by GJEPC. In FY25, India's Gems & Jewellery exports stood at Rs 2,43,162 crore ($28.50 billion). In March 2025, India's Gems & Jewellery exports stood at Rs 2,20,379 crore ($25.82 billion).

In the coming years, growth in the Gems & Jewellery sector would largely be contributed by the development of large retailers/brands. Established brands are guiding the organised market and are opening opportunities to grow. Increasing penetration of organised players provides variety in terms of products and designs. Also, the relaxation of restrictions on gold import is likely to provide a fillip to the industry. The improvement in availability along with the reintroduction of low-cost gold metal loans and likely stabilisation of gold prices at lower levels is also expected to drive volume growth for jewellers over the short to medium term.

Pros and strengths

Specialisation in designer Heritage Jewellery and diversified Portfolio: The company is uniquely positioned in the jewellery industry through its focus on Designer Heritage Jewellery, which blends India’s cultural, mythological, and artistic traditions with modern aesthetics. Each piece carries its own storytelling value, making jewellery not merely ornamental but also a symbol of heritage, identity, and spirituality. Alongside heritage collections, it offers a wide and diversified product portfolio that caters to multiple customer segments across geographies. Its extensive range—necklaces, chokers, malas, pendant sets, bangles, kadas, patlas, rings, earrings, hair accessories, matha patti, tikka, nose pins, payal, and kandora (waist belts) - allows to serve diverse occasions, from weddings and festivals to milestone events and daily wear.

Strong in-house design capabilities and innovation focus: Its in-house design team plays a central role in conceptualisation, CAD modelling, and product development. By drawing inspiration from mythology, spirituality, nature, and global fashion trends, its designers ensure that every collection remains both culturally rooted and contemporary. This innovation-led approach, combined with customisation services and a growing digital presence on platforms such as Instagram and WhatsApp, allows to stay aligned with evolving consumer tastes. By blending heritage artistry with modern styling, it creates jewellery that resonates across diverse age groups and customer segments, ensuring relevance for traditional buyers as well as trend-conscious customers.

Established artisan network and dual-phase manufacturing model: It has built long-standing relationships with highly skilled artisans across India. Its dual-phase outsourcing model separates mould creation from artisanal enhancements, ensuring structural precision, intricate detailing, and confidentiality of its original designs. To further strengthen consistency and protect its creative processes, it has entered into exclusive long-term agreements with its network of job workers and artisans, who are committed to working only with SMR Jewels. This exclusivity ensures quality, timely execution, and scalability while preserving the authenticity of craftsmanship.

Risks and concerns

High revenue concentration from top ten customers: The company may continue to derive a material portion of its revenue from its top ten customers and its financial dependence on its top ten customers poses a potential risk. Its top ten customers contribute 60.46%, 62.43%, 61.34% and 51.89% of total revenue for operation for the period ended December 31, 2025 and year ended March 31, 2025, 2024 and 2023 respectively. A reduction in business from these top ten customers or any other major clients could have negative implications for both its revenue and profitability. Accordingly, its continued dependence on a limited number of customers represents a material risk, and any adverse development in relation to these customers could have a significant negative effect on its business, results of operations, and financial condition.

Revenue dependence on Gujarat: Its revenues are significantly concentrated in the state of Gujarat. For the period ended December 31, 2025 and for the years ended March 31, 2025, 2024 and 2023, revenue from Gujarat contributed 73.31%, 74.37%, 71.33% and 30.86% of its total revenue from operations respectively. Such concentration exposes to risks arising from adverse developments in this region, including increased competition, economic downturns, regulatory changes, or demographic shifts in Gujarat. Any negative event affecting customer demand, supply chain logistics, or local business conditions in this region could materially and adversely impact its business, results of operations, and financial condition. 

Fluctuations in Gold Prices: Gold is the primary raw material for its jewellery, along with precious and semi-precious stones, mani-moti, and gemstones. Gold prices are inherently volatile and are influenced by global commodity markets, currency fluctuations, monetary policies, inflation trends, and investor sentiment. Any significant increase in gold prices may raise its cost of goods sold, force it to increase product prices, and potentially reduce consumer demand. Conversely, any decline in gold prices could adversely affect the value of its existing inventory purchased at higher prices, thereby impacting its margins and profitability. Its inability to effectively manage the risks associated with gold price fluctuations may materially and adversely affect its business, results of operations, and financial condition.

Outlook

SMR Jewels is primarily engaged in manufacturing, trading and job work of jewellery and other accessories/products. The company sells and trades its manufactured and traded jewellery and other accessories/products through wholesale and retail outlet. Its jewellery reflects intricate craftsmanship, heritage artistry, and traditional motifs, while incorporating contemporary styles to suit the evolving tastes of today’s customers. On the concern side, the jewellery industry is highly sensitive to evolving consumer preferences, which are influenced by fashion trends, cultural shifts, disposable income levels, weddings, festivals, and seasonal variations. These preferences can change rapidly, and demand for specific jewellery styles, designs, or product categories may vary from period to period. If it is unable to anticipate, adapt to, or respond effectively to such changes, it may face reduced sales, excess or obsolete inventory, loss of market relevance, and lower profitability.

The company is coming out with a maiden IPO of 49,80,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 128-135 per equity share. The aggregate size of the offer is around Rs 63.74 crore to Rs 67.23 crore based on lower and upper price band respectively. On performance front, revenue from operations grew from Rs 12,452.30 lakh in FY 2023-24 to Rs 26,325.18 lakh in FY 2024-25, representing a robust growth of 111.41% year-on-year. Profit After Tax (PAT) surged to Rs 1,041.23 lakh in FY 2024-25 as against Rs 384.51 lakh in FY 2023-24, registering an impressive growth of 170.79%.

As part of its growth strategy, it places strong aim on expanding and refreshing its design portfolio to stay aligned with evolving consumer preferences and industry trends. In the past year alone, it has developed over 500 distinct designs, each with unique concepts and creative themes. This continuous addition of new designs ensures freshness, variety, and wide appeal across regions, occasions, and customer segments. To complement its design expansion, it follows a disciplined inventory management approach that balances innovation with efficiency. Its collections are regularly reviewed, replenished, and curated to provide customers with a wide and appealing selection, while also recreating and enhancing past curations to maintain relevance. This integrated approach prevents monotony, supports timely responsiveness to changing market demand, and helps it sustains profitability by reducing inefficiencies.

SMC Credits has informed that pursuant to Regulation 29 read with other applicable Regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, a meeting of the Board of Directors of the Company is scheduled to be held on Saturday, May 30, 2026, to consider and approve the Audited Financial Results for the Quarter and Year ended March 31, 2026. Further, trading window for dealing in securities of the Company shall remain closed for the Directors, KMP’s, Promoters/ Promoter Group and Designated Persons etc. covered under the Company’s Insider Trading Code from April 01, 2026 till 48 hours after the declaration of the said financial results.

The above information is a part of company’s filings submitted to BSE. 

Pursuant to Regulation 30 and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Linaks Micro Electronics has informed that it enclosed copies of the Newspaper Publication of Audited Standalone Financial Results for the Quarter and Financial Year ended on 31st March, 2026, as published in Financial Express (English) and Jansatta (Hindi) today, 26th May, 2026.

The above information is a part of company’s filings submitted to BSE.