1. At a Glance – Blink and You’ll Miss the Margins
Grover Jewells Limited, incorporated in 2021, is sprinting into the capital markets with a ₹33.83 crore book-built IPO, valuing the business at a pre-IPO market cap of ₹127.66 crore. The company reported ₹473.22 crore of income in just 7 months ended Oct 31, 2025, with PAT of ₹10.45 crore. Sounds solid, right? Hold your gold chain.
This is a thin-margin, high-velocity jewellery wholesaler running on working capital steroids. EBITDA margin is 3.09%, PAT margin 2.21%, debt/equity has jumped to 1.04, and promoters are reducing stake from 100% to 73.48%. Translation?
👉 Growth yes.
👉 Comfort? Depends on your risk appetite and digestion power.
This IPO is not a shaadi ka kangan — it’s more like a trading kada.
2. Introduction – Jewellery Business or Capital Rotation Engine?
Jewellery companies in India are emotional businesses — weddings, festivals, gold obsession, aunties buying chains like SIPs. But Grover Jewells is not here to sell emotions. It sells volume.
Founded in 2021, the company scaled from ₹255 crore revenue in FY23 to ₹473 crore by Oct FY26. That’s fast. Too fast? That’s the real question.
From FY24 to FY25, PAT jumped from ₹2.78 crore to ₹7.62 crore, and then again to ₹10.45 crore in just
7 months. Whenever profits accelerate faster than revenues in commodity businesses, auditors instinctively sit straighter.
This IPO is mainly for working capital, not expansion. No fancy factory. No new geography. Just more money to rotate gold faster.
3. Business Model – WTF Do They Even Do?
Grover Jewells operates in three simple layers:
- Machine-made gold chains (high volume, low margin)
- Casting jewellery (design-oriented, trend sensitive)
- Wholesale + retail sales via two Delhi showrooms
They sell:
- 22K, 20K, 18K jewellery
- Plain gold & studded designs
- Hallmarked and non-hallmarked products
Sales are split into:
- Wholesale
- Retail
- Consumer
The real moat? Speed + B2B network across ~20 states, plus exports to Australia and UAE.
No brand power. No pricing power. Just execution and cash rotation.
4. Financials Overview – The Numbers Don’t Lie, But They Do Whisper
Financial Comparison Table (₹ Crore)
| Metric | Latest (Oct-25) | YoY (Mar-24) | Prev (Mar-25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 473.22 | 258.00 | 460.95 | 83.4% | 2.7% |
| EBITDA | 14.62 | 4.71 | 11.26 | 210% | 29.8% |
| PAT | 10.45 | 2.78 | 7.62 | 276% | 37.1% |
| EPS (₹) | 7.15 | 2.61 | 5.15 | 174% | 38.8% |
