Grover Jewells Limited specializes in the manufacturing and designing of a wide range of wholesale gold jewellery. Their collections include plain gold, studded, and semi-finished jewellery, mostly available in 22 Karat, 20 Karat, and 18 Karat. They also sell hallmarked as well as non-hallmarked jewellery in their two (2) showrooms located at Karol Bagh, New Delhi and ChandniChowk, Delhi. The company commenced its operations with a specialization in the large-scale manufacturing of gold chains, serving both wholesale and retail markets. The portfolio now includes an extensive selection of finely crafted jewellery, comprising bangles, rings, necklaces, and complete sets, designed to meet the diverse preferences of the clientele. While the primary focus remains on the B2B segment, they are also undertaking initiatives to strengthen their presence and increase revenue in the B2C segment. In addition, they operate a job work segment, wherein small jewellers entrust them with gold and designs, and they transform them into finished jewellery. This stream generates stable revenue through labour charges, though it contributes only a minor share. The company operates a fully integrated, in-house gold jewellery manufacturing facility located at Lawrence Road Industrial Area, Delhi, with a built-up area of 1,003.20 sq. meters. The facility is equipped with advanced machinery, including casting machines, induction melters, steamers, air compressors, and other specialized equipment, enabling us to maintain precision and consistency at every stage of production. All functions ranging from design and development to manufacturing and packaging are executed within the facility, ensuring seamless coordination and complete quality control. Their design capabilities are strengthened by a dedicated team of skilled CAD designers, supported by select freelance designers, allowing them to consistently introduce fresh, intricate, and market-relevant designs. They supply to a wide network of local dealers, jewellery showrooms, and small-scale retailers, many of whom rely on them for bulk orders. As per financial performance, Grover Jewells Limited has posted total income / net profits of Rs 255.11 / 2.70 Cr (FY23), Rs 258 / Rs 2.78 Cr (FY24), Rs 460.94 Cr / 7.62 Cr (FY25) and Rs 473.21 Cr / 10.45 Cr (upto 31.10.25 FY26). So as per previous financials data, company has shown good growth, but increase in net-profit is not converted in cash in FY25 and company has posted negative cash flow for upto 31.10.25 FY26. Company has an average EPS of Rs 4.87 and average RoNW of 40.22% for last three fiscals. Issue is priced at a P/BV of 3.46 as per NAV of Rs 25.45/- as on 31.10.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 45.91, 16.75 and 7.12 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Finshore Management Services Limited is associated with this IPOs, and has handled 31 IPOs in last three fiscal years. From last 10 IPOs, six opened below issue price and remaining all above issue price or at par, on the day of listing. As of now, from last 10 IPOs, eight are trading below issue price and remaining all are trading above issue price or at par. (as on 30.01.26 ) As per financials, Grover Jewells Limited has shown good sales growth, RoNW is 45.67% and P/E is 45.91, 16.75 and 7.12 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, But increase in net-profit is not converted in free cash flow and company posted negative cash flow for upto 31.10.25 FY25. Company is in the manufacturing and designing of a wide range of wholesale gold jewellery, which is very competitive business segment. Performance of BRLM is poor post listing. So, we give AVOID rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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