A Gujarat-based designer heritage jewellery trading company plans to raise Rs 60.56 crore via the BSE SME platform.
SMR Jewels Ltd., a designer heritage jewellery company specialising in marketing and trading of B2B jewellery inspired by Indian mythology, spirituality, and traditional art forms, opens for subscription on May 26 with the issue closing on June 3. The company is listing on the BSE SME platform. The six-day subscription window, longer than the standard three-day window, is notable.
What the Company Does
SMR Jewels is primarily a jewellery design and trading business — it does not own any manufacturing facilities. Its business model involves designing and sourcing designer heritage jewellery including pieces in Jadtar, Meenakari, Polki, and Bridal Jewellery styles, sourced through third-party manufacturing partners, and supplying these through B2B wholesale channels. The company has a notable structural arrangement where long-term business partners act as both buyers of finished jewellery pieces and suppliers of primary gold bullion — helping to manage procurement and working capital.
Revenue is highly concentrated: Gujarat contributed 73.31% of total FY25 revenue, and the top 10 customers contributed 62.43%. As of December 31, 2025, the order book stood at over Rs 30 crore.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | May 26, 2026 |
| Issue Closes | June 3, 2026 |
| Listing | BSE SME (June 8, 2026) |
| Price Band | Rs 125 – Rs 128 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 60.56 crore |
| Fresh Issue | Rs 48.01 crore |
| OFS | Rs 12.54 crore |
| Lot Size | 1,000 shares (min 2 lots = 2,000 shares) |
| Min. Retail Investment | Rs 2,56,000 |
| BRLM | Wealth Mine Networks Pvt. Ltd. |
| Registrar | Purva Sharegistry (India) Pvt. Ltd. |
| Market Maker | Rikhav Securities Ltd. |
Financial Performance
| Particulars (Rs cr) | FY23 | FY24 | FY25 | 9M FY26 |
|---|---|---|---|---|
| Revenue | 67.53 | 124.52 | 263.25 | — |
| EBITDA | 1.96 | 6.15 | 15.17 | — |
| EBITDA Margin | 2.90% | 4.94% | 5.76% | — |
| PAT | 0.91 | 3.84 | 10.41 | — |
| PAT Margin | 1.35% | 3.09% | 3.96% | 6.01%* |
| RoCE | 34.91% | 59.51% | 47.92% | 50.18% |
*9M FY26 PAT margin
Revenue has nearly quadrupled from Rs 67.53 crore in FY23 to Rs 263.25 crore in FY25 — spectacular growth for a jewellery trading business. PAT has grown even faster, from Rs 0.91 crore to Rs 10.41 crore. However, the margins are characteristic of a trading business (under 4% PAT), and the bumper performance from FY24 onwards is something analysts flag as requiring scrutiny. One disclosure worth noting: the peer review auditor’s certificate in the offer document was valid only till December 31, 2025, while the offer document itself is dated May 18, 2026 — a gap that the analyst has specifically flagged.
Risks to Consider
The complete absence of any own manufacturing facility creates structural dependence on third-party suppliers for product quality, design integrity, and timely delivery. The BRLM, Wealth Mine Networks, has a poor track record — all two of its prior listings closed at a discount to the offer price. Geographic concentration with 73% of revenue from Gujarat exposes the company to any regional disruption. Operating on a purchase order basis without long-term contracts means there are no assured revenues, and customer concentration with the top 10 customers at 62% of revenue is an additional risk. The OFS component means a portion of proceeds exits with existing shareholders rather than being deployed into the business.
Analyst View
Analysts note that the company’s spectacular financial performance from FY24 onwards, while delivering impressive numbers, raises eyebrows given the competitive and fragmented nature of the jewellery trading segment. The bumper margin improvement in 9M FY26 to 6% in what is fundamentally a trading business is a point that deserves investor scrutiny. The BRLM’s poor track record is a meaningful additional concern. The issue appears fully priced based on recent super financial data, point out analysts.