National News
SMR Jewels Limited’s IPO To Open On May 26, 2026, Price Band Set At ₹ 128 – ₹ 135 Per Equity Share
The Floor Price Is 12.8 Times The Face Value Of The Equity Shares and The Cap Price Is 13.5 Times The Face Value Of The Equity Shares.
SMR Jewels Limited (“Company”) has announced the price band of Rs. 128 to Rs. 135 per Equity Share of face value ₹10 each for its Initial Public Offer of Equity Shares (“IPO” or “Issue”).
The IPO will open on Tuesday, May 26, 2026, for subscription and close on Friday, May 29, 2026.
Investors can bid for a minimum of 2,000 Equity Shares and in multiples of 1,000 Equity Shares thereafter.
The Initial Public Offering comprises a Fresh Issue of 40,00,000 Equity Shares and an Offer for Sale of 9,80,000 Equity Shares by the Selling Shareholders aggregating up to 49,80,000 Equity Shares.
The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the SME Platform of BSE Limited (“BSE SME”). For the purposes of the Offer, BSE Limited shall be the Designated Stock Exchange.
The Company proposes to utilise the Net Proceeds from the Fresh Issue towards (working capital requirements / funding capital expenditure requirements / repayment of borrowings / general corporate purposes).
SMR Jewels Limited is engaged in the business of designing, manufacturing and marketing gold jewellery products catering to diverse customer preferences and market segments. The Company focuses on blending traditional craftsmanship with contemporary jewellery offering a wide range of jewellery products and focuses on product quality and customer relationships.
The Company operates primarily from Ahmedabad, Gujarat and has developed capabilities across jewellery design, product development and customer servicing. The Company believes its understanding of regional preferences, product quality and customer relationships position it favourably within the organised jewellery market.
The Promoters of the Company are Mr. Vismay Manojkumar Soni, Mr. Jainil Virendra Soni, Mrs. Parul Manoj Soni, Mrs. Dipikaben Virendra Soni and Mrs. Drashti Pal Modi.
The Company’s revenue from operations increased from Rs. 6,752.78 Lakhs in Fiscal 2023 to Rs. 12,452.30 Lakhs in Fiscal 2024, while its profit after tax increased from Rs. 90.94 Lakhs in Fiscal 2023 to Rs. 384.51 Lakhs in Fiscal 2024. Further, revenue from operations increased from Rs. 12,452.30 Lakhs in Fiscal 2024 to Rs. 26,325.18 Lakhs in Fiscal 2025, while profit after tax increased from Rs. 384.51 Lakhs in Fiscal 2024 to Rs. 1,041.23 Lakhs in Fiscal 2025. Additionally, for the period ended December 2025, the Company reported revenue from operations of Rs. 30,872.01 Lakhs and profit after tax of Rs. 1,855.50 Lakhs.
Wealth Mine Networks Limited is the Book Running Lead Manager to the Issue and Purva Sharegistry (India) Private Limited is the Registrar to the Issue.
The Issue is being made through the Book Building Process in terms of Chapter IX of the SEBI (ICDR) Regulations, wherein not more than 50% of the Net Issue shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Net Issue shall be available for allocation to Non-Institutional Investors and not less than 35% of the Net Issue shall be available for allocation to Retail Individual Investors.
National News
India’s Major Retail Jewellery Players Made A Strong Start To FY27
The Common Drivers Are Clear: Strong Same-Store Sales, Fast Store Expansion, Premiumisation, and A Better Product Mix.
India’s organised jewellery retailers have made a strong start to FY27, with Kalyan Jewellers, P N Gadgil Jewellers and Titan Company all showing that branded players can still grow quickly even in a record gold-price environment. The common drivers are clear: strong same-store sales, fast store expansion, premiumisation, and a better product mix.
Kalyan’s broad-based growth
Kalyan Jewellers reported about 38% consolidated revenue growth in Q1 FY27, with India operations also rising by more than 38% despite the 28-day Adhik Maas period, which usually softens wedding-related demand. Same-store sales growth was around 28%, showing that existing stores remained the main engine of momentum. Candere was a standout, posting about 112% growth, while Kalyan added 12 Kalyan showrooms and five Candere outlets during the quarter.
The company also highlighted a shift toward recycled gold through its “Shine with India” campaign, with recycled gold contributing more than 46% of revenue in Q1 and over 55% in June. That suggests Kalyan is not only growing demand but also improving sourcing efficiency at the same time.
PNG’s premium mix
P N Gadgil Jewellers reported 41% year-on-year revenue growth in Q1 FY27, with retail revenue up 56% and same-store sales up 46%, which points to very strong productivity at existing stores. Retail now contributes roughly 78% of revenue, while franchise and e-commerce also expanded healthily. The company’s retail stud ratio increased to 10.9%, indicating improving demand for studded jewellery and a higher-value product mix.
PNG also noted that newer stores in North and Central India are already showing higher studded jewellery penetration than its traditional Maharashtra and Goa markets. That matters because it signals that the brand is successfully taking its premium assortment to new geographies, not just expanding store count.
Titan’s steady momentum
Titan’s jewellery business also continued to grow strongly, with domestic jewellery operations rising around 18% to 39% depending on the business-update frame reported, supported by Akshaya Tritiya demand and healthy early-quarter buyer traffic. Titan said consumers increasingly preferred lightweight and lower-karat jewellery as gold prices climbed, while plain gold jewellery grew in the mid-teens and studded jewellery delivered early double-digit growth. Tanishq’s like-to-like sales grew in early double digits, and CaratLane also posted healthy double-digit like-to-like growth.
Titan expanded its jewellery network by adding 19 net stores in the quarter, including Tanishq, Mia and CaratLane outlets. That reinforces the same theme seen across the sector: scale, distribution and brand trust are helping large organised players win share.
What it means
The quarter suggests that high gold prices are changing what consumers buy, not whether they buy. Buyers are shifting toward lighter designs, lower karatage, studded jewellery and branded channels, which helps organised retailers defend growth even when raw material prices are elevated. In that setting, store expansion and premiumisation are offsetting pricing pressure, while digital channels and recycled-gold initiatives are adding another layer of resilience.
For the upcoming festive and wedding season, the sector appears well positioned, especially if gold prices stay volatile but not sharply disruptive. The strongest signal from these updates is that organised jewellery retail is gaining share from unorganised players rather than simply riding higher ticket values.
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