SMR Jewels IPO opens May 26–29, 2026 at price band ₹128–₹135 on BSE SME. The Ahmedabad-based heritage jewellery company grew revenue to ₹263.25 crore in FY25 with PAT of ₹10.41 crore. Lot size 1,000 shares, minimum investment ₹2.70 lakh. Full GMP analysis, financials, allotment date & investment recommendation inside.
SMR Jewels IPO 2026 — Complete Review, GMP, Price Band & Should You Apply?
Ahmedabad-based SMR Jewels Limited, a designer heritage jewellery company, is launching its BSE SME IPO on May 26, 2026. The company has shown exceptional financial growth — doubling revenue and tripling profit in a single year — making this one of the most closely watched jewellery IPOs of 2026. Here is a comprehensive review.
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## SMR Jewels IPO Key Details
| IPO Detail | Information |
|---|---|
| IPO Open Date | May 26, 2026 (Tuesday) |
| IPO Close Date | May 29, 2026 (Friday) |
| Price Band | ₹128 – ₹135 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,000 shares |
| Minimum Investment (Retail – 2 lots) | ₹2,70,000 |
| Minimum Investment (HNI – 3 lots) | ₹4,05,000 |
| Issue Size | ₹67.23 crore |
| Fresh Issue | ₹54 crore (40 lakh shares) |
| Offer for Sale (OFS) | ₹13.23 crore (9.80 lakh shares) |
| Retail Quota | 35% |
| QIB Quota | 50% |
| HNI Quota | 15% |
| Listing Exchange | BSE SME |
| Allotment Date | June 1, 2026 |
| Listing Date | June 3, 2026 |
| Registrar | Purva Sharegistry (India) Pvt. Ltd. |
| Lead Manager | Wealth Mine Networks Pvt. Ltd. |
| Market Maker | Rikhav Securities Ltd. |
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## SMR Jewels IPO GMP Today (May 23, 2026)
The SMR Jewels IPO Grey Market Premium (GMP) today is NIL / currently updating. Since the IPO opens May 26, the grey market is yet to form a strong consensus. Investors should check live GMP closer to the opening date.
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## About SMR Jewels Limited
Incorporated in 2018, SMR Jewels designs and distributes designer heritage jewellery from its registered office and showroom in Ahmedabad, Gujarat. The company follows an **asset-light model** — outsourcing manufacturing to skilled artisans and craftsmen while managing jewellery conceptualisation and design entirely in-house.
**Product portfolio includes:**
- Jadtar, Meenakari, and Polki jewellery
- Bridal and festive collections
- Nature-inspired designs (flowers, leaves, vines, animals, seasonal motifs)
- Customisation services — recreating traditional and ancestral ornaments with modern styling
**Distribution channels:** wholesalers, retailers, boutiques, exhibitions, and digital platforms
**Key clients:** WHP, JOSCO Jewellers, Kalamandir Jewellers, Vaibhav Jewellers, HSJ, Rokde Jewellers, D.P. Abhushan Limited
As of March 31, 2026, SMR Jewels employs 23 permanent staff, supported by a broader network of artisans and job workers.
**Promoters:** Mr. Vismay Manojkumar Soni, Mr. Jainil Virendra Soni, Mrs. Parul Manoj Soni, Mrs. Dipikaben Virendra Soni, Mrs. Drashti Pal Modi
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## SMR Jewels Financial Performance
| Metric | FY2023 | FY2024 | FY2025 | Q1 FY2026 |
|---|---|---|---|---|
| Revenue from Operations | ₹67.52 crore | ₹124.52 crore | ₹263.25 crore | ₹100.03 crore |
| Profit After Tax (PAT) | ₹0.91 crore | ₹3.85 crore | ₹10.41 crore | ₹18.55 crore |
Revenue grew nearly 4x between FY2023 and FY2025. PAT expanded over 11x in the same period. The Q1 FY2026 PAT of ₹18.55 crore alone already exceeds the full-year FY2025 PAT — a sign of rapidly accelerating profitability.
**How IPO proceeds will be used:**
- Fresh Issue proceeds: funding business requirements and corporate funding
- OFS proceeds go to selling shareholders
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## Strengths & Risks
**Strengths:**
- Asset-light model with strong design capabilities
- 4x revenue growth in 2 years
- Strong clientele including large national jewellery chains
- Growing digital distribution capabilities
- Wedding and festive jewellery — structurally growing market
**Risks:**
- Manufacturing outsourced — quality control dependency
- NIL GMP suggests limited short-term listing gain expectations
- Jewellery market is highly competitive and gold price sensitive
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## Should You Apply for SMR Jewels IPO?
SMR Jewels presents a strong fundamental story with explosive revenue and profit growth. However, the NIL GMP suggests the market is not pricing in a large listing gain currently. This IPO is better suited for **medium to long-term investors** who believe in India's growing jewellery consumption story and the company's distribution reach.
**Recommendation:** Apply for medium to long term. Wait for GMP movement before chasing short-term listing gains.
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> **Disclaimer:** This article is for informational and educational purposes only. Please consult a SEBI-registered investment advisor before investing.
