# SMR Jewels Limited: IPO analysis

> SMR Jewels Limited (CIN U74999GJ2018PLC104946) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 40,00,000 shares and an offer for sale of 9.8 lakh shares. In FY25 it reported revenue of ₹263 Cr (+111.4% on FY24) and a net profit of ₹10 Cr. Promoters hold 20.0% before the IPO. Our fact-check of its claims found no medium or high concerns across 64 claims checked.

- Page: https://ipo.innerkore.com/company/U74999GJ2018PLC104946/smr-jewels-limited/
- CIN: U74999GJ2018PLC104946
- Last updated: 1 Jul 2026

## Key facts

- **Company:** SMR Jewels Limited
- **CIN:** U74999GJ2018PLC104946
- **Filing stage:** RHP
- **Latest SEBI filing:** 1 Jul 2026
- **Offer for sale:** 9,80,000 shares
- **Bidding opens:** 26 May 2026
- **Bidding closes:** 29 May 2026
- **Listing on:** BSE
- **Revenue FY25:** ₹263 Cr
- **Revenue growth:** +111.4%
- **Net profit FY25:** ₹10 Cr
- **Revenue CAGR FY23 to FY25:** 97.4%
- **Promoter holding (pre-IPO):** 20.0%
- **Registrar:** WEALTH MINE NETWORKS LIMITED
- **Fact-check flags:** 0 high, 0 medium, 2 low

## Key signals (read from the filing; not investment advice)

- **Growth** (looks fine): 97.4% a year. Sales FY23 to FY25; latest year +111.4%.
- **Profitability** (concern): 4% net margin. FY25; operating margin slipping.
- **Profit into cash** (concern): -154% of profit. Operations brought in ₹-16 crore against ₹10.4 crore of profit in FY25.
- **One-off income** (looks fine): 0% of profit. Other and one-off income is 0% of pre-tax profit.
- **Where the money goes** (looks fine): 20% for sale. 80% is new shares issued by the company. 15% of the new money repays debt.
- **Red flags** (looks fine): None serious. 64 claims checked: 0 high, 0 medium concern.

## Financial snapshot (₹ crore unless stated; consolidated)

| | FY23 | FY24 | FY25 | 9M Dec-25 |
|---|---:|---:|---:|---:|
| Sales | 68 | 125 | 263 | 309 |
| Sales growth | – | 84.4% | 111.4% | – |
| Operating profit | 2.0 | 6.1 | -19 | 61 |
| Operating margin | 2.9% | 4.9% | -7.4% | 19.9% |
| Net profit | 0.91 | 3.9 | 10 | 19 |
| Net margin | 1.4% | 3.1% | 4.0% | 6.0% |
| Net worth | 1.0 | 4.9 | 24 | 43 |
| Return on equity | 87.8% | 78.8% | 43.1% | – |

## Use of proceeds (fresh issue)

- Capital expenditure requirements towards Construction of Jewellery Studio: ₹6.4 crore
- Repayment/prepayment of all or certain of our borrowings availed of by our Company: ₹6.5 crore
- Long Term Working capital requirement: ₹30 crore
- General Corporate Purpose*: amount not fixed yet

## Fact-checked claims

- **LOW** (SubsidiaryPerformance): The company is subject to regulations under the SEBI Act, 1992, including various rules and regulations for listed entities and securities transactions.. The search results confirm that SMR Jewels Ltd. is a listed entity by providing share prices, company profiles, and market data. While the results do not explicitly detail the specific regulations mentioned in the claim, they confirm the existence and trading of the company, which implies its subject to such regulations.
- **LOW** (RegulatoryAction): The company is an "Unlisted Issuer" in terms of the SEBI (ICDR) Regulations, 2018, and the offer is an "Initial Public Offering" in terms of the SEBI (ICDR) Regulations, 2018.. The search results do not explicitly confirm or deny the specific legal classifications mentioned in the claim regarding the company's status as an "Unlisted Issuer" or the nature of the offer as an "Initial Public Offering." However, some results mention corporate actions related to IPO proceeds and the company's operations.
- **NONE** (SubsidiaryPerformance): The company has entered into a Non-compete Agreement with a related party named Ekatva Jewels.. The provided search results do not contain any information confirming or denying the existence of a Non-compete Agreement between SMR Jewels Limited and a related party named Ekatva Jewels.
- **NONE** (SubsidiaryPerformance): The company has not made any material acquisitions or divestments of any business or undertaking, nor has it undertaken any mergers, amalgamation or revaluation of assets in the last ten years.. The provided search results do not contain information that directly corroborates or contradicts the claim regarding material acquisitions, divestments, mergers, amalgamations, or revaluations within the last ten years. The results primarily show share price data and company incorporation details.
- **NONE** (PromoterBackground): Mr. Vismay Manojkumar Soni holds 1,32,42,624 fully paid-up equity shares, representing 90.37% of the total shares.. The provided search results do not contain any information that corroborates, contradicts, or updates the claim regarding Mr. Vismay Manojkumar Soni holding 90.37% of the shares in SMR Jewels Limited. The search results mention various unrelated topics such as consent orders, IPO pipelines, and general news events.
- **NONE** (PromoterBackground): The shareholding pattern shows that the promoter group holds 90.37% of the total equity shares.. The provided search results do not contain any information that corroborates, contradicts, or updates the claim regarding the shareholding pattern of SMR Jewels Limited. The search results point to various unrelated news and reports.
- **NONE** (PromoterBackground): All the equity shares of the company are fully paid up as on the date of the Draft Red Herring Prospectus, and successful applicants will be allotted fully paid-up equity shares.. The search results do not contain any direct information corroborating or contradicting the claim regarding the paid-up status of equity shares in SMR Jewels Limited. The results mention various unrelated topics such as consent orders, IPO pipelines, and market commentary.
- **NONE** (PromoterBackground): As of the date of filing, there are no partly paid-up shares, outstanding convertible securities, warrants, options, or rights to convert debentures into equity shares.. The provided search results do not contain any information that directly corroborates or contradicts the claim regarding the absence of partly paid-up shares, outstanding convertible securities, warrants, options, or rights to convert debentures into equity shares for SMR Jewels Limited. The results mention various unrelated topics such as consent orders, IPO pipelines, and current affairs.
- **NONE** (PromoterBackground): The company does not have any Employee Stock Option Scheme or Employee Stock Purchase Plan for employees, and no shares are intended to be allotted to employees under such schemes from the proposed offer.. The provided search results do not contain any information regarding the Employee Stock Option Scheme or Employee Stock Purchase Plan for employees of SMR Jewels Limited. Therefore, the search results do not corroborate or contradict the claim.
- **NONE** (PromoterBackground): The company has not issued any Equity Share in the last one year at a Price Lower than the offer price.. The provided search results do not contain any information regarding whether SMR Jewels Limited has issued any equity shares in the last year at a price lower than the offer price. The results mention various unrelated topics such as consent orders, IPO pipelines, and general news.
- **NONE** (PromoterBackground): The Board has constituted an Audit Committee, which was resolved on October 17, 2024, and re-constituted on August 9, 2025.. The provided search results do not contain any information regarding the constitution or re-constitution of an Audit Committee by SMR Jewels Limited, nor do they mention the specific dates mentioned in the claim (October 17, 2024, and August 9, 2025).
- **NONE** (PromoterBackground): Remunerations paid to Mr. Jainil Virendra Soni as of 31-12-2025 were ₹9.00 lakhs.. The provided search results do not contain any information regarding remunerations paid to Mr. Jainil Virendra Soni as of 31-12-2025. Therefore, the search results offer no corroboration, contradiction, or update to the claim.

## Common questions

### How big is the SMR Jewels Limited IPO?

SMR Jewels Limited's IPO comprises a fresh issue of 40,00,000 shares and an offer for sale of 9.8 lakh shares, according to its Red Herring Prospectus. The price band is not stated in that document.

### What are SMR Jewels Limited's revenue and profit?

SMR Jewels Limited reported revenue from operations of ₹263 Cr in FY25, +111.4% versus FY24. Net profit was ₹10 Cr (FY24: ₹3.9 Cr). Revenue grew at a compound rate of 97.4% a year from FY23 to FY25. Figures are read from the RHP, as printed there.

### How much do promoters own in SMR Jewels Limited?

Promoters hold 20.0% of SMR Jewels Limited before the IPO.

### How will SMR Jewels Limited use the IPO money?

The fresh-issue proceeds are earmarked for: Capital expenditure requirements towards Construction of Jewellery Studio (₹6.4 Cr); Repayment/prepayment of all or certain of our borrowings availed of by our Company (₹6.5 Cr); Long Term Working capital requirement (₹30 Cr); General Corporate Purpose (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company.

### What are the red flags in SMR Jewels Limited's RHP?

We fact-checked 64 claims from the filing against the open web: 0 raised a high concern, 0 medium and 2 low. This is an automated screen, not a verdict; each finding links to its sources.

### What does SMR Jewels Limited do?

Forget the hype: SMR Jewels Limited is a listed entity, and that fact alone signals you need to pay close attention to the regulatory landscape surrounding its recent IPO.

### Who manages the SMR Jewels Limited IPO?

Registrar to the offer: WEALTH MINE NETWORKS LIMITED. Shares are proposed to list on BSE.

### Where can I read the original SMR Jewels Limited IPO documents?

All 2 filings for SMR Jewels Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

## Source documents

- [SMR Jewels Limited](https://www.sebi.gov.in/sebi_data/attachdocs/jul-2026/1782891007225_1295.pdf) (Red Herring Prospectus, filed 1 Jul 2026)
- [SMR Jewels Limited](https://www.sebi.gov.in/sebi_data/attachdocs/jul-2026/1782891007225_1294.pdf) (Red Herring Prospectus, filed 1 Jul 2026)

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Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.