Pushpa Jewellers IPO Review

Pushpa Jewellers is a wholesale B2B jewellery maker with a presence across India. Their jewellery business includes the sale of wide range of Traditional and Modern Gold jewellery. Their main focus is in detailing and highlighting small areas minutely as their jewellery consists of some of the world’s finest stones namely Emerald, Jade, Pearl and Meena. They have a presence across multiple regions in India and we also export their jewellery in international markets like Dubai, United States and Australia.

The Promoters are experienced entrepreneurs with more than 20 years of experience in this field. The Company is managed by the promoters, Mr. Anupam Tibrewal, Managing Director (MD); Mr. Madhur Tibrewal, Chief Financial Officer (CFO) and Mr. Mridul Tibrewal, Chief Executive Officer (CEO) who have experience of more than two decades each in the jewellery industry.

The Revenues from operations for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹   28,127.08 Lakh, ₹ 25,548.93 Lakh and ₹   16,584.08 Lakh. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 3,204.82 Lakh, ₹  2,008.91 Lakh and ₹ 1,290.23 Lakh. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹   2,228.63 Lakh, ₹ 1,357.71 Lakh and ₹  814.39 Lakh respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of ₹ 11.82 and post-issue EPS of ₹ 9.20 for FY24. The pre-issue P/E ratio is 12.43x, while the post-issue P/E ratio is 15.98x against the Industry P/E ratio is 110x. The company's ROCE for FY24 is 27.84%, ROE for FY24 is 47.31% and RoNW is 38.34%. These metrics suggest that the IPO is fairly priced.

The Grey Market Premium (GMP) of Pushpa Jewellers showing listing gains of 11.56 %.Given the company's financial performance and the valuation of the IPO, we recommend Risky Investors to Apply to the Pushpa Jewellers Limited IPO for Listing gain.

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About the Author
CA Abhay Kumar (Also known as  CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.