Pushpa Jewellers Limited is a renowned B2B jewellery manufacturer and wholesaler with a nationwide presence in India. The company specialises in both traditional and modern gold jewellery, known for intricate detailing and use of finest stones like Emerald, Jade, Pearl, and Meena.

Beyond domestic markets, Pushpa Jewellers exports to Dubai, United States, and Australia, showcasing its global reach and commitment to quality craftsmanship.

IPO Details

Issue Size: ₹98.65 Crores

• Fresh Issue: ₹78.94 Crores (53.70 lakh shares)

• Offer for Sale (OFS): ₹19.71 Crores (13.41 lakh shares)

Price Band: ₹143 to ₹147 per share
Market Capitalisation (at ₹147): ₹356.07 Crores

IPO Opening Date: June 30, 2025
Closing Date: July 02, 2025
Allotment Date: Expected July 03, 2025
Listing Date: Tentative July 07, 2025 on NSE SME

Investment Terms

• Lot Size: 1,000 shares

• Retail Minimum Investment: ₹1,47,000

• HNI Minimum Investment: 2 lots (2,000 shares) worth ₹2,94,000

This structured lot system is designed to encourage serious participation while complying with SME exchange norms.

Lead Managers and Registrars

• Book Running Lead Manager: Affinity Global Capital Market Private Limited

• Registrar: Cameo Corporate Services Limited

• Market Maker: Sunflower Broking Private Limited

Their experience and track record enhance the credibility of the IPO process.

Company Overview

Pushpa Jewellers is recognised for its deep industry roots and premium craftsmanship.

Key differentiators include:

• Focus on detailing small areas minutely.

• Use of world-class stones like Emerald, Jade, Pearl, Meena.

• Wide range of traditional and modern gold jewellery.

• Pan-India distribution network with strong international exports.

Their business model targets wholesale B2B clients, serving retailers across India and abroad.

Promoter and Management Strength

Experienced Promoters:

• Over 20 years of industry expertise.

• Hands-on management by Mr. Anupam Tibrewal (MD), Mr. Madhur Tibrewal (CFO), and Mr. Mridul Tibrewal (CEO).

Their leadership ensures:

• Efficient operations

• Strong supplier relationships

• High-quality production standards

Key Insight:

Deep industry experience helps mitigate risks and drive consistent growth.

Financial Performance and Growth

Revenue from Operations:

• FY25: ₹28,127.08 Lakh

• FY24: ₹25,548.93 Lakh

• FY23: ₹16,584.08 Lakh

EBITDA:

• FY25: ₹3,204.82 Lakh

• FY24: ₹2,008.91 Lakh

• FY23: ₹1,290.23 Lakh

Profit After Tax:

• FY25: ₹2,228.63 Lakh

• FY24: ₹1,357.71 Lakh

• FY23: ₹814.39 Lakh

These figures show steady, healthy growth across all key metrics.

Valuation Metrics

• Pre-issue EPS: ₹11.82

• Post-issue EPS: ₹9.20

• Pre-issue P/E Ratio: 12.43x

• Post-issue P/E Ratio: 15.98x

• Industry P/E Ratio: 110x

Return Ratios:

• ROCE: 27.84%

• ROE: 47.31%

• RoNW: 38.34%

These numbers indicate the IPO is fairly priced, especially relative to the high industry P/E ratio.

Grey Market Premium (GMP)

• Current GMP: ₹17

• Implies approx. 11.56 percent expected listing gain.

Note:

• GMP is unofficial, unregulated, and depends on demand-supply dynamics in the grey market.

• Investors should not rely solely on GMP for decisions.

Competitive Advantages

• Wide product range serving both traditional and modern tastes.

• High-quality stones and detailing create unique value.

• Strong domestic and export market presence.

• Experienced management team with a deep understanding of the industry.

Such advantages make Pushpa Jewellers well-positioned to capitalise on India’s growing jewellery demand.

Risks and Considerations

• Market price volatility in gold and gemstones.

• Consumer demand cycles linked to economic conditions.

• SME IPO liquidity risks after listing.

• Competitive pressures from organised and unorganised players.

Investors should weigh growth potential against these risks.

Analyst Recommendations

• For risk-tolerant investors: Consider applying for potential listing gains.

• Long-term investors: Evaluate company’s expansion strategy and brand positioning.

• Conservative investors: Carefully review SME market dynamics and liquidity considerations.

Conclusion

Pushpa Jewellers Limited IPO offers a promising opportunity to invest in India’s thriving gold jewellery industry.

Key strengths include:

• Consistent financial growth.

• High-quality craftsmanship with premium stones.

• Broad domestic and international presence.

• Experienced management with deep industry networks.

The IPO’s balanced pricing, solid fundamentals, and expected listing gains make it an attractive proposition for investors with appetite for SME opportunities.

Investors are advised to evaluate their risk tolerance and consult financial experts before applying.

Disclaimer:

This article is intended for informational and educational purposes only and does not constitute investment advice. Readers are advised to consult their financial advisor before making any investment decisions. Investments in securities are subject to market risks. Please read all related documents carefully before applying for the IPO. The data provided is based on publicly available information and may be subject to change.

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