Grover Jewells IPO

Incorporated in 2021, Grover Jewells manufactures and designs a wide range of wholesale gold jewellery. The company makes and sells gold jewellery in 22 Karat, 20 Karat, and 18 Karat. It mainly works with the wholesale (B2B) segment, but at the same time, it's opening up its retail (B2C) side through two showrooms in Karol Bagh and Chandni Chowk, Delhi. The company also deals in hallmarked and non-hallmarked jewellery. A big part of the company’s product portfolio is the machine made of gold chains, which account for about 96.4% of sales as of October 2025. Other products like rings, bracelets, bangles, necklaces, earrings, and pendants accounted for the rest of the revenue. Jewellery manufacturing accounted for 99.76% of the revenue as of October 2025, while the rest of the revenue came from job work (labour charge).

Regarding clientele, about 60.7% sales are to wholesalers and 38.2% retailer. Geographically, the largest market is Delhi, accounting for almost 58% of revenue, followed by Uttar Pradesh, Haryana, and the rest of the states, with presence in more than 20 states. The export business is a very minor part of revenue. Going forward, the company envisions scaling up manufacturing capacity through modern machinery, deepening its presence in South India and international markets, continuing the retail expansion by opening more stores in tier-1 and tier-2 cities, as well as diversifying its product range into lightweight daily wear, men's fashion, and bridal jewellery.