SMR Jewels IPO

Incorporated in October 2018, SMR Jewels is engaged in the design and distribution of designer heritage jewellery which uses modern styles and combines traditional Indian arts and cultural crafts with those styles. The collections of jewellery are themed and tell a story, giving each product its own identity with cultural, emotional, and artistic aspects.

Theme-based designer heritage jewellery such as those based on mythology/spirituality and Indian culture and art, are also produced by the company. SMR Jewels portfolio consists of traditional style jadtar jewellery (crafted using uncut natural diamonds), meenakari jewellery (known for their colourful enamel), and polki jewellery (decorated with uncut natural diamonds and made using traditional settings) for ceremonies such as weddings and festivals. The company does not own a manufacturing facility. Instead, it follows a dual-phase outsourcing model by working with skilled artisans and job workers across India. Gold bullion is the company’s primary raw material and is mainly sourced from the bullion market and authorised local dealers.

The company sources precious and semi-precious stones, gemstones, and mani-moti from domestic suppliers operating in local markets. It sells its products through wholesalers, retailers, boutiques, showrooms, and exhibitions across India. The company also maintains an online presence through Instagram, its official website, and direct customer interactions on WhatsApp.

Manufacturing-based revenue contributed 98.9% of total product sales in 9MFY26 compared to 65.7% in FY24. The company’s largest customer contributed 14.06% of total revenue in 9MFY26, while the top 10 customers together accounted for 60.46% of total revenue. Gujarat remains the company’s largest market, contributing 73.31% of total sales during 9MFY26 and 74.37% in FY25. Maharashtra was the second-largest contributor with 8.90% of revenue in 9MFY26.