Grover Jewells Surges 185% in a Month, Topping ₹250.80 on NSE

Key Highlights

• Grover Jewells shares have surged by 185% since its debut on February 11, 2026.
• The stock price is currently locked in a 5% upper circuit.
• The company recently launched a new collection of 9k gold jewelry to broaden its product range and respond to changing customer preferences.

Company Overview

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Grover Jewells, a manufacturer of gold jewelry based in Delhi, specializes in wholesale 22K, 20K, and 18K chains, casting, and studded pieces. The company made an impressive entry onto the NSE SME platform in February 2026.

IPO Details

• The company initiated its ₹33.83 crore IPO with a price band of ₹83 to ₹88 per share.
• The offering attracted significant interest from investors, achieving an overall subscription rate of 19.16 times.
• The IPO included a fresh issuance of 38.45 lakh shares.

Financial Performance

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• Operational Revenue: ₹473 crore in the first seven months of FY26, up from ₹461 crore in FY25 and ₹258 crore in FY24.
• EBITDA: ₹15 crore and margins growing to 3.1% in the first seven months of FY26, compared to 1.6% in FY23.
• PAT: ₹10 crore, with margins improving to 2.2%.
• ROCE: Declined to 31% in the first seven months of FY26 from a peak of 45% in FY25.
• Debt-to-Equity Ratio: Climbed to 1.04x, highlighting a greater dependence on debt to facilitate growth.