Grover Jewells shares surged by 185% within a month since its debut on February 11, 2026. Grover Jewells share price today is locked in 5% upper circuit. The multibagger SME stock touched an intraday high of ₹250.80 per share on the NSE.
The company recently announced the launch of a new collection of 9k gold jewellery aimed at broadening its product range and responding to changing customer preferences in line with current market trends.
Grover Jewells, a manufacturer of gold jewelry based in Delhi, specializes in wholesale 22K, 20K, and 18K chains, casting, and studded pieces, and made an impressive entry onto the NSE SME platform in February 2026.
The stock debuted on February 11, 2026, priced at ₹96, representing a 9% premium over the issue price, and later soared to ₹227.55, marking a remarkable increase of over 158%, which highlights strong post-listing momentum and investor optimism regarding the company’s growth potential, according to experts.
Grover Jewells IPO details
The company initiated its ₹33.83 crore IPO with a price band of ₹83 to ₹88 per share, which included a fresh issuance of 38.45 lakh shares.
The offering attracted significant interest from investors, achieving an overall subscription rate of 19.16 times, with substantial participation from non-institutional investors (NIIs) at 37.57x, followed by retail investors at 15.74x and qualified institutional buyers (QIBs) at 11.32x.
According to reports, Grover Jewells has shown impressive growth momentum leading up to its IPO, with operational revenue soaring to ₹473 crore in the first seven months of FY26, up from ₹461 crore in FY25 and ₹258 crore in FY24, illustrating a substantial expansion of the business. Profitability has also steadily increased, with EBITDA rising to ₹15 crore and margins growing to 3.1% in the first seven months of FY26, compared to 1.6% in FY23, signifying enhanced operational efficiency.
As per reports, PAT has nearly quadrupled during this period, reaching ₹10 crore, with margins also improving to 2.2%. Nonetheless, the company’s return ratios have fluctuated, with ROCE declining to 31% in the first seven months of FY26 from a peak of 45% in FY25.
In terms of cash flow, operating cash flow became negative at ₹-12 crore this period, unlike previous years which had positive flows, indicating an increase in working capital needs. Furthermore, leverage has risen, as evidenced by the debt-to-equity ratio climbing to 1.04x, highlighting a greater dependence on debt to facilitate growth, as per reports.
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