Grover JewellsShare price, financial results, shareholding and management
- Market cap
- ₹677 cr
- Stock P/E
- 32.0peers 17.4
- Book value
- ₹47.9
- Price to book
- 9.74
- EV / operating profit
- 23.7
- Market cap to sales
- 0.82
- ROCE · FY26
- 46.0%
- ROE · FY26
- 49.0%
- ROE, 3-year average
- 49.3%
- Operating margin · FY26
- 3.6%peers 6.3%
- Sales growth, 3 years
- 47.9%
- Profit growth, 3 years
- 91.8%
- Debt to equity
- 0.39peers 0.61
- Borrowings
- ₹27.2 cr
- Interest cover
- 11.6×
- Cash from business / op. profit
- -106%
- Debtor days
- 4
- Pledged
- 0.00%
- Promoter holding
- 73.50%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 104
- High / low since listing
- ₹526 / ₹91
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Grover Jewells share price chart
Close on 6 Nov 2026 · +3.13% on the day · Vol 6,400
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -3.7%
- 3 months
- +148.1%
- 6 months
- +216.8%
- Since IPO
- +430.1%
- Traded a day, 20 days
- ₹0.20 cr
- Taken for delivery
- 99%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +79% | +165% |
| 3 years, a year | +48% | +92% |
About Grover Jewells: business, products and customers
Grover Jewells makes gold chains and some cast gold jewellery in Delhi and supplies them mostly to wholesalers and jewellery shops. Its shares trade on NSE Emerge.
Grover Jewells grew out of Grover Chain Company, a proprietorship Deepak Kumar Grover started in 2010 with two machines; the company took it over in 2021. It melts bought gold bars with alloys and turns them into machine-made chains in 22, 20 and 18 carat at its own workshop on Lawrence Road, Delhi, along with rings, bracelets, pendants and other cast pieces.
Chains are almost all of its sales. Most go to wholesalers and the rest to retail jewellers, with very little to shoppers, through showrooms in Karol Bagh and Chandni Chowk, trade exhibitions and its own mobile app. Most buyers are in Delhi and nearby states, and exports are small.
Read more about the business
What is new: the company listed on NSE Emerge in February 2026, ordered 14 more chain-making machines with a SIDBI loan, launched a 9 carat range in March 2026 and opened a showroom in Zaveri Bazar, Mumbai in the quarter to June 2026. Its FY26 profit came with a sharp rise in gold stock that took more cash than the business made.
From the red herring prospectus (January 2026), the audited FY26 results filed with the exchange, and the company's exchange filings of March, July and August 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 48% a year over three years.
- It earns a high return on the money it uses: ROCE 46% in FY26.
- The promoters own a large part of the company: 73.50%.
To watch
- Gold stock against sales, after the company said it would hold about 22 days of stock from FY26 (Red herring prospectus, p.84; FY26 audited results, p.6).
- Output from the 14 new chain-making machines bought with the SIDBI loan (Red herring prospectus, p.83).
- Sales from the Zaveri Bazar showroom in Mumbai opened in the June 2026 quarter (Press release, 21 Jul 2026, p.1).
- Recovery of the money lost to the August 2026 bank fraud (Exchange filing, 18 Aug 2026, p.1).
- Customers take longer to pay than before: 4 days in FY26, against 0 in FY23.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Grover Jewells revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months.
Grover Jewells half-yearly results
SME companies report every six months · ₹ crore
| H2FY26 | |
|---|---|
| Sales | 535.65 |
| Expenses | 512.67 |
| Operating profit | 22.99 |
| OPM | 4.3% |
| Interest | 1.58 |
| Depreciation | 1.26 |
| Profit before tax | 20.76 |
| Net profit | 17.04 |
Grover Jewells profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 255 | 258 | 461 | 824.21 |
| Expenses | 251 | 253 | 449 | 794.65 |
| Operating profit | 4 | 5 | 11 | 29.55 |
| OPM | 1.6% | 1.8% | 2.5% | 3.6% |
| Other income | 0 | 0 | 0 | 0.64 |
| Interest | 0 | 0 | 1 | 2.44 |
| Depreciation | 1 | 1 | 1 | 2 |
| Exceptional and other items | · | -1 | · | · |
| Profit before tax | 3 | 3 | 9 | 25.76 |
| Tax rate | 0.0% | 0.0% | 11.1% | 17.8% |
| Net profit | 3 | 3 | 8 | 21.17 |
| EPS ₹ | 10.17 | 10.43 | 28.59 | 18.92 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Grover Jewells profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 1.6% | 1.8% | 2.5% | 3.6% |
| Tax rate | 0.0% | 0.0% | 11.1% | 17.8% |
| ROCE | · | 25.0% | 51.3% | 46.0% |
| ROE | · | 37.5% | 61.5% | 49.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Grover Jewells debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Grover Jewells balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 3 | 3 | 3 | 14.51 |
| Reserves | 4 | 6 | 14 | 54.96 |
| Net worth | 7 | 9 | 17 | 69.47 |
| Borrowings | 4 | 4 | 9 | 27.18 |
| Other liabilities | 1 | 1 | 4 | 6.60 |
| Total liabilities | 12 | 14 | 30 | 103.25 |
| Fixed assets | 3 | 4 | 5 | 13.18 |
| Capital work in progress | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Other assets | 9 | 10 | 25 | 90.07 |
| Receivables | · | · | · | 8.93 |
| Inventory | · | · | · | 66.36 |
| Cash | · | · | · | 4.84 |
| Trade payables | · | · | · | 1.11 |
Grover Jewells cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | 2 | 3 | 0 | -31.46 |
| Cash from investing | -2 | -2 | -2 | -14.02 |
| Cash from financing | 0 | 0 | 4 | 47.02 |
| Net cash flow | 0 | 1 | 2 | 1.54 |
| Capital spending | · | · | · | 10.16 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 0 | 1 | 0 | 4 |
| Inventory days | 12 | 11 | 16 | 31 |
| Days payable | 2 | 0 | 2 | 1 |
| Cash conversion cycle | 10 | 12 | 15 | 34 |
| Working capital days | 9 | 11 | 11 | 27 |
Grover Jewells peers and competitors
Listed SME companies in the same industryBy sales, Grover Jewells is number 6 of the 79 listed SME companies in consumer durables.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Cellecor Gadgets | 689 | 17.4 | 1,292 | 39.6 | 5.5% | 0.69 |
| Utssav CZ Gold Jewels | 2,337 | 39.6 | 1,155 | 59 | 8.0% | 0.94 |
| KKV Agro Powers | 19 | 5.9 | 964 | 3.3 | 0.8% | 0.61 |
| Divine Hira Jewellers | 369 | 51.7 | 884 | 7.1 | 1.2% | 0.46 |
| Grover Jewells | 677 | 32.0 | 824 | 21.2 | 3.6% | 0.39 |
| Yaashvi Jewellers | 141 | 7.9 | 448 | 18 | 7.0% | - |
| SMR Jewels | 197 | 7.9 | 432 | 25 | 8.0% | 0.34 |
| Pushpa Jewellers | 298 | 11.5 | 418 | 25.9 | 9.1% | 0.12 |
| Greenchef Appliances | 148 | - | 374 | -9 | 0.2% | 0.91 |
| Bai-Kakaji Polymers | 624 | 23.1 | 364 | 27 | 13.0% | 0.38 |
| AJC Jewel Manufacturers | 203 | 25.4 | 291 | 8 | 4.8% | 1.22 |
| Median of the 10 others | 251 | 17.4 | 440 | 21.5 | 6.3% | 0.61 |
Grover Jewells shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Grover Jewells shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Feb 26 | Mar 26 | |
|---|---|---|
| Promoters | 73.50% | 73.50% |
| Foreign investors (FIIs) | 4.38% | 2.59% |
| Indian institutions (DIIs) | 9.52% | 2.37% |
| HNIs (over ₹2 lakh each) | - | 17.03% |
| Small holders (up to ₹2 lakh) | 10.22% | 1.73% |
| Companies and others | - | 2.78% |
| Number of shareholders | 533 | 104 |
The named holders are at 31 March 2026, beside 9 Feb 2026, each under the group the pattern files them in.
Grover Jewells study: the business from its own documents
Read from 3 of the company's own documentsGrover Jewells so far
From the company's own record
- 11 Feb 2026Listed on NSE Emerge at ₹88
- 31 March 2026Promoters at 73.50%
- 6 Oct 2026Highest close since listing, ₹510.10
Grover Jewells key facts from the filings
Each figure with the document it comes from
- Chains in sales
- 96.48%
- Share of sales from chains in the seven months to October 2025; rings and bracelets made up most of the rest.Red herring prospectus, p.122
- Sales to wholesalers
- 60.75%
- Share of sales to wholesalers in the seven months to October 2025; retail jewellers took 38.20% and shoppers about 1%.Red herring prospectus, p.122
- Top ten customers
- 41.20%
- Share of sales from the ten largest buyers in the seven months to October 2025; the largest alone gave 18.59%.Red herring prospectus, p.126
- Top five suppliers
- 73.62%
- Share of purchases from five suppliers in the seven months to October 2025; the largest gave 33.50%.Red herring prospectus, p.126
- Use of 22 carat capacity
- 59.78%
- Share of 22 carat chain capacity used in the seven months to October 2025, up from 48.22% in FY25.Red herring prospectus, p.132
Show 5 more facts
- New chain machines
- 14
- Chain-making machines ordered for ₹10.0 cr, paid for with a ₹10.2 cr SIDBI term loan taken in September 2025.Red herring prospectus, p.83
- Gold stock held
- ₹66.4 cr
- Inventory at March 2026, up from ₹19.9 cr a year earlier.FY26 audited results, p.6
- Cash from operations
- ₹-31.5 cr
- Cash went out of the business in FY26 as stock and money owed by customers grew, even with a profit of ₹21.2 cr.FY26 audited results, p.7 and p.8
- IPO money
- ₹33.8 cr
- Raised in February 2026 and fully used by March 2026, mostly for working capital.FY26 audited results, p.13 and p.14
- Loss to fraud
- ₹0.17 cr
- Taken from the company's bank account in August 2026 by someone posing as its officials with forged papers; recovery is being pursued.Exchange filing, 18 Aug 2026, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company has no order book; buyers place purchase orders as they need stock. Its stated plans are more chain-making machines, more showrooms in Delhi and other cities, wider reach in southern India and abroad, and new lighter and bridal ranges. It opened a Mumbai showroom in the June 2026 quarter and said its own estimate of sales for that quarter was ₹115.4 cr, against ₹65.1 cr a year earlier.
| What management said | When | What happened |
|---|---|---|
| Hold stock at about 22 days of sales from FY26 | Red herring prospectus, January 2026 | Stock rose to ₹66.4 cr at March 2026, about 29 days of FY26 sales (our arithmetic) |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Grover Jewells earns a thin making margin on top of the gold it turns into chains for wholesalers and jewellers, and sales have grown very fast.
Its weak spots are a margin set by the market, heavy reliance on a few gold suppliers, and growth that ties up ever more cash in gold stock.
WatchCan it set its own prices?No. Most of the price is the gold itself, and the company keeps only a small charge for the making.
WatchHow strong is it against rivals?It has a known name among chain buyers in Delhi, but competes with many organised and unorganised jewellers.
AverageWho are its customers?Wholesalers and retail jewellers, with the biggest few buyers taking a fair share and the top buyer changing from year to year.
WatchDoes it need a lot of money?Yes. Growth needs much more gold in stock, and in FY26 the stock grew faster than profit could pay for it.
AverageCan it keep finding new work?Repeat orders from wholesalers and jewellers keep coming and it is adding showrooms, ranges and machines, though nearly everything is still chains.
WatchDo good and bad years swing a lot?Sales have jumped some years and stood still in others, and the company names market conditions as a weakness.
Who runs Grover Jewells?
Promoters, directors and officers; tap a name for the background
DKDeepak Kumar GroverPromoter and Managing Director · holds 73.34%
An undergraduate with over 15 years in the jewellery trade as proprietor of Grover Chain Company from 2010; on the board since the company was formed in 2021 and Managing Director from August 2025. The offer document states that Deepak Kumar Grover and Lavkesh Kumar Grover are brothers and that Bhawna Grover is the spouse of Deepak Kumar Grover.
Red herring prospectus, p.111, p.153 and p.156LKLavkesh Kumar GroverPromoter and Executive Director
Over 10 years in the jewellery trade as proprietor of S. S. Bulliions since 2015, with experience in jewellery making and process management; on the board since 2021.
Red herring prospectus, p.154 and p.156BGBhawna GroverPromoter and Non-Executive Director
An undergraduate on the board since March 2025, with less than a year in the jewellery trade at the time of the offer document; a member of the nomination and remuneration committee.
Red herring prospectus, p.154 and p.156SGSunny GroverChief Executive Officer
A B.Tech in information technology from Kurukshetra University with about 10 years in jewellery as proprietor of Shri Shyam Creators; joined as CEO in May 2025 and handles the website, app and social media. The offer document describes Sunny Grover as a first cousin of the two promoter brothers.
Red herring prospectus, p.164 and p.166AGAyush GargIndependent Director
A company secretary since 2021 with over 4 years in company law and compliance, including work with Kuwer Industries; on the board since August 2025.
Red herring prospectus, p.155 and p.156TGTanishq GakharIndependent Director
A company secretary since 2024 and commerce graduate with about 1.5 years of work in secretarial checks and financial models; on the board since August 2025.
Red herring prospectus, p.155 and p.156Grover Jewells latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 31 March 2026: promoters unchanged at 73.50%.
Grover Jewells announcements
39 on record, latest first; each opens the filing on the exchange
- Quarterly Compliance Report on Corporate governance - within 21 days from the enGrover Jewells Limited has informed regarding the Non-Applicability of Corporate Governance Report for the quarter Ended on September 30, 2026PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018For the quarter ended on September 30, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingGrover Jewells Limited has re-submitted the Exchange Voting Results and Srutinizers report of Annual General Meeting held on September 21, 2026PDF ↗
- Shareholders meetingvoting results and Srutinizers report for the 05th Annual General Meeting held on September 21, 2026. ,PDF ↗
- Shareholders meetingProceedings of 05th Annual General Meeting held on September 21, 2026PDF ↗
- Outcome of Board MeetingHeld on September 18, 2026PDF ↗
- General UpdatesCommunication to the shareholders on weblink letter of notice 05th AGM and Annual Report for the financial year 25-26PDF ↗
- Outcome of Board MeetingHeld on August 29, 2026PDF ↗
- Copy of Newspaper PublicationFor Notice of Annual General Meeting of the CompanyPDF ↗
- Shareholders meetingAnnual General Meeting of the CompanyPDF ↗
- Outcome of Board Meetingrevision in Outcome of Board Meeting held on August 25, 2026PDF ↗
Grover Jewells annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Grover Jewells share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Grover Jewells' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,45,07,200 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY25 (₹28.59) and FY26 (₹18.92) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Grover Jewells
What does Grover Jewells do?
Grover Jewells makes gold chains and some cast gold jewellery in Delhi and supplies them mostly to wholesalers and jewellery shops. Its shares trade on NSE Emerge.
What is the share price of Grover Jewells?
₹467 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Grover Jewells?
₹677 cr at the close on 6 Nov 2026, on 1,45,07,200 shares.
What is the P/E of Grover Jewells?
32.0 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Grover Jewells' revenue and profit?
Revenue ₹824 cr and profit after tax ₹21 cr in FY26.
Who are the promoters of Grover Jewells?
Deepak Kumar Grover, Lavkesh Kumar Grover, Bhawna Grover; promoters held 73.50% at 31 March 2026.
What was the IPO price of Grover Jewells?
₹88 a share; it listed on 11 Feb 2026.
What is Grover Jewells' website?
WWW.GROVERJEWELLS.COM
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Every listed SME company in Consumer Durables → · SME companies listed in 2026 →
Built from 1 offer document, 1 result filing, 1 press release, 39 exchange announcements, 2 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.