SMR JewelsShare price, financial results, shareholding and management
- Market cap
- ₹153 cr
- Stock P/E
- 6.2peers 12.3
- Book value
- ₹26.8
- Price to book
- 3.06
- EV / operating profit
- -
- Market cap to sales
- 0.35
- ROCE · FY26
- 70.7%
- ROE · FY26
- 66.0%
- ROE, 3-year average
- 90.7%
- Operating margin · FY26
- 8.3%peers 8.8%
- Sales growth, 3 years
- 85.3%
- Profit growth, 3 years
- 191.4%
- Debt to equity
- 0.34peers 0.54
- Borrowings
- ₹17 cr
- Interest cover
- 12.4×
- Cash from business / op. profit
- -45%
- Debtor days
- 18
- Pledged
- 0.00%
- Promoter holding
- 65.74%
- Change in promoter holding
- -
- Shareholders
- 516
- 52-week high / low
- ₹146 / ₹76
- 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.
SMR Jewels share price chart
Close on 6 Nov 2026 · -2.97% on the day · Vol 21,000
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
- -14.5%
- 3 months
- -3.4%
- Traded a day, 20 days
- ₹0.73 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +64% | +125% |
| 3 years, a year | +85% | +191% |
| Latest half, H2 FY26 | +22% | +101% |
About SMR Jewels: business, products and customers
SMR Jewels designs gold jewellery inspired by Indian mythology, nature and tradition, has it made by outside craftsmen, and supplies it in bulk to jewellery shops and wholesalers. Its shares trade on BSE SME.
The Ahmedabad company designs heritage and theme jewellery, such as pieces inspired by Radha Krishna and Buddha, along with nature-inspired, bridal, Jadtar, Meenakari, Polki and daily wear gold jewellery. It supplies business to business, to wholesalers, retailers and jewellery chains, and finds buyers largely at trade shows; Gujarat is most of its market.
The business model shapes the numbers. The making is done by third-party job workers, so the company owns little machinery and its revenue is mostly the value of the gold in each piece plus a design and making margin. That means sales rise and fall with the gold price as well as with volumes, and the money goes into stock of gold and jewellery and credit to buyers rather than into plants.
Read more about the business
The offer document compares it with Pushpa Jewellers, Khazanchi Jewellers and Sky Gold & Diamonds, listed companies in a similar line of gold jewellery, while saying its own business may differ from theirs.
What is new: the company listed on BSE SME on 8 June 2026 after an IPO priced at ₹128 a share, and on 7 October 2026 it reported orders from several buyers at the Couture India Show.
From the offer document (red herring prospectus), the annual report for FY26 and the exchange filing of 7 October 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 85% a year over three years.
- It earns a high return on the money it uses: ROCE 71% in FY26.
- The promoters own a large part of the company: 65.74%.
To watch
- Delivery of the ₹67.0 cr Couture India Show orders (Exchange filing, 7 October 2026).
- Use of the IPO money for working capital, debt repayment and the jewellery studio (Offer document, p.109).
- Stock and receivables against sales after a year of negative operating cash flow (Annual report FY26, p.65 and p.67).
- The share of sales from the top ten customers and from Gujarat (Offer document, p.165 and p.267).
- Its borrowings rose a lot last year: ₹17 cr, from ₹9 cr.
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.
SMR Jewels revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
SMR Jewels half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H2FY26 | |
|---|---|---|
| Sales | 191 | 233.47 |
| Expenses | 181 | 212.89 |
| Operating profit | 11 | 20.59 |
| OPM | 6.0% | 8.8% |
| Interest | 1 | 2.05 |
| Depreciation | 0 | 0.03 |
| Profit before tax | 10 | 18.50 |
| Net profit | 7 | 14.07 |
SMR Jewels profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 68 | 125 | 263 | 432.37 |
| Expenses | 66 | 118 | 248 | 396.60 |
| Operating profit | 2 | 6 | 16 | 35.76 |
| OPM | 2.9% | 4.9% | 6.0% | 8.3% |
| Other income | 0 | 0 | 0 | 0 |
| Interest | 1 | 1 | 1 | 2.89 |
| Depreciation | 0 | 0 | 0 | 0.06 |
| Profit before tax | 1 | 5 | 15 | 32.81 |
| Tax rate | 0.0% | 20.0% | 26.7% | 24.6% |
| Net profit | 1 | 4 | 11 | 24.75 |
| EPS ₹ | 910 | 3,850 | 22.05 | 16.89 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
SMR Jewels profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than 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 | 2.9% | 4.9% | 6.0% | 8.3% |
| Tax rate | 0.0% | 20.0% | 26.7% | 24.6% |
| ROCE | · | 59.9% | 68.1% | 70.7% |
| ROE | · | 132.9% | 73.3% | 66.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
SMR Jewels 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. 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.
SMR Jewels balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 5 | 15 |
| Reserves | 1 | 5 | 20 | 35 |
| Net worth | 1.01 | 5.01 | 25 | 50 |
| Borrowings | 6 | 8 | 9 | 17 |
| Other liabilities | 13.99 | 1.99 | 10 | 19 |
| Total liabilities | 21 | 15 | 44 | 86 |
| Fixed assets | 0 | 0 | 0 | 0 |
| Capital work in progress | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Other assets | 21 | 15 | 44 | 86 |
SMR Jewels cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | -1 | -1 | 0 | -16 |
| Cash from investing | 0 | 0 | 0 | 0 |
| Cash from financing | 1 | 1 | 10 | 7 |
| Net cash flow | 0 | 0 | 10 | -9 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 31 | 12 | 11 | 18 |
| Inventory days | 72 | 29 | 36 | 52 |
| Days payable | 45 | 1 | 2 | 6 |
| Cash conversion cycle | 58 | 40 | 44 | 64 |
| Working capital days | 26 | 29 | 30 | 50 |
SMR Jewels peers and competitors
Listed SME companies in the same industryBy sales, SMR Jewels is number 8 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 |
|---|---|---|---|---|---|---|
| Yaashvi Jewellers | 141 | 7.9 | 448 | 18 | 7.0% | - |
| SMR Jewels | 153 | 6.2 | 432 | 24.8 | 8.3% | 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 |
| Kabra Jewels | 165 | 6.6 | 268 | 25 | 17.0% | 1.48 |
| Sylvan Plyboard (India) | 95 | 13.2 | 253 | 7.2 | 8.5% | 0.48 |
| Safe Enterprises Retail Fixtures | 1,205 | 18.9 | 218 | 63.9 | 36.2% | 0.00 |
| Acme Universal Safezone 9 | 221 | - | 204 | -5 | 7.0% | 1.09 |
| Manoj Ceramic | 87 | 7.3 | 203 | 12 | 12.0% | 0.54 |
| Median of the 10 others | 184 | 12.4 | 280 | 15 | 8.8% | 0.54 |
SMR Jewels shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share.
SMR Jewels 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.
| Jun 26 | |
|---|---|
| Promoters | 65.74% |
| Foreign investors (FIIs) | 9.88% |
| Indian institutions (DIIs) | 0.84% |
| Number of shareholders | 516 |
SMR Jewels study: the business from its own documents
Read from 3 of the company's own documentsSMR Jewels so far
From the company's own record
- 7 Oct 2026An order announced
- 30 June 2026Promoters at 65.74%
- 22 June 2026Highest close since listing, ₹110.55
SMR Jewels key facts from the filings
Each figure with the document it comes from
- Revenue in FY26
- ₹432.4 cr
- Up from ₹263.3 cr in FY25; the offer document says rising gold prices supported sales values.Annual report FY26, p.26; Offer document, p.273
- Profit in FY26
- ₹24.7 cr
- Profit after tax, up from ₹10.8 cr, about six rupees for every hundred of sales.Annual report FY26, p.26 and p.48
- Made by job workers
- All making
- Jewellery is made by third parties on job work, so there is no installed capacity to report.Offer document, p.171
- Sales in Gujarat
- 73.3%
- Share of revenue in the nine months to December 2025, with the rest of India making up the remainder.Offer document, p.165
- Top ten customers
- 60.5%
- Of revenue in the nine months to December 2025, from 209 customers in all; the largest was 14.1%.Offer document, p.267
Show 5 more facts
- Stock of jewellery
- ₹55.6 cr
- Inventories at March 2026, more than double the ₹24.0 cr a year earlier.Annual report FY26, p.65
- Cash from operations
- ₹-16.5 cr
- In FY26, as stock and money owed by customers grew, against ₹0.3 cr in FY25.Annual report FY26, p.67
- Owed by customers
- ₹21.5 cr
- Trade receivables at March 2026, up from ₹7.6 cr.Annual report FY26, p.65
- IPO
- ₹63.7 cr
- At ₹128 a share, of which ₹51.2 cr was new money for the company; listed on 8 June 2026.Annual report FY26, p.73
- Show orders
- ₹67.0 cr
- Jewellery orders from several domestic buyers at the Couture India Show, confirmed on 6 and 7 October 2026.Exchange filing, 7 October 2026
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 told the exchange on 7 October 2026 that it had won jewellery orders from several domestic buyers at the Couture India Show, to be delivered on terms agreed with each buyer. Its offer document says the IPO money is meant for a jewellery studio, repaying some borrowings, long-term working capital and general purposes.
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.
The company earns a design and making margin on gold jewellery it creates and has made by outside craftsmen, supplied in bulk to other jewellers.
Its weak spots are a small group of buyers mostly in one state, sales that ride on the gold price, and growth that has used more cash than it made.
AverageCan it set its own prices?It earns a premium for its designs, but the bulk of the price is gold, which it does not control.
AverageHow strong is it against rivals?Its theme designs set it apart, but other listed and unlisted jewellers offer similar gold jewellery to the same shops.
WatchWho are its customers?A few hundred jewellers, with the top ten taking most of the sales and most buyers in Gujarat.
WatchDoes it need a lot of money?Yes. Gold stock and credit to buyers soak up cash as sales grow.
AverageCan it keep finding new work?Trade shows bring steady orders, but there is no standing order book beyond them.
WatchDo good and bad years swing a lot?Its fast growth has come during a gold price rise, so a fall in gold could hit sales value and stock.
Who runs SMR Jewels?
Promoters, directors and officers; tap a name for the background
VMVismay Manojkumar SoniPromoter and Managing Director
MBA (integrated management course) with more than 12 years in the gems and jewellery business; a director since the company was set up in October 2018 and Managing Director from 8 June 2024, handling strategy and operations. The offer document records Vismay Soni as the son of Parul Manoj Soni and the brother of Drashti Pal Modi.
Offer document, p.210, p.212 and p.215JVJainil Virendra SoniPromoter and Whole-time Director
BBA in entrepreneurship and family business management with more than 5 years in the gems and jewellery business, including client relationship management; a director since June 2022 and whole-time director from 8 June 2024. The offer document records Jainil Soni as the son of Dipikaben Virendra Soni.
Offer document, p.211, p.212 and p.215PMParul Manoj SoniPromoter and Non-Executive Director
Over 20 years of experience in the jewellery business; studied to the tenth standard.
Offer document, p.216DVDipikaben Virendra SoniPromoter and Non-Executive Director
Over 20 years of experience, contributing to the growth and governance of the company; studied to the tenth standard.
Offer document, p.216DPDrashti Pal ModiPromoter and Chief Financial Officer
MBA with more than 5 years in operations and marketing; CFO since 8 June 2024.
Offer document, p.211 and p.217SRSangita RajpurohitCompany Secretary and Compliance Officer
B.Com, LLB and company secretary with more than 7 years in compliance; joined on 26 April 2025.
Offer document, p.211NMNishita Mayank SanghviIndependent Director
Company secretary with more than 10 years of experience, holding B.Com and LLB degrees from Gujarat University; appointed for five years from 8 June 2024.
Offer document, p.197 and p.198RRRuta Rohankumar SoniIndependent Director
B.Com from Gujarat University with more than 3 years in company law filings and compliance.
Offer document, p.197 and p.198SMR Jewels latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹233 cr (+22%), net profit ₹14.1 cr (+101%) on H2 FY25.
- 7 Oct 2026: an order announced.
SMR Jewels announcements
5 on record, latest first; each opens the filing on the exchange
- Company UpdateWe are pleased to inform you that the company has received significant order from the multiple vendors at Couture India Show 2026 held from 26th September, 2026PDF ↗
- Company UpdatePursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that SMRPDF ↗
- Insider Trading / SASTPursuant to the provision of SEBI (Prohibition of Insider Trading) Regulations, 2015 as amended from time to time and in accordance with the Company''s Code of PDF ↗
- AGM/EGMPursuant to Regulation 30 of the SEBI (LODR), Regulations, 2015 read with Part A of Schedule III of the SEBI (LODR) Regulations, 2015 ("Listing Regulations"), tPDF ↗
- Company UpdateWe wish to inform you that SMR Jewels Limited (Formerly Known as SMR Jewels Private Limited) will be participating in Couture India Show 2026-Exclusively B2B LuPDF ↗
SMR Jewels annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
SMR Jewels 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 SMR Jewels' 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.
- iThe shares traded on only 84 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,86,53,743 shares).
- !The FY26 results imply 1,50,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY24 (₹3,850.00) and FY25 (₹22.05) 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 SMR Jewels
What does SMR Jewels do?
SMR Jewels designs gold jewellery inspired by Indian mythology, nature and tradition, has it made by outside craftsmen, and supplies it in bulk to jewellery shops and wholesalers. Its shares trade on BSE SME.
What is the share price of SMR Jewels?
₹82.1 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of SMR Jewels?
₹153 cr at the close on 6 Nov 2026, on 1,86,53,743 shares.
What is the P/E of SMR Jewels?
6.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are SMR Jewels' revenue and profit?
Revenue ₹432 cr and profit after tax ₹25 cr in FY26.
Who are the promoters of SMR Jewels?
Vismay Manojkumar Soni, Jainil Virendra Soni, Parul Manoj Soni, Dipikaben Virendra Soni, Drashti Pal Modi; promoters held 65.74% at 30 June 2026.
More SME companies like SMR Jewels
Other listed SME companies in consumer durables, the closest in size first, each read from its own documents.
- Greenchef AppliancesGREENCHEF · NSE Emerge · Consumer Durables · listed 2023Market cap ₹154 cr
- Black Opal ConsultantsBLACKOPAL · BSE SME · Consumer DurablesMarket cap ₹151 cr
- Yaashvi JewellersYAASHVI · BSE SME · Consumer DurablesMarket cap ₹148 cr
- Patdiam JewelleryPJL · BSE SME · Consumer DurablesMarket cap ₹147 cr
- Esprit StonesESPRIT · NSE Emerge · Consumer Durables · listed 2024Market cap ₹147 cr
- Omara Ventures IndiaOMARA · BSE SME · Consumer DurablesMarket cap ₹144 cr
Built from 2 annual reports, 1 offer document, 5 exchange announcements, 1 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.