Grover Jewells Ltd(GJL)

NSE: GJL

₹ 356.35-5.00%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 517 crWebsite: groverjewells.com/Updated: 24 Oct 2026

About

Grover Jewells Ltd makes jewellery in-house and has mainly sold business-to-business (B2B). It is now moving to a hybrid model that also sells directly to consumers (D2C) through its own showrooms. Revenue from operations was ₹82,420.98 lakhs in FY26, up from ₹46,080.29 lakhs in FY25, and the company had 933 active customers in FY26. It is listed on the NSE SME Emerge platform.^[1][2]

Business model

The company is moving from a B2B-only model to a hybrid D2C jewellery brand that combines physical showrooms, a mobile app and a virtual store that is being built (stated at the Q1 FY27 call).^[1]

Manufacturing

In FY26 the company brought all production in-house, covering every step from start to finish, with annual production capacity of more than 3 tons.^[1]
Its plant runs imported machines from Sisma, Schultheiss, Masterix, Otac, Elma and Ompar.^[1]

Key operating numbers

Production volume: 916.31 kg in FY26 vs 795.46 kg in FY25.^[1]
Active customers: 933 in FY26 vs 321 in FY24, a rise of about 191% over two years.^[1]

Customers and reach

The Q1 FY27 presentation gives a presence across 21 Indian states, while another line in the same document says 17 states.^[1]
The company has an international presence in the UAE and Australia (as of the Q1 FY27 call).^[1]
Showrooms are in Chandni Chowk and Karol Bagh in Delhi and Zaveri Bazaar in Mumbai. The Mumbai office serves Western and Southern India.^[1]

Expansion plans

The company plans to open showrooms quickly in Tier-1 and Tier-2 cities across India. No number of stores or timeline was given.^[1]
It plans to launch a virtual store alongside its mobile app and physical showrooms for direct sales to consumers.^[1]
It plans to grow its international business by taking part in jewellery shows and exhibitions to win foreign clients.^[1]

Recent developments

The company became a public limited company named Grover Jewells Limited and listed on the NSE SME Emerge platform. Equity share capital rose from ₹266.56 lakhs in FY25 to ₹1,450.72 lakhs in FY26.^[1]
The debt-to-equity ratio fell to 0.39x in FY26 from 0.56x.^[1]

Market Cap

₹517 Cr

High / Low

₹526 / 91

Stock P/E

31.6

Price / Book

0.0

Book Value

₹48

EPS

₹14.6

No. of Shares

1.45 Cr

ROCE

29.2%

ROE

30.5%

OPM

3.4%

Debt / Equity

0.39

Sales

₹824 Cr

Net Profit

₹21 Cr

Promoter holding

73.6%

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