Pushpa Jewellers Limited, established in 2009 and headquartered in Kolkata, is a leading B2B manufacturer specializing in lightweight 22kt gold jewellery that blends traditional artistry with modern innovation. The company is recognized for its elegant and minimalistic designs, catering to the evolving needs of retailers across India. The Pushpa Jewellers IPO aims to raise up to ₹98.65 crore through the issuance of 67,11,000 equity shares at a price band of ₹143 – ₹147 per share.
₹00
₹147
₹112.00
Expert Opinions
Market sentiment around the Pushpa Jewellers IPO is strong, supported by robust investor interest in India’s jewellery sector and recent financial performance. The company’s strengths include impressive revenue growth—rising from ₹123.35 crore in FY2022 to ₹255.49 crore in FY2024—alongside healthy profitability, a focus on lightweight and contemporary jewellery, and a well-established B2B model serving multi-outlet retail chains. However, risks such as exposure to gold price volatility, dependency on a concentrated client base, and intense competition could challenge future stability.
The Pushpa Jewellers IPO valuation analysis for FY2025 is underpinned by a high Return on Equity (ROE) of 47.31% and a robust Return on Capital Employed (ROCE) of 27.84%, reflecting efficient capital utilization and strong profitability. For long-term investors, Pushpa Jewellers’ ability to sustain growth, expand its retail partnerships, and leverage its operational efficiency will be critical to delivering sustainable returns in the evolving Indian jewellery market.
Investor Considerations
Investors evaluating the Pushpa Jewellers IPO should first review the company’s performance and fundamentals: Pushpa Jewellers has demonstrated robust growth, with revenue rising by 10% and profit after tax surging by 64% between FY2024 and FY2025, underscoring strong operational execution and profitability. The sector outlook remains positive, supported by rising gold demand, cultural significance of jewellery in India, and a resilient B2B market for lightweight, contemporary designs.
The Pushpa Jewellers IPO valuation for FY2025 presents a price-to-book value of 7.68, a PAT margin of 7.93%, and a debt/equity ratio of 0.38, indicating premium pricing, healthy profitability, and conservative leverage. Growth prospects are further underpinned by expansion plans and a focus on operational efficiency. Key risk factors include exposure to gold price volatility, reliance on a few large clients, and sector competition. Short-term investors may target listing gains, while long-term investors should focus on the company’s ability to sustain growth, diversify its client base, and capitalize on sector tailwinds for sustainable returns.
| Date | GMP | Trend |
|---|---|---|
| 06 Jul 2025 17.08 | ₹00 | --- |
| 05 Jul 2025 10.28 | ₹00 | --- |
| 04 Jul 2025 10.38 | ₹00 | --- |
| 02 Jul 2025 13.39 | ₹00 | --- |
| 29 Jun 2025 10.52 | ₹00 | --- |
| 28 Jun 2025 13.49 | ₹00 | --- |
| 27 Jun 2025 13.24 | ₹00 | --- |
| 26 Jun 2025 11.22 | ₹00 | --- |
| 25 Jun 2025 14.36 | ₹00 | --- |
FAQs
The Grey Market Premium showed poor accuracy in predicting Pushpa Jewellers IPO’s listing performance. With a final GMP of ₹0, it suggested a flat listing around the issue price of ₹147. However, the stock listed significantly lower at ₹112, delivering a negative return of -23.81%. This resulted in a prediction error of 23.81%, where the GMP failed to capture the negative direction and magnitude of the listing, reflecting low reliability in this case.
Pushpa Jewellers IPO Current GMP is ₹00.
Pushpa Jewellers IPO Expected Returns is 0.00%.
Pushpa Jewellers IPO estimated listing price is ₹147.