Introduction:
Imagine a family-run jewellery store in Chennai’s bustling Sowcarpet that started with crafting wedding bangles — and now dreams of making its debut on the BSE. Sounds like a movie, right? But that’s Manoj Jewellers Ltd for you.
Now, with an IPO launching on May 5, 2025, investors across India are asking: Is this just another small-cap gamble? Or is this a hidden gem waiting to shine in your portfolio?
Let’s cut through the glitter and get to the gold.
Manoj Jewellers IPO Snapshot
| Particular | Details |
|---|---|
| IPO Open Date | May 5, 2025 |
| IPO Close Date | May 7, 2025 |
| Issue Type | Fixed Price Issue |
| IPO Price | ₹54 per share |
| Lot Size | 2000 shares (₹1,08,000 minimum) |
| Retail Quota | 50% |
| HNI Quota | 50% |
| Listing Platform | BSE SME |
| IPO Size | ₹16.20 crores |
| Allotment Date | May 8, 2025 |
| Listing Date | May 12, 2025 |
The Real Story: Who Is Manoj Jewellers?
Founded in 2007, Manoj Jewellers isn’t just another bling brand. It carved its space offering traditional 22kt gold ornaments with a modern touch — think gajras and bangles alongside pendants and bracelets. The secret sauce? BIS hallmark purity, competitive pricing, and timely delivery.
From just a few employees and local clientele, it now stands ready to raise capital via IPO to expand operations. The company is driven by promoters S Manojkumar, Raj Kumari M, S Sunil, and Shalu, who are betting big on India’s ever-glistening wedding jewellery market.
The Numbers Don’t Lie: Financial Performance
Let’s take a peek at the last three years:
| Year | Revenue (₹ Cr) | Profit (₹ Cr) | Assets (₹ Cr) |
|---|---|---|---|
| FY22 | ₹6.76 | ₹0.36 | ₹15.18 |
| FY23 | ₹13.64 | ₹0.62 | ₹12.99 |
| FY24 | ₹43.38 | ₹3.24 | ₹26.22 |
| Dec 2024 | ₹42.97 | ₹3.77 | ₹34.68 |
Growth story? Absolutely.
The revenue has skyrocketed by over 3x in just one year, and profits followed suit — showing this isn’t just about selling gold, it’s about smart scaling.
Decoding the Valuation – Is ₹54 Fair?
Here’s a quick look at the valuation indicators:
| KPI | Value |
|---|---|
| EPS | ₹5.42 |
| P/E Ratio | 9.96 |
| RONW | 33.08% |
| ROCE | 30.57% |
| Debt-Equity Ratio | 1.57 |
| NAV | ₹16.37 |
For a jewellery firm growing this fast, a P/E below 10 and 30%+ returns suggest undervaluation — especially when you compare it to peers like D.P. Abhushan and Moksh Ornaments.
Peer Comparison
| Company | EPS | PE Ratio | RoNW | NAV |
|---|---|---|---|---|
| Manoj Jewellers | ₹5.42 | 9.96 | 33.08% | ₹16.37 |
| D.P. Abhushan | ₹27.8 | 51.73 | 25.91% | ₹235.41 |
| Moksh Ornaments | ₹1.17 | 11.41 | 10.92% | ₹10.67 |
| Shubhlaxmi Jewel Art | ₹1.22 | 13.65 | 5.63% | ₹20.44 |
Clearly, Manoj Jewellers offers better profitability and valuation ratios for small-cap investors looking for long-term plays.
Why Is the Company Going Public?
- To strengthen its working capital
- To invest in corporate expansion
- And let’s be honest — to build a brand that scales beyond regional borders
They’re not in it for a one-time show. This is about serious business.
Should You Invest?
Let’s simplify:
Pros:
- Strong 3-year financial growth
- Reasonable valuation
- High RoNW and EPS
- Gold demand in India is ever-growing
Cons:
- SME IPO – low liquidity post-listing
- ₹1L+ minimum investment — not for casual investors
- Concentrated promoter control
Real-Life Example:
Think of it this way — you’ve seen small jewellery stores go big, right? Brands like Kalyan or PC Jewellers once started out local too.
If Manoj Jewellers maintains quality and scales wisely, your ₹1,08,000 could potentially become ₹2,00,000+ in a few years. But only if you’re in for the long haul.
FAQs – Google Snippet Friendly
What is the Manoj Jewellers IPO date?
The IPO opens on May 5, 2025 and closes on May 7, 2025.
What is the IPO price and lot size?
The IPO is priced at ₹54 per share with a lot size of 2000 shares, i.e., ₹1,08,000.
Is Manoj Jewellers IPO a good buy?
If you’re a long-term investor looking for a high-growth small-cap in the jewellery space, this IPO could be worth considering.
Where will Manoj Jewellers IPO be listed?
It will be listed on BSE SME on May 12, 2025.
Final Thoughts – Should You Let It Shine in Your Portfolio?
Manoj Jewellers’ IPO isn’t just another listing — it’s a bold leap from a local legacy to public trust.
If you believe in gold, tradition, and stories that scale — this could be your bet.
But remember: glitter doesn’t always mean gold — research well, understand your risk, and invest wisely.