GROVER JEWELS LIMITED (GJL)
Introduction
Grover jewels limited GJL is a company specialised in manufacturing and wholesaling high quality gold jewellery, specialised for intricate gold designs of chains and other jewellery, with 18 karat, 20 karat and 22 karat.
Company overview
Grover Jewells Limited is a fast-growing SME jewellery manufacturer transitioning from a small workshop into a large-scale organized player. With its IPO and expansion into retail, the company aims to strengthen its position in India’s evolving branded jewellery market. GJL operates under a B2B model, specialised in serving jewellers, retailers, and bulk-buyers with in-house production and buyer. The company was established in 2021 in Delhi.
Promoter and founder introduction
The grover jewel limited was founded by Deepak Kumar Grover in 2021.
He is the managing director of the company. He has done his Bachelors in Business Administration from Delhi University. The business began with two
machines, focusing on gold chain production before diversifying into casting.
Lavkesh kumar grover is the executive director of the
company.
Deepak Kumar Grover
Lavkesh Kumar Grover
Financial statement analysis
Income statement
Metric | Mar 2023 | Mar 2024 | Mar 2025 |
Sales | 255 | 258 | 461 |
Expenses | 251 | 253 | 449 |
Operating Profit | 4 | 5 | 11 |
OPM % | 2% | 2% | 2% |
Other Income | -0 | 0 | 0 |
Interest | 0 | 0 | 1 |
Depreciation | 1 | 1 | 1 |
Profit before tax | 3 | 3 | 9 |
Tax % | 18% | 18% | 18% |
Net Profit | 3 | 3 | 8 |
Balance sheet
Particulars | Mar 2023 | Mar 2024 | Mar 2025 |
Equity Capital | 3 | 3 | 3 |
Reserves | 4 | 6 | 14 |
Borrowings | 4 | 4 | 9 |
Other Liabilities | 2 | 1 | 4 |
Total Liabilities | 12 | 14 | 30 |
Fixed Assets | 3 | 4 | 5 |
CWIP (Capital WIP) | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Other Assets | 9 | 10 | 25 |
Total Assets | 12 | 14 | 30 |
Cash Flow
Cash Flow Activity | Mar 2023 | Mar 2024 | Mar 2025 |
Cash from Operating Activity | 2 | 3 | 0 |
Cash from Investing Activity | -2 | -2 | -2 |
Cash from Financing Activity | 0 | 0 | 4 |
Net Cash Flow | 0 | 0 | 2 |
Key Ratios
Ratio | Mar 2023 | Mar 2024 | Mar 2025 |
Debtor Days | 0 | 1 | 0 |
Inventory Days | 12 | 11 | 16 |
Days Payable | 2 | 0 | 2 |
Cash Conversion Cycle | 10 | 12 | 15 |
Working Capital Days | 9 | 11 | 11 |
ROCE % | - | 32% | 52% |
Key Interpretation and Insights
Strength
It operates an in-house manufacturing centre in Dehli. They allow complete control and compilation activities.
Weakness
The company has a concentrated revenue in chains, which leads to adverse shifts in demands of the product.
Risk factor
The high fluctuuations in the price of gold, leads to high costs of raw material and inventory. Hence, leading to more expense.
Future outlook
The company expansion in IPO for fulfilling the working capital requirement, to evolve the manufacturing capability.
Conclusion
Grover Jewells Limited is a rapidly growing Delhi-based jewellery manufacturer and wholesaler, showing robust top-line growth and expanding into international markets.
Sources
Grovers jewel limited
Screener
India IPO
Zerodha