In the world of gold and glimmer, few events shimmer quite like a promising IPO in the jewellery sector. Pushpa Jewellers, a wholesale B2B gold jewellery manufacturer with an impressive national and growing international footprint, is all set to tap the capital markets through its Initial Public Offering (IPO) scheduled from 30 June to 2 July 2025.
For investors looking to ride the wave of India’s organized jewellery boom, Pushpa Jewellers’ IPO might be more than just another public issue—it could be a golden ticket.
Pushpa Jewellers IPO Review: Offer Snapshot
- Issue Price: INR 143 – 147 per share
- Face Value: INR 10
- Lot Size: 1,000 shares (Investment minimum of INR 1,47,000)
- IPO Size: 67.11 lakh shares aggregating to INR 95.97 – 98.65 crore
- Fresh Issue: 53.69 lakh shares (INR 76.77 – 78.92 crore)
- Offer for Sale: 13.42 lakh shares (INR 19.19 – 19.73 crore)
- Retail Allocation: 35%
- Listing Date: 7 July 2025
- Stock Exchange: NSE EMERGE
A Glittering Journey Rooted in Heritage
Pushpa Jewellers began its journey on 3 June 2009 as a private limited company in Kolkata, later transitioning to a public limited entity in July 2024. With over two decades of operational heritage under the leadership of the Tibrewal family—Anupam, Madhur, and Mridul—the company has solidified itself as a premier B2B gold jewellery supplier.
With showrooms in Hyderabad, Bangalore, and Chennai, and a fourth planned for Vijayawada, Pushpa Jewellers’ network is built for scale. The company exports to Dubai, Australia, and the United States, with domestic sales still forming the lion’s share of its revenue.
Business Model: Focused, Lean, and Scalable
Pushpa Jewellers operates on a hybrid model with in-house design and outsourced manufacturing through 33 skilled Karigars in Kolkata. This model balances cost with craftsmanship and allows the company to be agile with products.
The in-house design team (led by the promoters themselves) creates the initial design. These designs are then brought to life by external Karigars and undergo two to three levels of quality checks before final production. This controlled yet flexible setup is key to Pushpa’s superior margins and quick design-to-market execution.
Industry Overview: Jewellery Sector
India’s jewellery industry is valued at USD 85.52 billion in 2023 and is expected to grow at a 5.7% CAGR till 2030, driven by urbanization, digital adoption, and formalization. Organised players now command 36-38% market share, up from 22% in FY19 due to policy support, FDI, and franchise-led expansion. South India leads consumption, while exports benefit from FTAs and shifting global dynamics. Budget 2024-25’s import duty cuts and tax reforms have further strengthened the industry outlook.
Financial Performance: Consistent Growth, Improving Margins
| Metric (INR Crore) | FY 2023 | FY 2024 | FY 2025 |
| Revenue | 165.80 | 255.34 | 281.06 |
| Expenses | 153.93 | 237.33 | 251.47 |
| Net Income | 8.14 | 13.58 | 22.29 |
| EPS (INR) | 4.32 | 7.20 | 11.82 |
| RONW (%) | 36.20 | 37.63 | 38.34 |
| ROCE (%) | 21.84 | 30.62 | 27.84 |
| Debt/Equity | 0.66 | 0.23 | 0.38 |
| EBITDA Margin (%) | 7.74 | 7.78 | 11.30 |
The company has shown 69.5% revenue growth from FY 2023 to FY 2025 and tripled its net profit in the same period. The most impressive figure? An EPS of INR 11.82, translating to a P/E ratio of 12.10 – 12.44, based on the IPO price band—an attractive proposition compared to listed peers like Sky Gold (P/E 5.52) and Khazanchi Jewellers (P/E 30.98).
Top-Line Strength: Necklace Dominance
Pushpa’s revenue mix shows heavy reliance on high-value items:
| Product | FY 2025 Sales (INR Cr.) | % of Sales |
| Necklace | 199.76 | 71.07 |
| Earrings | 47.76 | 16.99 |
| Mala | 32.45 | 11.54 |
This dominance of necklace sales points to Pushpa Jewellers’ ability to command high margins in premium product categories.
Geographical Performance: The Southern Stronghold
| Top States (FY 2025) | Revenue (INR Cr.) |
| Telangana | 89.30 |
| Karnataka | 77.26 |
| Tamil Nadu | 29.31 |
| Andhra Pradesh | 44.92 |
| Maharashtra | 12.09 |
Southern India contributes 85% of Pushpa Jewellers‘ domestic revenue, so it’s a big deal for retail investors to understand this.
Export Expansion: From Embers to Flame
Though exports currently make up just 2% of total revenue (INR 6.13 crore in FY 2025), the company is actively investing in digital AI-based customer engagement platforms for its international clients. This includes virtual sales agents, design-sharing bots, and automated quote generators—a clear play toward margin-rich, global B2B sales.
Pushpa Jewellers IPO Review: Fund Utilization
| Use of Funds | (INR Cr.) |
| Working Capital | 45.39 |
| New Showroom Setup (Capex + Stock) | 5.36 |
| General Corporate & Issue Expenses | To be finalized |
With over INR 45 crore earmarked for working capital, the company is looking to scale inventory and streamline supply chains, key to ensuring smoother execution in its wholesale operations.
Unique Strengths That Set Pushpa Jewellers Apart
- Two Decades of Legacy: Spearheaded by first-generation entrepreneurs with over 20 years of industry experience.
- CRM-Driven B2B Sales: Relationship-led model focused on regional and national family jewellers.
- Design-First Philosophy: Unique coding system allows repeat orders and customizations to be made efficiently.
- Digital-First Post-Pandemic Strategy: AI-driven design recommendations and international client interaction systems.
- Lean Operations: No contractual employees except Karigars; lower fixed costs, higher flexibility.
- Robust Quality Assurance: BIS hallmark compliance, third-party purity testing, and in-house quality checks.
Pushpa Jewellers IPO Review: Risk Factors
- Customer Concentration: A big chunk of revenue comes from a few customers; loss of any key account can impact financials.
- Supplier Dependency: A big portion of raw materials is sourced from top suppliers. Disruption or price hike can impact production, pricing, and profitability. The top 10 suppliers contribute to 85% of purchases; the loss of any key supplier can impact operations.
- Regional Revenue Concentration: 87%-89% of revenue comes from Southern states, so the company is vulnerable to regional economic or regulatory disruptions.
- Trade Receivables Risk: Trade receivables have grown from INR 50.73 crore in FY24 to INR 19.67 crore in FY25. Poor receivables management can impact cash flow, profitability and liquidity.
- Volatile Operating Cash Flow: The company has shown fluctuating cash from operations: INR 0.15 crore (FY25), INR 8.79 crore (FY24), INR 0.14 crore (FY23) due to rising trade receivables (INR 19.67 crore in FY25 vs INR 5.07 crore in FY24) and inventories (INR 35.49 crore in FY25 vs INR 28.29 crore in FY24) indicating working capital intensity and liquidity risks.
- Promoter guarantees for secured debt may be a risk; withdrawal or termination can trigger loan repayment demand or termination and affect financials unless alternate funding is arranged.
Verdict: A Solid Bet on India’s Organised Jewellery Boom
From unorganised to organised jewellery markets—from 20% in 2019 to 36% in 2024—is a tailwind for Pushpa. With a pan-India presence, digital-first tools, and a strong design-led heritage, Pushpa Jewellers is well placed for long-term wealth creation.
For medium to long-term investors and mid-cap B2B retail plays, this IPO could be a gem in the portfolio. For more information related to IPO GMP, SEBI IPO Approval, Live Subscription, stay tuned to IPO Central.