Deepa Jewellers IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Deepa Jewellers

Price band

₹168 – ₹177

Lot size

84 shares

Min investment

₹14,868

Issue size

₹459.72 Cr

About the company

Deepa Jewellers Ltd was started in 2016. The company is in the retail and wholesale trading of gold and diamond jewellery. It sources, designs and sells jewellery in both traditional and modern designs. Its product range covers vaddanam, which is a waist belt, CNC machine cut bangles, gents kada, vanky or armlet, dandpatti also called bajuband, gundlamala haaram and necklace, kangan, earrings, mangtika or forehead pendant, maatil which is an ear chain, champasaralu which is an ear to hair chain, jada or braid ornament, and rings. As on 31 July 2026 it had 16 products and 110 SKUs across these categories. The company sells mainly to other jewellers rather than to the public. As on 31 July 2026 its customer network covered 13 states and one union territory with 373 customers, made up of 47 jewellery retail chains and 326 standalone stores. It is strongest in the southern market and specialises in vaddanam and CNC machine cut bangles. It also uses a mobile application under its own name, commissioned in June 2021, to show high resolution images of its designs to customers who are far away.

Deepa Jewellers Ltd trades in gold and diamond jewellery on a retail and wholesale basis, with a strong presence in the southern market and a specialisation in vaddanam waist belts and CNC machine cut bangles. As on 31 July 2026 it served 373 customers across 13 states and one union territory.

IPO details

Issue price: ₹177
Price band: ₹168 – ₹177
Face value: ₹2
Lot size: 84
Min investment: ₹14,868
Issue size: ₹459.72 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7922
NSE symbol: DEEPA.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	84	₹14,868
Retail (Max)	13	1,092	₹1,93,284
S-HNI (Min)	14	1,176	₹2,08,152
B-HNI (Min)	68	5,712	₹10,11,024

Investor reservation

CATEGORY	RESERVED
QIB	1,29,86,317 shares (50.00% of the Offer)
NII	38,95,895 shares (15.00% of the Offer)
Retail	90,90,422 shares (35.00% of the Offer)

Objects of the issue

1Funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by the Company215.00

2General corporate purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	357.18	217.67	174.64
Total Income	1,927.73	1,400.10	1,025.73
Profit After Tax	104.79	40.58	24.35
EBITDA	146.34	56.01	35.77
NET Worth	238.07	133.21	92.55
Reserves and Surplus	221.67	129.11	88.45
Total Borrowing	111.11	80.79	77.93

Key performance indicators

RoE

56.45%

RoCE

52.08%

RoNW

56.45%

PAT Margin

5.44%

EBITDA Margin

7.60%

Debt / Equity

0.47

NAV (₹)

29.03

✓ Strengths

• Profit has grown more than four times in two years, from Rs 24.35 crore in FY2024 to Rs 40.58 crore in FY2025 and Rs 104.79 crore in FY2026.

• Sales have almost doubled over the same period, from Rs 1,025.73 crore in FY2024 to Rs 1,400.10 crore in FY2025 and Rs 1,927.73 crore in FY2026.

• EBITDA rose sharply from Rs 35.77 crore in FY2024 to Rs 56.01 crore in FY2025 and Rs 146.34 crore in FY2026.

• Return ratios are the highest among the current mainboard issues, with RoCE of 52.08% and RoNW of 56.45%.

• Net worth grew from Rs 92.55 crore in FY2024 to Rs 238.07 crore in FY2026.

• The customer base is wide and spread out, with 373 customers made up of 47 jewellery retail chains and 326 standalone stores across 13 states and one union territory.

• It has a specialisation in vaddanam and CNC machine cut bangles, which are not made well by every supplier.

• Rs 215 crore of the fresh money goes into building up inventory, which in this trade directly supports higher sales.

⚠ Risks

• The profit margin is thin at 5.44%. In gold jewellery the metal itself is most of the sale value, so a small movement in cost or price changes the profit sharply.

• The P/E and EPS are not stated in the data available to us, so the issue cannot be compared with jewellery peers on earnings from here.

• The growth is very fast for a young company. It was started only in 2016 and profit has gone up more than four times in two years, which is difficult to keep up.

• Borrowing rose from Rs 80.79 crore in FY2025 to Rs 111.11 crore in FY2026.

• The entire Rs 215 crore of fresh money goes into inventory, that is gold stock, and not into any fixed asset or new capacity.

• This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

• The business is concentrated in the southern market, so any slowdown or added competition in that region affects most of the sales.

• Selling to jewellery chains and stores means the buyers decide order size and payment terms, and gold price swings affect how much they stock.

• Promoter holding will come down from 100% to 72.98% after the issue.

Promoters & holding

Ashish Agarwal, Seema Agarwal and Dev Agarwal

Pre-issue promoter holding

100%

Post-issue promoter holding

72.98%

Data refreshed 07 Nov 2026, 05:00 pm IST. GMP is unofficial market sentiment, not investment advice.