Lalithaa Jewellery Mart IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Lalithaa Jewellery Mart

Price band

₹190 – ₹201

Lot size

74 shares

Min investment

₹14,874

Issue size

₹1,700 Cr

About the company

Lalithaa Jewellery Mart Limited was started in November 1985. It is a jewellery retail company from South India. The company sells gold, silver, diamond and other precious and semi-precious jewellery. Its main customers are middle class and value conscious buyers who look at price carefully before buying. The company is strong in Tier II and Tier III cities of South India. It runs Large Format Stores and Medium Format Stores. It follows an asset light model with backward integration, which means it makes a part of its own jewellery and keeps control on quality and stock. It also runs several jewellery saving schemes, which bring customers back to the store again and again. As on 31 March 2026, the company had 7,059 employees working in sales, security, administration, back office and management roles.

Lalithaa Jewellery Mart Limited is a South India based jewellery retail chain running since 1985. It sells gold, silver and diamond jewellery to mass and value conscious buyers through Large and Medium Format Stores, with deep reach in Tier II and Tier III cities.

IPO details

Issue price: ₹201
Price band: ₹190 – ₹201
Face value: ₹5
Lot size: 74
Min investment: ₹14,874
Issue size: ₹1,700 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7886
NSE symbol: LALITHAA.NS
Employee discount: Rs 19.00 per share

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	74	₹14,874
Retail (Max)	13	962	₹1,93,362
S-HNI (Min)	14	1,036	₹2,08,236
B-HNI (Min)	68	5,032	₹10,11,432

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50% of the offer
Retail	Not less than 35% of the offer
NII	Not less than 15% of the offer

Objects of the issue

1Funding expenditure towards setting-up of 10 New Stores: (a) Capital expenditure for fit-outs in the nature of furniture and fixtures, equipment, IT hardware and software34.55

2Funding expenditure towards setting-up of 10 New Stores: (b) Expenditure towards inventory costs for setting up of New Stores998.68

3General corporate purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	10,945.14	6,929.68	5,182.26
Total Income	25,039.80	16,907.88	16,800.62
Profit After Tax	1,009.82	364.73	359.83
NET Worth	3,033.14	2,028.80	1,667.78
Reserves and Surplus	2,679.74	1,675.39	1,552.46
Total Borrowing	1,604.14	949.26	824.18

Key performance indicators

P/E Ratio

11.14

EPS (₹)

18.04

RoE

41.60%

RoCE

42.60%

RoNW

39.90%

PAT Margin

4.04%

Debt / Equity

0.53

NAV (₹)

58.60

✓ Strengths

• FY2026 was a very strong year. Total income grew 48% from Rs 16,907.88 crore to Rs 25,039.80 crore, and profit after tax grew 177% from Rs 364.73 crore to Rs 1,009.82 crore.

• Return ratios are high. RoCE was 42.60% and RoNW was 39.90%.

• The issue is priced low on earnings. At the upper band of Rs 201 the post issue P/E is about 11.14 times on an EPS of Rs 18.04.

• The company has a long track record. It has been in the jewellery business since November 1985, which is about 40 years.

• It has deep reach in Tier II and Tier III cities of South India, where organised jewellery chains are still growing.

• Out of the Rs 1,700 crore issue, Rs 1,200 crore is fresh money. About Rs 1,033.23 crore of that is for opening 10 new stores.

• The jewellery schemes give the company a steady flow of customer money and repeat buying.

⚠ Risks

• The big jump in profit is of one year only. Between FY2024 and FY2025 total income was almost flat, moving only from Rs 16,800.62 crore to Rs 16,907.88 crore, which is less than 1% growth.

• Profit margin is thin. PAT margin was only 4.04%, which is normal in gold retail but means a small rise in cost or fall in price can hurt profit quickly.

• Borrowing went up 69% in one year, from Rs 949.26 crore to Rs 1,604.14 crore.

• Rs 500 crore of the Rs 1,700 crore issue is an offer for sale. That money goes to the selling shareholders, not to the company.

• Most of the fresh money goes into stock, not into fixed assets. Out of Rs 1,033.23 crore for new stores, Rs 998.68 crore is for inventory. This is a working capital heavy business.

• The business is concentrated in South India. Any slowdown, local competition or regulation in that region will affect almost the whole business.

• Gold price movement and festive season demand decide sales. A sharp rise in gold price usually slows down buying by volume.

• Promoter holding will come down from 97.72% to 82.85% after the issue.

Promoters & holding

M.Kiran Kumar Jain and Hemaa Kiran Kumar Jain

Pre-issue promoter holding

97.72%

Post-issue promoter holding

82.85%

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