1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | Deepa Jewellers Limited |
| IPO Type | 100% Book Building Offer; Main Board |
| Fresh Issue | ₹2,500.00 million |
| Offer for Sale | 11,848,340 shares |
| Face Value | ₹2 per Equity Share |
| Price Band | ₹168–₹177 per Equity Share |
| Lot Size | 84 Equity Shares; thereafter in multiples of 84 |
| Opening Date | September 1, 2026 |
| Closing Date | September 3, 2026 |
| Basis of Allotment | On or about September 4, 2026 |
| Listing / Trading | BSE and NSE; BSE is Designated Stock Exchange |
| Registrar | Bigshare Services Private Limited |
| BRLMs | Emkay Global Financial Services Limited; Valmiki Leela Capital Private Limited |
2. IPO Details
| Particulars | At Floor Price ₹168 | At Cap Price ₹177 |
|---|
| Fresh Issue Shares | 14,880,952 | 14,124,293 |
| Fresh Issue Amount | ₹2,500.00 million | ₹2,500.00 million |
| Offer for Sale Shares | 11,848,340 | 11,848,340 |
| Offer for Sale Amount | ₹1,990.52 million | ₹2,097.16 million |
| Total Offer Shares | 26,729,292 | 25,972,633 |
| Total Offer Size | ₹4,490.52 million | ₹4,597.16 million |
| Pre-Offer Shares | 82,000,000 | 82,000,000 |
| Post-Offer Shares | 96,880,952 | 96,124,293 |
| Post-Offer Market Capitalisation | ₹16,276.00 million | ₹17,014.00 million |
3. Issue Reservation
| Category | Reservation / Allocation |
|---|
| QIB | Not more than 50% of Offer; up to 5% of Net QIB Portion available proportionately to Mutual Funds |
| Anchor Investors | Up to 60% of QIB Portion on discretionary basis; specified 40% reservation within Anchor Investor Portion |
| NII | Not less than 15%; one-third for applications >₹0.20 million to ₹1.00 million and two-thirds for >₹1.00 million |
| Retail | Not less than 35% of Offer |
4. IPO Lot Size
| Application | Lots | Shares | Amount at ₹168 | Amount at ₹177 |
|---|
| Retail (Min) | 1 | 84 | ₹14,112 | ₹14,868 |
| Retail (Max) | 13 | 1,092 | ₹1,54,656 | ₹1,93,284 |
| S-HNI (Min) | 14 | 1,176 | ₹1,97,568 | ₹2,08,152 |
| S-HNI (Max) | 67 | 5,628 | ₹9,45,504 | ₹9,96,156 |
| B-HNI (Min) | 68 | 5,712 | ₹9,59,616 | ₹10,11,024 |
5. About the Company
Deepa Jewellers Limited was incorporated as Deepa Jewellers Private Limited in 2016 and converted into a public limited company in 2025.
The Company is an organized B2B designer, processor and supplier of hallmarked gold jewellery, mainly serving Telangana, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala. It supplies jewellery to retail chains and standalone jewellery stores rather than selling directly to consumers.
Its main products are 22-karat hallmarked gold jewellery, including plain and precious-stone studded jewellery. It also undertakes jewellery job work and trades in silver jewellery, 18K/20K gold jewellery, precious stones and gold bullion.
Manufacturing is largely outsourced to karigars. Deepa Jewellers provides the raw materials and designs, while the karigars manufacture the jewellery for a making charge.
As of July 31, 2026, the Company had:
- 16 products and 110 SKUs
- 373 customers, including 47 jewellery retail chains and 326 standalone stores
- 15 in-house designers
- No standalone retail stores of its own
Business Mix
| Particulars | FY2026 | FY2025 | FY2024 |
|---|
| Sale of Products – Processing (₹ million) | 19,074.48 | 12,953.99 | 10,104.00 |
| % of Revenue from Operations | 99.00% | 92.73% | 98.62% |
| Sale of Services – Job Work (₹ million) | 172.29 | 151.02 | 140.02 |
| % of Revenue from Operations | 0.89% | 1.08% | 1.37% |
| Sale of Products – Trading (₹ million) | 19.99 | 865.09 | 1.66 |
| % of Revenue from Operations | 0.11% | 6.19% | 0.02% |
| Total Revenue from Operations (₹ million) | 19,266.76 | 13,970.10 | 10,245.68 |
Competitive Strengths and Growth Strategies
- Strong presence in Southern India, with significant revenue coming from key southern states.
- Established customer relationships with jewellery retail chains and standalone stores.
- Diverse product portfolio, with a focus on products such as vaddanam and CNC machine-cut bangles.
- Established procurement network and relationships with karigars.
- Experienced promoters and management team with industry experience.
- New manufacturing facility: A proposed 6,696 sq. ft. in-house facility in Hyderabad is expected to become operational by the first half of FY2027.
- Southern India expansion: Plans to add a sales office in Bengaluru in FY2027.
- Product expansion: Plans to add two new product categories and 22 SKUs, while expanding the design team from 15 to 20 members.
- Stronger sales and marketing: Marketing team planned to increase from 12 to 25 members, with greater participation in trade exhibitions.
- Technology adoption: Plans to improve digital product discovery, inventory management, gold-wastage recovery and order management.
6. Restated Financial Information
| Particulars (₹ million) | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from Operations | 19,266.76 | 13,970.10 | 10,245.68 |
| Other Income | 10.49 | 30.90 | 11.61 |
| Total Income | 19,277.25 | 14,001.00 | 10,257.29 |
| EBITDA | 1,463.37 | 560.06 | 357.71 |
| Profit Before Tax (PBT) | 1,403.34 | 544.72 | 326.81 |
| Profit After Tax (PAT) | 1,047.88 | 405.80 | 243.47 |
| Basic EPS (₹) | 12.78 | 4.95 | 2.97 |
| Diluted EPS (₹) | 12.78 | 4.95 | 2.97 |
| Finance Cost | 63.14 | 43.62 | 39.63 |
| Depreciation & Amortisation | 7.38 | 2.62 | 2.88 |
| Cost of Materials Consumed | 17,776.79 | 12,505.84 | 10,093.79 |
| Employee Benefits Expense | 40.94 | 18.64 | 20.70 |
| Other Expenses | 36.04 | 32.08 | 21.64 |
| Property, Plant & Equipment (Net) | 22.57 | 6.19 | 7.79 |
| Capital Work in Progress | 22.06 | — | — |
| Inventories | 873.62 | 827.87 | 722.56 |
| Trade Receivables | 2,523.60 | 1,317.33 | 884.50 |
| Trade Payables | 0.90 | 6.01 | 0.30 |
| Total Assets | 3,571.77 | 2,176.74 | 1,746.36 |
| Equity Share Capital | 164.00 | 41.00 | 41.00 |
| Other Equity / Reserves | 2,216.70 | 1,291.08 | 884.53 |
| Net Worth / Total Equity | 2,380.70 | 1,332.08 | 925.53 |
| Non-current Borrowings | 436.54 | 382.17 | 410.93 |
| Current Borrowings | 674.61 | 425.74 | 368.35 |
| Total Liabilities | 1,191.07 | 844.66 | 820.83 |
| Net Cash Flow from Operating Activities | (147.30) | (98.64) | 48.45 |
| Net Cash Flow from Investing Activities | (43.73) | 102.59 | 58.08 |
| Net Cash Flow from Financing Activities | 191.11 | (14.99) | (94.83) |
| Net Increase / (Decrease) in Cash | 0.08 | (11.05) | 11.70 |
| Closing Cash & Cash Equivalents | 1.04 | 0.96 | 12.01 |
| Capital Expenditure – Additions to PPE | 19.87 | 0.95 | 2.79 |
7. Key Performance Indicators
| KPI | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from Operations (₹ million) | 19,266.76 | 13,970.10 | 10,245.68 |
| EBITDA (₹ million) | 1,463.37 | 560.06 | 357.71 |
| EBITDA Margin | 7.60% | 4.01% | 3.49% |
| PAT (₹ million) | 1,047.88 | 405.80 | 243.47 |
| PAT Margin | 5.44% | 2.90% | 2.37% |
| RoE | 56.45% | 35.95% | 30.30% |
| RoCE | 52.08% | 30.60% | 22.76% |
| Debt-to-Equity | 0.47x | 0.61x | 0.84x |
| Inventory Holding Period (days) | 18 | 21 | 22 |
| Debtors Holding Period (days) | 36 | 29 | 32 |
| Creditors Holding Period (days) | 1 | 1 | 1 |
| Net Operating Cycle (days) | 53 | 49 | 53 |
| Total Quantity Sold (kg) | 1,644 | 1,889 | 1,739 |
| Job Work Quantity Processed (kg) | 757 | 485 | 387 |
| Customers | 214 | 206 | 195 |
| Employee Base | 92 | 31 | 34 |
| Geographic Sales Coverage (States/UTs) | 10 | 9 | 9 |
| Revenue per Customer (₹ million) | 90.03 | 67.82 | 52.54 |
| SKUs | 76 | 70 | 61 |
| Product Categories | 14 | 13 | 11 |
8. IPO Valuation
| Metric | Disclosure |
|---|
| Price Band | ₹168–₹177; 84.00x / 88.50x face value |
| P/E based on FY2026 Diluted EPS | 13.15x at ₹168; 13.85x at ₹177 |
| Weighted-Average EPS | ₹8.54 |
| Industry Peer P/E | Highest: 57.56x; Lowest: 10.08x; Average: 23.92x |
| RoNW | FY2026: 56.45%; FY2025: 35.95%; FY2024: 30.30%; Weighted Average: 45.26% |
| NAV per Share | ₹29.03 as of March 31, 2026; ₹50.38 at Floor Price and ₹50.77 at Cap Price after the Offer |
| Basis of Offer Price | Based on qualitative and quantitative factors including Southern India presence, customer base, product portfolio, procurement and karigar relationships, management experience and financial performance |
9. Peer Comparison
| Company | FV ₹ | Closing Price ₹ | Revenue ₹m | Market Cap ₹m | P/B | P/E | EPS Basic ₹ | EPS Diluted ₹ | RoNW | NAV ₹ |
|---|
| Deepa Jewellers Limited | 2 | Issue Price to be determined | 19,266.76 | Issue Price to be determined | — | 13.15x–13.85x* | 12.78 | 12.78 | 56.45% | 29.03 |
| Sky Gold and Diamonds Limited | 10 | 803.60 | 47,083.78 | 124,456.70 | 11.17x | 57.56x | 13.97 | 13.96 | 23.88% | 72.02 |
| Shanti Gold International Limited | 10 | 269.90 | 20,187.09 | 20,712.00 | 3.25x | 12.72x | 21.22 | 21.22 | 37.34% | 83.00 |
| Shringar House of Mangalsutra Limited | 10 | 230.65 | 22,458.17 | 22,242.06 | 3.30x | 17.02x | 13.55 | 13.55 | 26.29% | 70.29 |
| RBZ Jewellers Ltd | 10 | 138.15 | 6,364.80 | 5,526.00 | 1.86x | 10.08x | 13.70 | 13.70 | 20.11% | 74.96 |
| Khazanchi Jewellers Limited | 10 | 802.85 | 20,492.16 | 19,868.00 | 6.21x | 22.22x | 36.10 | 36.10 | 32.45% | 129.14 |
10. Shareholding & Capital Structure
| Shareholder | Pre-Offer Shares | Pre-Offer % | Post-Offer Shares at ₹168 | Post % at ₹168 | Post-Offer Shares at ₹177 | Post % at ₹177 |
|---|
| Ashish Agarwal | 40,005,000 | 48.79% | 34,080,830 | 35.18% | 34,080,830 | 35.45% |
| Seema Agarwal | 40,000,000 | 48.78% | 34,075,830 | 35.17% | 34,075,830 | 35.45% |
| Dev Agarwal | 1,980,000 | 2.41% | 1,980,000 | 2.04% | 1,980,000 | 2.06% |
| Promoters Subtotal | 81,985,000 | 99.98% | 70,136,660 | 72.39% | 70,136,660 | 72.96% |
| Chandrakala Agarwal | 4,800 | 0.01% | 4,800 | Negligible | 4,800 | Negligible |
| Ashish Agarwal HUF | 10,000 | 0.01% | 10,000 | 0.01% | 10,000 | 0.01% |
| Promoter Group Subtotal | 14,800 | 0.02% | 14,800 | 0.02% | 14,800 | 0.02% |
| Laxminarayan Malani | 100 | Negligible | 100 | Negligible | 100 | Negligible |
| Sarika Malani | 100 | Negligible | 100 | Negligible | 100 | Negligible |
| Other Public Shareholders | — | — | 26,729,292 | 27.59% | 25,972,633 | 27.02% |
| Total | 82,000,000 | 100.00% | 96,880,952 | 100.00% | 96,124,293 | 100.00% |
Capital History
| Date | Event | Disclosure |
|---|
| May 5, 2016 | Incorporation | 2,000,000 shares of ₹10 each subscribed by Ashish Agarwal and Seema Agarwal |
| September 17, 2016 | Rights Issue | 2,100,000 shares of ₹10 each; cumulative 4,100,000 shares |
| October/November 2025 | Share Split | Face value subdivided from ₹10 to ₹2; 4.1 million shares became 20.5 million shares |
| November 28, 2025 | Bonus Issue | 61,500,000 shares issued in the ratio of 3 shares for every 1 share held; cumulative 82,000,000 shares |
11. Objects of the Issue
| Object | Amount | Deployment |
|---|
| Long-term Working Capital for procurement, maintenance and scaling up of inventory | ₹2,150.00 million | ₹1,250.00 million in FY2027; ₹900.00 million in FY2028 |
| General Corporate Purposes | [●] | [●] |
12. OFS / Selling Shareholders
| Selling Shareholder | Role | Shares Offered | WACA per Share |
|---|
| Ashish Agarwal | Promoter Selling Shareholder | Up to 5,924,170 | ₹0.50 |
| Seema Agarwal | Promoter Selling Shareholder | Up to 5,924,170 | ₹0.50 |
13. Key Risks Highlighted in the RHP
| Category | RHP Disclosure | Potential Impact |
|---|
| Customer Concentration | Top 10 customers contributed 64.67% of FY2026 revenue and there are no long-term customer contracts. | Loss or reduction of business from major customers could impact revenue. |
| Product Concentration | Vaddanam and CNC machine-cut bangles contributed 41.85% and 30.87% of FY2026 revenue, respectively. | Lower demand or cancellations could affect financial performance. |
| Geographic Concentration | 94.37% of FY2026 revenue came from Southern India. | Regional economic or market changes could affect the business. |
| Inventory Risk | Inventory stood at ₹873.62 million as of March 31, 2026. | Unsold inventory or changes in gold prices could affect value and costs. |
| Gold Price Risk | Gold bullion is a key raw material and its price and availability can fluctuate. | Higher procurement costs could put pressure on margins and cash flows. |
| Supplier Concentration | Top 10 suppliers accounted for 91.81% of FY2026 purchases. | Supplier disruptions could affect availability and procurement costs. |
| Karigar Dependence | The Company relies on third-party karigars, with 41 in its pool as of June 30, 2026. | Production delays or quality issues could affect operations. |
| Negative Operating Cash Flow | Operating cash flow was negative in FY2026 and FY2025. | Continued negative cash flow could affect liquidity and financial condition. |
| Debt / Liquidity | Outstanding indebtedness was ₹1,274.07 million as of July 31, 2026. | Repayment obligations and loan covenants may put pressure on cash flows. |
| Promoter Guarantees | Promoters have provided personal guarantees for borrowings. | Default or withdrawal of guarantees could affect financing. |
| Regulatory Compliance | The Company has reported past delays in filing certain statutory and regulatory forms. | Future non-compliance could result in penalties or proceedings. |
| Design / IP Risk | Jewellery designs are not registered under the Designs Act, 2000. | Imitation of designs could affect competitive advantage and sales. |
| Security Risk | High-value jewellery inventory is held at offices, with karigars and during transit. | Theft, fraud or damage could result in financial losses. |
| Insurance Risk | Insurance may not fully cover losses, and the Company does not maintain product liability insurance. | Uninsured losses could affect financial performance. |
| New Facility Risk | The proposed in-house manufacturing facility was still under installation at the time of the RHP. | Delays or cost overruns could reduce expected benefits. |
| Technology Risk | IT systems are important for business operations. | System failures or security incidents could disrupt operations. |
| IPO / Market Risk | The Equity Shares had no formal public market before the Offer. | There is no assurance of active trading or a particular post-listing price. |
14. Litigation & Contingent Liabilities
| Matter | Disclosure |
|---|
| Material Creditors | 7 creditors; ₹0.84 million outstanding |
| Other Creditors | 5 creditors; ₹0.06 million outstanding |
| Total Trade Payables Disclosed | ₹0.90 million |
| Contingent Liabilities / Commitments | None requiring disclosure as of March 31, 2026, 2025 and 2024 |
15. Registrar
| Particular | Details |
|---|
| Name | Bigshare Services Private Limited |
| Address | Office No. S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India |
| Telephone | +91 22 6263 8200 |
| Email | ipo@bigshareonline.com |
| Investor Grievance Email | investor@bigshareonline.com |
| Website | www.bigshareonline.com |
| Contact Person | Babu Raphael C. |
| SEBI Registration Number | INR000001385 |
16. Lead Manager(s)
| BRLM | Address / Contact | SEBI Registration |
|---|
| Emkay Global Financial Services Limited | The Ruby, 7th Floor, Senapati Bapat Marg, Dadar (West), Mumbai – 400028; +91 22 6612 1212; djl.ipo@emkayglobal.com; www.emkayglobal.com; Vimal Maniyar / Pooja Sarvankar | INM000011229 |
| Valmiki Leela Capital Private Limited | 401–402, Shilp Satved, B/s. Sindhu Bhavan, Sindhu Bhavan Road, Bodakdev, Ahmedabad, Gujarat – 380054; +91 79 650 90099; deepa.ipo@valmikileela.com; www.valmikileela.com; Khush Joshipura / Shravan Suthar | INM000013341 |
17. Company Contact Details
| Particular | Details |
|---|
| Registered Office | Ground floor and first floor, Door No. 3-6-343 & 344, Basheerbagh, Himayathnagar, Hyderabad – 500029, Telangana, India |
| Telephone | +91 76809 62117 |
| Email | cs@deepajewel.com |
| Website | www.deepajewel.com |
| Company Secretary & Compliance Officer | Vandana Modani |
| Contact Person | Vandana Modani |
