Lalithaa Jewellery Mart Limited IPO

1. IPO Snapshot

2. IPO Details

3. IPO Timetable

4. Issue Reservation

5. IPO Lot Size

6. About the Company

Lalithaa Jewellery Mart Limited was incorporated as Lalitha Jewellery Mart Private Limited on November 26, 1985. The name was changed to Lalithaa Jewellery Mart Private Limited in November 2013, and the company was converted into a public company in 2023, becoming Lalithaa Jewellery Mart Limited pursuant to a fresh certificate of incorporation dated January 5, 2024.

The company operates under the “Lalithaa” brand and is primarily a South Indian jewellery retailer. In Fiscal 2026 it operated 61 stores in 51 cities across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and Puducherry. The operational store area was 650,881 sq. ft. The store mix comprised 8 Large Format Stores, 43 Medium Format Stores and 10 Small Format Stores.

The company offers gold, silver, diamond and other jewellery across wedding, festival, daily-wear, men’s and personal-occasion categories, including necklaces, bangles, rings, earrings, pendants, bracelets and chains. It also offers customised jewellery, silver utensils and silverware. Gold jewellery accounted for 92.33% of revenue from operations in Fiscal 2026.

The business follows an asset-light retail model. Of the 61 stores in Fiscal 2026, three were owned by the company and the remaining stores were held on a leave-and-license basis. The company also has two subsidiaries: Asita Jewellery Manufacturing Private Limited and Centigrade Apparels Private Limited. Asita is engaged in manufacturing and trading jewellery, precious stones and metals, while Centigrade derives income from renting immovable property.

The company combines in-house and external manufacturing. In Fiscal 2026, 816 Karigars were under exclusive arrangements with the company and Asita, while 296 Karigars were engaged under short-term, non-exclusive arrangements. The company states that more than 79% of its products are manufactured through Karigars.

Services / Products

• Gold jewellery, including wedding, festival and daily-wear categories.
• Silver jewellery, silverware and utensils.
• Diamond and studded gold jewellery.
• Customised jewellery and designs reflecting regional preferences.
• Jewellery purchase schemes including Dhana Vandhanam, Free-yo-Flexi and Jewellery Pre-Booking.
• Exchange, buyback and financing options.

Competitive Strengths

The RHP identifies strong regional presence in South India, a brand positioned toward mass and value-conscious consumers, brand pull in Tier II and Tier III cities, Large and Medium Format Stores, a broad customer base supported by jewellery schemes, and an asset-light retail model with backward integration, inventory management and quality-control processes as competitive strengths.

7. Company Financials — Restated Financial Information

8. Key Performance Indicators (KPI)

9. IPO Valuation

10. Peer Comparison

11. Shareholding Structure

12. IPO Objects of the Issue

13. Key Risks Highlighted in the RHP

Business concentration The RHP states that gold jewellery represented 92.33% of revenue from operations in Fiscal 2026. A high dependence on gold jewellery means changes affecting this category can affect the company’s results.

Negative operating cash flow The company reported negative cash flow from operating activities of ₹3,977.62 million in Fiscal 2026 and ₹180.02 million in Fiscal 2024. The RHP states that negative operating cash flows may recur.

Customer advances / schemes The company receives advances through jewellery schemes. The RHP identifies obligations associated with these customer schemes and the potential effect on liquidity and operations.

Borrowings and financing Total outstanding borrowings were ₹12,381.00 million as of June 30, 2026 as stated in the risk factor. The RHP also records ₹16,041.36 million of borrowings at March 31, 2026. Financing agreements contain financial covenants and the company may need additional capital as it expands.

Supplier concentration The top three raw-material suppliers contributed 58.03%, 67.20% and 58.03% of relevant procurement measures across the disclosed periods; the RHP also states that more than 69.38% of total raw-material cost came from the top ten suppliers in Fiscal 2026.

Inventory and gold-price risk Jewellery requires substantial inventory investment. At March 31, 2026, inventory was ₹98,162.76 million. The RHP states that gold-price fluctuations can raise inventory costs, affect affordability and influence jewellery demand.

Competition The company operates in a competitive jewellery market involving national chains, regional players, family jewellers, standalone stores and online sellers. The RHP notes that competitors may have greater marketing resources, wider design ranges or stronger brand recall.

Geographic concentrationThe store network is concentrated in South India. Fiscal 2026 revenue from operations came 53.98% from Tamil Nadu, 18.97% from Andhra Pradesh, 14.47% from Telangana, 10.93% from Karnataka and 1.65% from Puducherry.

New-store executionThe company proposes to use ₹10,332.31 million for 10 new stores. The RHP states that precise locations had not been finalised and no binding lease/licence agreements had been executed as of the RHP date.

Litigation and tax mattersThe RHP discloses pending litigation, including a criminal complaint involving the promoter and Asita, and historical income-tax disputes. The audit disclosure refers to income-tax disputes covering assessment years with an aggregate amount of ₹10,860.67 million for Fiscal 2024.

Key personnel / skilled labourThe RHP identifies dependence on experienced management and skilled Karigars. In Fiscal 2026, 816 Karigars were engaged exclusively and 296 under non-exclusive arrangements.

Regulatory and policy changesThe RHP identifies changes in gold-import policy, customs duties and taxation as industry risks that can affect profitability, pricing and business planning.

14. Litigation and Contingent Liabilities

15. IPO Registrar

MUFG Intime India Private Limited (formerly Link Intime India Private Limited), C-101, Embassy 247, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India. Telephone: +91 810 811 4949. E-mail: lalithaajewellery.ipo@in.mpms.mufg.com. Website: www.in.mpms.mufg.com. Contact: Shanti Gopalkrishnan. SEBI Registration No.: INR000004058.

16. IPO Lead Managers

17. Company Contact Details