Deepa Jewellers Mainboard IPO | Sept 1–3
₹459.7 Cr issue | Fresh: ₹250 Cr | OFS: 1.18 Cr shares
Price band: ₹168–₹177 | Retail quota: 35%
Lot: 84 shares (~₹14,868 at cap)
B2B manufacturer-supplier of hallmarked gold jewellery to retail chains and standalone stores.
Products: Vaddanam, CNC-cut bangles, kadas, necklaces, armlets & other traditional gold jewellery.
Business snapshot
• 373 customers across 13 states + 1 UT
• 47 retail chains + 326 standalone stores
• ~94% revenue from South India
• 41 karigars
• Top 10 customers ~50% of revenue
Financials
FY24: Rev ₹1,026 Cr | PAT ₹24 Cr
FY25: Rev ₹1,400 Cr | PAT ₹41 Cr
FY26: Rev ₹1,928 Cr | PAT ₹105 Cr
Rev CAGR (FY23–26): ~28%
PAT CAGR (FY23–26): ~68%
• Highest ROE among listed peers: 56.5%
• Highest ROCE among peers: 52.1%
• Asset-light model
• Efficient working capital
• Strong ties with organised jewellers
Another Interesting fact: Valmiki Leela Capital’s first-ever IPO mandate comes with Deepa Jewellers with Emkay Global Financial Services leading alongside!
Watch valuation, regional mix and customer dependence before applying.
September 1, 2026 191
