Deepa Jewellers IPO

About Deepa Jewellers IPO

The IPO of Deepa Jewellers comprises a fresh issue and an offer for sale. The fresh issue aggregates up to ₹250 crores, while the offer for sale is up to 11,848,340 equity shares. The total issue size is pegged at [TBA]. It’s a 100% book-built issue. The price band is [TBA].

Deepa Jewellers IPO opens on [TBA] and closes on [TBA]. The allotment of shares will take place on [TBA]. The credit of shares to the Demat account will take place on [TBA]. The initiation of refunds will take place on [TBA].

The listing of shares will take place on [TBA]. The lot size of shares in the IPO is [TBA]. The minimum investment amount required by a retail investor is ₹ [TBA] based on the upper price.

Deepa Jewellers is an organised B2B designer, processor and supplier of hallmarked gold jewellery, primarily having operations in Telangana, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala. According to the CRISIL Report, the company is one of the key processors and suppliers of vaddanam and CNC machine cut bangles, distributing to jewellery retail chains and standalone stores.

Objectives of Deepa Jewellers IPO

The company proposes to utilise the IPO proceeds for:

• Funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by the company
  
• General corporate purposes
  

Industry Outlook

In fiscal 2025, the market size of gems and jewellery retail industry in India was ₹8283 Bn. The industry is mainly dominated by the consumption of gold jewellery. The industry showed robust demand growth in fiscal 2024, supported by volume and price growth. At an overall level the industry showcased growth of 18% in fiscal 2024 indicating strong domestic consumption.

The industry is expected to grow by ~33% in fiscal 2026 to ₹10,800-11,200 billion fueled by the rise in international and domestic gold prices. However, elevated gold prices are likely to dampen domestic jewellery demand.

This impact might be mitigated by a reduction in customs duties, robust demand during the festive season, and increased investment-driven gold purchases. Going forward, Crisil Intelligence projects the market size of gems and jewellery retail industry in India to grow at a CAGR of 12-14% between fiscal 2025 and 2030 to reach ₹15,100-15,500 billion by fiscal 2030.

Deepa Jewellers Company Information

Deepa Jewellers is engaged in the business of processing 22 karat gold jewellery, job-work services and trading of jewellery and related products. The company designs, processes and sells a wide range of hallmarked plain gold and precious stone studded jewellery, operating through an outsourced manufacturing model, supported by a network of 40 karigars.

Its products primarily include vaddanam (waist belt), CNC machine cut bangles, gents kada, vanky (armlet), dandpatti (bajuband), gundlamala haaram (traditional neck piece), gundlamala necklace, kangan, earring, mangtika (forehead pendant), maatil (ear chain), champasaralu (ear to hair chain), jada (braid ornament), and rings.

Strengths of Deepa Jewellers

• Strong presence in southern market
• Well established customer base with long-standing relationship with jewellery retail chains and standalone stores
• Diverse product portfolio with varied weight ranges, designs and specialisation in vadannam and CNC machine cut bangles
• Established procurement network and long -standing relationship with karigars
• Well experienced promoters and a professional management team with sectoral experience
• Robust financial performance with consistent growth

Risks of Deepa Jewellers

• Decision by key customers to reduce or terminate their business could significantly impact business, financial condition and results of operations
• Cancellation of the purchase orders could adversely affect business
• Regional concentration could expose the company to economic, cultural, geopolitical and local market risks
• Inability to accurately forecast demand or effectively manage inventory may have an adverse effect on business
• Non-availability or volatility in the cost of gold and absence of hedging facilities may have an adverse effect on business
• Adverse regulatory development or failure by independent bullion dealers to perform their obligations in a timely manner, may have an adverse effect on business
• Failure to comply with quality standards may adversely affect business prospects
• Discontinuation of services by karigars may have a negative effect on reputation
• Decline in the demand for the end products could have an adverse impact on business
• Income and sales are subject to seasonal fluctuations and lower income in a peak season may have a disproportionate effect on results of operations

Anchor Investor Bidding Date

TBA

IPO Registrar and Book Running Lead Managers

• IPO Registrar: Bigshare Services
  
• Book Running Lead Managers: Emkay Global Financial Services and Valmiki Leela Capital
  

Deepa Jewellers Business Model

Deepa Jewellers designs, processes and sells a wide range of hallmarked plain gold and precious stone studded jewellery, operating through an outsourced manufacturing model, supported by a network of 40 karigars.

Its products primarily include vaddanam (waist belt), CNC machine cut bangles, gents kada, vanky (armlet), dandpatti (bajuband), gundlamala haaram (traditional neck piece), gundlamala necklace, kangan, earring, mangtika (forehead pendant), maatil (ear chain), champasaralu (ear to hair chain), jada (braid ornament) and rings. As on November 30, 2025, the company has a product portfolio of 14 products and 76 SKUs across its product categories.

Deepa Jewellers Growth Trajectory

The revenue from operations of Deepa Jewellers grew from ₹921.255 crores in FY 23 to ₹1397.010 crores in FY 25. The company’s EBITDA margin increased from 3.59% in FY 23 to 4.01% in FY 25, while PAT margin increased from 2.39% in FY 23 to 2.90% in FY 25. A well-established customer base and diverse product portfolio have helped the company grow over the years.

Deepa Jewellers Market Position

As of November 30, 2025, the company’s customer network spanned across 13 states and 1 union territory in India with a total customer base of 315 customers, comprising 43 jewellery retail chains and 272 standalone stores. Its products span over a wide range of price points, enabling it to cater to customers across diverse segments.

How to Apply for the Deepa Jewellers IPO?

To apply for this IPO:

• Log in to your Kotak Neo Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Specify IPO details: Enter the number of lots and the price you wish to apply for.
• Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange.
• Mandate Notification: Your UPI app will receive a mandate notification to block funds.
• Approve Request: Your funds will be blocked once you approve the mandate request on your UPI.