Deepa Jewellers IPO

About Deepa Jewellers IPO

The Deepa Jewellers Limited IPO, a mainboard IPO, opens on Tuesday, September 1, 2026, and closes on Thursday, September 3, 2026. The allotment of shares will take place on Friday, September 4, 2026. The credit of shares to the demat account will take place on Monday, September 7, 2026. The initiation of refunds will take place on Monday, September 7, 2026. The listing of shares will take place on Tuesday, September 8, 2026.

The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 1,41,24,293 shares aggregating up to ₹250 crore. The offer for sale portion includes up to 1,18,48,340 shares of face value ₹2 each aggregating up to ₹210 crore. The total issue size is 2,59,72,633 shares aggregating up to ₹460 crore.

Deepa Jewellers IPO's price band is set at ₹168 to ₹177 per share. The lot size for an application is 84 shares. The minimum amount of investment required by a retail investor is ₹14,868 (84 shares) based on the upper price band.

Deepa Jewellers is an organised business-to-business designer, processor, and supplier of hallmarked gold jewellery, with a network of 373 customers spanning 13 states and one union territory as of July 31, 2026. The company specialises in vaddanam and CNC machine cut bangles and serves jewellery retail chains and standalone stores across Southern India.

Objectives of Deepa Jewellers IPO

• Funding long-term working capital requirements towards procurement, maintenance, and scaling up of inventory by the company.
• General corporate purposes. The company will also achieve the benefit of listing the equity shares on the stock exchanges, enhancement of its visibility and brand name, and creation of a public market for its equity shares in India. The company will not receive any proceeds from the offer for sale portion, which will accrue to the Promoter Selling Shareholders.

Industry Outlook

India's business-to-business gems and jewellery industry has expanded sharply. Its market size rose from ₹3,030 billion in FY22 to ₹7,301 billion in FY26, reflecting a compound annual growth rate of 24.6% over the period. This growth was supported by rising retail demand, higher gold prices, and the steady formalisation of the trade. Momentum is expected to moderate ahead. The B2B segment is projected to grow at a 2–3% CAGR between FY26 and FY30.

South India anchors the sector. The gems and jewellery retail industry in the South Indian region was valued at ₹5,026 billion in FY26, about 40% of the overall Indian market. According to the CRISIL Report, the southern region is estimated to grow at a CAGR of 6–7% between FY26 and FY30, with the overall market size projected to reach ₹6,200–6,600 billion by FY30. The southern region holds the highest jewellery consumption share in the country at 38–43%.

About Deepa Jewellers Limited

Deepa Jewellers Limited is an organised B2B designer, processor, and supplier of 22 karat hallmarked gold jewellery. It operates primarily across Telangana, Karnataka, Andhra Pradesh, Tamil Nadu, and Kerala. The company processes jewellery through an outsourced model supported by a network of 41 karigars who manufacture ornaments against its designs and specifications. It designs products in-house.

As of July 31, 2026, the company had an in-house team of 15 designers and a portfolio of 16 products across 110 SKUs. Its customer network spanned 13 states and one union territory, with a base of 373 customers comprising 47 jewellery retail chains and 326 standalone stores. Key products include vaddanam (waist belt), CNC machine cut bangles, gents kada, vanky, and gundlamala haaram. Long-standing customers include Joyalukkas India Limited, Kalyan Jewellers India Limited, and Lalithaa Jewellery Mart Limited.

Strengths of Deepa Jewellers

• The company generated 94.37% of its FY26 revenue from operations from South Indian states, the region with India's highest jewellery consumption share of 38–43%.
• A base of 373 customers across 47 retail chains and 326 standalone stores, including Joyalukkas, Kalyan Jewellers, and Lalithaa Jewellery Mart, anchors long-standing demand.
• A diverse portfolio of 16 products and 110 SKUs, led by vaddanam and CNC machine cut bangles, reduces dependence on any single product line.
• An asset-light outsourced manufacturing model using 41 karigars provides scalability without significant capital investment in production facilities.

Risks of Deepa Jewellers

• The company's top 10 customers contributed 64.67% of FY26 revenue from operations, so the loss of a key customer could sharply reduce revenue.
• Vaddanam and CNC machine cut bangles together drive the majority of sales, making revenue vulnerable to shifts in demand for these two product lines.
• About 94.37% of FY26 revenue came from Southern India, concentrating the Company's exposure to any regional economic or demand slowdown.
• Gold bullion is the key raw material, so volatility in gold prices can raise inventory costs and compress the Company's margins.
• The company depends on third-party karigars for all manufacturing without long-term contracts, creating disruption risk if their availability falls.

Anchor Investor Bidding Date

Monday, August 31, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
Bigshare Services Private Limited
E-mail: ipo@bigshareonline.com
Phone: +91 22 6263 8200

Book Running Lead Manager(s):

• Emkay Global Financial Services Limited
  
• Valmiki Leela Capital Private Limited
  

Deepa Jewellers Contact Details
Ground floor and first floor, door no. 3-6-343 & 344, Basheerbagh,
Himayathnagar, Hyderabad-500029, Telangana, India
Telephone: + 91 76809 62117
E-mail: cs@deepajewel.com

Deepa Jewellers Business Model

The company supplies raw materials to a network of 41 karigars who manufacture ornaments against its designs for a making charge, an asset-light model that supports scalability. The company earns additional revenue through job-work services, where it processes customer-supplied raw materials for a fee, and through the trading of silver ornaments, 18 and 20 karat gold, precious stones, and gold bullion. Its business model requires upfront payment for raw materials, while finished goods are delivered against orders with payment received after an agreed credit period.

Deepa Jewellers Growth Trajectory

Deepa Jewellers Limited's Total Income for FY26 was ₹1,927.72 crore, whereas in FY25 and FY24 it was ₹1,400.10 crore and ₹1,025.73 crore, respectively.

The Profit After Tax for FY26 was ₹104.79 crore, whereas in FY25 and FY24 it was ₹40.58 crore and ₹24.35 crore, respectively.

Their EBITDA for FY26 was ₹146.34 crore, whereas in FY25 and FY24 it was ₹56.01 crore and ₹35.77 crore, respectively.

Deepa Jewellers Market Position

Its customer base of 373 comprises 47 jewellery retail chains and 326 standalone stores, and includes Joyalukkas India Limited, Kalyan Jewellers India Limited, and Tribhovandas Bhimji Zaveri Limited. Telangana remains its largest market, contributing ₹801.06 crore or 41.58% of FY26 revenue from operations.

As of 31 March 2025, the company's Total Income, Profit After Tax, and EBITDA were ₹1,400.10 crore, ₹40.58 crore, and ₹56.01 crore, respectively.

How to apply for Deepa Jewellers IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.