Lalithaa Jewellery IPO

About Lalithaa Jewellery IPO

The Lalithaa Jewellery IPO, a mainboard IPO, opens on Monday, August 17, 2026 and closes on Wednesday, August 19, 2026. The allotment of shares will take place on Thursday, August 20, 2026. The credit of shares to the demat account will take place on Friday, August 21, 2026. The initiation of refunds will take place on Friday, August 21, 2026. The listing of shares will take place on Monday, August 24, 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 5,97,32,655 shares aggregating up to ₹1,200 crore. The offer for sale portion includes 2,48,75,621 shares of ₹5 aggregating up to ₹500 crore. The total number of shares and aggregate amount are 8,46,08,276 shares aggregating up to ₹1,700 crore.

Lalithaa Jewellery IPO's price band is set at ₹190 to ₹201 per share. The lot size for an application is 74. The minimum amount of investment required by a retail investor is ₹14,874 (74 shares) based on the upper price.

Lalithaa Jewellery Mart Limited is a jewellery retailer operating under the brand name “Lalithaa”, offering gold, silver, and diamond jewellery designed for the regional preferences of the southern Indian markets.

Objectives of Lalithaa Jewellery IPO

• Funding of expenditure towards setting up of 10 new stores in India, including capital expenditure for fit-outs and inventory costs.
  
• General corporate purposes.
  

Industry Outlook

The Indian gems and jewellery retail industry was estimated at ₹12,887 billion in Fiscal 2026, with gold jewellery continuing to dominate overall consumption. Gold remains central to the sector. The industry recorded a 20.7% CAGR between Fiscals 2022 and 2026, supported by rising gold prices, wedding-led demand and improving household disposable incomes.

Growth is now expected to moderate. Crisil Intelligence projects the industry to expand at a 3–5% CAGR between Fiscal 2026 and Fiscal 2030, reaching ₹12,000–12,500 billion by Fiscal 2030, as elevated and volatile gold prices constrain discretionary volumes. The South Indian gems and jewellery retail market alone was valued at ₹5,026.00 billion in Fiscal 2026, accounting for approximately 40% of the overall Indian industry.

The industry is steadily formalising. The share of organised jewellery retail chains increased from 30–35% in Fiscal 2020 to 37–42% in Fiscal 2026 and is projected to reach 45–50% by Fiscal 2030. This shift from unorganised to organised retail is most pronounced in the mass segment and in Tier-II and Tier-III markets, where price-conscious consumers are increasingly moving towards trusted, hallmarked and branded jewellery.

About Lalithaa Jewellery Mart Limited

Lalithaa Jewellery Mart retails gold, silver, and diamond jewellery under the “Lalithaa” brand across southern India. It targets the mass and value-conscious segment. As of March 31, 2026, the company operated 61 stores spread across 51 cities in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, and the Union Territory of Puducherry, with a total operational store area of 650,881 square feet.

Its store format mix comprised 8 large format, 43 medium format, and 10 small format stores as of March 31, 2026. Tamil Nadu contributed 53.98% of revenue from operations in Fiscal 2026, the company's largest state market. Of the 61 stores, 45 were located in Tier-II and Tier-III cities, reflecting a deliberate focus on high-growth smaller markets. The company has been BIS hallmarking all its gold jewellery since 2019, ahead of the mandatory hallmarking regime introduced in May 2021.

Manufacturing is largely in-house. During Fiscal 2026, production was carried out by 816 Karigars engaged on an exclusive basis, alongside 296 Karigars engaged on a non-exclusive basis. The company uses the “JILABA ERP” system for inventory and business management, with bar-coded jewellery monitored across all locations.

Strengths of Lalithaa Jewellery Mart

• The company recorded an operating revenue CAGR of 22.09% between Fiscal 2024 and Fiscal 2026, expanding its store network from 53 to 61 stores over the same period.
• The company reported the highest operating revenue per store among key organised jewellery players in India, at ₹4,102.28 million in Fiscal 2026.
• The company caters to the mass and value conscious segment through in-house manufacturing carried out by 816 exclusive Karigars in Fiscal 2026, allowing it to reduce making wastages and pass on cost savings.
• A strong Tier-II and Tier-III presence is reflected in 45 of its 61 stores being located in these price-sensitive, high-growth cities as of March 31, 2026.
• The company operates a diversified product mix in which gold, silver, and diamond jewellery are sold across 51 cities in five southern states and union territory markets.

Risks of Lalithaa Jewellery Mart

• Revenue is heavily concentrated in gold jewellery, which accounted for 92.33% of revenue from operations in Fiscal 2026, leaving results exposed to swings in gold prices and gold demand.
• The top three raw-material suppliers contributed 58.03% of total raw-material cost in Fiscal 2026, creating dependency risk if any of these relationships is disrupted.
• 58 of the company's 61 stores were on leased premises as of March 31, 2026, so non-renewal or unfavourable lease terms could disrupt store operations.

Anchor Investor Bidding Date

Friday, August 14, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
MUFG Intime India Private Limited
Phone: +91 810 811 4949
E-mail: lalithaajewellery.ipo@in.mpms.mufg.com

Book Running Lead Managers
Anand Rathi Advisors Limited
Equirus Capital Limited

Lalithaa Jewellery Mart Contact Details
123, Usman Road, T. Nagar, Chennai – 600017, Tamil Nadu, India.
E-mail: cosec@lalithaajewellery.com
Phone: +044 2834 9860

Lalithaa Jewellery Mart Business Model

The company earns its revenue through the retail sale of gold, silver, and diamond jewellery under the “Lalithaa” brand across its store network in southern India. In Fiscal 2026, gold jewellery contributed 92.33% of revenue from operations, silver jewellery and articles 6.63%, and other products, including silverware and diamond jewellery, 1.04%. The company targets the mass and value-conscious customer segment, offering competitively priced, high-purity jewellery, and supports repeat purchases through instalment schemes such as “Dhana Vandhanam”, an 11-month jewellery purchase plan ranging from ₹1,000 to ₹10,000 per month. In-house manufacturing through exclusive Karigars enables the company to reduce making wastages and pass on cost savings to customers.

Lalithaa Jewellery Mart Growth Trajectory

Lalithaa Jewellery Mart Limited's Total Income for FY26 was ₹25,039.80 crore, whereas in FY25 and FY24 it was ₹16,907.88 crore and ₹16,800.62 crore, respectively.

The Profit After Tax for FY26 was ₹1,009.82 crore, whereas in FY25 and FY24 it was ₹364.73 crore and ₹359.83 crore, respectively.

Their EBITDA for FY26 was ₹1,673.50 crore, whereas in FY25 and FY24 it was ₹740.36 crore and ₹680.17 crore, respectively.

Lalithaa Jewellery Mart Market Position

Lalithaa Jewellery Mart operates 61 stores across 51 cities in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, and the Union Territory of Puducherry, with a total operational area of 650,881 square feet as of March 31, 2026. The company reported the highest operating revenue per store among key organised jewellery players in India, at ₹4,102.28 million in Fiscal 2026. Tamil Nadu remained its largest market, contributing 53.98% of revenue from operations in Fiscal 2026, and 45 of its stores were located in Tier-II and Tier-III cities.

As of 31 March 2025, the company's Total Income, Profit After Tax, and EBITDA were ₹16,907.88 crore, ₹364.73 crore, and ₹740.36 crore, respectively.

How to apply for Lalithaa Jewellery 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.