Deepa Jewellers IPO

Deepa Jewellers Limited is an organised B2B designer, processor and supplier of hallmarked gold jewellery. The company primarily operates across Telangana, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala and supplies jewellery to jewellery retail chains and standalone stores. 

The company was incorporated in 2016 and operates through an outsourced manufacturing model supported by a network of karigars. Its product portfolio includes traditional and contemporary gold jewellery, with particular expertise in vaddanam and CNC machine-cut bangles. 

As of 31 July 2026, Deepa Jewellers had a customer network of 373 customers across 13 states and one Union Territory. This included 47 jewellery retail chains and 326 standalone stores. Its product portfolio consisted of 16 products and 110 SKUs. 

The company focuses on designing, processing and selling hallmarked plain gold and precious-stone-studded jewellery. Its product range includes vaddanam, CNC machine-cut bangles, gents kada, armlets, necklaces, earrings, rings and other traditional jewellery products. 

According to the company disclosures and CRISIL industry information, Deepa Jewellers is one of the key processors and suppliers of vaddanam and CNC machine-cut bangles. Its B2B model allows it to supply jewellery to organised retail chains and standalone jewellery stores. 

The company has also expanded its product and manufacturing capabilities. It ordered machinery including a real wax 3-D printer, vacuum pressure casting machine and induction melting machine for setting up its first in-house manufacturing facility.

Deepa Jewellers has established itself as a B2B designer, processor and supplier of hallmarked gold jewellery, with its operations concentrated primarily in Southern India. The company's business model focuses on supplying jewellery products to organised jewellery retail chains and standalone stores.

One of the key positives is the company's established customer network. As of 31 July 2026, Deepa Jewellers had 373 customers across 13 states and one Union Territory, comprising 47 jewellery retail chains and 326 standalone stores. 

The company also has a specialised product portfolio. Vaddanam and CNC machine-cut bangles account for a significant portion of revenue. Revenue from vaddanam reached ₹806.24 crore in FY2026, representing 41.85% of revenue from operations, while CNC machine-cut bangles contributed ₹594.85 crore, representing 30.87%. 

Financial performance has improved strongly over the reported periods. Revenue from operations increased from ₹1,025.73 crore in FY2024 to ₹1,400.10 crore in FY2025 and ₹1,927.73 crore in FY2026. PAT increased from ₹24.35 crore in FY2024 to ₹40.58 crore in FY2025 and ₹104.79 crore in FY2026. 

EBITDA increased from ₹35.77 crore in FY2024 to ₹56.01 crore in FY2025 and ₹146.34 crore in FY2026. Net worth also increased from ₹92.55 crore in FY2024 to ₹133.21 crore in FY2025 and ₹238.07 crore in FY2026. 

The company reported FY2026 ROE and RoNW of 56.45%, while ROCE was 52.08%. The EBITDA margin was 7.60%, PAT margin was 5.44% and debt-to-equity was 0.47. 

At the upper price band of ₹177, the IPO values the company at approximately ₹1,701.40 crore on a post-issue basis. Based on FY2026 earnings, the reported valuation is around 13.8x earnings on the pre-issue basis. 

The IPO has a total size of ₹459.72 crore, comprising ₹250 crore of fresh issue and ₹209.72 crore of OFS. The fresh capital will primarily strengthen the company's working capital, which is important for a jewellery business requiring substantial inventory funding. 

However, investors should also consider the concentration risks. Southern India contributed 94.37% of revenue in FY2026, while vaddanam and CNC machine-cut bangles together accounted for more than 72% of revenue from operations. Such concentration could make the company's performance sensitive to regional demand and changes in demand for these products. 

Overall, Deepa Jewellers combines strong revenue and profit growth with an established B2B customer network and specialised jewellery expertise. The main factors to watch are geographical concentration, dependence on key product categories, working-capital requirements, gold-price movements and execution of its manufacturing expansion. Investors should read the RHP carefully and assess these factors before making an investment decision.

As of 29 August 2026, the IPO has not opened for public subscription. Therefore, no final public subscription figures or allotment results are available yet.

Deepa Jewellers IPO applications can be made through the ASBA process and UPI-supported IPO applications. The minimum application consists of one lot of 84 shares, requiring ₹14,868 at the upper price band of ₹177.

Through UPI

1. Log in to your stockbroker app or website.
2. Go to the IPO section.
3. Select Deepa Jewellers IPO.
4. Enter the number of lots you want to apply for.
5. Select the bid price. Retail investors can generally choose Cut-off when available.
6. Enter your valid UPI ID.
7. Submit the IPO application.
8. Open your UPI app when the mandate request arrives.
9. Approve the mandate using your UPI PIN.
10. The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.