Lalithaa Jewellery Mart IPO
Lalithaa Jewellery Mart IPO was a Mainboard book-built issue of ₹1,700 crore, comprising a Fresh Issue of 5,97,32,655 equity shares aggregating to ₹1,200 crore and an Offer for Sale of 2,48,75,621 equity shares aggregating to ₹500 crore. The price band wa
Lalithaa Jewellery Mart IPO Details
Lalithaa Jewellery Mart IPO bidding started on 17 August 2026 and ended on 19 August 2026. The basis of allotment was finalized on 20 August 2026, refunds were initiated on 21 August, and shares were credited to successful applicants' Demat accounts on 21 August 2026. The shares were listed on BSE and NSE on 24 August 2026.
Lalithaa Jewellery Mart IPO GMP
Lalithaa Jewellery Mart IPO GMP was an unofficial grey-market indicator before listing. The reported GMP reached approximately ₹74 on the listing day against the ₹201 issue price, implying an indicative price of ₹275. The shares actually opened at ₹265 on NSE and around ₹260.30 on BSE on 24 August 2026. GMP is unofficial and does not guarantee the actual listing price.
Lalithaa Jewellery Mart IPO Timeline (Tentative)
Lalithaa Jewellery Mart IPO opened for public subscription on 17 August 2026 and closed on 19 August 2026. The basis of allotment was finalized on 20 August, refunds were initiated on 21 August, shares were credited to successful applicants' Demat accounts on 21 August, and the shares were listed on BSE and NSE on 24 August 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Mon, Aug 17, 2026 |
| IPO Close Date | Wed, Aug 19, 2026 |
| Basis of Allotment | Thu, Aug 20, 2026 |
| Initiation of Refunds | Fri, Aug 21, 2026 |
| Credit of Shares to Demat | Fri, Aug 21, 2026 |
| Listing Date | Mon, Aug 24, 2026 |
| IPO Opens | 17 August 2026 |
| IPO Closes | 19 August 2026 |
| Basis of Allotment | 20 August 2026 |
| Refund Initiation | 21 August 2026 |
| Credit of Shares to Demat | 21 August 2026 |
| Listing Date | 24 August 2026 |
Lalithaa Jewellery Mart IPO Lot Size
The Lalithaa Jewellery Mart IPO lot size was 74 shares. At the upper price band of ₹201 per share, one lot required a minimum investment of ₹14,874. Retail investors could apply for up to 13 lots, or 962 shares, amounting to ₹1,93,362.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 74 | 14,874 |
| Retail (Max) | 13 | 962 | 1,93,362 |
| S-HNI (Min) | 14 | 1,036 | 2,08,236 |
| S-HNI (Max) | 67 | 4,958 | 9,96,558 |
| S-HNI (Max) | 68 | 5,032 | 10,11,432 |
Lalithaa Jewellery Mart IPO Reservation
The Lalithaa Jewellery Mart IPO reserved up to 50% of the offer for Qualified Institutional Buyers, at least 15% for Non-Institutional Investors and at least 35% for Retail Individual Investors. An employee reservation was also provided, while the anchor allocation formed part of the QIB portion.
Lalithaa Jewellery Mart IPO Subscription
Lalithaa Jewellery Mart IPO received 66.63x overall subscription by the close of bidding on 19 August 2026. QIBs, excluding anchor investors, subscribed 153.80x, NIIs subscribed 78.17x, Retail Individual Investors subscribed 12.51x and employees subscribed 9.10x. The final demand data was reported from the NSE subscription figures.
| Category | Subscription (times) |
|---|---|
| QIB | 153.80x |
| NII | 78.17x |
| RII | 12.51x |
| Employee | 9.10x |
| Total | 66.63x |
About Lalithaa Jewellery Mart
Lalithaa Jewellery Mart Limited is a jewellery retailer operating under the brand name “Lalithaa”. The company offers gold jewellery, silver jewellery, diamond jewellery and other precious and semi-precious jewellery, with a focus on mass and value-conscious customers in the South Indian market.
The company was incorporated in November 1985 and has developed a significant retail presence across South India. Its stores are located across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and the Union Territory of Puducherry. The company's business model focuses on providing authenticated BIS-hallmarked jewellery and products designed around regional customer preferences.
Lalithaa Jewellery Mart operates Large Format Stores and Medium Format Stores, with its network focused particularly on Tier II and Tier III markets. According to the company's offer-document disclosures, it had 61 stores across 51 cities as of the relevant reporting period.
The company also has in-house manufacturing capabilities. Its manufacturing facilities in Tamil Nadu support the production of gold jewellery and provide greater control over product design, quality and manufacturing. The business also operates customer jewellery purchase schemes and focuses on affordability and value-oriented jewellery retailing.
Lalithaa Jewellery Mart reported operating revenue CAGR of 22.09% between FY2024 and FY2026, according to the CRISIL report referenced in its offer document. The company also reported the highest operating revenue per store among the key organised jewellery players identified in the CRISIL analysis for FY2026.
Strengths
- Established jewellery retail brand with a business history dating back to 1985.
- Strong presence across South India with stores spread across 51 cities.
- Focus on mass and value-conscious jewellery customers.
- In-house manufacturing capabilities supporting product design and supply control.
- Presence across Tier II and Tier III markets.
- Strong improvement in revenue and profitability in FY2026.
- High return ratios, including FY2026 ROE of 41.60% and ROCE of 42.60%.
Risks to Consider
- The company operates in a highly competitive jewellery retail industry with organised and unorganised competitors.
- Gold and other precious-metal prices can materially affect working capital, customer demand and operating performance.
- The business requires significant working capital because jewellery inventory represents a substantial portion of its assets.
- The company has substantial exposure to gold and jewellery inventory and related price fluctuations.
- The company has experienced negative cash flows from operating activities in certain reported financial years.
- The company has significant supplier concentration, with the top supplier accounting for 50.44% of total raw-material costs as disclosed in market summaries based on the offer documents.
- Employee attrition and the ability to retain skilled personnel can affect store operations and expansion.
- The company remains primarily concentrated in the South Indian market.
Lalithaa Jewellery Mart Financials (₹ Cr)
Lalithaa Jewellery Mart reported strong growth in revenue and profitability in FY2026. Revenue from operations increased from ₹16,800.62 crore in FY2024 to ₹16,907.88 crore in FY2025 and ₹25,039.80 crore in FY2026. PAT increased from ₹359.83 crore to ₹364.73 crore and ₹1,009.82 crore during the same period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 16,800.62 | 359.83 | 5,182.26 | 1,667.78 |
| FY2025 | 16,907.88 | 364.73 | 6,929.68 | 2,028.80 |
| FY2026 | 25,039.80 | 1,009.82 | 10,945.14 | 3,033.14 |
KPIs & Valuation
At the upper IPO price band of ₹201, Lalithaa Jewellery Mart had a pre-issue P/E of approximately 9.95x based on FY2026 EPS of ₹20.20. The post-issue EPS was approximately ₹18.04, resulting in a post-issue P/E of about 11.14x. FY2026 RoNW was 39.90%, while NAV was ₹58.60 per share.
Objects of the Issue
The Lalithaa Jewellery Mart IPO comprised a Fresh Issue of ₹1,200 crore and an Offer for Sale of ₹500 crore. The company will receive the proceeds from the Fresh Issue, while the proceeds from the Offer for Sale will go to the selling shareholder. The net proceeds from the Fresh Issue were primarily proposed to fund the establishment of 10 new stores, including store fit-outs and inventory requirements, with the remaining amount allocated towards general corporate purposes.
- The company proposed to utilise the net proceeds from the Fresh Issue for:
- Capital expenditure for fit-outs, including furniture and fixtures, equipment, IT hardware and software for setting up 10 new stores – ₹34.55 crore.
- Inventory costs for setting up 10 new stores – ₹998.68 crore.
- General corporate purposes – balance amount as disclosed in the offer documents.
- The company had stated that approximately ₹1,033.23 crore of the Fresh Issue proceeds would be used for establishing the 10 new stores, with the balance intended for general corporate purposes and issue-related requirements.
Promoters, Lead Managers & Registrar
Lalithaa Jewellery Mart Limited was promoted by M. Kiran Kumar Jain and Hemaa Kiran Kumar Jain. Anand Rathi Advisors Limited and Equirus Capital Limited acted as the Book Running Lead Managers, while MUFG Intime India Private Limited acted as the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | +91 810 811 4949 |
| lalithaajewellery.ipo@in.mpms.mufg.com | |
| Website | https://in.mpms.mufg.com/ |
Lalithaa Jewellery Mart IPO Review
Lalithaa Jewellery Mart reported a substantial improvement in its financial performance during FY2026. Revenue from operations increased from ₹16,800.62 crore in FY2024 to ₹16,907.88 crore in FY2025 and ₹25,039.80 crore in FY2026. PAT increased from ₹359.83 crore in FY2024 to ₹364.73 crore in FY2025 and ₹1,009.82 crore in FY2026.
The company also recorded a significant improvement in operating profitability. Operating margin increased from 4.05% in FY2024 to 4.38% in FY2025 and 6.69% in FY2026. Operating profit increased from ₹680.16 crore in FY2024 to ₹740.37 crore in FY2025 and ₹1,673.51 crore in FY2026.
The FY2026 improvement in profitability was particularly strong. PAT rose approximately 177% from FY2025, while revenue increased approximately 48%. The company's FY2026 PAT margin was 4.04%.
The company's return ratios were also strong in FY2026. ROE was 41.60%, ROCE was 42.60% and RoNW was 39.90%. However, the company also carried a debt-to-equity ratio of 0.53, making working-capital management and inventory efficiency important factors to monitor.
At the upper IPO price of ₹201, the pre-issue P/E based on FY2026 EPS of ₹20.20 was approximately 9.95x, while the post-issue P/E based on post-issue EPS of ₹18.04 was approximately 11.14x. The NAV was ₹58.60 per share and the price-to-book value was approximately 3.43x.
The IPO proceeds are primarily intended for expansion through 10 new stores. This provides the company with an opportunity to increase its retail footprint, although the expansion will require substantial inventory investment. The proposed inventory expenditure of ₹998.68 crore represents the largest component of the Fresh Issue utilisation.
The IPO received exceptionally strong demand, with final subscription of 66.63x. QIB demand excluding anchors was 153.80x, while NII and Retail portions were subscribed 78.17x and 12.51x, respectively.
The shares subsequently listed on 24 August 2026. The stock opened at ₹265 on NSE, compared with the final issue price of ₹201, representing a listing premium of approximately 31.84%. On BSE, the stock opened around ₹260.30.
How to Apply
Lalithaa Jewellery Mart IPO applications were made through the ASBA process, including UPI-supported applications. The minimum application consisted of one lot of 74 shares. At the upper price band of ₹201, one lot required ₹14,874.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Lalithaa Jewellery Mart IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Retail investors can generally choose Cut-off when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- 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.
Prospectus & Documents
Investors can refer to the company’s official DRHP, RHP, Prospectus and related filings for detailed information about the business, financial statements, risk factors, IPO structure and utilisation of issue proceeds. SEBI records the Lalithaa Jewellery Mart Limited RHP filing dated 12 August 2026 and the Prospectus filing dated 20 August 2026.
Last updated Aug 27, 2026.