Deepa Jewellers IPO
Deepa Jewellers IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹168-177 |
| Face Value | ₹2 |
| Lot Size | 84 Shares |
| Issue Size | ₹459.72 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| NSE Symbol | DEEPA.NS |
| BSE Scrip Code | 7922 |
| Min Investment | ₹14,868 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 84 | ₹14,868 |
| Retail (Max) | 13 | 1,092 | ₹193,284 |
| S-HNI (Min) | 14 | 1,176 | ₹208,152 |
| B-HNI (Min) | 68 | 5,712 | ₹1,011,024 |
Strengths & Risks
Strengths
- Profit has grown more than four times in two years, from Rs 24.35 crore in FY2024 to Rs 40.58 crore in FY2025 and Rs 104.79 crore in FY2026.
- Sales have almost doubled over the same period, from Rs 1,025.73 crore in FY2024 to Rs 1,400.10 crore in FY2025 and Rs 1,927.73 crore in FY2026.
- EBITDA rose sharply from Rs 35.77 crore in FY2024 to Rs 56.01 crore in FY2025 and Rs 146.34 crore in FY2026.
- Return ratios are the highest among the current mainboard issues, with RoCE of 52.08% and RoNW of 56.45%.
- Net worth grew from Rs 92.55 crore in FY2024 to Rs 238.07 crore in FY2026.
- The customer base is wide and spread out, with 373 customers made up of 47 jewellery retail chains and 326 standalone stores across 13 states and one union territory.
- It has a specialisation in vaddanam and CNC machine cut bangles, which are not made well by every supplier.
- Rs 215 crore of the fresh money goes into building up inventory, which in this trade directly supports higher sales.
Risks
- The profit margin is thin at 5.44%. In gold jewellery the metal itself is most of the sale value, so a small movement in cost or price changes the profit sharply.
- The P/E and EPS are not stated in the data available to us, so the issue cannot be compared with jewellery peers on earnings from here.
- The growth is very fast for a young company. It was started only in 2016 and profit has gone up more than four times in two years, which is difficult to keep up.
- Borrowing rose from Rs 80.79 crore in FY2025 to Rs 111.11 crore in FY2026.
- The entire Rs 215 crore of fresh money goes into inventory, that is gold stock, and not into any fixed asset or new capacity.
- This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
- The business is concentrated in the southern market, so any slowdown or added competition in that region affects most of the sales.
- Selling to jewellery chains and stores means the buyers decide order size and payment terms, and gold price swings affect how much they stock.
- Promoter holding will come down from 100% to 72.98% after the issue.
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 357.18 | 217.67 | 174.64 |
| Total Income | 1,927.73 | 1,400.10 | 1,025.73 |
| Profit After Tax | 104.79 | 40.58 | 24.35 |
| EBITDA | 146.34 | 56.01 | 35.77 |
| NET Worth | 238.07 | 133.21 | 92.55 |
| Reserves and Surplus | 221.67 | 129.11 | 88.45 |
| Total Borrowing | 111.11 | 80.79 | 77.93 |
About The Company
Deepa Jewellers Ltd was started in 2016. The company is in the retail and wholesale trading of gold and diamond jewellery. It sources, designs and sells jewellery in both traditional and modern designs.
Its product range covers vaddanam, which is a waist belt, CNC machine cut bangles, gents kada, vanky or armlet, dandpatti also called bajuband, gundlamala haaram and necklace, kangan, earrings, mangtika or forehead pendant, maatil which is an ear chain, champasaralu which is an ear to hair chain, jada or braid ornament, and rings. As on 31 July 2026 it had 16 products and 110 SKUs across these categories.
The company sells mainly to other jewellers rather than to the public. As on 31 July 2026 its customer network covered 13 states and one union territory with 373 customers, made up of 47 jewellery retail chains and 326 standalone stores. It is strongest in the southern market and specialises in vaddanam and CNC machine cut bangles. It also uses a mobile application under its own name, commissioned in June 2021, to show high resolution images of its designs to customers who are far away.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 724.56× | 5,155,438 | — |
| Non-Institutional Investors (NII) | 105.78× | 4,009,394 | — |
| Retail Individual Investors (RII) | 18.08× | 9,355,253 | — |
| Employee | 0× | — | — |
| Shareholder | 0× | — | — |
| Total | 233.73× | 18,520,085 | — |
GMP History
Anchor Investors
| Investor | Category | Shares Allotted | Value |
|---|---|---|---|
| MOTILAL OSWAL FINVEST LTD. | — | 2,031,464 | — |
| WHITEOAK CAPITAL EQUITY FUND | — | 508,273 | — |
| 360 ONE EQUITY OPPORTUNITY FUND-SERIES II | — | 508,274 | — |
| TATA INDIA CONSUMER FUND | — | 539,952 | — |
| TATA DIVIDEND YIELD FUND | — | 391,860 | — |
| UNIFI FLEXI CAP FUND | — | 564,984 | — |
| CP Capital Ltd. | — | 366,830 | — |
| LRSD SECURITIES PVT.LTD. | — | 282,486 | — |
| MAYBANK SECURITIES PTE.LTD.-ODI | — | 366,830 | — |
| CITIGROUP GLOBAL MARKETS MAURITIUS PVT.LTD. | — | 282,486 | — |
| NOMURA SINGAPORE LTD. | — | 282,486 | — |
| GIRIK MULTICAP GROWTH EQUITY FUND-III | — | 366,830 | — |
| ALCHEMY LONG TERM VENTURES FUND-SERIES III | — | 282,486 | — |
| ASHOKA INDIA EQUITY INVESTMENT TRUST PLC | — | 508,274 | — |
| HIGH CONVICTION FUND-SERIES I | — | 508,274 | — |
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