Deepa Jewellers Ltd IPO
Diamond, Gems and Jewellery
Price Band
₹168 – ₹177
Lot Size
84
Minimum Bid Quantity
84
Minimum Investment
₹14868
Issue Size
₹459.72Cr
Opens
2026-09-01
Closes
2026-09-03
Listing
08-09-2026
Subscription Status
Qualified Institutional Buyers
37 x
Non-Institutional Investor
105.69 x
Retail Individual Investor
17.86 x
Total
42.2 x
IPO Details
Issue Type
EQUITY
Face Value
₹2
Tick Size
1
ISIN
INE1M2N01020
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Deepa Jewellers is a business-to-business (B2B) company engaged in designing, processing and supplying 22-karat hallmarked gold jewellery to jewellery retail chains and standalone stores. The company also undertakes job work assignments and trades in silver ornaments, 18-karat and 20-karat gold ornaments, precious stones, and gold bullion. Its jewellery portfolio includes vaddanam which is a a traditional South Indian gold waist belt, CNC machine-cut bangles, gents kada, vanky, dandpatti, necklaces, kangan, earrings, mangtika, maatil, jada, rings, and bracelets, among other products. As of July 31, 2026, it had 16 product categories and 110 SKUs, with 15 in-house designers. The company follows an outsourced manufacturing model and works with a network of 41 karigars. It supplies gold, alloys, and precious stones to the karigars, who manufacture jewellery according to its designs and specifications. The company is setting up an in-house manufacturing facility in Hyderabad, Telangana, and operates a sales office in Vijayawada, Andhra Pradesh, which was opened in November 2025.
Pros
- • Deepa Jewellers derives 94.37% of its FY26 revenue from Andhra Pradesh, Telangana, Tamil Nadu, Karnataka, and Kerala. Telangana was its largest market, contributing 41.58% of revenue, followed by Tamil Nadu at 23.52% and Andhra Pradesh at 19.28%.
- • As of July 31, 2026, the company had 373 customers, comprising 47 jewellery retail chains and 326 standalone stores across 13 states and one Union Territory. Its customer base includes established jewellery retailers such as Joyalukkas, Kalyan Jewellers, Lalithaa Jewellery and Tribhovandas Bhimji Zaveri.
- • The company claims to be one of the key processors and suppliers of vaddanam, a traditional South Indian gold waist belt, and CNC machine-cut bangles. Vaddanam contributes 41.85% and CNC machine-cut bangles account for 30.87% of total revenue from operations.
Cons
- • The top 10 customers of the company contributed Rs 1,246.03 crore (64.67%), Rs 883.93 crore (63.27%), and Rs 690.19 crore (67.36%) to its revenue from operations in FY26, FY25, and FY24, respectively. Any significant reduction in business from these customers, loss of one or more key customers, or inability to maintain existing order volumes could adversely affect the company’s business and financial condition. Further, the company does not enter into long-term contracts with its customers, which may increase the risk of fluctuations in future orders.
- • The company’s revenue from vaddanam stood at Rs 806.24 crore (41.85%), Rs 483.06 crore (34.58%), and Rs 375.56 crore (36.66%) in FY26, FY25, and FY24, respectively. Revenue from CNC machine-cut bangles stood at Rs 594.85 crore (30.87%), Rs 584.22 crore (41.82%), and Rs 407.59 crore (39.78%) during the same periods. Cancellation of any purchase orders or decline in demand for these products due to changing consumer preferences could hurt the company’s business, cash flows, and financial condition.
- • The company generated Rs 1,818.19 crore (94.37%), Rs 1,373.81 crore (98.33%), and Rs 1,019.98 crore (99.55%) of its revenue from Southern India in FY26, FY25, and FY24, respectively. Any adverse economic, political, regulatory, or local market developments, natural disasters, extreme weather conditions or disruptions to transportation and supply chains in Andhra Pradesh, Telangana, Karnataka, Tamil Nadu and Kerala could adversely affect the company’s operations, sales, cash flows and financial condition.
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