Lalithaa Jewellery Mart Ltd IPO
Diamond, Gems and Jewellery
Price Band
₹190 – ₹201
Lot Size
74
Minimum Bid Quantity
74
Minimum Investment
₹14874
Issue Size
₹1700Cr
Opens
2026-08-17
Closes
2026-08-19
Listing
24-08-2026
Subscription Status
Qualified Institutional Buyers
145.38 x
Non-Institutional Investor
73.77 x
Retail Individual Investor
11.38 x
Employees
8.31 x
Total
62.73 x
IPO Details
Issue Type
EQUITY
Face Value
₹5
Tick Size
1
ISIN
INE0K9O01026
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Lalithaa Jewellery Mart Limited is a jewellery retailer operating under the “Lalithaa” brand, primarily in southern India. Its product portfolio includes gold, silver, and diamond jewellery, along with silverware, with gold jewellery being its primary product category. As of March 31, 2026, the company operated 61 stores across 51 cities in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, and Puducherry, covering a total operational area of 650,881 sq. ft. Of these, 45 stores were located in Tier II and Tier III cities. The company also operates two manufacturing facilities in Tamil Nadu—one at Thirumudivakkam, Chennai, and another at Maraimalai, Kanchipuram, operated through its wholly owned subsidiary, Asita Jewellery Manufacturing Private Limited.
Pros
- • The company has a strong presence in southern India, with its store network increasing from 53 stores in FY24 to 60 stores in FY25 and 61 stores in FY26. Revenue from operations increased from Rs 16,788.05 crore in FY24 to Rs 16,897.32 crore in FY25 and Rs 25,023.93 crore in FY26, while PAT increased from Rs 359.83 crore to Rs 364.73 crore and Rs 1,009.82 crore, respectively.
- • Lalithaa Jewellery has significant penetration in Tier II and Tier III cities, which contributed a majority of its revenue in FY25 and FY26. The company operated 39 stores in these markets in FY24 and 45 stores each in FY25 and FY26, while its contribution to revenue increased from 49.97% in FY24 to 59.21% in FY25 and 60.25% in FY26.
- • The company follows an asset-light retail model, owning only three of its 61 stores in FY26, while the remaining stores were operated on a leave-and-license basis. It also has backward integration through two manufacturing facilities in Tamil Nadu, where work was carried out by 816 karigars under exclusive arrangements in FY26.
Cons
- • The company is highly dependent on gold jewellery, which contributed Rs 15,773.61 crore, Rs 15,981.90 crore, and Rs 23,104.73 crore, accounting for 93.96%, 94.58%, and 92.33% of its revenue from operations in FY24, FY25, and FY26, respectively. Increase in gold prices, higher import duties, supply constraints, or a decline in demand for gold jewellery could impact the company’s revenue and profitability.
- • The company recorded negative cash flow from operating activities of Rs 18.00 crore in FY24 and Rs 397.76 crore in FY26, primarily due to lower customer enrolment in jewellery schemes and increased settlement of trade payables in FY24 and higher working capital requirements driven by a substantial increase in inventory amid rising and volatile gold prices in FY26. It also recorded negative cash flow from investing activities of Rs 112.34 crore, Rs 215.07 crore and Rs 66.18 crore in FY24, FY25, and FY26, respectively, primarily towards property, plant, and equipment and intangible assets, along with the acquisition of subsidiaries in FY24 and FY25. Cash flow from financing activities was negative at Rs 44.13 crore in FY25. This was driven largely by net short-term borrowings of Rs 66.75 crore, Rs 12.80 crore in finance costs and Rs 9.02 crore in lease liabilities. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
- • The company has entered into related-party transactions, including purchases of diamond jewellery from AK Exports, a sole proprietorship of its promoter, M. Kiran Kumar Jain, amounting to Rs 364.55 crore, Rs 350.67 crore and Rs 367.81 crore, representing 2.17%, 2.08% and 1.47% of revenue from operations in FY24, FY25 and FY26, respectively. The company also paid Rs 50.28 crore as brand ambassador fees to M. Kiran Kumar Jain in FY24, although the agreement was terminated with effect from April 1, 2024. Such related-party transactions may involve potential conflicts of interest. Going forward, investors should keep such transactions as a key monitorable.
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