Deepa Jewellers

Incorporated in 2016, Deepa Jewellers Limited sources, designs, and sells a wide range of traditional and contemporary jewellery, including rings, necklaces, earrings, bangles, and customized ornaments. Its product portfolio spans specialized traditional pieces such as vaddanam (waist belt), CNC machine cut bangles, gents kada, vanky (armlet), dandpatti, gundlamala haaram, kangan, and mangtika, reflecting deep regional design expertise.

As of July 31, 2026, the company served 373 customers across 13 states and one union territory, comprising 47 jewellery retail chains and 326 standalone stores, supported by a product portfolio of 16 products and 110 SKUs. The company also operates a dedicated mobile application, commissioned in June 2021, enabling remote customers to access high-resolution images of its jewellery designs.

The company emphasizes purity, transparent pricing, and customer trust across its distribution channels, operating in compliance with regulatory standards and evolving jewellery market trends. It is promoted by Ashish Agarwal, Seema Agarwal, and Dev Agarwal.

The company's competitive strengths include a strong presence in the southern Indian market, well-established long-standing relationships with jewellery retail chains and standalone stores, a diverse product portfolio with specialization in vaddanam and CNC machine-cut bangles, an established procurement network with karigars, and an experienced promoter and management team.

The Deepa Jewellers IPO is a bookbuilt mainboard issue aggregating up to ₹459.72 crore, comprising a fresh issue of shares worth up to ₹250 crore and an offer for sale of up to ₹209.72 crore, split evenly between promoters Ashish Agarwal and Seema Agarwal. The issue is priced in a band of ₹168 to ₹177 per equity share, with a lot size of 84 shares, and will open on September 1, 2026, closing on September 3, 2026, with listing expected on September 8, 2026 on both the BSE and NSE.

Net proceeds from the fresh issue are earmarked primarily for funding long-term working capital requirements toward inventory procurement, maintenance, and scaling, estimated at ₹215 crore, with the remainder allocated to general corporate purposes. The company has delivered exceptional financial growth, with total income rising from ₹1,025.73 crore in FY24 to ₹1,927.73 crore in FY26, and profit after tax growing 158% year-over-year to ₹104.79 crore, alongside a sharp improvement in EBITDA margin.

At the upper price band, the issue implies a Market Cap of ₹1,701.40 crore, with an exceptionally strong Return on Net Worth of 56.45% and a Debt/Equity ratio of 0.47, reflecting solid underlying profitability for a jewellery retail business. Key strengths cited include a strong regional presence in South India, long-standing relationships with a broad retail and wholesale customer base, and specialized traditional product expertise. Key risks include the roughly 46% OFS component returning substantial value to promoters rather than the company, exposure to gold price volatility, and typical working-capital intensity inherent to jewellery retail. Investors may find it useful to benchmark this issue against other recently listed jewellery-sector IPOs, such as Lalithaa Jewellery Mart and Shankesh Jewellers, when evaluating its relative valuation.