About Deepa Jewellers IPO
Deepa Jewellers Limited, a Hyderabad-based wholesaler and processor of gold and diamond jewellery, is launching its IPO for public subscription from September 1, 2026 to September 3, 2026. The anchor book opens for one day on August 31, 2026.
The IPO is a book-building issue of ₹459.72 crore, comprising a fresh issue of ₹250 crore and an offer for sale of up to 1,18,48,340 equity shares by the promoters, at a price band of ₹168 to ₹177 per share on a face value of ₹2.
At the upper end of the price band, the company is seeking a market capitalisation of approximately ₹1,701.4 crore.
Business Overview of Deepa Jewellers
Deepa Jewellers, founded in 2016, is a wholesaler and trader of gold and diamond jewellery. The company designs, processes, and sells 22-karat hallmarked plain gold and precious-stone-studded jewellery, along with providing job-work services.
| Business Parameter | Details |
|---|---|
| Founded | 2016 |
| Business | Wholesale and trading of gold and diamond jewellery |
| Key Products | 22-karat hallmarked gold and precious-stone-studded jewellery |
| Manufacturing Model | Outsourced manufacturing |
| Artisan Network | Approx 40 karigars |
| Product Portfolio | 16 products across 110 SKUs |
| Promoters | Ashish Agarwal, Seema Agarwal, Dev Agarwal |
| Registered Office | Basheerbagh, Himayathnagar, Hyderabad, Telangana |
Deepa Jewellers IPO Date, Price, and Other Details
Find the following details of upcoming Deepa Jewellers IPO:
| Particular | Detail |
|---|---|
| IPO Open Date | September 1, 2026 |
| IPO Close Date | September 3, 2026 |
| Face Value | ₹2 per equity share |
| IPO Price Band | ₹168 to ₹177 per share |
| Issue Size | Approx. ₹459.72 crore |
| Fresh Issue | Approx. ₹250 crore |
| Offer for Sale | Approx. 1,18,48,340 equity shares |
| Issue Type | Book-build issue |
| IPO Listing | BSE, NSE |
| Lead Managers | Emkay Global Financial Services Ltd.; Valmiki Leela Capital Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
Deepa Jewellers IPO Market Lot
The Deepa Jewellers IPO minimum market lot is 84 shares with a ₹14,868 application amount. Retail investors can apply for up to 13 lots with 1,092 shares of ₹1,93,284.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 84 | ₹14,868 |
| Retail Maximum | 13 | 1,092 | ₹1,93,284 |
| S-HNI Minimum | 14 | 1,176 | ₹2,08,152 |
| S-HNI Maximum | 67 | 5,628 | ₹9,96,156 |
| B-HNI Minimum | 68 | 5,712 | ₹10,11,024 |
Deepa Jewellers IPO Reservation: Who Can Apply?
Retail individual bidders may apply for up to ₹2,00,000 in Deepa Jewellers IPO. Applications above that threshold fall into the non-institutional category, where allotment is proportionate rather than by lottery.
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Anchor Investor | To be announced | – |
| QIB (excluding Anchor) | To be announced | 50% |
| Non-Institutional Investors | To be announced | 15% |
| Retail Individual Investors | To be announced | 35% |
Promoters and Holding Pattern of Deepa Jewellers
The promoters of the Deepa Jewellers are Ashish Agarwal, Seema Agarwal and Dev Agarwal.
| Particular | Pre-IPO Shares | Pre-IPO % | Post-IPO Shares | Post-IPO % |
|---|---|---|---|---|
| Promoter and Promoter Group | 8,19,99,800 | 100% | To be announced | – |
| Others | 200 | – | To be announced | – |
| Total | 8,20,00,000 | 100% | To be announced | 100% |
Purpose of the Deepa Jewellers IPO
Gold jewellery processing is a working-capital-intensive business in India. And since inventory is held in a high-value commodity, Deepa Jewellers assigned ₹215 crore (out of the ₹250 crore fresh issue) at inventory rather than capacity.
Proceeds from the offer for sale portion go to the selling promoters and do not come to the company.
| Purpose | Amount (₹ crore) |
|---|---|
| Funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory | ₹215 |
| General corporate purposes | Balance of net proceeds |
Financial Performance (₹ in crores) of Deepa Jewellers
Here’s the table outlining the financial performance of Deepa Jewellers from FY 2024 to FY 2026.
| Period Ended | 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 |
Key Performance Metrics of Deepa Jewellers IPO
Based on the financials available in the RHP, the following key performance metrics of Deepa Jewellers IPO can be considered.
| KPI | Value (as of FY2026) |
|---|---|
| ROE | 56.45% |
| ROCE | 52.08% |
| EBITDA Margin | 7.60% |
| PAT Margin | 5.44% |
| Debt to Equity Ratio | 0.47 |
| Earnings Per Share (EPS) | ₹12.78 (Basic) |
| Return on Net Worth (RoNW) | 56.45% |
| Net Asset Value (NAV) | ₹29.03 |
Peer Group Comparison of Deepa Jewellers IPO
In the Indian stock market, Deepa Jewellers also has some peers in the market, which are as follows:
| Company | EPS | P/E Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Sky Gold and Diamonds Limited | 13.97 | 57.56 | 23.88% | 72.02 | ₹4,708.38 cr. |
| Shanti Gold International Limited | 21.22 | 12.72 | 37.34% | 83.00 | ₹2,018.71 cr. |
| Shringar House of Mangalsutra Limited | 13.55 | 17.02 | 26.29% | 70.29 | ₹2,245.82 cr. |
| RBZ Jewellers Ltd | 13.70 | 10.08 | 20.11% | 74.96 | ₹636.48 cr. |
| Khazanchi Jewellers Limited | 36.10 | 22.22 | 32.45% | 129.14 | ₹2,049.22 cr. |
Key Strengths and Risks of Deepa Jewellers
With every business owning its strengths and risks, even the Deepa Jewellers IPO has its potential plus points and downsides to be aware of.
Here is a brief business analysis (as per RHP) below:
Strengths
- Revenue growth from ₹1,025.73 crore in FY2024 to ₹1,927.73 crore in FY2026, with PAT rising from ₹24.35 crore to ₹104.79 crore over the same period.
- Return ratios of 56.45% ROE and 52.08% ROCE in FY2026, at the upper end of the listed peer set.
- An asset-light outsourced manufacturing model supported by around 40 karigars, avoiding fixed production cost.
- A debt to equity ratio of 0.47, moderate for a working-capital-intensive gold business.
- Exposure to a gems and jewellery retail market projected to grow at a 12–14% CAGR through fiscal 2030.
Risks
- Gold price exposure: Inventory is held in a commodity whose price is volatile and outside the company's control, affecting both inventory valuation and end-customer demand.
- Thin margins: A 5.44% PAT margin leaves limited absorption capacity if gold prices move against the company between procurement and sale.
- Working capital intensity: ₹215 crore of the ₹250 crore fresh issue is directed toward inventory, indicating the scale of the ongoing requirement.
- Margin sustainability: FY2026 PAT rose approximately 158% on approximately 38% revenue growth.
- Dependence on the karigar network: With manufacturing outsourced to around 40 artisans, disruption to that network would directly affect order fulfilment.
- Concentrated portfolio: 16 products and 110 SKUs as of July 31, 2026 is narrow relative to larger jewellery businesses.
- Promoter dilution through the OFS: Up to 1,18,48,340 equity shares are being sold by promoters, who held 100% pre-issue.
- Regulatory exposure, including hallmarking requirements, customs duty changes on gold, and gold import and lending regulations.
(Note: The complete risk factor set is disclosed in the "Risk Factors" section of the RHP.)
How to Apply for the Deepa Jewellers IPO?
You can apply for the Deepa Jewellers IPO on any financial platform by following these simple steps:
Through your broker (UPI route):
- Log in to your broker's app or website and open the IPO section.
- Select "Deepa Jewellers Limited" from the list of open issues.
- Enter the number of lots and your bid price, or select the cut-off price.
- Enter your UPI ID and submit the application.
- Approve the UPI mandate request before 5:00 p.m. on the issue closing date. An unapproved mandate means the application lapses.
Through Net banking (ASBA):
- Log in to your bank's net banking portal and open the IPO or ASBA section.
- Select "Deepa Jewellers Limited", enter your bid details and Demat account number, and submit.
- The bank blocks the application amount directly in your account.
