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Deepa Jewellers Ltd IPO

Tech-led NBFC delivering AI/ML driven retail credit across Tier-2 & Tier-3 India.

IPO Closed
Price Band ₹177 per share per share
Lot Size 84 Shares
Min. Investment ₹14868
Issue Size ₹459.72 Cr
Face Value ₹2
IPO Open 01 September 2026
IPO Close 03 September 2026
Allotment 04 Sep 2026
Listing 08 Sep 2026
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Subscription status for Deepa Jewellers Ltd IPO

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QIB -

Qualified Institutional Buyers

NII -

Non-Institutional Investors

Retail -

Retail Individual Investors

Total -

Across all investor categories

Key dates

IPO schedule for Deepa Jewellers Ltd

From the day bidding opens to listing — every milestone you need to track.

IPO Open 01 Sep 2026
IPO Close 03 Sep 2026
Allotment 04 Sep 2026
Refund / Unblock 07 Sep 2026
Listing 08 Sep 2026
About the company

Who is Deepa Jewellers Ltd ?

Deepa Jewellers Limited was originally incorporated as a private limited company dated May 5, 2016, with the Registrar of Companies, Central Registration Centre and thereafter has converted into a public Company dated September 15, 2025 via fresh Certificate of Incorporation obtained from Central Processing Centre.

Company operates in 22 karat gold jewellery processing, job-work, and trading. It engages into design, process, and sell hallmarked plain gold and precious stone-studded jewellery. The products primarily include vaddanam (waist belt), CNC machine cut bangles, gents kada, vanky (armlet), dandpatti (bajuband), gundlamala haaram (traditional neck piece), gundlamala necklace, kangan, earring, mangtika (forehead pendant), maatil (ear chain), champasaralu (ear to hair chain), jada (braid ornament), and rings.

It provide job-work services by processing customer supplied materials into finished ornaments, and trade in silver ornaments, 18 and 20 karat gold jewellery, and gold bullion. The Company diversified the product by suppling CNC machine-cut bangles and kadas for men in 2020. It has expanded the geography market by establishing a branch in Vijayawada, South India in FY25.

Company is planning to raise funds of fresh issue aggregating to Rs 250 crore and by issuing 11,848,340 equity shares having face value Rs 2 per equity through offer for sale by way of IPO.

Financial track record

Financials at a glance

Three-year trajectory of revenue, profit and assets — restated as per the RHP.

Revenue PAT Total Assets
FY 2026
FY 2025
FY 2024
Metric (₹ Cr)FY 2026FY 2025FY 2024
Total Income1,927.731,400.101,025.73
EBITDA147.3959.1036.93
PAT104.7940.5824.35
AUM357.18217.67174.64

Strengths & Risks

A balanced look at what works in the company's favour and what investors should watch.

Strengths

  • Significant revenue contribution from Southern India.
  • Well established customer base with long-standing relationship with jewellery retail chains and standalone stores.
  • Diverse product portfolio with varied weight ranges, designs and specialisation in vaddanam and CNC machine cut bangles.
  • Established procurement network and long -standing relationship with karigars.
  • Well experienced Promoters and a professional management team with sectoral experience.
  • Robust financial performance with consistent growth.

Risks

  • The company's top 10 customers accounted for Rs. 12,460.30 million, Rs. 8,839.29 million and Rs. 6,901.89 million representing 64.67%, 63.27% and 67.36% of its revenue from operations based on the company's Restated Financial Information for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. Its revenue from operations based on the company's Restated Financial Information is concentrated among a few key customers and any decision by these customers to reduce or terminate their business with it could significantly impact the company's business, financial condition and results of operations.
  • The company derives a significant portion of its revenue from operations from the sale of the company vaddanam and CNC machine cut bangles. Its revenue from operations from the sale of vaddanam for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 was Rs. 8,062.41 million, Rs. 4,830.59 million and Rs. 3,755.56 million representing 41.85 %, 34.58 % and 36.66 % of its revenue from operations for the indicated periods. The company's revenue from operations from the sale of CNC machine cut bangles for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 was Rs. 5,948.53 million, Rs. 5,842.21 million and Rs. 4,075.94 million representing 30.87%, 41.82%, and 39.78% of its revenue from operations for the indicated periods. Any cancellation of the purchase orders of these products, could adversely affect its business, cash flows, financial condition, and overall results of operations.
  • A significant portion of the company's business operations and revenue generation is concentrated in Southern India. For the Fiscal 2026, Fiscal 2025 and Fiscal 2024, its revenue from Southern India was Rs. 18,181.87 million, Rs. 13,738.07 million and Rs. 10,199.85 million respectively, representing 94.37%, 98.33% and 99.55% of total revenue for the indicated periods. This regional concentration could expose the Company to economic, cultural, geopolitical and local market risks.
  • The company's inventories as of Fiscal 2026, Fiscal 2025 and Fiscal 2024 were Rs. 873.62 million, Rs.827.87 million and Rs.722.56 million representing 4.53%, 5.93%, and 7.05% as a percentage of its revenue from operations for the indicated periods respectively. The company results of operations are dependent on its ability to effectively manage the company's inventory. Its inability to accurately forecast demand or effectively manage the company's inventory may has an adverse effect on its business, financial condition, results of operations and cash flows.
  • Timely procurement of gold bullion, the company's key raw material, as well as the quality and the price at which it is procured, play an important role in the successful operation of its business. The prices and availability of gold bullion depends on factors beyond the company's control, including general economic conditions, foreign exchange rates, competition, production levels and regulatory factors such as import duties. The non-availability or volatility in the cost of gold and absence of hedging facilities may has an adverse effect on its business, results of operations, financial condition and prospects.
  • The company depends on certain key suppliers for gold bullion, the company's key raw material. Its top 10 suppliers accounted for Rs. 16,021.93 million, Rs. 10,845.93 million and Rs. 9,582.83 million representing 91.81%, 82.32% and 96.89% of the company's total purchase based on its Restated Financial Information for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. The company procures gold bullions from RBI registered bullion bank, independent bullion dealers, exchanges from customers and import through India International Bullion Exchange (IIBX), with whom the company does not has any long-term contracts. In the event of any adverse regulatory development or failure by independent bullion dealers to perform their obligations in a timely manner, it may has an adverse effect on its business, financial condition, results of operations and cash flows.
  • The company is subject to strict quality requirements, and sales of its products are dependent on the company's quality controls and standards. Any failures to comply with quality standards may adversely affect its business prospects, cash flows and financial performance, including cancellation of existing and future orders.
  • The company is dependent on third party karigars for the production and manufacturing of all its products. The company has not entered into formal agreements with some of the karigars. Any discontinuation of services by these karigars, disruptions at their production or manufacturing facilities, or failures of such third parties to adhere to the relevant quality standards may has a negative effect on its reputation, business and financial condition.
  • The company's business and the demand for its products are reliant on the success of its customers products with their respective retail customers, and any decline in the demand for the end products could has an adverse impact on its business, results of operations, cash flows and financial condition.
  • The company has experienced negative cash flows from operating activities in previous periods and cannot assure you that its will not experience negative cash flows in future periods. Negative cash flows may adversely affect the company's financial condition, results of operations and prospects.

Deepa Jewellers Ltd IPO — frequently asked questions

The Deepa Jewellers Ltd IPO opens on 01 September 2026 and closes on 03 September 2026. Bidding is accepted from 10:00 AM on the open date until 5:00 PM on the close date. The IPO is available to all eligible investors including retail individual investors, non-institutional investors, and qualified institutional buyers.
The price band for Deepa Jewellers Ltd IPO is Rs 177 to Rs 177 per share. The lot size is 84 shares per lot, requiring a minimum investment of Rs 14868 at the upper price band. Investors must apply for a minimum of one lot and can apply for up to 84 lots as per SEBI guidelines.
You can apply for the Deepa Jewellers Ltd IPO through the Chola Securities app or web platform using UPI or ASBA. Log in to your account, navigate to the IPO section, select Deepa Jewellers Ltd from the open IPOs list, enter your bid quantity and price within the price band, and submit your application. You need an active demat account, a linked bank account, and a valid PAN to apply. Bidding closes on 03 September 2026 at 5:00 PM.
Allotment for Deepa Jewellers Ltd IPO is scheduled on 04 Sep 2026. Refunds or unblocking of funds for unsuccessful applicants will be processed on 07 Sep 2026. The shares are expected to list on 08 Sep 2026. You can check your allotment status on the Chola Securities IPO page or through the registrar's website using your PAN.
Chola Securities' research team has reviewed the Deepa Jewellers Ltd IPO based on the company's financials, business model, valuation, and sector outlook. The recommendation is available on this page. Investors are advised to read the full IPO note along with the company's Red Herring Prospectus before making an investment decision.
Yes, you can revise or withdraw your Deepa Jewellers Ltd IPO bid before the subscription window closes on 03 September 2026 at 5:00 PM. Revisions can include changing the quantity or price within the allowed price band. To withdraw, cancel your application through the platform before the closing time. Once the subscription period ends, no further changes are permitted.
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