Deepa Jewellers IPO to Open on September 1, 2026; Check Price Band, Issue Size and Key Details
Deepa Jewellers Limited is set to launch its initial public offering (IPO) on September 1, 2026. The ₹459.72 crore public issue will remain open for subscription until September 3, 2026.
The company has fixed the Deepa Jewellers IPO price band at ₹168–₹177 per equity share. Investors can apply for a minimum of 84 shares, requiring an investment of ₹14,868 at the upper end of the price band.
The IPO combines a fresh issue worth ₹250 crore with an offer for sale (OFS) of up to 1.18 crore shares by existing promoter shareholders.
Deepa Jewellers IPO details
| Particulars | Details |
|---|---|
| IPO opening date | September 1, 2026 |
| IPO closing date | September 3, 2026 |
| Anchor investor bidding | August 31, 2026 |
| Price band | ₹168–₹177 per share |
| Face value | ₹2 per share |
| Total issue size | Up to approximately ₹459.72 crore |
| Fresh issue | ₹250 crore |
| Offer for sale | Up to 1,18,48,340 shares |
| Minimum lot size | 84 shares |
| Minimum retail investment | ₹14,112 at ₹168; ₹14,868 at ₹177 |
| Basis of allotment | Expected on September 4, 2026 |
| Expected listing date | September 8, 2026 |
| Listing platform | BSE and NSE |
| Lead managers | Emkay Global Financial Services and Valmiki Leela Capital |
| Registrar | Bigshare Services |
| Designated stock exchange | BSE |
The total issue size of approximately ₹459.72 crore is calculated at the upper end of the price band. The final amount may vary depending on the discovered offer price. SEBI abridged prospectus
Deepa Jewellers IPO timeline
| Event | Tentative date |
|---|---|
| Anchor investor bidding | August 31, 2026 |
| IPO opens | September 1, 2026 |
| IPO closes | September 3, 2026 |
| UPI mandate deadline | September 3, 2026, by 5:00 PM |
| Basis of allotment | September 4, 2026 |
| Credit of shares to demat accounts | Expected before listing |
| Refund or unblocking of funds | Expected before listing |
| Listing on BSE and NSE | September 8, 2026 |
These dates are tentative and may be revised by the company or stock exchanges.
Deepa Jewellers IPO lot size
Investors must bid for at least 84 shares and can submit additional bids in multiples of 84 shares.
| Application | Number of shares | Investment at ₹168 | Investment at ₹177 |
|---|---|---|---|
| 1 lot | 84 | ₹14,112 | ₹14,868 |
| 2 lots | 168 | ₹28,224 | ₹29,736 |
| 5 lots | 420 | ₹70,560 | ₹74,340 |
| 10 lots | 840 | ₹1,41,120 | ₹1,48,680 |
| 13 lots | 1,092 | ₹1,83,456 | ₹1,93,284 |
Retail investors must remain within the applicable ₹2 lakh investment limit.
Structure of the public issue
The Deepa Jewellers IPO has two components:
Fresh issue
The company plans to raise ₹250 crore by issuing new equity shares. Money raised through this component will be received by Deepa Jewellers and used for the stated business objectives.
At the upper price of ₹177, the fresh issue would involve approximately 1.41 crore new shares, subject to finalisation of the offer price and basis of allotment.
Offer for sale
The IPO also includes an OFS of up to 1,18,48,340 equity shares. The shares will be sold equally by two promoter shareholders:
| Selling shareholder | Maximum shares offered |
|---|---|
| Ashish Agarwal | 59,24,170 |
| Seema Agarwal | 59,24,170 |
| Total OFS | 1,18,48,340 |
Proceeds from the OFS will go to the selling shareholders rather than the company.
How will Deepa Jewellers use the IPO proceeds?
Deepa Jewellers proposes to use the net proceeds from the fresh issue for the following purposes:
| Purpose | Proposed amount |
|---|---|
| Long-term working capital for procuring, maintaining and expanding inventory | ₹215 crore |
| General corporate purposes | Balance amount |
A jewellery business requires considerable working capital because gold and other raw materials must be procured before finished products are sold to customers. The proposed ₹215 crore allocation is intended to help the company carry more inventory and support the expansion of its operations.
The amount used for general corporate purposes will not exceed 25% of the gross fresh-issue proceeds.
About Deepa Jewellers
Incorporated in 2016, Deepa Jewellers is an organised business-to-business designer, processor and supplier of hallmarked gold jewellery.
It primarily supplies jewellery to retail chains and standalone jewellery stores instead of selling directly to individual consumers. Its primary markets include Telangana, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala.
The company is engaged in:
- Designing gold jewellery through an in-house design team
- Processing and supplying 22-karat gold jewellery
- Providing jewellery job-work services
- Trading in jewellery and related products
- Supplying hallmarked plain-gold and precious-stone-studded jewellery
Its product portfolio includes vaddanam or waist belts, CNC machine-cut bangles, necklaces, earrings, rings, bracelets, gents’ kadas, armlets and other traditional jewellery.
As of July 31, 2026, the company served 373 customers across 13 states and one Union Territory. Its customer base included 47 jewellery retail chains and 326 standalone stores.
Deepa Jewellers’ business model
Deepa Jewellers currently follows an outsourced manufacturing model. It provides gold, alloys, precious stones, designs and product specifications to third-party karigars, who manufacture the jewellery in return for making charges.
The company worked with a network of 41 karigars as disclosed in its offer documents. This model allows it to scale production without immediately investing significant capital in large manufacturing facilities.
However, the company is also establishing an in-house manufacturing facility of approximately 6,696 square feet in Hyderabad. The facility was expected to become operational before the end of the first half of FY27.
Deepa Jewellers financial performance
The company reported strong growth in revenue and profitability between FY24 and FY26.
| Financial metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | ₹1,024.57 crore | ₹1,397.01 crore | ₹1,926.68 crore |
| EBITDA | ₹35.77 crore | ₹56.01 crore | ₹146.34 crore |
| Profit after tax | ₹24.35 crore | ₹40.58 crore | ₹104.79 crore |
| Net worth | ₹92.55 crore | ₹133.21 crore | ₹238.07 crore |
| Total borrowings | ₹77.93 crore | ₹80.79 crore | ₹111.12 crore |
| EBITDA margin | 3.49% | 4.01% | 7.60% |
| PAT margin | 2.37% | 2.90% | 5.44% |
| Return on equity | 30.30% | 35.95% | 56.45% |
| Debt-to-equity ratio | 0.84 | 0.61 | 0.47 |
Figures have been converted from ₹ million to ₹ crore and rounded where appropriate.
Revenue growth
Revenue from operations increased from ₹1,397.01 crore in FY25 to ₹1,926.68 crore in FY26, representing growth of approximately 37.9%.
Between FY24 and FY26, revenue grew at a compound annual growth rate of approximately 37%.
Profit growth
Profit after tax rose from ₹40.58 crore in FY25 to ₹104.79 crore in FY26, an increase of approximately 158%.
The company’s PAT margin also improved from 2.90% in FY25 to 5.44% in FY26, suggesting that profit grew considerably faster than revenue.
Return ratios
Return on equity increased to 56.45% in FY26, while return on capital employed reached 52.08%. The debt-to-equity ratio declined from 0.84 in FY24 to 0.47 in FY26.
However, the company reported negative cash flow from operating activities of ₹14.73 crore in FY26 and ₹9.86 crore in FY25.
Deepa Jewellers IPO valuation
Based on the company’s diluted FY26 earnings per share of ₹12.78, the IPO is priced at the following price-to-earnings multiples:
| Offer price | FY26 P/E |
|---|---|
| ₹168 | Approximately 13.15 times |
| ₹177 | Approximately 13.85 times |
The reported average FY26 P/E of the listed peer group was approximately 23.92 times. Deepa Jewellers’ IPO is therefore being offered at a lower earnings multiple than the disclosed peer average.
However, investors should not assess the issue based solely on P/E. Differences in scale, business mix, geographic diversification, margins, brand strength and operating model must also be considered.
Strengths of Deepa Jewellers
Strong financial growth
The company recorded significant growth in revenue, EBITDA and profit during FY26. EBITDA and PAT margins also improved considerably.
Established B2B customer network
Deepa Jewellers had 373 customers, including jewellery retail chains and standalone stores, as of July 31, 2026.
Specialised product portfolio
The company has established expertise in traditional jewellery categories such as vaddanam and CNC machine-cut bangles.
Improving leverage position
Its debt-to-equity ratio declined from 0.84 in FY24 to 0.47 in FY26, despite an increase in absolute borrowings.
Asset-light operating model
Outsourcing manufacturing to karigars offers flexibility and reduces the immediate need for substantial capital expenditure.
Experienced promoters
Promoters Ashish Agarwal and Seema Agarwal each have more than 25 years of experience in the jewellery industry.
Key risks investors should consider
Customer concentration
Deepa Jewellers’ top 10 customers contributed 64.67% of its FY26 revenue. The loss of a major customer or a reduction in orders could materially affect its business.
Its top five customers alone contributed 44.70% of FY26 revenue.
Dependence on Southern India
Southern India generated 94.37% of the company’s FY26 revenue. Such geographic concentration exposes it to regional demand, economic and competitive risks.
Product concentration
Vaddanam and CNC machine-cut bangles together accounted for approximately 72.72% of FY26 revenue. A decline in demand for these products could affect sales.
Gold-price volatility
Gold is the company’s primary raw material. Changes in gold prices, currency rates, import duties or availability could affect demand, margins and working-capital requirements.
The company’s offer document also states that it does not have hedging facilities, increasing its exposure to gold-price volatility.
Dependence on key suppliers
The top 10 suppliers contributed 91.81% of total purchases in FY26. The company does not have long-term contracts with several bullion suppliers.
Reliance on third-party karigars
The company depends on external karigars for the manufacturing of its products, and formal agreements are not in place with some of them. Production disruptions or quality issues could affect operations and reputation.
Negative operating cash flow
Despite reporting profits, the company recorded negative cash flow from operating activities during FY25 and FY26. This reflects the working-capital-intensive nature of the business and warrants attention.
Promoter OFS
A portion of the IPO is an offer for sale. The proceeds from this component will go to the selling shareholders and will not be available to fund the company’s operations.
Deepa Jewellers IPO GMP
The grey market premium, or GMP, is an unofficial and unregulated indicator. It can change quickly and may not accurately predict the listing price.
Investors should avoid making an application decision based only on GMP. The company’s financial performance, valuation, business concentration, cash flows and risk factors provide a more reliable basis for evaluation.
How to apply for the Deepa Jewellers IPO
Investors can apply through Lemonn using the UPI-based IPO application process:
- Open the Lemonn app.
- Navigate to the IPO section.
- Select Deepa Jewellers IPO.
- Enter the number of lots.
- Choose the bid price or select the cut-off price.
- Enter or confirm your UPI ID.
- Submit the IPO application.
- Approve the fund-blocking mandate in your UPI app before the deadline.
The application amount remains blocked in the bank account until allotment. If no shares are allotted, the blocked amount is released.
Should you apply for the Deepa Jewellers IPO?
Deepa Jewellers enters the primary market with strong recent revenue and profit growth, expanding margins, improving return ratios and a valuation below the disclosed industry peer average.
At the same time, investors should consider its dependence on Southern India, concentration among major customers and products, reliance on external karigars and suppliers, sensitivity to gold prices, and negative operating cash flows.
Therefore, investors should read the company’s red herring prospectus and evaluate whether the IPO fits their investment objectives, financial position and risk tolerance before applying.
Frequently asked questions
Q. When will the Deepa Jewellers IPO open?
The IPO will open for public subscription on September 1, 2026.
Q. When will the Deepa Jewellers IPO close?
The issue will close on September 3, 2026.
Q. What is the Deepa Jewellers IPO price band?
The price band has been fixed at ₹168–₹177 per equity share.
Q. What is the Deepa Jewellers IPO issue size?
The IPO aims to raise up to approximately ₹459.72 crore at the upper end of the price band.
Q. What is the minimum investment required?
Investors must apply for at least 84 shares. One lot will cost ₹14,868 at the upper price of ₹177.
Q. Is the IPO a fresh issue or an OFS?
It combines a ₹250 crore fresh issue with an OFS of up to 1,18,48,340 shares.
Q. When is the Deepa Jewellers IPO allotment expected?
The basis of allotment is tentatively expected to be finalised on September 4, 2026.
Q. When will Deepa Jewellers shares list?
The shares are tentatively scheduled to list on the BSE and NSE on September 8, 2026.
Q. Who is the registrar to the IPO?
Bigshare Services Private Limited is the registrar.
Q. Who are the lead managers?
Emkay Global Financial Services and Valmiki Leela Capital are the book-running lead managers.
Disclaimer
The stocks mentioned in this article are not recommendations. Please conduct your own research and due diligence before investing. Investment in securities market are subject to market risks, read all the related documents carefully before investing. Please read the Risk Disclosure documents carefully before investing in Equity Shares, Derivatives, Mutual fund, and/or other instruments traded on the Stock Exchanges. As investments are subject to market risks and price fluctuation risk, there is no assurance or guarantee that the investment objectives shall be achieved. Lemonn (Formerly known as NU Investors Technologies Pvt. Ltd) do not guarantee any assured returns on any investments. Past performance of securities/instruments is not indicative of their future performance.
