Deepa Jewellers Limited is an organized B2B designer, processor, and supplier of hallmarked gold jewellery. The company primarily operates across Telangana, Andhra Pradesh, Tamil Nadu, Karnataka and Kerala. The company supplies jewellery to retail chains and standalone jewellery stores rather than selling directly to end consumers.
Deepa Jewellers mainly deals in 22-karat gold jewellery, including plain gold and precious-stone-studded jewellery. Its key products include Vaddanam, CNC machine-cut bangles, gents kada, kangan, earrings, necklaces, rings, bracelets and other traditional jewellery.
Apart from jewellery processing, the company also undertakes job-work services and trades in silver ornaments, 18K and 20K gold ornaments, precious stones and gold bullion.
As of July 31, 2026, the company had 16 product categories and 110 SKUs. It also had an in-house team of 15 designers focused on developing new designs based on customer needs, market trends and regional preferences.
The company follows an outsourced manufacturing model supported by a network of 41 karigars. It supplies raw materials such as gold, alloys and precious stones to these karigars, who manufacture jewellery according to the company’s designs and specifications.
As of July 31, 2026, Deepa Jewellers had 373 customers across 13 states and one Union Territory, including 47 jewellery retail chains and 326 standalone stores. Its customer base includes jewellery retailers such as Joyalukkas, Kalyan Jewellers, Lalithaa Jewellery Mart, Manoj Vaibhav Gems ‘N’ Jewellers and Tribhovandas Bhimji Zaveri, among others.
In Fiscal 2026, Vaddanam contributed 41.85% of revenue from operations, while CNC machine-cut bangles contributed 30.87%. These are the company’s two major product categories. The company has a strong South India presence, with 94.37% of FY2026 revenue coming from South Indian states.
Deepa Jewellers is also setting up an in-house manufacturing facility in Hyderabad to increase capacity, improve turnaround time and support future growth. It also opened a sales office in Vijayawada in November 2025 to expand its market reach.
Deepa Jewellers IPO – Details
| IPO Opening Date | 01 September 2026 |
| IPO Closing Date | 03 September 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 2,59,72,633 Shares Worth ₹459.72 Crore Fresh Issue: 1,41,24,293 Shares Worth ₹250.00 Crore Offer For Sale: 1,18,48,340 Shares Worth ₹209.72 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹168 – ₹177 per share |
| Market Lot | 84 Shares |
| Min Order | 84 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | Bigshare Services Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Deepa Jewellers IPO – Date Schedule
| IPO Open Date | 01 September 2026 |
| IPO Close Date | 03 September 2026 |
| Basis of Allotment | 04 September 2026 |
| Initiation of Refund | 07 September 2026 |
| Credit of Shares to Demat Account | 07 September 2026 |
| IPO Listing Date | 08 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 03, 2026 |
Deepa Jewellers IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 84 | ₹14,868 |
| Retail (Max) | 13 | 1,092 | ₹1,93,284 |
| S-HNI (Min) | 14 | 1,176 | ₹2,08,152 |
| S-HNI (Max) | 67 | 5,628 | ₹9,96,156 |
| B-HNI (Min) | 68 | 5,712 | ₹10,11,024 |
Competitive Strength
- Strong presence in southern market.
- Diverse product portfolio with varied weight ranges, designs and specialisation in vadannam 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.
Company Promoters
- Ashish Agarwal
- Seema Agarwal
- Dev Agarwal
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹1,025.73 Cr | ₹993.05 Cr | ₹24.35 Cr | ₹77.93 Cr |
| 31 March 2025 | ₹1,400.10 Cr | ₹1,345.63 Cr | ₹40.58 Cr | ₹80.79 Cr |
| 31 March 2026 | ₹1,927.73 Cr | ₹1,787.39 Cr | ₹104.79 Cr | ₹111.11 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 56.45% |
| ROCE | 52.08% |
| Debt/Equity | 0.47 |
| RoNW | 56.45% |
| PAT Margin | 5.44% |
| EBITDA Margin | 7.60% |
| NAV | 29.03 |
| Pre IPO | Post IPO | |
| EPS (₹) | 4.95 | – |
| P/E (x) |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by the Company. | ₹215.00 |
| General corporate purposes. | – |
Deepa Jewellers IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Sky Gold and Diamonds Limited | 57.56 |
| 2 | 10 | Shanti Gold International Limited | 12.72 |
| 3 | 10 | Shringar House of Mangalsutra Limited | 17.02 |
| 4 | 10 | RBZ Jewellers Ltd | 10.08 |
| 5 | 10 | Khazanchi Jewellers Limited | 22.22 |
✅Strengths
- Strong customer base across 13 states and 1 UT.
- Specialized portfolio in vaddanam and CNC machine-cut bangles.
- Strong revenue and profit growth.
- Experienced karigar and procurement network.
- Wide product portfolio with 110 SKUs.
⚠️Risks
- High dependence on top customers for revenue.
- Revenue heavily concentrated in Southern India.
- Dependence on vaddanam and CNC bangles.
- Exposure to gold price volatility.
- Complete dependence on third-party karigars for production.
Deepa Jewellers IPO Promoter Holding
| Pre Issue Share Holding | 100.00% |
| Post Issue Share Holding | 72.98% |
Deepa Jewellers IPO Prospectus
Company Contact Information
| Deepa Jewellers Ltd. Ground floor and first floor, Door No. 3- 6-343 & 344, Basheerbagh, Himayathnagar, Hyderabad, Telangana, 500029 Phone: 91 76809 62117 Email: cs@deepajewel.com Website: https://www.deepajewel.com/home |
Deepa Jewellers IPO Registrar
| Bigshare Services Pvt. Ltd. Phone: 8657578989/8069219065/8069219060 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
Deepa Jewellers IPO Lead Manager(s)
| 1. Valmiki Leela Capital Private Limited 2. Emkay Global Financial Services Limited |
Deepa Jewellers IPO FAQs
| What is the Deepa Jewellers IPO? Deepa Jewellers IPO is a main-board IPO. The issue is priced at ₹168 to ₹177 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Deepa Jewellers IPO open? The IPO is to open on 01 September 2026 for QIB, NII, and Retail Investors. |
| What is Deepa Jewellers IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Deepa Jewellers IPO Size? Deepa Jewellers IPO size is ₹459.72 Crore. |
| What are the Deepa Jewellers IPO Minimum and maximum lot sizes for Retail? The minimum bid is 84 Shares with ₹14,868, while the maximum bid is 1092 Shares with ₹1,93,284. |
| What is the Deepa Jewellers IPO Allotment Date? Deepa Jewellers IPO allotment date is 04 September 2026. |
| What is the Deepa Jewellers IPO Listing Date? Deepa Jewellers IPO listing date is 08 September 2026. The IPO is to be listed on the BSE and the NSE. |
