Lalithaa Jewellery Mart Limited is a jewellery retailer operating under the “Lalithaa” brand, catering primarily to mass-market and value-conscious consumers. The Company offers gold, silver, and diamond jewellery, with a focus on quality, craftsmanship, design and competitive pricing.
The Company operates Large and Medium Format Stores, with 61 stores across 51 cities in South India as of March 31, 2026. 45 stores are located in Tier II and III cities, contributing 60.25% of FY2026 revenue.
The Company follows an asset-light model with backward integration, supported by two manufacturing facilities in Chennai and Kanchipuram. In FY2026, it had 816 exclusive Karigars for in-house jewellery manufacturing.
The Company offers Dhana Vandhanam and Free-yo-Flexi jewellery schemes to encourage repeat purchases and provide customer flexibility. As of March 31, 2026, 473,412 customers were actively enrolled.
The Company primarily focuses on gold jewellery, which contributed 92.33% of revenue in FY2026, followed by silver jewellery and articles at 6.63%.
The Company started operations in 1985 with its first store in T. Nagar, Chennai, and has since expanded across South India. Its revenue grew from ₹16,788.05 crore in FY2024 to ₹25,023.93 crore in FY2026, registering a 22.09% CAGR.
As of March 31, 2026, the Company had 7,059 full-time employees across various functions.
Lalithaa Jewellery Mart IPO – Details
| IPO Opening Date | 17 August 2026 |
| IPO Closing Date | 19 August 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 8,46,08,276 Shares Worth ₹1700.00 Crore Fresh Issue: 5,97,32,655 Shares Worth ₹1,200.63 Crore Offer For Sale: 2,48,75,621 Shares Worth ₹500.00 Crore |
| Face Value | ₹5 per equity share |
| IPO Price | ₹190 – ₹201 per share |
| Market Lot | 74 Shares |
| Min Order | 74 Shares [1 Lot] |
| Employee Discount | ₹19 |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Lalithaa Jewellery Mart IPO – Date Schedule
| IPO Open Date | 17 August 2026 |
| IPO Close Date | 19 August 2026 |
| Basis of Allotment | 20 August 2026 |
| Initiation of Refund | 21 August 2026 |
| Credit of Shares to Demat Account | 21 August 2026 |
| IPO Listing Date | 24 August 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 19, 2026 |
Lalithaa Jewellery Mart IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 74 | ₹14,874 |
| Retail (Max) | 13 | 962 | ₹1,93,362 |
| S-HNI (Min) | 14 | 1036 | ₹2,08,236 |
| S-HNI (Max) | 67 | 4958 | ₹9,96,558 |
| B-HNI (Min) | 68 | 5032 | ₹10,11,432 |
Competitive Strength
- Strong regional presence with deep penetration in high-growth South Indian markets.
- Brand catering to the mass and value-conscious segment with own manufacturing.
- Strong brand pull in Tier II and Tier III cities with focus on quality, craftsmanship and original designs.
- Large Format Stores and Medium Format Stores driving scale.
- Robust customer base owing to diverse range of jewellery schemes.
- Asset-light retail business model with backward integration, efficient inventory management and quality control processes.
- Experienced promoter and management team with proven execution capabilities.
Company Promoters
- M.Kiran Kumar Jain
- Hemaa Kiran Kumar Jain
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹16,800.62 Cr | ₹16,316.07 Cr | ₹359.83 Cr | ₹824.18 Cr |
| 31 March 2025 | ₹16,907.88 Cr | ₹16,404.58 Cr | ₹364.73 Cr | ₹949.26 Cr |
| 31 March 2026 | ₹25,039.80 Cr | ₹23,679.54 Cr | ₹1,009.82 Cr | ₹1,604.14 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 41.60% |
| ROCE | 42.60% |
| Debt/Equity | 0.53 |
| RoNW | 39.90% |
| PAT Margin | 4.04% |
| NAV | 58.60 |
| Pre IPO | Post IPO | |
| EPS (₹) | 20.20 | – |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding expenditure towards setting up of 10 New Stores: (a) Capital expenditure for fit-outs like furniture and fixtures, equipment, IT hardware and software. | ₹34.55 |
| Funding expenditure towards setting up of 10 New Stores: (b) Expenditure towards inventory costs for setting up of New Stores. | ₹998.68 |
| General Corporate Purposes. |
Lalithaa Jewellery Mart IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Kalyan Jewellers India Limited | 46.85 |
| 2 | 10 | Manoj Vaibhav Gems N Jewellers Limited | 7.12 |
| 3 | 10 | PC Jeweller Limited | 9.26 |
| 4 | 10 | P N Gadgil Jewellers Limited | 22.18 |
| 5 | 10 | Senco Gold Limited | 11.50 |
| 6 | 10 | Thangamayil Jewellery Limited | 46.26 |
| 7 | 1 | Titan Company Limited | 85.25 |
| 8 | 10 | Tribhovandas Bhimji Zaveri Limited | 9.14 |
✅Strengths
- Strong South India presence with 61 stores across 51 cities and deep penetration in Tier II & III markets.
- Strong financial growth, with revenue CAGR of 22.09% and PAT CAGR of 67.52% during FY2024–FY2026.
- Highest revenue per store among key organised jewellery peers in FY2026.
- In-house manufacturing helps reduce jewellery-making wastage and supports competitive pricing.
- Large customer base with 473,412 active customers enrolled in jewellery schemes as of FY2026.
- Strong brand positioning among mass-market and value-conscious customers seeking quality at competitive prices.
- Strong profitability metrics, including 42.60% ROCE and 41.60% ROE in FY2026.
⚠️Risks
- High dependence on gold jewellery, which contributed 92.33% of revenue in FY2026.
- Gold price volatility can affect affordability, demand, inventory costs and margins.
- High working-capital requirement due to substantial gold and diamond inventory.
- Negative operating cash flow of ₹397.76 crore in FY2026 was reported in the RHP.
- Intense competition from organised, unorganised and online jewellery retailers may pressure prices and margins.
- Dependence on skilled Karigars creates production risks if skilled workers are unavailable or leave.
- High inventory exposure creates risks from theft, fraud, damage and employee negligence.
- Geographical concentration in South India exposes the Company to regional economic and demand fluctuations.
- Brick-and-mortar focused model may face disadvantages against competitors with stronger omnichannel and e-commerce presence.
- Expansion risks include higher costs, staffing challenges, local regulations and uncertain performance of new stores.
Lalithaa Jewellery Mart IPO Promoter Holding
| Pre-Issue Share Holding | 97.72% |
| Post Issue Share Holding | 82.85% |
Lalithaa Jewellery Mart IPO Prospectus
Company Contact Information
| Lalithaa Jewellery Mart Limited 123, Usman Road, T. Nagar, Chennai, Tamil Nadu, 600017 Phone: +044 2834 9869 Email: cosec@lalithaajewellery.com Website: https://www.lalithaajewellery.com/ |
Lalithaa Jewellery Mart IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: 022-49186000 Email: lalithaajewellery.ipo@linkintime.co.in Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Lalithaa Jewellery Mart IPO Lead Manager(s)
| 1. Equirus Capital Limited 2. Anand Rathi Advisors Limited |
Lalithaa Jewellery Mart IPO FAQs
| What is the Lalithaa Jewellery Mart IPO? Lalithaa Jewellery Mart IPO is a main-board IPO. The issue is priced at ₹190 to ₹201 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Lalithaa Jewellery Mart IPO open? The IPO is to open on 17 August 2026 for QIB, NII, and Retail Investors. |
| What is Lalithaa Jewellery Mart IPO investors’ portion? The investors’ portion is QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Lalithaa Jewellery Mart IPO Size? Lalithaa Jewellery Mart IPO size is ₹1,700.00 crore. |
| What are the Lalithaa Jewellery Mart IPO Minimum and maximum lot sizes for Retail? The minimum bid is 74 Shares with ₹14,874, while the maximum bid is 962 Shares with ₹1,93,362. |
| What is the Lalithaa Jewellery Mart IPO Allotment Date? Lalithaa Jewellery Mart IPO allotment date is 20 August 2026. |
| What is the Lalithaa Jewellery Mart IPO Listing Date? Lalithaa Jewellery Mart IPO listing date is 24 August 2026. The IPO is to be listed on the BSE and the NSE. |
