Deepa Jewellers IPO

Deepa Jewellers Limiteddeepajewel.com

ListedMainboardConsumer DiscretionaryNSE · BSE

Price band: ₹168 – ₹177
Issue size: ₹460 Cr
Lot size: 84 sh
Bidding: 1 – 3 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Deepa Jewellers is a Hyderabad-based business-to-business supplier of hallmarked 22-karat gold jewellery, incorporated on 5 May 2016, which the record describes as owning no stores and supplying retail chains and standalone stores rather than selling to consumers. Revenue from operations was Rs 1,024.57 Cr in FY24, Rs 1,397.01 Cr in FY25 and Rs 1,926.68 Cr in FY26 — rises of 36.35% and 37.91% — with profit after tax of Rs 24.35 Cr, Rs 40.58 Cr and Rs 104.79 Cr over the same three years. The Rs 459.72 Cr issue, Rs 250 Cr of it fresh and Rs 209.72 Cr an offer for sale, was priced in a Rs 168-177 band and subscribed 42.61 times overall. It listed on 8 September 2026 at Rs 221, 24.86% above the band top, and last traded at Rs 230.14 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

75Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Deepa Jewellers, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2016 · Hyderabad, Telangana, India · 133 employees

Deepa Jewellers is a Hyderabad-based business-to-business supplier of hallmarked 22-karat gold jewellery. It owns no stores and does not sell to consumers: it designs ornaments in-house and supplies them to jewellery retail chains and standalone stores, which do the retailing. Its range covers 16 products and 110 SKUs, led by vaddanam (waist belts) and CNC machine-cut bangles, alongside necklaces, kada, armlets, earrings and rings. As of 31 July 2026 it served 373 customers — 47 retail chains and 326 standalone stores — across 13 states and one union territory, including Joyalukkas, Kalyan Jewellers and Lalithaa Jewellery Mart. It also does job work on customer-supplied gold for a fee and trades silver, 18- and 20-karat ornaments and bullion. It had 133 employees on that date.

Revenue is almost entirely the gold itself: of ₹1,926.68 crore of FY26 revenue from operations, 99.00% came from selling processed jewellery, 0.89% from job-work fees and 0.11% from trading. Cost of materials consumed was ₹1,777.68 crore against that ₹1,926.68 crore, so the company earns a thin spread over the metal — a 7.60% EBITDA margin in FY26, up from 4.01% in FY25. Manufacturing is outsourced to 41 karigars paid making charges, keeping fixed costs low. The constraint is working capital and concentration: trade receivables rose from ₹131.73 crore to ₹252.36 crore in FY26, net cash from operations was negative ₹14.73 crore, and the top 10 customers supplied 64.67% of revenue.

The company on paper

Legal name: Deepa Jewellers Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 5 May 2016
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U74999TG2016PLC109435
Sector: Consumer Discretionary · B2B design and supply of hallmarked 22-karat gold jewellery to retail chains and standalone stores
Employees: 133
Registered office: Hyderabad, Telangana, India
Promoters: Ashish Agarwal, Seema Agarwal, Dev Agarwal
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 73.0%
Website: deepajewel.com

The numbers

Financial performance

Revenue has compounded at 37.1% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

54% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹250 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹210 Cr
Total issue size: ₹460 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 27.0% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription42.61×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹177.00
Listed at: ₹221.00
Listing gain: up 24.9%
Since listing: down 9.0%
Against the issue price: up 13.7%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 84
At cut-off price: ₹177.00
Amount blocked: ₹14,868

One lot is 84 shares at ₹14,868. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~5%

chance of one lot, per application

Retail subscription: 18.55×
Applicants per share available: 18.6× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹221.00

listed at, 24.9% against the issue price

Issue price: ₹177.00
Premium said: —
If allotted 84 shares: ₹3,696

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue rose in both years the record can measure: from Rs 1,024.57 Cr in FY24 to Rs 1,397.01 Cr in FY25, a rise of 36.35%, and on to Rs 1,926.68 Cr in FY26, a rise of 37.91%.
EBITDA margin was higher in each successive year on record: Rs 35.77 Cr on Rs 1,024.57 Cr in FY24 (3.49%), Rs 56.01 Cr on Rs 1,397.01 Cr in FY25 (4.01%) and Rs 146.34 Cr on Rs 1,926.68 Cr in FY26 (7.60%). Profit after tax across the same years was Rs 24.35 Cr, Rs 40.58 Cr and Rs 104.79 Cr, or 2.38%, 2.90% and 5.44% of revenue.
Borrowings measured against net worth were 0.84 times in FY24 (Rs 77.93 Cr against Rs 92.55 Cr), 0.61 times in FY25 (Rs 80.79 Cr against Rs 133.21 Cr) and 0.47 times in FY26 (Rs 111.12 Cr against Rs 238.07 Cr). Borrowings themselves were higher in each year, from Rs 77.93 Cr to Rs 80.79 Cr to Rs 111.12 Cr, while net worth went from Rs 92.55 Cr to Rs 238.07 Cr.
The issue was subscribed 42.61 times overall at the day-three close on 3 September 2026, with the non-institutional portion at 105.96 times, the qualified institutional portion at 37.01 times and retail at 18.55 times.

What to weigh against it

Trade receivables rose from Rs 131.73 Cr to Rs 252.36 Cr in FY26, a rise of 91.57%, in a year revenue rose 37.91% from Rs 1,397.01 Cr to Rs 1,926.68 Cr. That is 9.43% of FY25 revenue and 13.10% of FY26 revenue.
Net cash from operations was negative Rs 14.73 Cr in FY26, a year in which profit after tax was Rs 104.79 Cr.
The top 10 customers supplied 64.67% of revenue. The record counts 373 customers as of 31 July 2026 — 47 retail chains and 326 standalone stores — across 13 states and one union territory.
Cost of materials consumed was Rs 1,777.68 Cr against FY26 revenue from operations of Rs 1,926.68 Cr, or 92.27% of it. Of that revenue, 99.00% came from selling processed jewellery, 0.89% from job-work fees and 0.11% from trading, and the record states manufacturing is outsourced to 41 karigars paid making charges.

Easy to miss in the prospectus

Working capital: trade receivables of Rs 252.36 Cr at FY26 against Rs 131.73 Cr the year before, and net cash from operations of negative Rs 14.73 Cr in FY26.
Concentration and ownership: the top 10 customers at 64.67% of revenue, and promoter holding of 72.98% after the issue against 100% before it, a fall of 27.02 percentage points.
Price: Rs 230.14 on 23 October 2026, 30.02% above the Rs 177 band top and 4.14% above the Rs 221 listing price.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Deepa Jewellers — Prospectus dated 2026-09-044 Sep 2026Filed after pricing, with every placeholder filled in.Opens on cdn.jfone.jewelflow.pro

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Emkay Global Financial Services Limited, Valmiki Leela Capital Private Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Built from 12 independently published accounts of this issue, agreeing with each other. The filing is linked above, so every figure here can be checked against the primary document — but these figures were taken from those published accounts, not reconciled line by line against it.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 1 Sep 2026
Closes: 3 Sep 2026
Allotment: 4 Sep 2026
Lists: 8 Sep 2026
Revenue (FY26): ₹1,927 Cr
Profit (FY26): ₹105 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.