Deepa Jewellers Ltd.
DEEPA-JEWELSMainboard
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Overview
Deepa Jewellers Limited is an organized B2B designer, processor and supplier of hallmarked 22K gold jewellery, focused largely on South India (Telangana, Andhra Pradesh, Karnataka, Tamil Nadu and Kerala). It designs jewellery through an in-house team, sources manufacturing through an outsourced karigar network, and supplies finished hallmarked products to jewellery retail chains and standalone stores; it also undertakes job-work (processing customer-owned gold) and limited trading in bullion and other jewellery-related products.
Opening Date
Sep 01, 2026
Closing Date
Sep 03, 2026
Listing Date
Sep 08, 2026
IPO Type
Mainboard
IPO Status
Closed
Issue Size
459.72 Cr
Fresh Issue
250 Cr
Offer for Sale
209.72 Cr
Price Band
₹168 - ₹177
Lot Size
84
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
—
EPS
4.95
ROE
56.45%
ROCE
52.08%
RONW
56.45%
Debt to Equity Ratio
0.47
PAT Margin
5.44%
EBITDA Margin
7.6%
P/B
—
Bull vs Bear
Bull case
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The business runs on repeat B2B relationships, which can be sticky because retailers need reliable supply, consistent quality, and fast fulfilment.
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Fast inventory turnover (18 days) matters because it reduces dead stock risk and helps protect margins in a volatile gold-price business.
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Hedging 0.84 of inventory matters because it can smooth sudden gold price swings, supporting steadier cash planning and profitability.
Bear case
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Top-10 customers drive 64.67% of revenue, so losing one large account could quickly hurt sales and bargaining power on pricing and credit terms.
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Two products drive most revenue, so a demand shift away from vaddanam or CNC bangles could reduce volumes and force discounting or redesign costs.
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Revenue is 94.37% from South India, so any regional slowdown or disruption could hit sales and cash flows with little diversification buffer.
Net takeaway
This is a B2B jewellery supplier built around repeat retailer relationships, fast inventory movement, and some protection from gold price swings through hedging. That can support a steadier operating engine over time, but the business is concentrated: a few customers, a few product lines, and mainly one region. For a long-term holder, what has to go right is customer retention while expanding beyond these concentration points. The key thing to monitor is whether customer and regional dependence reduces meaningfully.
