Deepa Jewellers Gets 64.67% of Revenue From 10 Buyers in Fiscal 2026

Deepa Jewellers derived Rs 1,246.03 crore, or 64.67% of revenue from operations, from its 10 largest customers in Fiscal 2026. The company does not enter into long-term contracts with customers, so the revenue concentration depends on buyers continuing to place orders at comparable volumes and commercially viable terms.

How concentrated is Deepa Jewellers' customer revenue?

Deepa Jewellers' top 10 customers accounted for more than 63% of revenue from operations in each of Fiscal 2024, Fiscal 2025 and Fiscal 2026. Their contribution was Rs 1,246.03 crore in Fiscal 2026, Rs 883.929 crore in Fiscal 2025 and Rs 690.189 crore in Fiscal 2024, equal to 64.67%, 63.27% and 67.36% of revenue, respectively. Each fiscal year ended on March 31.

The concentration ratio fell by 2.69 percentage points between Fiscal 2024 and Fiscal 2026, but remained above 50% throughout the three-year period. Revenue from operations rose from Rs 1,024.568 crore in Fiscal 2024 to Rs 1,926.676 crore in Fiscal 2026, while revenue from the top 10 increased by Rs 555.841 crore over the same period. The lower percentage therefore reflects revenue growth outside the group as well as higher sales to the group.

Deepa Jewellers identifies the accounts only as Customer 1 through Customer 10 because it considers their names commercially sensitive. The risk-factor heading states Fiscal 2024 top-10 revenue of Rs 690.189 crore, which is consistent with the listed customer amounts and the stated 67.36% share; the total row in the detailed table instead prints Rs 699.189 crore. The company also states that none of the top customers is a related party, promoter-linked entity or connected party.

Why do no long-term contracts matter for Deepa Jewellers?

Deepa Jewellers does not enter into long-term contracts with any customer, meaning past orders do not create stated contractual commitments for future purchases. The company expects to continue relying on its top customers for a significant portion of revenue for the foreseeable future, but says it cannot assure that those customers will keep placing orders at historic levels.

The stated risk mechanism is a reduction in orders from a small set of buyers. Deepa Jewellers says customer-specific circumstances, changing market trends or preferences, adverse market conditions and a general economic slowdown could reduce business from these accounts and affect revenue, results of operations, cash flows and financial condition. The absence of long-term arrangements also means existing customers are not assured to continue buying its products in future periods.

No key customer discontinued placing orders during Fiscal 2024, Fiscal 2025 or Fiscal 2026, according to Deepa Jewellers. That three-year record documents order continuity, but the company says it cannot assure that it will maintain historic business volumes, negotiate commercially viable terms or significantly reduce customer concentration in the future. Continued revenue concentration therefore depends on recurring customer decisions rather than disclosed multi-year purchase commitments.

How large are Deepa Jewellers' biggest customer accounts?

Deepa Jewellers' largest disclosed account, Customer 1, generated Rs 323.654 crore in Fiscal 2026, and Customer 2 generated Rs 177.859 crore. Those two accounts together represented Rs 501.513 crore of the Rs 1,246.03 crore earned from the top 10 customers during Fiscal 2026, showing that the concentration includes two particularly large accounts as well as eight additional buyers.

Customer 3 contributed Rs 169.965 crore in Fiscal 2026, while Customer 4 contributed Rs 103.189 crore and Customer 5 contributed Rs 86.641 crore. Customers 6 through 10 each generated between Rs 67.689 crore and Rs 83.967 crore in Fiscal 2026. The range indicates that all 10 accounts were material revenue contributors rather than the top-10 total being confined to one customer.

Customer 1's disclosed revenue rose from Rs 161.221 crore in Fiscal 2024 to Rs 323.654 crore in Fiscal 2026, while Customer 4's revenue rose from Rs 57.215 crore to Rs 103.189 crore. Deepa Jewellers does not disclose the customers' names, the products each purchased or order schedules. The prospectus therefore does not establish whether the growth in individual customer sales will persist after Fiscal 2026.

What other sales concentrations could affect Deepa Jewellers?

Deepa Jewellers has product concentration alongside its buyer concentration. Vaddanam, a traditional waist ornament, generated Rs 806.241 crore, or 41.85% of Fiscal 2026 revenue from operations, while computer numerical control, or CNC, machine-cut bangles generated Rs 594.853 crore, or 30.87%. Together, the two product categories accounted for 72.72% of Fiscal 2026 revenue.

The product mix shifted between Fiscal 2024 and Fiscal 2026. Vaddanam's revenue share increased from 36.66% to 41.85%, whereas CNC machine-cut bangles' share declined from 39.78% to 30.87%. Deepa Jewellers says demand for these products may vary with consumer tastes and design trends, and that cancelled purchase orders or an inability to anticipate demand could affect sales and cash flows.

Deepa Jewellers also generated Rs 1,818.187 crore, or 94.37% of Fiscal 2026 revenue from operations, in Southern India. The regional share was 98.33% in Fiscal 2025 and 99.55% in Fiscal 2024. Telangana was its largest state market in Fiscal 2026 at Rs 801.062 crore, or 41.58% of total revenue, followed by Tamil Nadu at Rs 453.221 crore and Andhra Pradesh at Rs 371.516 crore.

The prospectus does not identify whether any of the top 10 customers are tied to specific product categories or Southern Indian states. It does state that regional economic conditions, local market risks, infrastructure issues, natural disasters and changes in consumer behaviour could disrupt sales. Customer concentration would remain relevant if large buyers continue to purchase product categories and operate in the regions that account for most of Deepa Jewellers' revenue.

Conclusion

Deepa Jewellers' customer dependency is measurable across three fiscal years: its top 10 buyers supplied 64.67% of Fiscal 2026 revenue, after contributing 63.27% in Fiscal 2025 and 67.36% in Fiscal 2024. The Fiscal 2026 proportion was lower than in Fiscal 2024, but the rupee revenue earned from the group increased and sits alongside product and regional concentration.

The disclosed unresolved matter is whether Deepa Jewellers can reduce its reliance on these accounts or retain their order volumes without long-term contracts. Future updates on the top-10 share of revenue, customer order continuity and the company's ability to maintain commercially viable terms would show whether the Fiscal 2026 concentration changes.