Deepa Jewellers is entering the public markets with a ₹459.72 crore IPO priced in the range of ₹168 to ₹177 per share. The Deepa Jewellers IPO will open on September 1, 2026, and close on September 3, 2026, with the shares expected to list on the BSE and NSE on September 8, 2026. The issue combines ₹250 crore of fresh equity with an offer for sale of 1.18 crore shares by promoters, while the company plans to use the majority of the fresh proceeds to fund working capital, particularly inventory.
The Deepa Jewellers IPO analysis points to a high-growth wholesale jewellery business with strong return ratios and improving profitability, but also highlights low absolute profit margins, substantial working-capital requirements and exposure to gold and diamond price movements. At the upper price band, the IPO is valued at around 13.85 times FY26 diluted earnings, below the reported peer average of approximately 23.92 times.
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Table of Contents
- Deepa Jewellers IPO Details
- What Does Deepa Jewellers Do?
- Deepa Jewellers Financial Performance
- Deepa Jewellers IPO Valuation: Is the IPO Priced Reasonably?
- Objects of the Deepa Jewellers IPO
- Shareholding and Promoter Context
- Deepa Jewellers IPO GMP and Expected Listing
- Key Strengths of Deepa Jewellers IPO
- Deepa Jewellers IPO Risks and Red Flags
- Deepa Jewellers IPO Peer Comparison
- Who Should Consider the Deepa Jewellers IPO?
- Deepa Jewellers IPO Retail Application Details
- Deepa Jewellers IPO Review: Bottom Line
- Deepa Jewellers IPO FAQs
The Deepa Jewellers IPO is a ₹459.72 crore mainboard issue comprising a fresh issue and an offer for sale. The price band has been fixed at ₹168 to ₹177 per equity share, with each share having a face value of ₹2.
| Parameter |
Details |
| IPO size |
₹459.72 crore |
| Fresh issue |
₹250 crore |
| Offer for sale |
₹209.72 crore |
| Price band |
₹168–₹177 per share |
| Face value |
₹2 per share |
| Lot size |
84 shares |
| Minimum retail investment |
₹14,868 at ₹177 |
| IPO dates |
September 1–3, 2026 |
| Allotment |
September 4, 2026 |
| Demat credit/refunds |
September 7, 2026 |
| Expected listing |
September 8, 2026 |
| Exchanges |
BSE and NSE |
| Lead managers |
Emkay Global Financial Services; Valmiki Leela Capital |
| Registrar |
Bigshare Services |
Deepa Jewellers IPO Reservation
The issue follows the standard mainboard reservation structure. Qualified institutional buyers, or QIBs, are allocated 50% of the issue, non-institutional investors, or NIIs, receive 15%, and retail investors have a 35% reservation.
| Investor category |
Reservation |
| QIB |
50% |
| NII |
15% |
| Retail |
35% |
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Get all the latest details on the issue size, price band, lot size, key dates, and listing timeline of the Deepa Jewellers IPO.
Deepa Jewellers was founded in 2016 and was converted into a public limited company in 2025. The company primarily operates as a wholesaler and trader of gold and diamond jewellery, supplying traditional and contemporary designs to jewellery retail chains and standalone stores.
Its product portfolio covers 16 categories and 110 SKUs. These include bangles, necklaces, earrings, rings, waist belts or vaddanam, kadas, armlets, mangalsutra variants and customised ornaments.
As of July 31, 2026, Deepa Jewellers served 373 customers across 13 states and one Union Territory. Its customer base comprised 47 jewellery retail chains and 326 standalone stores. This gives the company a broad distribution footprint across organised and standalone retail channels.
The company also uses a mobile application to showcase its jewellery collections and engage with customers.
Deepa Jewellers' Move Towards Manufacturing
Deepa Jewellers has also started moving beyond a pure wholesale and trading model. In 2025, it ordered machinery including a 3D printer, vacuum casting equipment and induction melting equipment to establish its first in-house manufacturing facility.
This move is strategically relevant because greater manufacturing integration could eventually provide more control over production, quality and the supply chain. However, the company remains primarily a wholesale jewellery business, and the manufacturing initiative is still at an early stage based on the information available.
Deepa Jewellers has recorded substantial growth in both revenue and profit between FY24 and FY26. Revenue from operations increased from ₹1,025.73 crore in FY24 to ₹1,927.73 crore in FY26, while PAT rose from ₹24.35 crore to ₹104.79 crore.
FY24 Financial Performance
| Metric |
FY24 |
| Revenue from operations |
₹1,025.73 crore |
| PAT |
₹24.35 crore |
| PAT margin |
~2.38% |
FY25 Financial Performance
| Metric |
FY25 |
| Revenue from operations |
₹1,400.10 crore |
| PAT |
₹40.58 crore |
| PAT margin |
~2.90% |
FY26 Financial Performance
| Metric |
FY26 |
| Revenue from operations |
₹1,927.73 crore |
| PAT |
₹104.79 crore |
| PAT margin |
5.44% |
Revenue grew at approximately 37–38% CAGR between FY24 and FY26. FY26 revenue increased by around 38% year on year.
The more notable change was in profitability. FY26 PAT increased by approximately 158% year on year to ₹104.79 crore. PAT margin also expanded to 5.44% from approximately 2.90% in FY25.
The company reported an EBITDA margin of 7.60% for FY26. The sharp improvement in PAT suggests stronger operating leverage and/or margin expansion as the business scaled.
Deepa Jewellers' Balance Sheet and Efficiency Ratios
The company's reported return ratios are particularly strong relative to its profit margins.
| Metric |
FY26 |
| Debt-to-equity |
0.47 |
| ROE / RoNW |
56.45% |
| ROCE |
52.08% |
| NAV per share |
₹29.03 |
| Basic EPS |
₹12.78 |
| EBITDA margin |
7.60% |
| PAT margin |
5.44% |
A debt-to-equity ratio of 0.47 indicates moderate leverage. Meanwhile, RoNW of 56.45% and ROCE of 52.08% indicate highly efficient use of capital.
However, investors should not view these return ratios in isolation. Deepa Jewellers operates with a relatively low absolute PAT margin. Therefore, the sustainability of its returns will depend on its ability to maintain high turnover while managing inventory, commodity prices and operating costs.
At the IPO price band, Deepa Jewellers is valued at approximately 13.15 times FY26 diluted earnings at the floor price of ₹168 and around 13.85 times at the upper price of ₹177.
| IPO price |
Approx. FY26 P/E |
| ₹168 |
~13.15x |
| ₹177 |
~13.85x |
The reported FY26 peer average P/E is approximately 23.92 times. On this basis, Deepa Jewellers is being offered at a discount to the reported peer average.
The valuation also needs to be assessed against the company's NAV and profitability profile. At ₹177, the IPO price is approximately 6.1 times the reported NAV of ₹29.03 per share.
A price-to-NAV multiple of this level can be supported by high return ratios in a high-turnover business, but it remains an important valuation consideration. Deepa Jewellers' FY26 PAT margin of 5.44% means that valuation comfort depends partly on whether the company can sustain its growth and improve or maintain its margins as it scales.
The primary purpose of the fresh issue is to strengthen the company's working capital position. Of the fresh issue proceeds, ₹215 crore is earmarked for funding long-term working capital requirements related to procurement, maintenance and scaling up inventory.
The balance of the fresh issue proceeds is intended for general corporate purposes, providing flexibility for strategic initiatives and business requirements.
| Use of proceeds |
Amount/purpose |
| Long-term working capital |
₹215 crore |
| General corporate purposes |
Remaining fresh issue proceeds |
The IPO therefore is not primarily a capex-heavy expansion story. Its central funding objective is inventory-led growth and working-capital support.
This is important for investors because the company's ability to generate returns from the IPO proceeds will depend heavily on inventory turnover, procurement and the demand from its retail customers.
Before the IPO, promoters Ashish Agarwal, Seema Agarwal and Dev Agarwal hold virtually 100% of the company's 8.20 crore shares.
The IPO includes an OFS of 1.18 crore shares by the promoters. Consequently, the public shareholding will increase materially after the issue.
The exact post-IPO promoter percentage will depend on the final fresh issue and OFS structure. However, the IPO clearly includes promoter dilution through the OFS component.
The distinction between the two components is important. The ₹250 crore fresh issue brings new capital into Deepa Jewellers, whereas the ₹209.72 crore OFS represents shares sold by existing promoters. The proceeds from the OFS therefore go to the selling shareholders rather than the company.
The Deepa Jewellers IPO GMP, or grey market premium, is an unofficial indicator of market sentiment and should not be treated as a fundamental valuation measure.
Reported GMP levels in late August 2026 have hovered around ₹35–₹47. At the upper IPO price of ₹177, this implies an indicative grey-market price of approximately ₹212–₹224.
| Indicator |
Approximate level |
| Upper IPO price |
₹177 |
| Reported GMP |
₹35–₹47 |
| Indicative grey-market price |
₹212–₹224 |
| Indicative premium over upper band |
~20–27% |
These figures are indicative only. GMP can change rapidly in response to subscription levels, the anchor book, broader market conditions and investor sentiment.
Therefore, the GMP should be used only as a sentiment gauge. It should not replace analysis of the company's financial performance, valuation, business model and risk factors.
Deepa Jewellers has several factors that support the investment case.
1. Strong Revenue and Profit Growth
Revenue increased from ₹1,025.73 crore in FY24 to ₹1,927.73 crore in FY26, while PAT increased from ₹24.35 crore to ₹104.79 crore. Revenue growth remained around 37–38% CAGR over the two years, while FY26 PAT grew approximately 158% year on year.
2. High Return Ratios
FY26 RoNW stood at 56.45% and ROCE at 52.08%. These figures indicate strong capital efficiency relative to the company's equity and operating capital base.
3. Relatively Attractive P/E
At approximately 13.15–13.85 times FY26 earnings, the IPO valuation is below the reported peer average of approximately 23.92 times. This provides relative valuation support compared with the broader peer set.
4. Broad Customer Base
Deepa Jewellers serves 373 customers across 13 states and one Union Territory, including 47 retail chains and 326 standalone stores. This broad base reduces the dependence associated with a business relying on a small number of customers.
5. Potential Manufacturing Integration
The planned in-house manufacturing facility could gradually give Deepa Jewellers greater control over production, quality and supply chain processes. The company's investment in a 3D printer, vacuum casting and induction melting machinery signals a move towards greater manufacturing integration.
The growth and valuation case needs to be balanced against several material risks.
1. Low Absolute PAT Margin
Despite the strong 56.45% RoNW, FY26 PAT margin was only 5.44%. This means relatively small changes in jewellery pricing, making charges or working-capital costs could have a meaningful impact on profitability.
The high return ratios therefore need to be considered alongside the low-margin nature of the business.
2. High Working-Capital Requirements
A substantial portion of the IPO proceeds is being deployed towards working capital and inventory. Jewellery wholesale is inherently working-capital intensive.
If inventory does not convert into sales as expected, or if retailers experience credit or demand pressures, the company's cash flows could come under strain.
3. Gold and Diamond Price Risk
Gold and diamond price movements can affect inventory values, margins and customer demand. Commodity volatility is therefore an important risk for Deepa Jewellers given its wholesale jewellery model.
4. Customer and Channel Risk
Although Deepa Jewellers has 373 customers, the company remains dependent on the financial health and demand environment of retail jewellers.
Any consolidation, slowdown or financial stress among important retail customers could affect the company's revenue and operations.
5. Significant OFS Component
The IPO includes an OFS of ₹209.72 crore, representing a substantial portion of the total issue size. While an OFS is a standard IPO structure, this part of the issue does not provide fresh capital to the company.
Investors should therefore distinguish between the ₹250 crore fresh issue that strengthens the company's capital base and the ₹209.72 crore promoter OFS.
6. Short Track Record as a Public-Ready Entity
Deepa Jewellers was converted into a public limited company only in 2025. The company is therefore still relatively early in its journey towards larger-scale formalised operations and manufacturing integration.
The following peer snapshot provides context for Deepa Jewellers' earnings multiple and return profile.
Sky Gold & Diamonds
| Metric |
Value |
| EPS |
₹13.97 |
| P/E |
~57.6x |
| RoNW |
23.88% |
Shanti Gold
| Metric |
Value |
| EPS |
₹21.22 |
| P/E |
~12.7x |
| RoNW |
37.34% |
Shringar House of Mangalsutra
| Metric |
Value |
| EPS |
₹13.55 |
| P/E |
~17.0x |
| RoNW |
26.29% |
RBZ Jewellers
| Metric |
Value |
| EPS |
₹13.70 |
| P/E |
~10.1x |
| RoNW |
20.11% |
Khazanchi Jewellers
| Metric |
Value |
| EPS |
₹36.10 |
| P/E |
~22.2x |
| RoNW |
32.45% |
Deepa Jewellers
| Metric |
Value |
| EPS |
₹12.78 |
| P/E |
~13.15–13.85x |
| RoNW |
56.45% |
Deepa Jewellers stands out primarily because of its 56.45% RoNW, which is higher than the reported RoNW figures of the listed peers in this comparison.
Its EPS of ₹12.78 is on the lower side compared with some peers, reflecting the company's lower-margin, high-turnover wholesale model.
On valuation, Deepa Jewellers' approximately 13–14 times P/E places it towards the middle-to-lower end of the cited peer range. The valuation therefore looks more attractive when assessed alongside its high return ratios, although the sustainability of those returns remains important.
The Deepa Jewellers IPO may be relevant to investors who are comfortable with the risks of a wholesale jewellery business and are looking for strong growth combined with high return ratios.
Investors Who May Consider It
- Growth-at-reasonable-price investors: The company combines strong historical revenue growth with a FY26 P/E of approximately 13.15x to 13.85x.
- Medium-to-long-term investors: Investors who have confidence in the company's ability to sustain growth and improve margins may find the business model relevant for a longer holding period.
- Investors comfortable with commodity exposure: The IPO may suit investors who understand the risks associated with gold and diamond price movements and inventory-heavy operations.
- Listing-gain-focused traders: The reported GMP indicates positive early sentiment, although this is speculative and can change quickly.
Who Should Be Cautious?
Investors may need to exercise greater caution if they prefer businesses with high margins, stable cash flows and low working-capital requirements.
Similarly, investors who are uncomfortable with commodity-linked businesses or who intend to make an IPO decision primarily based on GMP should assess the company's fundamentals and RHP risk factors before bidding.
The Deepa Jewellers IPO lot size is 84 shares. At the upper price band of ₹177, one lot requires a minimum investment of ₹14,868.
Retail investors can apply at the cut-off price of ₹177 or submit a bid within the ₹168–₹177 price band. Retail investors typically use the cut-off option when they want their application to remain valid at the final issue price.
| Retail application |
Details |
| Minimum lot |
84 shares |
| Minimum investment |
₹14,868 |
| Maximum retail lots |
13 |
| Maximum shares |
1,092 |
| Maximum retail investment |
₹1,93,284 |
The Deepa Jewellers IPO presents a high-growth, high-ROE and relatively low-margin wholesale jewellery business at an earnings multiple that is below the reported peer average.
The core investment thesis rests on three factors: sustaining 30%+ revenue growth, maintaining or improving margins as the business scales, and managing working capital and commodity-price risks effectively.
The ₹250 crore fresh issue is primarily intended to strengthen working capital, with ₹215 crore earmarked for long-term working-capital requirements related to procurement, maintenance and inventory. This makes efficient inventory deployment and turnover central to the post-IPO growth story.
The company's planned move towards in-house manufacturing could provide additional operational benefits over time, but the manufacturing initiative is still at an early stage.
For long-term investors, Deepa Jewellers is potentially interesting if the company can convert its current high return ratios into more durable profitability and slightly higher margins over the next three to five years. For short-term investors, the reported GMP indicates positive listing sentiment, but GMP remains unofficial and can change quickly based on subscription levels, market conditions and investor sentiment.
Overall, the Deepa Jewellers IPO combines strong recent growth and high capital efficiency with the risks of a low-margin, inventory-intensive and commodity-linked business. Investors should therefore assess the issue on fundamentals and valuation rather than relying on GMP alone.
Want to compare Deepa Jewellers with other recent mainboard issues on pricing, issue size, and investor allocation? Use the IPO dashboard for broader market benchmarking.
1. What is the Deepa Jewellers IPO size?
The Deepa Jewellers IPO size is ₹459.72 crore, comprising a ₹250 crore fresh issue and an OFS of 1.18 crore shares worth ₹209.72 crore.
2. What is the Deepa Jewellers IPO price band?
The Deepa Jewellers IPO price band is ₹168 to ₹177 per equity share, with a face value of ₹2 per share.
3. When is the Deepa Jewellers IPO date?
The Deepa Jewellers IPO will open on September 1, 2026, and close on September 3, 2026. The expected listing date is September 8, 2026, on BSE and NSE.
4. Is Deepa Jewellers IPO reasonably valued?
At ₹168 to ₹177, Deepa Jewellers is valued at approximately 13.15x to 13.85x FY26 earnings, compared with the reported peer average P/E of around 23.92x. However, investors should also consider its 5.44% FY26 PAT margin and working-capital-intensive business model.
5. What are the major risks in the Deepa Jewellers IPO?
The key risks include low absolute PAT margins, high working-capital requirements, gold and diamond price volatility, dependence on jewellery retailers, the ₹209.72 crore OFS component and the company's relatively short history as a public limited company.
6. How much is the minimum investment in the Deepa Jewellers IPO?
The minimum retail application is 84 shares. At the upper price band of ₹177, the minimum investment is ₹14,868.
7. What will Deepa Jewellers use the IPO proceeds for?
Of the ₹250 crore fresh issue, ₹215 crore is planned for long-term working capital, primarily for procurement, maintenance and scaling of inventory. The balance of ₹35 crore is intended for general corporate purposes.
8. Is Deepa Jewellers IPO suitable for long-term investors?
The IPO may be relevant for long-term investors who are comfortable with a wholesale jewellery business and believe the company can sustain strong revenue growth, manage working capital effectively and improve margins as it scales and develops in-house manufacturing capabilities. It may be less suitable for investors seeking high-margin businesses with stable cash flows.