About the Business
Incorporated in 2016, Deepa Jewellers Limited is engaged in the retail and wholesale trading of gold and diamond jewellery, offering a diverse array of traditional and contemporary designs. The Hyderabad-headquartered company specializes in sourcing, designing, and distributing fine jewellery pieces crafted with skilled workmanship.
The company holds a strong brand presence in the southern Indian market, specializing in traditional South Indian bridal and occasion jewellery. Its portfolio spans 16 core product categories and 110 SKUs, featuring items such as Vaddanam (waist belts), CNC machine cut bangles, Vanky (armlets), Gundlamala neckpieces, Dandpatti (bajuband), Mangtika, and bridal Jada ornaments.
- Established distribution network reaching 373 total customers across 13 Indian states and 1 union territory.
- Entrenched client base comprising 47 prominent jewellery retail chains and 326 standalone stores.
- Proprietary digital integration via its dedicated B2B mobile application to showcase collections and facilitate remote ordering.
- Robust supply chain and procurement linkages with skilled artisans and karigars across India.
The company’s promoters are Ashish Agarwal, Seema Agarwal, and Dev Agarwal.
Financial Overview
Deepa Jewellers Ltd. has demonstrated remarkable growth, with revenue expanding by 38% and profit after tax (PAT) surging by 158% between FY25 and FY26.
| Metric (₹ Cr) | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Total Income | ₹1,927.73 | ₹1,400.10 | ₹1,025.73 |
| Operating EBITDA | ₹146.34 | ₹56.01 | ₹35.77 |
| PAT (Profit After Tax) | ₹104.79 | ₹40.58 | ₹24.35 |
| Net Worth | ₹238.07 | ₹133.21 | ₹92.55 |
| Reserves & Surplus | ₹221.67 | ₹129.11 | ₹88.45 |
| Total Borrowings | ₹111.11 | ₹80.79 | ₹77.93 |
| Total Assets | ₹357.18 | ₹217.67 | ₹174.64 |
Restated Consolidated Figures | Source: RHP Filings
Key Financial Metrics (FY26)
Issue Reservation
| Investor Category | Allocation Limit |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail (RII) Shares Offered | Not less than 35% of the Net Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Net Offer |
Objects of the Issue
The gross proceeds of the fresh issue (₹250.00 Cr) are proposed to be deployed as follows:
- Funding long-term working capital requirements towards procurement, maintenance, and scaling up of inventory ₹215.00 Cr
- General corporate purposes Balance
Deepa Jewellers Limited has established strong wholesale and retail B2B distribution channels for South Indian gold and diamond jewellery, delivering substantial financial growth with revenue climbing to ₹1,927.73 Cr and PAT surging to ₹104.79 Cr in FY26.
The business demonstrates outstanding return metrics (ROE of 56.45% and ROCE of 52.08%) while maintaining conservative leverage (Debt/Equity of 0.47). Allocating ₹215.00 Cr toward inventory expansion will directly expand execution capabilities and meet elevated festive/wedding demand. At the upper price band of ₹177, the company commands a market capitalization of ₹1,701.40 Cr, translating to an implied P/E multiple of ~16.2x, presenting an attractively priced proposition compared to listed peers in the jewellery manufacturing and retail space.
