Deepa Jewellers IPO: ₹215 Crore Issue, Financials & Key Details
- Deepa Jewellers files DRHP for ₹215.00 Crore fresh issue with no OFS component.
- Revenue surged from ₹1,024.57 Cr in FY2024 to ₹1,926.68 Cr in FY2026.
- PAT grew to ₹104.79 Cr in FY2026, with PAT margin improving to 5.44%.
- Operating cash flows were negative at -₹14.73 Cr in FY2026 due to working capital needs.
- High concentration risks exist in customers (64.67%), products (72.72%), and geography (94.37%).
*this image is generated using AI for illustrative purposes only.
Deepa Jewellers Limited, a B2B hallmarked gold jewellery supplier, has filed its DRHP with SEBI for a ₹215.00 Crore fresh issue. The Hyderabad-based company aims to raise funds for working capital requirements to scale operations across South India.
Company Overview
Deepa Jewellers Limited operates as an organized B2B designer, processor, and supplier of hallmarked gold jewellery. Founded in 2016, the company serves jewellery retail chains and standalone stores primarily in South India (Telangana, Karnataka, Andhra Pradesh, Tamil Nadu, and Kerala).
The business model relies on in-house design teams and an outsourced manufacturing network supported by 41 karigars (artisans). Key products include vaddanam (traditional waist belts) and CNC machine cut bangles, which contributed 41.85% and 30.87% of FY2026 revenue, respectively. As of 31-Jul-2026, the company had 373 customers, including 47 retail chains and 326 standalone stores.
Offer Details
- Issue Type: Initial Public Offering (IPO) – Fresh Issue
- Total Issue Size: ₹215.00 Crore
- Offer for Sale (OFS): Not Available
- IPO Open Date: 01-Sep-2026
- IPO Close Date: 03-Sep-2026
- Price Band: Not Available
- Objects of the Issue:
- Funding long-term working capital requirements towards procurement, maintenance, and scaling up of inventory (₹215.00 Crore primary allocation).
- General Corporate Purposes including strategic initiatives, brand building, and meeting corporate contingencies.
Financial Highlights
The company has demonstrated strong revenue and profit growth over the last three fiscal years.
| Metric | FY2024 (₹ Cr) | FY2025 (₹ Cr) | FY2026 (₹ Cr) |
|---|---|---|---|
| Revenue from Operations | 1,024.57 | 1,397.01 | 1,926.68 |
| Net Profit (PAT) | 24.35 | 40.58 | 104.79 |
| EBITDA Margin (%) | 3.49% | NA | 7.60% |
| PAT Margin (%) | 2.38% | 2.90% | 5.44% |
Revenue from operations grew by 36.36% YoY in FY2025 and 37.91% YoY in FY2026. PAT increased by 158.23% in FY2026 compared to FY2025. However, operating cash flows were negative at -₹9.86 Cr in FY2025 and -₹14.73 Cr in FY2026 due to working capital build-up.
Risk Factors
- Customer Concentration: Top 10 customers accounted for 64.67% of revenue in FY2026.
- Product Concentration: Vaddanam and CNC bangles together contributed 72.72% of FY2026 revenue.
- Geographic Concentration: Southern India represented 94.37% of total revenue in FY2026.
- Gold Price Volatility: Gold prices fluctuated significantly in FY2026, with limited hedging facilities.
- Supplier Concentration: Top 10 suppliers accounted for 91.81% of total purchases in FY2026.
Valuation & Peer Comparison
Specific peer comparison data is not available in the DRHP extract. Deepa Jewellers operates in the B2B organized gold jewellery supply segment, distinct from B2C retailers like Titan or Kalyan Jewellers. The fresh issue size is ₹215.00 Crore against a pre-issue equity of ₹238.07 Crore as of FY2026.
Bottom Line
Deepa Jewellers presents a high-growth B2B jewellery supply story with strong revenue expansion and improving margins. Investors should note the significant concentration risks in customers, products, and geography, alongside negative operating cash flows driven by working capital intensity.
How will Deepa Jewellers mitigate the risk of negative operating cash flows as it scales inventory to meet the ₹215 Crore working capital requirements?
What specific strategies will the company employ to reduce its heavy reliance on South India, which currently accounts for 94.37% of total revenue?
Given that top 10 customers contribute nearly 65% of revenue, how does management plan to diversify its client base post-IPO to lower concentration risk?
18
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
