Deepa Jewellers IPO: ₹215 Crore Issue, Financials & Key Details

3 min read | Published on 27 Aug 2026, 02:49 PM |Updated on 02 Sept 2026, 05:19 PM

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Ritika DScanX News Team

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Key Highlights

Deepa Jewellers files DRHP for ₹215.00 Crore fresh issue IPO.
Revenue grew ~88% and PAT grew ~330% from FY2024 to FY2026.
EBITDA margin improved from 3.49% to 7.60% over two years.
Key risks include high customer concentration (64.67% from top 10) and negative operating cash flows.
Proceeds will fund long-term working capital and general corporate purposes.

*this image is generated using AI for illustrative purposes only.

Deepa Jewellers IPO raced ahead to a total of 3.48x on Day 2, with NII (bHNI) leading the charge at 6.36x. The issue remains fully subscribed, driven by strong institutional and retail momentum in the final hours of trading.

Subscription Status

The issue saw steady momentum on Day 2 (02-09-2026), with the total subscription jumping from 0.83x on Day 1 to 3.48x. QIB interest picked up pace significantly after 2pm, nearly quadrupling its morning numbers. Retail investors continue to lead the charge, while NII (bHNI) also surged significantly.

Subscription Progression

Day	Date	QIB	NII (bHNI)	NII (sHNI)	Retail	Total
Day 1	01-09-2026	0.11x	1.12x	0.34x	1.33x	0.83x
Day 2	02-09-2026	0.46x	6.36x	4.02x	4.57x	3.48x

Intra-day Timeline (02-09-2026)

Time (IST)	QIB	NII (bHNI)	Retail	Total
11:15	0.11x	2.35x	2.33x	1.50x
12:15	0.11x	2.99x	2.80x	1.84x
13:15	0.12x	3.65x	3.18x	2.16x
14:15	0.39x	4.33x	3.56x	2.54x
15:15	0.44x	4.93x	3.95x	2.84x
16:15	0.45x	5.48x	4.27x	3.11x
17:15	0.46x	6.36x	4.57x	3.48x

About the Company

Deepa Jewellers is an organized B2B designer, processor, and supplier of hallmarked gold jewellery, primarily operating in Telangana, Karnataka, Andhra Pradesh, Tamil Nadu, and Kerala. Founded in 2016, the company designs jewellery through in-house designers and processes gold via an outsourced manufacturing model supported by 41 karigars. It supplies plain gold and precious stone-studded jewellery, including vaddanam and CNC machine cut bangles, to retail chains and standalone stores. The management team includes CEO Ashish Agarwal, COO Dev Agarwal, and Director Seema Agarwal.

Financial Highlights

The company has demonstrated robust financial performance with consistent growth over the last three years.

Particulars	FY 2024 (₹ crore)	FY 2025 (₹ crore)	FY 2026 (₹ crore)
Revenue from Operations	1024.57	1397.01	1926.68
Total Profit (PAT)	24.35	40.58	104.79
Total Equity	92.55	133.21	238.07

Revenue increased from ₹1024.57 crore in FY 2024 to ₹1926.68 crore in FY 2026. Similarly, total profit grew significantly from ₹24.35 crore to ₹104.79 crore over the same period.

Objects of the Issue

Funding long-term working capital requirements: ₹215.00 crore towards procurement, maintenance, and scaling up of inventory.
General corporate purposes: Deployment towards strategic initiatives, marketing, brand building, and meeting corporate contingencies.

Risk Factors

Customer Concentration Risk: Top 10 customers accounted for 64.67% of revenue in Fiscal 2026; any reduction could impact operations.
Product Concentration Risk: Significant revenue derived from vaddanam (41.85%) and CNC machine cut bangles (30.87%) in Fiscal 2026.
Geographic Concentration Risk: 94.37% of total revenue in Fiscal 2026 came from Southern India, exposing the company to regional risks.

Key Dates

IPO Open Date: 01-09-2026
IPO Close Date: 03-09-2026
Allotment Date: To be announced
Listing Date: To be announced

How will Deepa Jewellers mitigate the risk of negative operating cash flows post-IPO, given the heavy reliance on inventory buildup for working capital?