Deepa Jewellers IPO Day 2 Live: Total hits 1.84x; Retail & NII surge

Deepa Jewellers IPO Day 2 Live: Total hits 1.84x; Retail & NII surge - Check analysts view and more

2 min read | Published on 02 Sept 2026, 11:20 AM |Updated on 02 Sept 2026, 12:22 PM

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Key Highlights

Deepa Jewellers IPO reached 1.84x subscription on Day 2.
NII (bHNI) surged 27.2% to 2.99x, leading the intraday momentum.
Retail subscription jumped 20.2% to 2.80x.
QIB participation remained flat at 0.11x.
The issue closes on 03-09-2026.

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

Deepa Jewellers IPO has ticked up to a total of 1.84x on Day 2, with NII (bHNI) jumping 27.2% and Retail rising 20.2%. The issue remains fully subscribed, led by strong retail interest.

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 1.84x. Retail investors continue to lead the charge, nearly doubling their Day 1 numbers. NII (small HNI) also picked up pace, rising from 0.34x to 1.26x, while NII (bHNI) 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	0.11x	2.99x	1.26x	2.80x	1.84x

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

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

Will the heavy retail subscription (2.80x) lead to significant listing gains, or will the low QIB participation (0.11x) signal institutional skepticism about long-term valuation?

How might Deepa Jewellers plan to mitigate the risk of 94% revenue concentration in Southern India as it seeks to expand its geographic footprint post-IPO?

Given that top 10 customers account for nearly 65% of revenue, what strategies will the company employ to diversify its client base and reduce dependency on key retail chains?