Deepa Jewellers IPO
Deepa Jewellers IPO is a mainboard IPO raising ₹460 Cr at ₹168 – ₹177 a share. It listed on 8 Sept 2026 at ₹221, +24.9% against its issue price of ₹177, and trades at ₹196 today (+10.8% since issue). It was subscribed 43× in total.
42.6 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Deepa Jewellers is an organized business-to-business (B2B) designer, processor and supplier of hallmarked 22-karat gold jewellery. Designs are developed by an in-house team of 15 designers and manufacturing is outsourced to a network of 41 artisans (karigars). The company sells to jewellery retail chains and standalone stores (it does not own any retail outlets), primarily in South India (Telangana, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala), and specialises in vaddanam (waist belts) and CNC machine cut bangles. It also takes on job-work assignments (processing customer-supplied gold into finished jewellery for a fee) and trades silver, 18/20-karat gold, precious stones and gold bullion.
How it earns
Revenue comes almost entirely from selling processed gold jewellery on a B2B basis (99.00% of FY26 revenue), with marginal income from job-work processing fees (0.89%) and trading of silver/other gold products (0.11%).
Who buys
As of July 31, 2026: 373 customers in total — 47 jewellery retail chains and 326 standalone stores — spread across 13 states and 1 union territory. Named major customers include Joyalukkas India Limited, Kalyan Jewellers India Limited, Lalithaa Jewellery Mart Limited, Manoj Vaibhav Gems 'N' Jewellers Limited, Tribhovandas Bhimji Zaveri Limited, Chandana Brothers Textiles & Jewellers Private Limited, Bhima Jewels Private Limited, R.S. Brothers Jewellers Private Limited, CMR Textiles & Jewellers Private Limited, Marri Retail Private Limited, DP Gold Private Limited, Mukunda Jewellery, Bapireddy Nagireddy Gold and Diamonds, JVR Retails, M. Bajranglal Sons Jewellers and others. 18 customers have been associated since inception and 36 for over 7 years. No top-customer concentration percentages are disclosed.
Scale
41 karigars (manufacturing partners), 15 in-house designers, 12-person marketing team, average employee base of 92 in FY26, 373 customers (47 retail chains + 326 standalone stores), 16 products / 110 SKUs, sales coverage across 13 states and 1 union territory, with a 6,696 sq ft in-house manufacturing facility under installation in Hyderabad and a new sales office opened in Vijayawada (November 2025). FY26 revenue from operations was ₹1,926.68 crore (₹19,266.76 million; conversion: 1 crore = 10 million); 1,644 kg of gold sold in FY26.
What it says sets it apart
- Heavy concentration in South India: 94.37% of FY26 revenue came from South Indian states, with Telangana alone contributing 41.58% and Tamil Nadu 23.52%.
- Long-standing customer base of 373 B2B customers; 18 have been with the company since inception and 36 have been associated for over 7 years.
- Specialised, wide product range: 16 products and 110 SKUs as of July 31, 2026, with piece weights spanning 2.50 grams to 300 grams — built around leadership positions in vaddanam and CNC machine cut bangles.
- Established karigar (artisan) network: 41 karigars as of July 31, 2026, of which 25 have been associated for more than 5 years and 29 operate under formal agreements.
- Structured gold price hedging policy combining Gold Metal Loans, commodity-exchange forward contracts and internal back-to-back hedging — hedging ratio was 84% in FY26 and 76% in FY25 (up from 53% in FY24).
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs177 / stated EPS Rs12.78 (Fiscal 2026 diluted EPS, restated, Ind AS 33, adjusted for sub-division of equity shares and bonus issue). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹1,927 Cr+38% | ₹105 Cr+158% | 5.4% | ₹238 Cr | ₹111 Cr |
| FY2025 | ₹1,397 Cr+36% | ₹41 Cr+67% | 2.9% | ₹133 Cr | ₹81 Cr |
| FY2024 | ₹1,025 Cr | ₹24 Cr | 2.4% | ₹93 Cr | ₹78 Cr |
How its cohort has done
63 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 106× their allocation. Retail: 19×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Emkay Global Financial Services Limited — median +3.9% across the 8 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 15 Oct 2026.
What to watch
- Priced at 13.8× earnings — 19% below the median of the peers the issuer itself names.
- The register's top risk: Revenue 94.37% concentrated in Southern India (prospectus page 26).
- Its cohort's record: median +33.9% since issue price, 27% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track DEEPA JEWELLERS LIMITED
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Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.