Severeconcentrationpage 26
Revenue 94.37% concentrated in Southern India
our revenue from Southern India was ₹ 18,181.87 million, ₹ 13,738.07 million and ₹ 10,199.85 million respectively, representing 94.37%, 98.33% and 99.55% of total revenue
ListedMainboardDiamond & JewelleryDEEPA
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.
₹177
Issue price
₹196
Price now
+10.8%
Since issue price
8 Sept 2026
Listed on
43×Subscribed (final) · all exchanges
42.6 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 433-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 326 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeconcentrationpage 25
72% revenue from two products (vaddanam and CNC bangles)
Revenue from operations of vaddanam... 41.85%... Revenue from operations of CNC machine cut bangles... 30.87%
Severeconcentrationpage 24
Top 10 customers represent 64.67% of revenue
Our top 10 customers accounted for ₹ 12,460.30 million, ₹ 8,839.29 million and ₹ 6,901.89 million representing 64.67%, 63.27% and 67.36% of our revenue from operations
Severeconcentrationpage 28
Top 10 suppliers account for 91.81% of purchases
Our top 10 suppliers accounted for ₹ 16,021.93 million, ₹ 10,845.93 million and ₹ 9,582.83 million representing 91.81%, 82.32% and 96.89% of our total purchase
Severeregulatorypage 59
RBI regulation of Gold Metal Loans threatens cost advantage
We derive a significant cost advantage by procuring gold through GMLs, as the effective interest rates applicable to GMLs are substantially lower than the interest rates payable on fund-based bank borrowings used for outright purchase of gold. Accordingly, any adverse changes in RBI regulations governing the procurement of gold...could significantly impact our ability to procure gold at competitive financing costs.
Severefinancialpage 31
Negative operating cash flows for two consecutive years
Net cash (used in) / generated from operating activities (147.30) (98.64) 48.45
Severefinancialpage 75
Trade receivables ballooning far faster than revenue
(Increase)/decrease in trade receivables (1,206.27) (432.83) 18.81
Severefinancialpage 75
Negligible cash balance against sizeable borrowings
Cash and cash equivalents at the close of the year 1.04 0.96 12.01
Severefinancialpage 36
Hedging does not cover 100% of gold inventory
Our hedging arrangements do not cover 100.00% of our inventory... Hedging ratio 0.84 / 0.76 / 0.53
Severefinancialpage 39
Promoter personal guarantees and Registered Office mortgaged to Yes Bank
our Promoter, Chairman and Managing Director Ashish Agarwal, in his capacity as a guarantor, has mortgaged his property, being the Registered Office of our Company, in favour of Yes Bank Limited
Severeoperationalpage 34
Uncontrolled gold loss during outsourced manufacturing
we have incurred a loss of 5,126.89 grams, 3,654.82 grams and 9,732.92 grams of gold respectively, during the manufacturing process
Highoperationalpage 30
Dependence on 41 third-party karigars, 12 without formal agreements
we have a pool of 41 karigars, out of which, we have entered into formal agreements with 29 karigars
Highlitigationpage 53
Residual liabilities from dissolved Promoter Group partnership firms
Our Promoter Group previously included two partnership firms namely M/s Deepa Jewellers and M/s Deepa Gold... any past non-compliance, unassessed tax liability, or proceedings relating to income tax, service tax, GST, partnership law, labour law, or other applicable regulations may result in additional demands, interest, or penalties...
Highpromoterpage 47
Key management unable to trace original educational degree certificates
Our Promoter, Chairman and Managing Director, Ashish Agarwal, one of our Key Managerial Personnel, Vandana Modani, and three members of Senior Management, Madhuri Sunil Velvaluri, Aayush Agrawal and Mekalwar Sridhar Reddy, have been unable to trace copies of their educational degree certificates from the concerned universities.
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹0.0 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 0 | 0 | ₹0.0 Cr |
| Promoters | 0 | 0 | 0 | ₹0.0 Cr |
| Directors | 0 | 0 | 0 | ₹0.0 Cr |
| Subsidiaries | 0 | — | — | — |
| Group companies | 0 | — | — | — |
Every disclosed category of outstanding proceeding — criminal, regulatory/statutory action, material civil, and direct/indirect tax — is stated as 'Nil' for the Company, Promoters, and Directors (other than Promoters), with demand amount of ₹Nil million (₹0 crore). Company has no subsidiaries, group companies or associates (p348, p359). Key Managerial Personnel and Senior Management also have no proceedings (p348). No SEBI or stock exchange disciplinary actions against Promoters in the last five Fiscals (p349). Materiality threshold for civil cases set at ₹28.29 million (≈ ₹2.83 crore) per Board resolution dated August 25, 2026 (p346). Outstanding trade creditors total ₹0.90 million (≈ ₹0.09 crore) across 12 creditors — not litigation, excluded from buckets (p349).. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.
Prospectus on SEBI ↗
The full prospectus — business, financials, risk factors and litigation.
Anchor investor allocation ↗
Which institutions were allotted shares before bidding opened, and how many.
Bidding centres ↗
Where physical applications could be submitted.
Basis of issue price (peer ratios) ↗
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
Red Herring Prospectus ↗
The full prospectus — business, financials, risk factors and litigation.