Deepa Jewellers Limited
PROSPECTUS · filed 04 Sept 2026
Deepa Jewellers Limited is a jeweller that sells vaddanam and CNC machine cut bangles, with a revenue of Rs 1,926.68 crore and a profit of Rs 104.79 crore in the latest fiscal year. The IPO consists of a fresh issue of Rs 250 crore and an offer for sale of Rs 209.72 crore, with 45.62% of the offer being an offer for sale. The company's revenue has grown at a CAGR of 37.13% over the last three years, but it faces high risks due to geographic concentration in Southern India, customer concentration, and product concentration in specific jewellery items.
What stands out
Risk factor. A significant portion of our business operations and revenue generation is concentrated in Southern India, representing 94.37%, 98.33% and 99.55% of total revenue for Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. This regional concentration exposes our Company to economic, cultural, geopoli
Risk factor. Our revenue from operations is concentrated among a few key customers, with our top 10 customers accounting for 64.67%, 63.27% and 67.36% of revenue for Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. We do not enter into long-term contracts with any of our customers, and any decision by thes
Risk factor. A significant portion of our revenue from operations is derived from the sale of vaddanam and CNC machine cut bangles, representing 41.85%, 34.58% and 36.66% of revenue for Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively, and 30.87%, 41.82%, and 39.78% for CNC machine cut bangles. Any cancella
Low leverage. Debt-to-equity of 0.47x.
Strong revenue growth. Restated revenue CAGR of 37.1%.
Healthy return on equity. ROE of 44.0%.
How the offer is structured
Fresh issue
₹250 Cr
New capital into the company
Offer for sale
₹210 Cr
Goes to selling shareholders
OFS share
46%
- Funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by our Company₹215 Cr
- General corporate purposes₹12.1 Cr
Restated financials
Revenue
₹1.93k Cr
Latest fiscal year
Profit after tax
₹105 Cr
Revenue CAGR
37.1%
Return on equity
44.0%
Debt / equity
0.47
EBITDA margin
7.6%
P/E at upper band
13.85
Only in a priced RHP
PAT CAGR
107.5%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹1.02k Cr | ₹24.3 Cr | ₹92.6 Cr | |
| 2025 | ₹1.40k Cr | ₹40.6 Cr | ₹133 Cr | |
| 2026 | ₹1.93k Cr | ₹105 Cr | ₹238 Cr |
Promoters, litigation & related parties
Promoter (pre)
100.0%
Related-party
0.1%
Share of revenue
Risks the company discloses
A significant portion of our business operations and revenue generation is concentrated in Southern India, representing 94.37%, 98.33% and 99.55% of total revenue for Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. This regional concentration exposes our Company to economic, cultural, geopolitical and local market risks.(Geographic Concentration)
Our revenue from operations is concentrated among a few key customers, with our top 10 customers accounting for 64.67%, 63.27% and 67.36% of revenue for Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. We do not enter into long-term contracts with any of our customers, and any decision by these customers to reduce or terminate their business could significantly impact our business, financial condition and results of operations.(Customer Concentration)
A significant portion of our revenue from operations is derived from the sale of vaddanam and CNC machine cut bangles, representing 41.85%, 34.58% and 36.66% of revenue for Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively, and 30.87%, 41.82%, and 39.78% for CNC machine cut bangles. Any cancellation of the purchase orders of these products could adversely affect our business, cash flows, financial condition, and overall results of operations.(Product Concentration)
The popularity and demand for our vaddanam and CNC machine cut bangles may vary over time due to changing consumer preferences. If we are unable to foresee or effectively respond to changes in market conditions, emerging trends or evolving consumer preferences, or if we fail to accurately anticipate and forecast demand for our brands, then the demand and sales for our vaddanam and CNC machine cut bangles products may decline.(Changing Consumer Preferences)
We derive a significant portion of our revenue from the sale of vaddanam, which represented 41.85%, 34.58% and 36.66% of revenue for Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. Any cancellation of the purchase orders of these products could adversely affect our business, cash flows, financial condition, and overall results of operations.(Product Concentration)
We derive a significant portion of our revenue from the sale of CNC machine cut bangles, which represented 30.87%, 41.82%, and 39.78% of revenue for Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. Any cancellation of the purchase orders of these products could adversely affect our business, cash flows, financial condition, and overall results of operations.(Product Concentration)
A significant portion of our current presence is in the South Indian states of Andhra Pradesh, Telangana, Karnataka, Tamil Nadu and Kerala. This exposes our Company to a variety of risks, including economic vulnerability of this region, shifts in consumer behaviour, geopolitical crises/ tension, natural disasters, regulatory and local market risks such as infrastructure issues, or political instability.(Geographic Concentration)
We expect to continue relying on our top customers for a significant portion of our revenue for the foreseeable future. There can be no assurance that our top customers will continue to place orders at levels similar to those in the past. Any significant reduction in business from such customers, whether due to customer-specific circumstances, change in market trends, customer preferences, adverse market conditions, or a general economic slowdown, may materially and adversely affect our business, results of operations and financial condition.(Customer Concentration)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.