Deepa Jewellers Limited
PROSPECTUS · filed 04 Sept 2026
Deepa Jewellers Limited is a jeweller that reported revenue of Rs 1926.676 crore and profit of Rs 104.788 crore in the latest fiscal year, with a revenue CAGR of 37.13% and a ROE of 44.02%. The IPO comprises a fresh issue of Rs 250.0 crore and an offer for sale of Rs 209.716 crore, with 45.62% of the offer size being an OFS. The company faces high material risks due to its heavy geographic concentration in Southern India, where it generates over 94% of its revenue, and high customer concentration, with the top 10 customers accounting for over 64% of revenue.
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.
Risk factor. Our revenue from operations is concentrated among a few key customers, with the top 10 customers accounting for 64.67%, 63.27% and 67.36% of revenue for Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively.
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
There are no outstanding criminal proceedings, actions taken or penalties imposed by statutory or regulatory authorities, claims related to direct or indirect tax matters, or other pending litigation involving the Company, Directors, Promoters, Key Managerial Personnel, or Senior Management. There are no disciplinary actions or penalties imposed by SEBI or stock exchanges against Promoters in the last five Fiscals. Pending civil cases involving a claim exceeding ₹ 28.29 million are disclosed.
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.(Geographic Concentration)
Our revenue from operations is concentrated among a few key customers, with the top 10 customers accounting for 64.67%, 63.27% and 67.36% of revenue for Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively.(Customer Concentration)
We derive a significant portion of our revenue 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.(Product Concentration)
We do not enter into long-term contracts with any of our customers, and there can be no assurance that our top customers will continue to place orders at levels similar to those in the past.(Customer Concentration)
The popularity and demand for our vaddanam and CNC machine cut bangles may vary over time due to changing consumer preferences, and if we are unable to foresee or effectively respond to changes in market conditions, demand and sales may decline.(Product Concentration)
Our revenue from operations from the sale of vaddanam for Fiscal 2026, Fiscal 2025 and Fiscal 2024 was ₹ 8,062.41 million, ₹ 4,830.59 million and ₹ 3,755.56 million respectively.(Product Concentration)
Our revenue from operations from the sale of CNC machine cut bangles for Fiscal 2026, Fiscal 2025 and Fiscal 2024 was ₹ 5,948.53 million, ₹ 5,842.21 million and ₹ 4,075.94 million respectively.(Product Concentration)
Our heavy reliance on the Southern region exposes our Company to a variety of risks, including economic vulnerability, shifts in consumer behaviour, geopolitical crises, natural disasters, regulatory and local market risks such as infrastructure issues, or political instability.(Geographic 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.