Deepa Jewellers Limited

• Funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by our Company₹215 Cr
• General corporate purposes

Except as stated below as on the date of this Red Herring Prospectus

• 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 could expose our Company to economic, cultural, geopolitical and local market risks.(Geographic Concentration)

• Our top 10 customers accounted for 64.67%, 63.27% and 67.36% of our revenue from operations for Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. We are dependent on certain key customers for a significant portion of our revenue and do not enter into long-term contracts with any of our customers.(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, 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.(Product Demand)

• 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)

• The gems and jewellery retail industry in South Indian region was valued at ₹5,026 billion in Fiscal 2026, which is about ~40% of the overall gems and jewellery industry in India. This regional preference for gold jewellery in Southern India has significantly influenced our Company’s business strategy, market presence, and financial performance. However, our heavy reliance on this region 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.(Geographic Concentration)

• Our revenue from operations is concentrated among a few key customers and any decision by these customers to reduce or terminate their business with us could significantly impact our business, financial condition and results of operations.(Customer Concentration)

• We cannot assure that we will be able to maintain historic levels of business and/or negotiate on terms that are commercially viable with our significant or key customer or that we will be able to significantly reduce our customer concentration in the future.(Customer Concentration)

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.

• Deepa Jewellers Limited - Prospectus04 Sept 2026