Lalithaa Jewellery Mart Limited IPO
ListedMainboardDiamond, Gems and Jewellery
66.63×
Subscribed
Price band
₹190 – ₹201
Lot size
74
1 lot = ₹14,874
Issue size
₹1.7k Cr
Open – close
17 Aug 2026
to 19 Aug 2026
Listing
24 Aug 2026
Listing gain
+31.84%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong5 of 7 dimensions read
The disclosed numbers are strong — 5 of 7 signals read positive
Strength81/100
- Priced below its peers9.9× earnings against a peer median of 149.0× — a discount to the issuer's own comparison set
- Out-earns its peersReturn on net worth of 39.9% against a peer median of 25.4%
- Steady revenue growthRevenue compounding at 22.1%
- Profit growth outpaces salesPAT up 67.5% a year against revenue at 22.1% — check whether that is operating leverage or a one-off before extrapolating it
- High return on equityROE of 34.5%
- Conservative balance sheetDebt/equity of 0.39×
- Institutions bid heavilyQIB portion subscribed 153.80×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens17 Aug 2026
- Closes19 Aug 2026
- Allotment20 Aug 2026
- Listing24 Aug 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB153.80x
Non-institutionalNII / HNI78.17x
Big NIIabove ₹10L90.47x
Small NII₹2L – ₹10L53.59x
Retail individualRII12.51x
Employee9.10x
45,44,201 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 19 Aug 2026.
Chance of allotment
Retail12.51× subscribed
~1 in 12.5
Minimum 1 lot · 74 shares · ₹14,874 blocked
Retail is 12.51× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 12.5 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII78.17× subscribed
~1 in 78.2
Minimum 14 lots · 1,036 shares · ₹2,08,236 blocked
HNI is 78.17× subscribed. This category is allotted proportionately, so a bid receives roughly 1/78.2 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹190 – ₹201
Face value₹5
Lot size74shares
Minimum application₹14,874at cut-off
Total issue size₹1.7k Cr
Listing atMainboard
Company & valuation
P/E at upper band9.95×
EPS₹13.73pre-issue
EPS₹20.20post-issue
NAV per share₹58.60
Return on equity34.47%
Debt / equity0.39×
ROCE42.60%
RoNW39.90%
PAT Margin4.04%
NAV58.60
Price to Book Value3.43
ISININE0K9O01026
RegistrarLINK
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 4,21,39,302 | 49.81% |
| Anchor Investor | 2,52,83,581 | 29.88% |
| QIB (Ex. Anchor) | 1,68,55,721 | 19.92% |
| NII (HNI) | 1,26,41,791 | 14.94% |
| bNII > ₹10L | 84,27,861 | 9.96% |
| sNII < ₹10L | 42,13,930 | 4.98% |
| Retail | 2,94,97,513 | 34.86% |
| Employee | 3,29,670 | 0.39% |
Total issue 8,46,08,276 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,8741 lot · 74 sh
Retail (Max)₹1,93,36213 lots · 962 sh
S-HNI (Min)₹2,08,23614 lots · 1,036 sh
S-HNI (Max)₹9,96,55867 lots · 4,958 sh
B-HNI (Min)₹10,11,43268 lots · 5,032 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted2,52,83,581
Anchor portion₹508.2 Cr
Bid date14 Aug 2026
Lock-in ends (50%)18 Sept 2026
Lock-in ends (rest)17 Nov 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding expenditure towards setting-up of 10 New Stores: (a) Capital expenditure for fit-outs in the nature of furniture and fixtures, equipment, IT hardware and software₹34.55 Cr
- 02Expenditure towards inventory costs for setting up of New Stores₹998.68 Cr
- 03General corporate purposes₹84.58 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 16,788.052 | — | 359.833 | 1,564.366 | — |
| 2025 | 16,897.317 | — | 364.726 | 1,925.383 | — |
| 2026 | 25,023.927 | — | 1,009.817 | 2,929.725 | — |
Revenue CAGR 22.1%PAT CAGR 67.5%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Lalithaa Jewellery Mart Limitedthis issue | 20.20 | 9.41 | 58.60 | 39.90% |
| Kalyan Jewellers India Limited | 13.08 | 13.05 | 61.09 | 24.63% |
| Manoj Vaibhav Gems N Jewellers Limited | 23.54 | 170.60 | — | 14.82% |
| PC Jeweller Limited | 1.00 | 9.45 | — | 10.32% |
| P N Gadgil Jewellers Limited | 30.20 | 144.63 | — | 23.21% |
| Senco Gold Limited | 35.08 | 153.45 | — | 26.07% |
| Thangamayil Jewellery Limited | 113.14 | 455.60 | — | 27.93% |
| Titan Company Limited | 57.19 | 179.75 | — | 36.48% |
| Tribhovandas Bhimji Zaveri Limited | 30.32 | 125.60 | — | 27.06% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumOur revenues have been significantly dependent on the sale of gold jewellery, which accounted for 92.33%, 94.58% and 93.96% of our revenue from operations, for the Financial Years 2026, 2025 and 2024, respectively. Any factors adversely affecting the procurement of gold or our sales of gold jeweller
mediumWe have experienced negative cash flows from operating activities of ₹ 3,977.62 million in Fiscal 2026 and ₹ 180.02 million in Fiscal 2024 respectively, due to lower customer enrolment towards the Company’s jewellery schemes and increased settlement of trade payables and cannot assure you that we wi
mediumThe amounts received in our customer schemes amount to more than 10% of our revenue from operations for the respective financial periods. Inability to appropriate such advances received from customers under jewellery purchase schemes may adversely impact our revenues and results of operations and fu
mediumOur Company had a total outstanding borrowings of ₹ 12,381.00 million as of June 30, 2026. Our financing agreements contain covenants that limit our flexibility in operating our business. Our inability to meet our obligations, including financial and other covenants under our debt financing arrangem
Litigation
Except as stated below, there are no outstanding criminal proceedings, actions taken by regulatory and statutory authorities, disciplinary action including penalty imposed by SEBI or stock exchanges against the Promoter in the last 5 Fiscals, or details of any other pending litigation or arbitration proceedings involving the Relevant Parties, Key Managerial Personnel, or Senior Management.
Positives the filing discloses (3)
Low leverage
Debt-to-equity of 0.39x.
Strong revenue growth
Restated revenue CAGR of 22.1%.
Healthy return on equity
ROE of 34.5%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Lalithaa Jewellery Mart Limited
Lalithaa Jewellery Mart Limited is a jewellery retailer operating under the “Lalithaa” brand, primarily in southern India. Its product portfolio includes gold, silver, and diamond jewellery, along with silverware, with gold jewellery being its primary product category. As of March 31, 2026, the company operated 61 stores across 51 cities in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, and Puducherry, covering a total operational area of 650,881 sq. ft. Of these, 45 stores were located in Tier II and Tier III cities. The company also operates two manufacturing facilities in Tamil Nadu—one at Thirumudivakkam, Chennai, and another at Maraimalai, Kanchipuram, operated through its wholly owned subsidiary, Asita Jewellery Manufacturing Private Limited.
Founded 1985MD Mr M. Kiran Kumar JainSector Diamond, Gems and Jewellery
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Lalithaa Jewellery Mart Limited IPO subscribed?
Lalithaa Jewellery Mart Limited is subscribed 66.63× overall (QIB 153.80×, NII 78.17×, retail 12.51×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, LINK.
What is the minimum investment in the Lalithaa Jewellery Mart Limited IPO?
One lot is 74 shares, so a retail application at the ₹201 cut-off price blocks ₹14,874. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Lalithaa Jewellery Mart Limited IPO?
The retail portion is subscribed 12.51×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 13. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Lalithaa Jewellery Mart Limited IPO allotment date?
Allotment is scheduled for 2026-08-20, with listing on 2026-08-24. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, LINK.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.