Minerva Capital Research Solutions

Deepa Jewellers

RHP
ListedListed 8 Sep 2026MainboardNSE: DEEPACheck allotment
Current price₹ 217.28+22.76% since issue
Listing day+24.86%
Issue price
₹ 177
Issue size
₹ 459.72 Cr.
Min. investment
₹ 14,868
Listing price
₹ 221
Subscribed
233.73x
Lot size
84 shares
RoNW
56.45%
RoCE
52.08%
Debt / Equity
0.47
PAT margin
5.44%
EBITDA margin
7.60%
RoE
56.45%
NAV
₹ 29.03
Promoter stake
72.98%

About

Deepa Jewellers Ltd was started in 2016. The company is in the retail and wholesale trading of gold and diamond jewellery. It sources, designs and sells jewellery in both traditional and modern designs. Its product range covers vaddanam, which is a waist belt, CNC machine cut bangles, gents kada, vanky or armlet, dandpatti also called bajuband, gundlamala haaram and necklace, kangan, earrings, mangtika or forehead pendant, maatil which is an ear chain, champasaralu which is an ear to hair chain, jada or braid ornament, and rings. As on 31 July 2026 it had 16 products and 110 SKUs across these categories. The company sells mainly to other jewellers rather than to the public. As on 31 July 2026 its customer network covered 13 states and one union territory with 373 customers, made up of 47 jewellery retail chains and 326 standalone stores. It is strongest in the southern market and specialises in vaddanam and CNC machine cut bangles. It also uses a mobile application under its own name, commissioned in June 2021, to show high resolution images of its designs to customers who are far away.

Timeline

  1. Opens
    1 Sep
    done
  2. Closes
    3 Sep
    done
  3. Allotment
    4 Sep
    done
  4. Refunds
    7 Sep
    done
  5. Demat credit
    7 Sep
    done
  6. Listing
    8 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 55 on 31 Aug 2026
Lowest
₹ 18 on 3 Sep 2026
First quoted
₹ 47 on 27 Aug 2026

Subscription

How many times each investor group bid for its share, as of 08 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)184₹ 14,868
Retail (Max)131,092₹ 1,93,284
S-HNI (Min)141,176₹ 2,08,152
B-HNI (Min)685,712₹ 10,11,024

Company overview

Financials

Financials by year
Assets357.18217.67174.64
Total Income1,927.731,400.11,025.73
Profit After Tax104.7940.5824.35
EBITDA146.3456.0135.77
NET Worth238.07133.2192.55
Reserves and Surplus221.67129.1188.45
Total Borrowing111.1180.7977.93

Strengths

  • Profit has grown more than four times in two years, from Rs 24.35 crore in FY2024 to Rs 40.58 crore in FY2025 and Rs 104.79 crore in FY2026.
  • Sales have almost doubled over the same period, from Rs 1,025.73 crore in FY2024 to Rs 1,400.10 crore in FY2025 and Rs 1,927.73 crore in FY2026.
  • EBITDA rose sharply from Rs 35.77 crore in FY2024 to Rs 56.01 crore in FY2025 and Rs 146.34 crore in FY2026.
  • Return ratios are the highest among the current mainboard issues, with RoCE of 52.08% and RoNW of 56.45%.
  • Net worth grew from Rs 92.55 crore in FY2024 to Rs 238.07 crore in FY2026.
  • The customer base is wide and spread out, with 373 customers made up of 47 jewellery retail chains and 326 standalone stores across 13 states and one union territory.
  • It has a specialisation in vaddanam and CNC machine cut bangles, which are not made well by every supplier.
  • Rs 215 crore of the fresh money goes into building up inventory, which in this trade directly supports higher sales.

Risks

  • The profit margin is thin at 5.44%. In gold jewellery the metal itself is most of the sale value, so a small movement in cost or price changes the profit sharply.
  • The P/E and EPS are not stated in the data available to us, so the issue cannot be compared with jewellery peers on earnings from here.
  • The growth is very fast for a young company. It was started only in 2016 and profit has gone up more than four times in two years, which is difficult to keep up.
  • Borrowing rose from Rs 80.79 crore in FY2025 to Rs 111.11 crore in FY2026.
  • The entire Rs 215 crore of fresh money goes into inventory, that is gold stock, and not into any fixed asset or new capacity.
  • This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
  • The business is concentrated in the southern market, so any slowdown or added competition in that region affects most of the sales.
  • Selling to jewellery chains and stores means the buyers decide order size and payment terms, and gold price swings affect how much they stock.
  • Promoter holding will come down from 100% to 72.98% after the issue.

What the money is for

Objects of the issue
Funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by the Company215
General corporate purposes—

Promoters

  • Ashish Agarwal
  • Seema Agarwal
  • Dev Agarwal
Promoter holding100%→72.98%before → after the issue · down 27.02 points

Anchor investors

15 anchors put in ₹ 137.93 Cr., including 4 mutual funds.

Anchor investors
MOTILAL OSWAL FINVEST LTD.20,31,46435.960%
WHITEOAK CAPITAL EQUITY FUND5,08,27390%
360 ONE EQUITY OPPORTUNITY FUND-SERIES II5,08,27490%
TATA INDIA CONSUMER FUND5,39,9529.560%
TATA DIVIDEND YIELD FUND3,91,8606.940%
UNIFI FLEXI CAP FUND5,64,984100%
CP Capital Ltd.3,66,8306.490%
LRSD SECURITIES PVT.LTD.2,82,48650%
MAYBANK SECURITIES PTE.LTD.-ODI3,66,8306.490%
CITIGROUP GLOBAL MARKETS MAURITIUS PVT.LTD.2,82,486512.66%
NOMURA SINGAPORE LTD.2,82,486512.66%
GIRIK MULTICAP GROWTH EQUITY FUND-III3,66,8306.4916.44%
ALCHEMY LONG TERM VENTURES FUND-SERIES III2,82,486512.66%
ASHOKA INDIA EQUITY INVESTMENT TRUST PLC5,08,274922.78%
HIGH CONVICTION FUND-SERIES I5,08,274922.78%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 2 a share
Registrar
Bigshare Services Private Limited
Lead managers
Emkay Global Financial Services
Red herring prospectus (RHP)
Open
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.