Deepa Jewellers IPO

About the company

Deepa Jewellers is a well-organised B2B jewellery designer, processor, and supplier of hallmark gold jewellery, whose business operations are largely confined to Telangana, Karnataka, Andhra Pradesh, Tamil Nadu, and Kerala. It is a key processor and supplier of waist belts and CNC machine-cut bangles, supplying to jewellery retail chains and stand-alone shops and not to end-users directly. The company is involved in the processing and supplying of 22-karat gold jewellery; job work; and trading of jewellery and other allied products, including silver ornaments, 18- and 20-karat gold ornaments, precious stones, and gold bullion. Jewellery design is undertaken by its in-house designers, and jewellery processing is done by its outsourcing manufacturing model, which involves 41 karigars manufacturing jewellery with the help of the raw materials provided by the company in lieu of making charges, which gives it operational flexibility without heavy capital investment. All jewellery is hallmarked to assure its purity and genuineness. As of July 31, 2026, it had a product portfolio of 16 products and 110 SKUs covering studded gold jewellery and plain gold jewellery. As of July 31, 2026, the customer base of the company operated in 13 states and 1 union territory of India and had a customer base of 373 customers consisting of 47 jewellery retail chain stores and 326 standalone stores. Some of the regular customers of the company are Joyalukkas India Limited, Kalyan Jewellers India Limited, Lalithaa Jewellery Mart Limited, Chandana Brothers Textiles & Jewellers, Tribhovandas Bhimji Zaveri Limited, Bhima Jewels, and many more. The revenue generated by the company through operations is mainly from three sources: sale of products through processing, sale of services through job work, and sale of products through trade. The sale of products through processing continued to be the major source, contributing 99% of the total revenue from operations in FY26, whereas the contribution by the sale of services through job work was 0.89% and the sale of products through trade was 0.11% in FY26 compared to 6.19% in FY25. Revenue generation through hallmarked jewellery dominated in all three financial years; however, the proportion dropped slightly over the years from 98.5% of total revenue in FY24 to 91.5% in FY26. Vaddanam has become the top product contributor, growing from 36.6% of revenue in FY24 to 41.8% in FY26. CNC machine-cut bangles decreased from 39.7% in FY24 to 30.8% in FY26. Other products generated 27.2% of total revenue in FY26. South Indian states have been dominating revenue generation in all the years, with a share of 99.5% in FY24, 98.3% in FY25, and 94.3% in FY26, while the rest of the contribution is shared by other states/union territories such as Maharashtra, Uttar Pradesh, Delhi, and some others. Amongst the South Indian states, Telangana has been the leading state with a share of 41.5% of total revenue in FY26, followed by Tamil Nadu and Andhra Pradesh with contributions of 23.5% and 19.2%, respectively, while Karnataka and Kerala contributed 5.9% and 4.1%, respectively. Maharashtra’s contribution has increased significantly from 0.3% in FY24 to 5.5% in FY26. The revenue generated by the retail chain has always been greater than that of standalone shops, resulting in ₹1,466 crore from the former against ₹460 crore from the latter in FY26, as compared to ₹791 crore and ₹232 crore in FY24, respectively. Retail chains have been completely dominating the scenario in Tamil Nadu and Karnataka, but in Maharashtra, the contribution of the standalone shops has been greater than that of the retail chains in FY26. Total sales of gold jewellery stood at 1,739 kg in FY24 and 1,644 kg in FY26, while job work quantity increased from 387 kg in FY24 to 757 kg in FY26. While the number of customers increased from 195 in FY24 to 214 in FY26, the revenue per customer increased from ₹5.25 crore to ₹9.00 crore in FY26. The B2B gems and jewellery industry of India, which includes the manufacturers and wholesalers, rose from ₹3,030 billion in FY22 to ₹7,301 billion in FY26, registering a CAGR of 24.6%, and is forecasted to attain ₹7,900 to 8,200 billion in FY30. The B2B market size in South India itself stands at ₹2,847 billion in FY26, being the region with the highest consumption of jewellery shares (38-43%) in the nation, due to the high cultural preference of South Indians towards gold, along with robust wedding and festive demand and the presence of jewellery manufacturing clusters. The outsourced manufacturing still constitutes 70-75% of the total volume, since the organised retailers now favour working with dependable and scalable B2B suppliers, who can assure high-quality and fast production of large orders, especially of regional importance, like the Vaddanam and CNC-machined bangles, which find much demand during South Indian festive seasons of Pongal, Onam, Ugadi and Akshaya Tritiya. Being located in a favourable geographical location, Deepa Jewellers Ltd is positioned to benefit from these industry trends due to its strategic position as one of the major organised processors and suppliers of Vaddanam and CNC machine-cut bangles in southern India, which account for over 70% of its FY26 revenues. Deepa Jewellers Ltd has built relations with leading jewellery retail chains in India such as Joyalukkas, Malabar Gold and Diamonds, Lalithaa Jewellery Mart, GRT Jewellers and Kalyan Jewellers, positioning itself well to benefit from the growing tendency towards organised and reliable B2B suppliers among jewellery retail chains. In addition, as the gems and jewellery retailing industry in South India is expected to grow at a rate of 6-7% CAGR till reaching ₹6,200-6,600 billion by FY30, and as jewellery retail chains take over the market shares of individual stores, Deepa Jewellers is poised to capitalise on this trend due to its regional production base, design specialisation in culturally relevant jewellery, and its long-term customer relationships. Now, Deepa Jewellers is launching its initial public offering (IPO), which consists of a fresh issue of ₹250 crore and an offer for sale of ₹209.72 crore. The total issue size of the IPO is ₹459.72 crore. Its shares will be listed on the NSE and BSE. ### **How to apply for Deepa Jewellers IPO?** If you are interested in this investment opportunity but unsure how to apply for Deepa Jewellers IPO, follow these steps. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Deepa Jewellers IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Deepa Jewellers IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app

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Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   01 Sept 2026

   Bidding starts for all investor categories

2. IPO Closes

   In Progress
   03 Sept 2026

   Last day to place your bid

   1d since ClosesToday · 04 Sept 20261d to Basis of Allotment

3. Basis of Allotment

   Upcoming
   05 Sept 2026

   Share allotment finalised

4. Refund Initiation

   Upcoming
   06 Sept 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Upcoming
   07 Sept 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Upcoming
   08 Sept 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.

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Date-wise cumulative subscription figures per category, refreshed each bidding day.