Reviewed by BuyUnlistedShares Research Desk
Deepa Jewellers Limited, a B2B company engaged in designing, processing, and supplying 22-karat hallmarked gold jewellery to jewellery retail chains and standalone stores, is opening its approximately ₹459.72 crore initial public offering on September 1, 2026. The mainboard issue combines a fresh issue of shares worth up to ₹250 crore with an offer for sale of 1,18,48,340 equity shares by existing shareholders, and closes on September 3, 2026. This review covers the offer structure, financials, business model, and the strengths and risks disclosed in the offer documents, so you can form your own view before the issue closes.
Deepa Jewellers IPO: Quick Overview
Issue Size | Approx. ₹459.72 crore |
Fresh Issue | Up to ₹250 crore |
Offer for Sale | 1,18,48,340 equity shares — approx. ₹209.72 crore |
Price Band | ₹168 – ₹177 per equity share |
Face Value | ₹2 per equity share |
Lot Size | 84 equity shares |
Minimum Retail Investment | ₹14,868 (1 lot, at the upper price band) |
Open Date | September 1, 2026 |
Close Date | September 3, 2026 |
Bigshare Services Private Limited is the registrar for the IPO and will manage allotment, refunds, and other investor-related processes. Emkay Global Financial Services Limited is the lead manager coordinating the issue. The equity shares are proposed to be listed on the BSE and NSE, with a tentative listing date of September 8, 2026.
About Deepa Jewellers
Incorporated on May 5, 2016, Deepa Jewellers Limited is a B2B company engaged in designing, processing, and supplying 22-karat hallmarked gold jewellery to jewellery retail chains and standalone stores. Beyond its core business, the company undertakes job work assignments and trades in silver ornaments, 18-karat and 20-karat gold ornaments, precious stones, and gold bullion.
The company's product portfolio includes traditional and contemporary designs such as vaddanam (a traditional South Indian gold waist belt), CNC machine-cut bangles, gents kada, vanky, dandpatti, necklaces, kangan, earrings, mangtika, maatil, jada, rings, and bracelets. As of July 31, 2026, Deepa Jewellers had 16 product categories and 110 SKUs, supported by 15 in-house designers. The company follows an outsourced manufacturing model, working with a network of 41 karigars to whom it supplies gold, alloys, and precious stones for production.
Financial Performance of Deepa Jewellers
Figures below are in ₹ crore, drawn from the company's offer document disclosures.
• Revenue: Grew from ₹1,400.10 Cr in FY25 to ₹1,927.73 Cr in FY26, an increase of about 38%.
• Profit After Tax: Grew from ₹40.58 Cr in FY25 to ₹104.79 Cr in FY26, an increase of about 158%.
• Borrowings: Total borrowings stood at ₹127.41 Cr as of July 31, 2026.
Strengths of Deepa Jewellers
• Established B2B relationships. Long-standing supply relationships with jewellery retail chains and standalone stores across India, rather than dependence on direct end-consumer footfall.
• Diversified product range. 16 product categories and 110 SKUs spanning traditional and contemporary jewellery designs, supported by an in-house design team of 15.
• Asset-light manufacturing model. An outsourced manufacturing model through a network of 41 karigars allows the company to scale production without owning extensive manufacturing infrastructure.
• Diversified revenue streams. Beyond core 22-karat jewellery supply, the company also undertakes job work and trades in silver ornaments, other gold purities, precious stones, and gold bullion.
• Strong recent growth. Revenue and profit both grew sharply in FY26, with PAT growth outpacing revenue growth.
Risks of Deepa Jewellers
• Partial offer for sale. A significant part of the issue (approx. ₹209.72 Cr) is an offer for sale, meaning that portion of proceeds goes to selling shareholders rather than the company.
• Working capital intensity. Gold jewellery manufacturing and trading is a working-capital-intensive business, and the company carried borrowings of ₹127.41 Cr as of July 31, 2026.
• Gold price sensitivity. As a gold jewellery manufacturer and trader, margins and inventory valuation are exposed to fluctuations in gold and precious metal prices.
• Outsourced manufacturing dependency. Reliance on a network of external karigars for production introduces quality-control and capacity-coordination considerations.
• B2B customer concentration. Revenue depends on relationships with jewellery retail chains and standalone stores; loss of key customers could affect the business.
How to Apply in Deepa Jewellers IPO
1. Log in to your broker's platform or your bank's net banking application that supports ASBA.
2. Search for 'Deepa Jewellers Limited' in the IPO section and open its detail page.
3. Review the price band, lot size, and dates one more time before applying.
4. Select the number of lots (in multiples of 84 shares) and choose your bid price within the ₹168–₹177 band.
5. Submit the application using your registered UPI ID and approve the mandate request when it arrives, before the deadline on the closing date.
The application amount stays blocked in your bank account via ASBA/UPI and is debited only on allotment. You can also apply through net banking ASBA directly.
Frequently Asked Questions
Ques 1 : What is Deepa Jewellers IPO?
Ans : Deepa Jewellers IPO is a book-built mainboard issue worth approximately ₹459.72 crore, priced at ₹168–₹177 per share. It opens on September 1, 2026 and closes on September 3, 2026, and is proposed to list on BSE and NSE. Bigshare Services Private Limited is the registrar.
Ques 2: What is the price band for Deepa Jewellers IPO?
Ans : The price band is ₹168 to ₹177 per equity share, with a face value of ₹2 per share.
Ques 3: What is the lot size for Deepa Jewellers IPO?
The lot size is 84 shares. Retail investors can bid for a minimum of 1 lot and a maximum of 13 lots (1,092 shares).
Ques 4: What is the minimum investment required?
The minimum retail investment is ₹14,868, based on the upper end of the price band for one lot of 84 shares.
Ques 5: When does Deepa Jewellers IPO open and close?
The IPO opens on September 1, 2026 and closes on September 3, 2026.
Ques 6: When is the Deepa Jewellers IPO allotment date?
The allotment is expected to be finalised on September 4, 2026.
Ques 7: When will Deepa Jewellers shares list?
Deepa Jewellers is expected to list on September 8, 2026, on both BSE and NSE.
Ques 8: Is Deepa Jewellers IPO a fresh issue or an offer for sale?
It includes both. The issue comprises a fresh issue of shares worth up to ₹250 crore and an offer for sale of 1,18,48,340 equity shares by existing shareholders.
Ques 9: What does Deepa Jewellers do?
Deepa Jewellers is a B2B company that designs, processes, and supplies 22-karat hallmarked gold jewellery to jewellery retail chains and standalone stores, and also trades in silver ornaments, other gold purities, precious stones, and gold bullion.
Ques 10: How will the Deepa Jewellers IPO proceeds be used?
The fresh issue proceeds are earmarked for funding long-term working capital requirements towards procurement, maintenance, and scaling up of inventory, along with general corporate purposes. The offer-for-sale proceeds go to the selling shareholders, not to the company.
Disclaimer:
This is written for educational and informational purposes only. Nothing here constitutes investment advice or a recommendation to buy or sell securities. All data is sourced from publicly available information. Investments in securities markets are subject to market risks — please read all offer documents carefully before investing