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Listed
Gems, Jewellery And Watches
Deepa Jewellers Limited IPO
₹460 Cr · Fresh Issue & OFS · Gems, Jewellery And Watches
Price Band
₹168 – ₹177
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹460 Cr
Fresh Issue & OFS
Market Cap
₹1701.40 Cr
At upper band
P/E Ratio
16.2x
P/S: 0.9x
Listing Date
08 Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
01 Sep 2026
✓
Closes
03 Sep 2026
✓
Allotment
4 Sep 2026
✓
Refund
7 Sep 2026
✓
Listing
08 Sep 2026
IPO India Hub: Subscribe
Conviction
8/10
The company trades at 0.7× sector midpoint with exceptional 107.4% PAT CAGR and 52% ROCE, signaling strong operational execution and capital efficiency. Key risk is the 5.4% net margin—thin for jewellery retail—and heavy OFS (45.6%) which may limit post-listing upside if promoter selling accelerates.
Listing Performance
Issue Price
₹177
Allotment price
Listing Price
₹221.05
+24.89% on listing day
Current Price (CMP)
₹185.65
+4.9% vs issue
Listed On
08 Sep 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profit growth trajectory
Net profit surged from ₹24.4 Cr (FY-2) to ₹104.8 Cr (FY0), a 107.4% two-year CAGR. This outpaces revenue growth of 37.1%, indicating strong operational leverage and margin expansion as the business scales.
✓ Strength
Valuation discount to sector peers
At 16.2× P/E, the company trades at 0.7× the niche/unlisted sector midpoint of 23×, offering a 30% valuation cushion. The P/S ratio of 0.9× is also attractive for a jewellery retailer with consistent revenue growth.
✓ Strength
Strong capital efficiency metrics
ROCE of 52.08% and D/E of 0.47× demonstrate disciplined capital deployment and low financial risk. The company is generating substantial returns on invested capital while maintaining a conservative balance sheet.
✓ Strength
Bullish grey market signal
GMP of ₹55 (31.07% above upper band) exceeds the SME threshold of 25%, indicating strong retail demand and market confidence in the listing.
⚠ Risk
Thin net profit margins limit buffer
At 5.4% NPM, the company operates on razor-thin margins typical of jewellery retail. Any commodity price volatility, inventory write-downs, or competitive pricing pressure could materially compress profitability.
⚠ Risk
High OFS dilutes fresh capital benefit
OFS represents 45.6% of the total issue, meaning only ₹250 Cr flows to the company for working capital and growth. The remaining ₹210 Cr exits as promoter secondary sales, reducing the IPO's benefit to the business.
⚠ Risk
Jewellery sector cyclicality and competition
The gems and jewellery sector is sensitive to gold prices, consumer discretionary spending, and seasonal demand. Intense competition from organized and unorganized players could pressure market share and margins.
₹ Valuation
Valuation sits comfortably in Subscribe zone
P/E of 16.2× is 0.7× sector midpoint, well below the 1.0× Subscribe threshold. Even accounting for the 5.4% margin (below 15% threshold), the combination of 107% PAT CAGR, 52% ROCE, and low D/E justifies the discount valuation.
👁 Watch
Monitor inventory turnover and receivables
Post-listing, track working capital efficiency and inventory aging closely. Rapid inventory buildup or rising receivables could signal demand slowdown or competitive margin pressure in the jewellery retail space.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Deepa Jewellers Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹1926.68 Cr
Net Profit
₹104.79 Cr
Industry
Gems, Jewellery And Watches
Issue Type
Fresh Issue & OFS
Promoters
ASHISH AGARWAL, SEEMA AGARWAL AND DEV AGARWAL
Lead Managers
Emkay Global Financial Services and Valmiki Leela Capital
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.7× sector midpoint with exceptional 107.4% PAT CAGR and 52% ROCE, signaling strong operational execution and capital efficiency. Key risk is the 5.4% net margin—thin for jewellery retail—and heavy OFS (45.6%) which may limit post-listing upside if promoter selling accelerates.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹168 – ₹177.
The IPO opens on 01 Sep 2026. It closes on 03 Sep 2026. Allotment is expected on 4 Sep 2026. Refunds initiate on 7 Sep 2026. Listing on BSE and NSE is on 08 Sep 2026.
The lead managers for the IPO are Emkay Global Financial Services and Valmiki Leela Capital. Check the SEBI filing for the registrar details.
The IPO listed on 08 Sep 2026 at ₹221.05 against an issue price of ₹177 (+24.89% on listing day). The current market price (CMP) is approximately ₹185.65 (+4.9% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 03 Sep 2026. The company trades at 0.7× sector midpoint with exceptional 107.4% PAT CAGR and 52% ROCE, signaling strong operational execution and capital efficiency. Key risk is the 5.4% net margin—thin for jewellery retail—and heavy OFS (45.6%) which may limit post-listing upside if promoter selling accelerates.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 03 Sep 2026. The IPO is priced at a P/E of 16.2x. Market cap at issue price is ₹1701.40 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 03 Sep 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Deepa Jewellers Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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