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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, supported by 43.4× subscription demand. Key risk is thin 5.4% net margin in a cyclical jewellery sector vulnerable to gold price volatility and consumer discretionary pullback.
Listing Performance
Issue Price
₹177
Allotment price
Listing Price
₹221.05
+24.89% on listing day
Current Price (CMP)
₹217.15
+22.7% 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 that far outpaces revenue growth of 37.1%. This demonstrates strong operational leverage and improving unit economics as the company scales its jewellery business.
✓ Strength
Valuation discount to sector peers
At 16.2× P/E, the company trades at 0.7× the niche/unlisted sector midpoint of 23×, placing it in the Subscribe zone. The P/S ratio of 0.9× further signals attractive entry pricing relative to revenue generation capacity.
✓ Strength
Strong capital efficiency metrics
ROCE of 52.08% and D/E of 0.47× indicate efficient asset deployment and conservative leverage. Promoter commitment remains high at 72.98% post-issue, aligning long-term incentives with minority shareholders.
⚠ Risk
Thin profit margins in cyclical sector
Net margin of 5.4% and EBITDA margin of 7.6% are narrow for jewellery retail, leaving limited buffer against gold price spikes, input cost inflation, or demand shocks. Any margin compression would significantly impact profitability given the low absolute cushion.
⚠ Risk
High OFS dilutes growth narrative
45.6% of the ₹460 Cr issue is offer-for-sale (promoter exit), meaning only ₹250 Cr flows to the company for working capital. This reduces capital available for inventory scaling and limits the growth catalyst from fresh equity.
⚠ Risk
Jewellery sector cyclicality risk
Discretionary spending on jewellery is sensitive to macroeconomic cycles, interest rates, and consumer sentiment. A slowdown in urban consumption or gold price volatility could pressure both volumes and margins despite strong historical growth.
₹ Valuation
Valuation anchored below sector midpoint
At 16.2× P/E against a 23× sector midpoint, the company is priced 30% below peer average. Even with 5.4% NPM (below the 15% Subscribe threshold), the 0.7× multiple ratio and 107% PAT CAGR justify Subscribe conviction under SME criteria.
👁 Watch
Monitor margin sustainability post-listing
Track quarterly net margin trends closely; any sustained dip below 5% or EBITDA margin below 7% would signal operational stress or competitive pressure. This is the single most critical metric to validate the growth story's durability.
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, supported by 43.4× subscription demand. Key risk is thin 5.4% net margin in a cyclical jewellery sector vulnerable to gold price volatility and consumer discretionary pullback.
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 ₹217.15 (+22.7% 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, supported by 43.4× subscription demand. Key risk is thin 5.4% net margin in a cyclical jewellery sector vulnerable to gold price volatility and consumer discretionary pullback.
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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