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Listed
Gems, Jewellery And Watches
Lalithaa Jewellery Mart Limited IPO
₹1,700 Cr · Fresh Issue & OFS · Gems, Jewellery And Watches
Price Band
₹190 – ₹201
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹1,700 Cr
Fresh Issue & OFS
Market Cap
₹11,250.17 Cr
At upper band
P/E Ratio
11.1x
P/S: 0.4x
Listing Date
24 Aug 2026
BSE & NSE
IPO Timeline
✓
Opens
17 Aug 2026
✓
Closes
19 Aug 2026
✓
Allotment
20 Aug 2026
✓
Refund
21 Aug 2026
✓
Listing
24 Aug 2026
IPO India Hub: Subscribe
Conviction
8/10
The company trades at 0.48× sector midpoint with exceptional profitability momentum (PAT CAGR 67.5%) and strong returns (ROCE 42.6%), supported by full data transparency and reputed lead managers. Key risk is the low 4% net margin in a capital-intensive retail jewellery model, which leaves limited room for operational stress.
Listing Performance
Issue Price
₹201
Allotment price
Listing Price
₹265.3
+31.99% on listing day
Current Price (CMP)
₹338.5
+68.4% vs issue
Listed On
24 Aug 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profit growth trajectory
Net profit surged from ₹364.7 Cr (FY-1) to ₹1009.8 Cr (FY0), a 177% year-on-year jump, with 2-year PAT CAGR of 67.5%. This demonstrates strong operational leverage and margin expansion in the jewellery business, far outpacing revenue growth of 22.1%.
✓ Strength
Deeply discounted valuation vs peers
At 11.1× P/E, the company trades at just 0.48× the niche sector midpoint of 23×, offering a 52% discount to fair value. The P/S ratio of 0.4× is also attractive for a ₹25,000 Cr revenue business with proven profitability.
✓ Strength
Strong balance sheet and capital efficiency
Debt-to-equity of 0.53× is conservative, and ROCE of 42.6% signals efficient capital deployment. Promoter commitment remains high at 82.85% post-issue, with OFS at only 29.4%, reducing secondary selling pressure.
⚠ Risk
Thin margins vulnerable to cost shocks
Net profit margin of 4% is razor-thin for a jewellery retailer, leaving minimal buffer against gold price volatility, labour inflation, or rent escalation. Any operational disruption or margin compression could significantly impact earnings.
⚠ Risk
Execution risk on store expansion
The company plans to deploy capital towards 10 new store openings, a material expansion in a competitive, location-dependent retail segment. Delays, underperformance, or integration challenges could dilute returns and strain cash flow.
₹ Valuation
Valuation significantly below sector norms
At 11.1× P/E against a niche sector midpoint of 23×, the company is valued at 0.48× midpoint—well within the Subscribe threshold of ≤1.0×. Even accounting for the 4% margin, the discount is justified by 67.5% PAT CAGR and 42.6% ROCE.
👁 Watch
Monitor same-store sales and margin trends
Post-listing, track quarterly same-store sales growth and gross margin trends closely. Any slowdown in comparable store growth or margin compression below 4% would signal execution or demand headwinds.
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 "Lalithaa Jewellery Mart Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹25023.93 Cr
Net Profit
₹1009.82 Cr
Industry
Gems, Jewellery And Watches
Issue Type
Fresh Issue & OFS
Promoters
M. KIRAN KUMAR JAIN AND HEMAA KIRAN KUMAR JAIN
Lead Managers
Anand Rathi Advisors and Equirus Capital
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.48× sector midpoint with exceptional profitability momentum (PAT CAGR 67.5%) and strong returns (ROCE 42.6%), supported by full data transparency and reputed lead managers. Key risk is the low 4% net margin in a capital-intensive retail jewellery model, which leaves limited room for operational stress.
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 ₹190 – ₹201.
The IPO opens on 17 Aug 2026. It closes on 19 Aug 2026. Allotment is expected on 20 Aug 2026. Refunds initiate on 21 Aug 2026. Listing on BSE and NSE is on 24 Aug 2026.
The lead managers for the IPO are Anand Rathi Advisors and Equirus Capital. Check the SEBI filing for the registrar details.
The IPO listed on 24 Aug 2026 at ₹265.3 against an issue price of ₹201 (+31.99% on listing day). The current market price (CMP) is approximately ₹338.5 (+68.4% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 19 Aug 2026. The company trades at 0.48× sector midpoint with exceptional profitability momentum (PAT CAGR 67.5%) and strong returns (ROCE 42.6%), supported by full data transparency and reputed lead managers. Key risk is the low 4% net margin in a capital-intensive retail jewellery model, which leaves limited room for operational stress.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 19 Aug 2026. The IPO is priced at a P/E of 11.1x. Market cap at issue price is ₹11,250.17 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 19 Aug 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 'Lalithaa Jewellery Mart Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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