Deepa Jewellers IPO GMP, Date, Price Band & Review

Deepa Jewellers IPO Details

Deepa Jewellers’ mainboard IPO is a book‑built issue of up to ₹459.72 crore, comprising a fresh issue of up to ₹250 crore and an offer for sale of up to 1.1848 crore equity shares (about ₹209.72 crore at the upper price band of ₹177). Each share has a face value of ₹2. The price band is ₹168–₹177 per share, with listing planned on both BSE and NSE.

The lot size for an application is 84 shares and the minimum investment amount for an individual investor (retail) is ₹14,868 (84 shares). The IPO window will be open for subscription on Tuesday, September 1, 2026 and will close on Thursday, September 3, 2026.

Emkay Global Financial Services Ltd. and Valmiki Leela Capital Pvt. Ltd. are acting as the book-running lead managers, while Bigshare Services Pvt. Ltd. serves as the registrar of the issue.

Deepa Jewellers IPO Date & Timeline

Deepa Jewellers Limited filed its Red Herring Prospectus (RHP) dated August 25, 2026. The IPO window will be open for subscription on Tuesday, September 1, 2026 and close on Thursday, September 3, 2026.

The basis of allotment will be on Friday, September 4, 2026. Refunds and credit of shares to demat accounts are scheduled for Monday, September 7, 2026. The stock is set to list on both BSE and NSE on Tuesday, September 8, 2026.

Deepa Jewellers IPO GMP

A “grey market premium", or GMP, basically means the extra premium at which an IPO’s shares are traded informally before they’re officially listed on the stock exchange.

For the Deepa Jewellers Limited IPO, the GMP is at ₹25, mirroring how unofficial investors are feeling before the listing actually happens. That premium may point to a possible listing value of ₹202, which is about 14.12% higher than the issue price. Sure, the Grey Market Premium works like a strong demand barometer, but GMP is also highly unstable, so it should not be the only guide for how you decide to invest.

Company Background

Deepa Jewellers Limited was incorporated in 2016 and subsequently converted into a public limited company ahead of its IPO. The company operates in the organised business-to-business (B2B) gold jewellery segment, designing, manufacturing and supplying jewellery to retail chains and standalone jewellery stores rather than directly to end consumers.

The company manufactures and supplies hallmarked 22-karat gold jewellery, with product development supported by an in-house design team. It develops customised jewellery designs based on market trends and the requirements of its retail customers.

Its focus on product quality, hallmarking and customer relationships supports its positioning in the organised B2B jewellery market.

Operations & Product Range

Deepa Jewellers manufactures and supplies hallmarked 22-karat gold jewellery, engages in job work services and trades jewellery and related products. Deepa Jewellers manufactures and supplies plain gold and precious stone-studded jewellery and also facilitates job work services where customers supply raw materials, and the firm processes the raw materials into ready-to-sell jewellery and returns the finished product to the customers for a service charge. The following are some of the finished products:

• • Waist & Body Ornaments: Vaddanam (Waist Belt), Dandpatti (Bajuband), Vanky (Armlet)
• • Bangles & Bracelets: CNC machine-cut bangles, Kangan (Bangles), bracelets
• • Neckpieces & Chains: Gundlamala Haaram, Gundlamala necklace, Maatil (ear chain), Champasaralu (ear-to-hair chain)
• • Head & Hair Ornaments: Mangtika (forehead pendant), Jada (braid ornament)
• • Other Ornaments: Gent's kada, earrings, rings, and rings studded with precious stones

The focus on a specific segment enables the company to maintain its expertise in high-demand segments, especially in vaddanam and CNC machine-cut bangles, which have a high demand during weddings and festivals in Telangana and Andhra Pradesh.

Facilities & Capacity

As of July 31, 2026, Deepa Jewellers worked with a network of 41 karigars, of whom 29 were engaged under formal contracts. The company currently manufactures its gold jewellery through this outsourced karigar model, which provides flexibility in production capacity while limiting fixed manufacturing costs.

The processing capacity of Deepa Jewellers’ karigar network has grown from 2,155 kg to 2,925 kg in the last two financial years due to the addition of karigars, optimisation of the available resources and the existing pool, and better capacity utilisation. Of the 41 karigars, 25 have been associated with the company for more than five years, which shows long and stable employment relationships.

To reduce dependence on outsourced production and gain greater control over quality and manufacturing processes, the company is setting up a 6,696 sq. ft. in-house manufacturing facility in Hyderabad. The proposed facility is expected to include equipment for 3D printing, vacuum-pressure casting and induction melting.

Brands & Market Presence

Deepa Jewellers has a direct presence across Telangana, Andhra Pradesh, Karnataka, Tamil Nadu and Kerala. As of July 31, 2026, the company had 373 customers across 13 states and one Union Territory, compared with 315 customers as of November 2025. Its customer base comprised 47 jewellery retail chains and 326 standalone stores.

The company has a wide range of products and a design team, enabling it to build strong and long-lasting relationships with various jewellery retail chains and standalone stores, including Joyalukkas India Limited, Kalyan Jewellers India Limited, Lalithaa Jewellery Mart Limited, Chandana Brothers Textiles & Jewellers, Manoj Vaibhav Gems 'N' Jewellers Limited, Tribhovandas Bhimji Zaveri Limited, Bhima Jewels Private Limited, R.S. Brothers Jewellers, Krishna Jewellers Pearls and Gems Private Limited, etc.

Revenue Streams & Business Model

Deepa Jewellers earns revenue from the sale of finished gold jewellery to jewellery retail chains and standalone stores, as well as from job work and trading in gold, silver and precious stones. Under its job-work arrangement, customers provide the raw material, which the company processes into finished jewellery for a service fee.

The company follows a B2B, inventory-led model rather than operating consumer-facing retail outlets. This model can support scale and inventory turnover, while its outsourced karigar network helps limit fixed manufacturing costs.

While the company runs its major operations, it also runs its mobile application alongside. This application helps its retail partners digitise their operations and gives retail partners access to high-resolution photographs of jewellery designs. Retail partners can use the application to access product photographs, while Deepa Jewellers manages order processing and fulfilment. The mobile application was launched on June 25, 2021. There were about 312 users in fiscal 2026 as compared to 152 in fiscal 2025.

Financial Performance

Deepa Jewellers reported revenue from operations of ₹1,926.68 crore in FY26, reflecting growth of about 38% over FY25. EBITDA increased to ₹146.34 crore from ₹56.01 crore in FY25, while profit after tax rose to ₹104.79 crore from ₹40.58 crore.

Total assets increased to ₹357.18 crore in FY26 from ₹217.67 crore in FY25, while net worth rose to ₹238.07 crore from ₹133.21 crore. In FY26, EBITDA margin stood at 7.60%, PAT margin at 5.44%, return on capital employed (ROCE) at 52.08%, and the debt-to-equity ratio at 0.47.

Management & Shareholding

Deepa Jewellers Limited is promoted by Ashish Agarwal, Seema Agarwal and Dev Agarwal. Following the IPO, the promoter and promoter group are expected to hold 26.34% of the company’s post-issue paid-up equity share capital, while public shareholders are expected to hold 73.66%.

The offer for sale comprises up to 1.1848 crore equity shares, with Ashish Agarwal and Seema Agarwal each offering up to 59.24 lakh equity shares. At the upper price band of ₹177 per share, the offer for sale is valued at approximately ₹209.72 crore, or about ₹104.86 crore for each selling shareholder.

Board & Key Management

Ashish Agarwal is the Chairman of the Board and Dev Agarwal is the Whole-time Director. The Board also includes independent directors Komal Agarwal, Sirisha Chintapall and Grandhi Vittal. Key management personnel include Srinivas Kamoji Gunupudi, Chief Financial Officer, and Vandana Modani, Company Secretary and Compliance Officer.