The much-awaited Deepa Jewellers IPO is making headlines in the Indian stock market. Known for its hallmark gold craftsmanship and strong retail network, the company has officially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
Let’s take a closer look at what this public issue offers, how the numbers stack up, and what investors should know before applying.
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Company background
Deepa Jewellers, established in 2016, has quickly grown to become one of India’s top gold jewellery manufacturers. The company specializes in designing, crafting, and selling hallmarked gold ornaments. Backed by a skilled team of over 40 karigars (artisans), the brand caters to both wholesale and retail markets across the country.
Its product range includes around 14 distinct categories and 76 SKUs as of November 2025. Apart from gold ornaments, Deepa Jewellers also trades in silver jewellery, 18- and 20-karat gold items, gemstones, and even gold bullion.
Business operations and clientele
Deepa Jewellers has built a solid reputation among major jewellery retailers. The brand supplies its products to some of the biggest names in the market like Joyalukkas, Kalyan Jewellers, Lalithaa Jewellery, and Chandana Brothers.
The company currently serves more than 315 customers spread across 13 Indian states and one union territory, showcasing its wide distribution network and trusted business relationships.
Deepa Jewellers IPO details
As per the DRHP, the Deepa Jewellers IPO will include a fresh issue of shares worth ₹250 crore along with an offer for sale (OFS) of 11,848,340 equity shares by the promoters — Ashish Agarwal and Seema Agarwal.
Of the total funds raised, ₹215 crore will be directed towards working capital needs such as inventory expansion and maintenance, while the remaining amount will be used for general corporate purposes.
The equity shares will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), giving investors a chance to trade them on major platforms once listed.
Financial performance snapshot
Over the years, Deepa Jewellers has shown consistent growth in revenue and profit. According to the company’s financial statements, revenue climbed from ₹921 crore in FY2023 to ₹1,400 crore in FY2025. Net profit during the same period rose from ₹22 crore to ₹40.5 crore.
Here’s a quick look at the financials (₹ in crores):
| Period | Revenue | Expense | Profit After Tax |
|---|---|---|---|
| FY2023 | 921.71 | 892.15 | 22.02 |
| FY2024 | 1025.73 | 993.05 | 24.35 |
| FY2025 | 1400.10 | 1345.63 | 40.58 |
| Sep 2025 | 812.25 | 747.16 | 48.62 |
Industry experts suggest that such steady performance strengthens investor confidence, especially when the live IPO GMP today starts showing market sentiments favoring the issue.
Deepa Jewellers IPO GMP trend
The buzz around the Deepa Jewellers IPO GMP (Grey Market Premium) is building up as the issue moves closer to its opening date. While GMP trends keep changing daily, early reports suggest that investor enthusiasm is leaning positive, reflecting the company’s reputation and financial strength.
The Grey Market Premium works as an informal indicator of investor demand. A higher GMP usually suggests strong listing expectations in the market.
Key valuation insights
Based on its FY2025 performance, Deepa Jewellers’ valuation details are as follows:
- Earning Per Share (Basic): ₹4.95
- Return on Net Worth (RoNW): 35.95%
- Net Asset Value (NAV): ₹16.25 per share
- Price-to-Earnings ratio: Not disclosed yet
These numbers show a healthy financial position backed by high profitability and strong net worth growth.
Peer comparison
When compared to other listed jewellers, Deepa Jewellers’ numbers stack up quite well. Here’s how it compares with some of its peers:
| Company | EPS | PE Ratio | RoNW % | NAV | Income (₹ Cr.) |
|---|---|---|---|---|---|
| Sky Gold and Diamonds Ltd | 7.18 | 36.89 | 24.41% | 42.76 | 2924.93 |
| Shanti Gold International Ltd | 7.75 | 27.62 | 44.85% | 21.13 | 1106.41 |
| Shringar House of Mangalsutra Ltd | 6.34 | 28.28 | 36.20% | 20.83 | 1429.82 |
| RBZ Jewellers Ltd | 9.70 | 13.81 | 17.15% | 61.26 | 530.15 |
Deepa Jewellers’ impressive RoNW indicates efficient use of shareholder funds, positioning the brand competitively in the industry.
Purpose of the IPO
The primary goal of the Deepa Jewellers IPO is to support the company’s working capital needs. Jewellery manufacturing is a capital-intensive business — raw gold, design, and scaling inventory require significant investment.
Funds from the IPO will help the company procure and manage gold inventory, maintain operations, and expand its retail footprint. A portion of the raised capital will also go toward corporate growth and strategic business objectives.
Lead managers of the issue
The Deepa Jewellers IPO is being managed by two established financial entities. Emkay Global Financial Services Limited and Valmiki Leela Capital Private Limited are the book-running lead managers for the IPO.
Bigshare Services Private Limited has been appointed as the registrar of the issue, handling investor applications and share allotment processes.
Market outlook
Industry analysts believe that the Indian jewellery market’s consistent growth story could positively impact the Deepa Jewellers IPO GMP. The company’s focus on hallmark gold and long-standing ties with reputed retail chains give it a strong edge.
As investors look for fresh opportunities in 2026, all eyes are on how the live IPO GMP today pans out once market trading sentiments are reflected in real time.
