Deepa JewellersIPO Review — Financials, Valuation & Peers
A data-only look at the Deepa Jewellers IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 1,025.73 | 24.35 | 35.77 | 92.55 | 174.64 | 77.93 | — |
| FY 2025 | 1,400.1 | 40.58 | 56.01 | 133.21 | 217.67 | 80.79 | — |
| FY 2026 | 1,927.73 | 104.79 | 146.34 | 238.07 | 357.18 | 111.11 | 4.95 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- RoNW
- 56.45%
- RoE
- 56.45%
- RoCE
- 52.08%
- Debt / Equity
- 0.47
- EPS (pre-issue)
- ₹4.95
- EBITDA Margin
- 7.6%
- PAT Margin
- 5.44%
- NAV / share
- ₹29.03
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Deepa Jewellers | 12.78 | 29.03 | — | 56.45% | — | Standalone |
| Khazanchi Jewellers Ltd | 36.1 | 129.14 | 22.22x | 32.45% | 6.22x | Consolidated |
| Rbz Jewellers Ltd | 13.7 | 74.96 | 10.08x | 20.11% | 1.86x | Consolidated |
| Shanti Gold International Ltd | 21.22 | 83 | 12.72x | 37.34% | 3.24x | Consolidated |
| Shringar House Of Mangalsutra Ltd | 13.55 | 70.29 | 17.02x | 26.29% | 3.29x | Consolidated |
| Sky Gold And Diamonds Ltd | 13.97 | 72.02 | 57.56x | 23.88% | 11.15x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Ashish Agarwal, Seema Agarwal, Dev Agarwal</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 72.98%
- Dilution
- 27.02%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Deepa Jewellers IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
The anchor round of the Deepa Jewellers IPO drew 15 institutional investors committing a combined ₹137.93 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to MOTILAL OSWAL FINVEST LTD. (₹35.96 crore), UNIFI FLEXI CAP FUND (₹10 crore) and TATA INDIA CONSUMER FUND (₹9.56 crore). Investor categories represented include Other, Bank and FII/FPI. The lock-in on half the anchor shares ends on 4 Oct 2026, with the remainder locked until 3 Dec 2026.
Analyst view tally
For the Deepa Jewellers IPO, we track the published view of 1 reviewer, Capital Market among them. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Deepa Jewellers operates at an EBITDA margin of 7.6% and a net (PAT) margin of 5.44% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 52.08% and a return on equity (RoE) of 56.45%. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by the company (₹215 crore), alongside general corporate purposes.
Financials
In FY2026, Deepa Jewellers reported revenue of ₹1,927.73 crore and a net profit of ₹104.79 crore. Revenue grew from ₹1,025.73 crore in FY2024 to ₹1,927.73 crore in FY2026 (+88.0%). Net worth stood at ₹238.07 crore at the end of FY2026. At the upper band, that puts the issue at roughly 35.8× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Peer comparison
The offer document names listed peers including Khazanchi Jewellers Ltd and Rbz Jewellers Ltd, with a median peer P/E of about 17×.
Promoters
The promoters of the company are <p>Ashish Agarwal, Seema Agarwal, Dev Agarwal</p>. Promoter holding stands at 100% before the issue and comes down to 72.98% after listing.
Frequently asked questions
- What is the reservation split in the Deepa Jewellers IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%.
- Who are the promoters of Deepa Jewellers and what is their holding?
- The promoters are <p>Ashish Agarwal, Seema Agarwal, Dev Agarwal</p>. Promoter holding is 100% before the issue and 72.98% after listing.
- What are the objects of the Deepa Jewellers IPO?
- The net proceeds go primarily toward funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by the company, among 2 disclosed objects.