Lalithaa Jewellery Mart IPO

The Lalithaa Jewellery Mart mainboard IPO runs from 17 Aug 2026 to 19 Aug 2026, offered at a price band of ₹190–201 per share, and is set to list on NSE and BSE. The company is looking to raise ₹1,700 crore through the offer. Retail investors bid in lots of 74 shares, a minimum application of ₹14,874.

Issue structure

The offer combines a fresh issue of ₹1,200 crore with an offer for sale (OFS) of ₹500 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward funding expenditure towards setting-up of 10 new stores: (b) expenditure towards inventory costs for setting up of new stores (₹998.68 crore), alongside funding expenditure towards setting-up of 10 new stores: (a) capital expenditure for fit-outs in the nature of furniture and fixtures, equipment, it hardware and software (₹34.55 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Lalithaa Jewellery Mart reported revenue of ₹25,039.8 crore and a net profit of ₹1,009.82 crore. Revenue grew from ₹16,800.62 crore in FY2024 to ₹25,039.8 crore in FY2026 (+49.0%). Net worth stood at ₹3,033.14 crore at the end of FY2026. At the upper band, that puts the issue at roughly 10.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 11.14× post-issue earnings and 3.43× book value, against a return on net worth of 39.9% and a debt-to-equity ratio of 0.53. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Kalyan Jewellers India Limited and Manoj Vaibhav Gems N Jewellers Limited, with a median peer P/E of about 16.8×. The issue's own post-issue P/E works out to 11.14×.

Promoters

The promoters of the company are <p>M.Kiran Kumar Jain, Hemaa Kiran Kumar Jain</p>. Promoter holding stands at 97.72% before the issue and comes down to 82.85% after listing.

Grey market premium (GMP)

In the unofficial grey market, Lalithaa Jewellery Mart shares are quoted at a premium of ₹73.5 implying an expected listing around ₹274.5, about +36.6% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The Lalithaa Jewellery Mart IPO was subscribed 66.63 times overall. The strongest demand came from qualified institutional buyers (QIB) at 153.8 times, with non-institutional investors (NII) at 78.17× and retail investors at 12.51×.

What to weigh

When evaluating the Lalithaa Jewellery Mart IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Lalithaa Jewellery Mart

Lalitha Jewellery Mart is a South Indian jewellery retailer, offering a diverse range of jewellery products, including gold jewellery, silver jewellery, and diamond jewellery under the brand name, "Lalithaa". It primarily sells exquisite designs of gold jewellery products i.e., rings, earrings, pendants, necklaces, chains, bangles, bracelets, etc. In fiscal 2024, the company has received 93.96% of its revenues from gold jewellery. It has a strong market presence in Tamil Nadu, Telangana, Karnataka, and the Union territory of Puducherry. As of December 31, 2024, the company has 56 stores in 46 cities with an aggregate area of each store of more than 5,000 sq. ft. Majority of these stores are strategically located in the southern regions in Tier II and III cities to focus on high-growth potential markets. The company operates two manufacturing facilities in Thirumudivakkam, Chennai and Maraimalai, Kanchipuram, across an area of 43,681.96 sq. ft. and 20,000.00 sq. ft. Additionally, it also offers various jewellery schemes such as "Dhana Vandhanam" for a monthly investment from ₹1000 to ₹ 10,000 and "Free-yo-Flexi&rsquo; with monthly investment of ₹1,000 to ₹25,000. As of Dec 31, 2024, it has 420,261 active customers under the schemes. Competitive Strengths Second fastest growing regional jewellery player amongst key organised jewellery players in India, in terms of operating revenue growth from Fiscals 2022 to 2024 Significant presence in Tier II and III cities in Southern India Large format stores and medium format stores to drive sales Robust customer base owing to a diverse range of jewellery schemes Experienced Promoter and management team