# Deepa Jewellers Limited: IPO analysis > Deepa Jewellers Limited (CIN U74999TG2016PLC109435) has filed a Prospectus with SEBI for an IPO comprising a fresh issue of ₹250 Cr and an offer for sale of ₹210 Cr, priced at ₹168.00 to ₹177.00 per share. In FY26 it reported revenue of ₹1,927 Cr (+37.9% on FY25) and a net profit of ₹105 Cr. Promoters hold 100.0% before the IPO. Our fact-check of its claims found 1 medium or high concern across 73 claims checked. - Page: https://ipo.innerkore.com/company/U74999TG2016PLC109435/deepa-jewellers-limited/ - CIN: U74999TG2016PLC109435 - Last updated: 4 Sep 2026 ## Key facts - **Company:** Deepa Jewellers Limited - **CIN:** U74999TG2016PLC109435 - **Filing stage:** Prospectus - **Latest SEBI filing:** 4 Sep 2026 - **Fresh issue:** ₹250 Cr - **Offer for sale:** ₹210 Cr - **Price band:** ₹168.00 to ₹177.00 per share - **Final offer price:** ₹177.00 per share - **Lot size:** 84 shares - **Bidding opens:** 1 Sep 2026 - **Bidding closes:** 3 Sep 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹1,927 Cr - **Revenue growth:** +37.9% - **Net profit FY26:** ₹105 Cr - **Revenue CAGR FY24 to FY26:** 37.1% - **Promoter holding (pre-IPO):** 100.0% - **Lead managers:** Emkay Global Financial Services Limited, Valmiki Leela Capital Private Limited - **Registrar:** Bigshare Services Private Limited - **Fact-check flags:** 0 high, 1 medium, 2 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 16.2x P/E. At the top of the band, on FY26 profit; 7.2x book value. - **Growth** (looks fine): 37.1% a year. Sales FY24 to FY26; latest year +37.9%. - **Profitability** (look closer): 5.4% net margin. FY26; operating margin improving. - **Debt** (looks fine): 0.47x equity. ₹111 crore borrowed at the end of FY26. - **Profit into cash** (concern): -14% of profit. Operations brought in ₹-14.7 crore against ₹105 crore of profit in FY26. - **One-off income** (look closer): 1% of profit. Other and one-off income is 1% of pre-tax profit; management describes 1 one-off item. - **Where the money goes** (look closer): 46% for sale. 54% is new shares issued by the company. - **Red flags** (look closer): 1 to review. 73 claims checked: 0 high, 1 medium concern. ## Financial snapshot (₹ crore unless stated; unspecified) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 1,025 | 1,397 | 1,927 | | Sales growth | – | 36.4% | 37.9% | | Operating profit | 36 | 56 | 146 | | Operating margin | 3.5% | 4.0% | 7.6% | | Net profit | 24 | 41 | 105 | | Net margin | 2.4% | 2.9% | 5.4% | | Net worth | 93 | 133 | 238 | | Borrowings | 78 | 81 | 111 | | Return on equity | 26.3% | 30.5% | 44.0% | ## Non-recurring items (as described by management) - The Company was converted from a private limited company to a public limited company pursuant to a special resolution passed by the shareholders at the extraordinary general meeting held on September 1, 2025. (p.311) ## Use of proceeds (fresh issue) - Funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by our Company: ₹215 crore - General corporate purposes(1): ₹12 crore ## Fact-checked claims - **MEDIUM** (LitigationStatus): The filing of the Draft Red Herring Prospectus does not absolve the Company from any liabilities under the Companies Act, 2013, or the requirement of obtaining statutory and/or SEBI clearances.. The search results point to various filings and information related to Deepa Jewellers Limited, including a Red Herring Prospectus and mentions of litigation proceedings. One result specifically mentions the need to refer to documentation for details on outstanding litigation proceedings, which is relevant to the claim. - **LOW** (PromoterBackground): SEBI SAST Regulations govern the acquisition of shares or control in listed companies.. The search results mention SEBI in the context of actions against certain entities and IPOs, but they do not directly confirm or deny a general statement that SEBI regulations govern the acquisition of shares or control in listed companies. Some results reference SEBI actions in relation to IPOs and market controversies. - **LOW** (PromoterBackground): The SEBI (Listing Obligations and Disclosure Requirements) Regulations ensure transparency and govern financial disclosures, board composition, and related party transactions for listed companies.. The search results do not directly confirm or deny the general statement about SEBI regulations governing financial disclosures and board composition. However, some results mention regulatory actions by SEBI in the context of IPOs and other financial matters, which relates tangentially to the oversight mentioned in the claim. - **NONE** (LitigationStatus): Certificates of verification for weights or measures bearing certificate number R202511000749997 were issued under the Legal Metrology Act, 2009 and Telangana Weights and Measures (Enforcement) Act, 1958.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim about certificates of verification for weights or measures bearing certificate number R202511000749997 under the specified acts. - **NONE** (LitigationStatus): A trade license bearing number 14424-2026-TC was obtained from the Commissioner, Vijayawada Municipal Corporation.. No web search results were found to corroborate, contradict, update, or provide any information regarding the trade license number 14424-2026-TC obtained from the Commissioner, Vijayawada Municipal Corporation. - **NONE** (LitigationStatus): A registration certificate under the Andhra Pradesh (Issuance of Integrated Registration and Furnishing of Combined Returns under various labour laws by certain establishments) Act, 2015 was obtained.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that a registration certificate under the Andhra Pradesh (Issuance of Integrated Registration and Furnishing of Combined Returns under various labour laws by certain establishments) Act, 2015 was obtained by Deepa Jewellers Limited. - **NONE** (LitigationStatus): A registration certificate under the Telangana Shops and Establishment Act, 2017 was obtained.. No web search results were found to corroborate, contradict, or provide any information regarding the claim that a registration certificate under the Telangana Shops and Establishment Act, 2017 was obtained by Deepa Jewellers Limited. - **NONE** (LitigationStatus): Membership certificate was issued by the Gem & Jewellery Export Promotion Council for the Financial Year 2026-2027.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that the membership certificate was issued for the Financial Year 2026-2027. - **NONE** (LitigationStatus): The Certificate of incorporation for the Company is dated May 5, 2016.. No current web search results were found to corroborate, contradict, or provide any information regarding the date of the Certificate of incorporation for Deepa Jewellers Limited. - **NONE** (LitigationStatus): All creditors to whom the amount is due by the Company exceeding 5% of total trade payables are considered material creditors (i.e., 5% of ₹9.00 Lakh which is ₹0.50 Lakh based on latest Restated Financial Information as of and for the period ended March 31, 2026).. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim made in the DRHP regarding material creditors. - **NONE** (SubsidiaryPerformance): The face value of Equity Shares was sub-divided from ₹ 10 each to ₹ 2 each on November 10, 2025, resulting in a change in authorized share capital.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the face value of Equity Shares was sub-divided from ₹ 10 to ₹ 2 on November 10, 2025. - **NONE** (SubsidiaryPerformance): Clause I of the Memorandum of Association was amended on September 1, 2025, to reflect the change in the company's name.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Clause I of the Memorandum of Association of Deepa Jewellers Limited was amended on September 1, 2025. ## Common questions ### How big is the Deepa Jewellers Limited IPO? Deepa Jewellers Limited's IPO comprises a fresh issue of ₹250 Cr and an offer for sale of ₹210 Cr, according to its Prospectus. The price band was ₹168.00 to ₹177.00 per share and the final offer price was ₹177.00 per share. ### What are Deepa Jewellers Limited's revenue and profit? Deepa Jewellers Limited reported revenue from operations of ₹1,927 Cr in FY26, +37.9% versus FY25. Net profit was ₹105 Cr (FY25: ₹41 Cr). Revenue grew at a compound rate of 37.1% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there. ### How much do promoters own in Deepa Jewellers Limited? Promoters hold 100.0% of Deepa Jewellers Limited before the IPO. Largest holders listed: Ashish Agarwal (48.8%); Seema Agarwal (48.8%); Dev Agarwal (2.4%). ### How will Deepa Jewellers Limited use the IPO money? The fresh-issue proceeds are earmarked for: Funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by our Company (₹215 Cr); General corporate purposes (₹12 Cr). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Deepa Jewellers Limited's Prospectus? We fact-checked 73 claims from the filing against the open web: 0 raised a high concern, 1 medium and 2 low. The most notable: The search results point to various filings and information related to Deepa Jewellers Limited, including a Red Herring Prospectus and mentions of litigation… This is an automated screen, not a verdict; each finding links to its sources. ### What does Deepa Jewellers Limited do? Forget the hype: the IPO of Deepa Jewellers Limited is shadowed by serious legal clouds. Our investigation dives into the filings, revealing concerning litigation proceedings that investors need to understand before making any decisions. ### Who manages the Deepa Jewellers Limited IPO? Book running lead managers: Emkay Global Financial Services Limited, Valmiki Leela Capital Private Limited. Registrar to the offer: Bigshare Services Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Deepa Jewellers Limited IPO documents? All 3 filings for Deepa Jewellers Limited (DAP, RHP, Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Deepa Jewellers Limited - Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788759187148.pdf) (Prospectus, filed 4 Sep 2026) - [Deepa Jewellers Limited - RHP](https://www.sebi.gov.in/sebi_data/commondocs/aug-2026/Deepa%20Jewellers%20Ltd.%20-%20Abridged%20Prospectus_p.pdf) (Abridged prospectus (DAP), filed 25 Aug 2026) - [Deepa Jewellers Limited - RHP](https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1787803350891.pdf) (Red Herring Prospectus, filed 25 Aug 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.