Lalithaa Jewellery Mart IPO
Listed +31.8%17–19 Aug 2026
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Our IPO analysis
What stands out in the offer document
The five questions
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1How it makes money₹92 of every ₹100 of sales comes from its "Gold jewellery" segment. ₹73 of every ₹100 comes from Tamil Nadu and Andhra Pradesh.
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2Is it growing, and is profit turning into cash?Sales rose 49% from FY24 to FY26 (₹16,788 cr → ₹25,024 cr). Over 3 years it made ₹1,734 cr of profit and brought in −₹127 cr of cash from operations.
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3How much cushion does it have?It owes ₹0.53 for every ₹1 of its own money. The line for retail is ₹2.
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4What you pay, and who gets the moneyOf every ₹100 raised, ₹29 goes to existing shareholders selling. At ₹201 you pay about ₹9.95 for every ₹1 of last year's profit. The listed peers the document names: ₹17 (middle of 8).
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5Who controls it, and what is on record?Promoters own 98% before the IPO. The document discloses 2 legal matters.
From the draft document. The final prospectus may change it.
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Latest update:
Listed at ₹265 vs ₹201 issue price (+31.8%) · Day-one close ₹248 · Subscribed 62.73× (QIB 153.8× · NII 78.2× · Retail 12.5×) · Price band ₹190–₹201 · Closed 19 Aug 2026 · Listed 24 Aug 2026 (Confirmed)
How it actually listed
₹265 on open, against a ₹201 issue price +31.8%
It ended its first day at ₹248 (+23.6% against the issue price), per the NSE's price archive.
On the BSE it opened at ₹265 and closed at ₹248, per the BSE's price archive.
We were not recording a grey-market premium before it listed.
What Lalithaa Jewellery Mart does
We are a jewellery retailer operating under the brand name “Lalithaa”, offering a diverse range of gold jewellery, silver jewellery, and diamond jewellery across styles, designed to cater to regional preferences of the southern Indian jewellery markets.
Lalithaa Jewellery Mart financials
Rs crore · Annual| FY24 | FY25 | FY26 | ||
|---|---|---|---|---|
| Sales | 16,788 | 16,897 | 25,024 | |
| Operating Profit | 680 | 740 | 1,674 | |
| OPM % | 4.0% | 4.4% | 6.7% | |
| Net Profit | 360 | 365 | 1,010 | |
| Total Debt | 824 | 949 | 1,604 |
Lalithaa Jewellery Mart IPO offer structure
Total: ₹1,700 cr. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
Use of proceeds- Capital expenditure for fit-outs in the nature of furniture and fixtures, equipment, IT hardware and software: ₹35 cr
- Expenditure towards inventory costs for setting up of New Stores: ₹999 cr
- General corporate purposes
Lalithaa Jewellery Mart promoters and holding
- M. Kiran Kumar Jain: Promoter, Chairman and Managing Director
- Hemaa Kiran Kumar Jain: Promoter and Whole-time Director
Lalithaa Jewellery Mart risks and strengths
- Our revenues have been significantly dependent on sale of gold jewellery, which accounted for 92.33%, 94.58% and 93.96% of our revenue from operations, for the Financial Years 2026, 2025 and 2024, respectively. (p.27)
- We have experienced negative cash flows from operating activities of ₹ 3,977.62 million and ₹ 180.02 million in Fiscal 2026 and in Fiscal 2024 respectively. (p.28)
- We receive advances from our customers under various schemes introduced by us. The amounts received in the schemes amount to more than 10% of our revenue from operations. (p.29)
2 more the company lists
- Our Company had a total outstanding borrowings of ₹ 12,381.00 million as of June 30, 2026. Further, our financing agreements contain covenants. (p.29)
- Our Company, Subsidiaries, Promoters, Directors, Key Managerial Personnel and Senior Management are involved in certain legal and regulatory proceedings. (p.30)
- Strong regional presence with deep penetration in high-growth South Indian markets evidenced by operating revenue growth between Fiscal 2024 to Fiscal 2026. (p.251)
- Brand catering to the mass and value-conscious segment with own manufacturing (p.252)
- Brand pull in Tier II and Tier III cities in southern India with focus on quality, craftsmanship and original designs (p.254)
Lalithaa Jewellery Mart peer comparison: DRHP median P/E 16.8x
DRHP data only| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Kalyan Jewellers India Limited | — | 46.9x | — | — | DRHP |
| Manoj Vaibhav Gems N Jewellers Limited | — | 7.1x | — | — | DRHP |
| PC Jeweller Limited | — | 9.3x | — | — | DRHP |
| P N Gadgil Jewellers Limited | — | 22.2x | — | — | DRHP |
| Senco Gold Limited | — | 11.5x | — | — | DRHP |
| Thangamayil Jewellery Limited | — | 46.3x | — | — | DRHP |
| Titan Company Limited | — | 85.3x | — | — | DRHP |
| Tribhovandas Bhimji Zaveri Limited | — | 9.1x | — | — | DRHP |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Lalithaa Jewellery Mart market and competition
Our Company had the highest operating revenue per store amongst key organised jewellery players in India, at ₹ 4,102.28 million, ₹ 2,816.22 million and ₹ 3,167.56 million for Fiscal 2026, for Fiscal 2025 and for Fiscal 2024 respectively.
Lalithaa Jewellery Mart outlook, as the document states it
We intend to continue expanding in southern India in new markets where our presence is comparatively low, and strengthening our presence in Tier II and Tier III cities. We intend to increase our focus on studded gold jewellery going forward as these products have widened the consumer base to which we cater and also typically have a higher gross margin profile.
Lalithaa Jewellery Mart IPO: common questions
When does the Lalithaa Jewellery Mart IPO open and close?
The Lalithaa Jewellery Mart IPO is open from 17 Aug 2026 to 19 Aug 2026.
What is the Lalithaa Jewellery Mart IPO price band?
The price band is ₹190–₹201 per share.
How much is the Lalithaa Jewellery Mart IPO subscribed?
As of 10 Oct 2026 the total subscription is 62.73×.
When does the Lalithaa Jewellery Mart IPO list?
The listing date is 24 Aug 2026.
How do I check the Lalithaa Jewellery Mart IPO allotment status?
On the allotment status page published by MUFG Intime India, this issue's registrar, and on the exchange's basis of allotment. Those are the primary sources. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. We do not hold allotment data and cannot look yours up. How allotment is actually decided →
Lalithaa Jewellery Mart IPO allotment status
Listed 24 Aug 2026. Allotment is decided and published by the registrar, not by us. This issue's registrar is MUFG Intime India.
Check your allotment on the registrar's own page ↗
We do not hold allotment data and cannot look yours up. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. How allotment is actually decided →