Lalithaa Jewellery Mart Limited
Closed17–19 Aug 2026
Updated 2026-08-21 (IST)
Business overview
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.
Profit & Loss
Rs crore · AnnualLatest year highlighted in green. Sparklines show the trend.
| FY24 | FY25 | FY26 | ||
|---|---|---|---|---|
| Sales | 1,679 | 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 |
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
Promoters
- M. Kiran Kumar Jain — Promoter
- Hemaa Kiran Kumar Jain — Promoter
Strengths & risks
Company-stated strengths and disclosed risk factors from the offer document.
- 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)
- Large Format Stores and Medium Format Stores driving scale. (p.256)
- Robust customer base owing to diverse range of jewellery schemes. (p.258)
- 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, which amount to more than 10% of our revenue from operations. (p.29)
- Our Company had a total outstanding borrowings of ₹ 12,381.00 million as of June 30, 2026, and financing agreements contain restrictive covenants. (p.29)
- We are dependent on our top three suppliers of raw materials who have contributed 58.03%, 67.20% and 66.98% in Fiscals 2026, 2025 and 2024, respectively. (p.35)
Peer comparison — DRHP median P/E 16.8x
Live BSE prices| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Kalyan Jewellers India Limited | Rs 595 -1.2% | 42.8x | 6.3% | 31.1% | live |
| Manoj Vaibhav Gems N Jewellers Limited | Rs 148.3 -1.7% | 7.1x | 7.0% | 18.3% | live |
| PC Jeweller Limited | Rs 9.67 +0.4% | 12.1x | 23.6% | 21.1% | live |
| P N Gadgil Jewellers Limited | Rs 603.9 -0.6% | 19.9x | 7.9% | 30.7% | live |
| Senco Gold Limited | Rs 331.65 -1.5% | 9.5x | 7.9% | 41.1% | live |
| Thangamayil Jewellery Limited | Rs 5,507.7 +0.3% | 46.3x | 5.4% | 75.8% | live |
| Titan Company Limited | Rs 5,064 +0.3% | 78.0x | 14.9% | 35.4% | live |
| Tribhovandas Bhimji Zaveri Limited | Rs 247.8 -1.4% | 7.7x | 8.7% | 33.9% | live |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Market & 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. Our market share in the southern states of India was 4.97% in Fiscal 2026, 5.13% in Fiscal 2025, and 6.46% in Fiscal 2024.
Future outlook
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 also plan to increase our focus on studded gold jewellery going forward as these products have widened the consumer base and typically have a higher gross margin profile.
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Sources & method
Subscription and issue data come from the NSE and BSE exchange feeds, with the third-party aggregator, clearly labelled, where an exchange feed is unreachable. DRHP analysis is extracted from the offer document itself, every figure cited to its page. Each figure on the page carries its source and its timestamp.
Grey-market premium (GMP) is unregulated.
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