Lalithaa Jewellery Mart
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 145.38×
- Big non-institutionalbNII · above ₹10 lakh
- 85.51×
- Small non-institutionalsNII · ₹2–10 lakh
- 50.23×
- Retail individualRII · up to ₹2 lakh
- 11.32×
- Employeesreserved quota
- 8.29×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 15 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 24 Aug 2026 | ₹74 | +36.82% | ₹4,200 | ₹275 | ₹5,476 |
| 23 Aug 2026 | ₹75 | +37.31% | ₹4,200 | ₹276 | ₹5,550 |
| 22 Aug 2026 | ₹77 | +38.31% | ₹4,300 | ₹278 | ₹5,698 |
| 21 Aug 2026 | ₹66 | +32.84% | ₹3,700 | ₹267 | ₹4,884 |
| 20 Aug 2026 | ₹61 | +30.35% | ₹3,400 | ₹262 | ₹4,514 |
| 19 Aug 2026 | ₹54 | +26.87% | ₹3,000 | ₹255 | ₹3,996 |
| 18 Aug 2026 | ₹40 | +19.90% | ₹2,200 | ₹241 | ₹2,960 |
| 17 Aug 2026 | ₹30 | +14.93% | ₹1,700 | ₹231 | ₹2,220 |
| 16 Aug 2026 | ₹29.5 | +14.68% | ₹1,700 | ₹230.5 | ₹2,183 |
| 15 Aug 2026 | ₹26 | +12.94% | ₹1,500 | ₹227 | ₹1,924 |
| 14 Aug 2026 | ₹24 | +11.94% | ₹1,300 | ₹225 | ₹1,776 |
| 13 Aug 2026 | ₹38 | +18.91% | ₹2,100 | ₹239 | ₹2,812 |
| 12 Aug 2026 | ₹41 | +20.40% | ₹2,300 | ₹242 | ₹3,034 |
| 11 Aug 2026 | ₹17 | +8.46% | ₹1,000 | ₹218 | ₹1,258 |
| 10 Aug 2026 | ₹0 | — | — | — | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 17 Aug 2026 – 19 Aug 2026
- Listing date
- 24 Aug 2026
- Face value
- ₹5 per share
- Price band
- ₹190 – ₹201
- Lot size
- 74 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹1,701 Cr
- Fresh issue
- ₹1,200 Cr 5,97,32,655 shares
- Offer for sale
- ₹500 Cr 2,48,75,621 shares
- Market cap at offer price
- ₹11,250 Cr
- Promoter holding
- 97.72% → 82.85% pre-issue → post-issue
- ISIN
- INE0K9O01026
- CIN
- U36911TN1985PLC012417
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Anand Rathi Advisors Ltd.
- Registered office
- 123, Usman Road, T. Nagar, Chennai – 600017, Tamil Nadu, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 1,78,31,578 | 28.57% | 28.41% |
| Anchor investor · within QIB | 2,52,83,581 | — | 40.29% |
| NII (HNI) | 1,33,73,685 | 21.43% | 21.31% |
| bNII > ₹10L · within NII | 89,15,790 | — | 14.21% |
| sNII < ₹10L · within NII | 44,57,895 | — | 7.10% |
| Retail (RII) | 3,12,05,263 | 50.00% | 49.72% |
| Employee | 3,50,877 | — | 0.56% |
| Market maker | 0 | — | 0.00% |
| Total issue | 6,27,61,403 | — | 100.00% |
Net offer to the public of 6,24,10,526 shares, out of a total issue of 6,27,61,403. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 74 shares per lot, in multiples, at ₹201
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 74 | ₹14,874 |
| Retail (max) | 13 | 962 | ₹1,93,362 |
| S-HNI (min) | 14 | 1,036 | ₹2,08,236 |
| S-HNI (max) | 67 | 4,958 | ₹9,96,558 |
| B-HNI (min) | 68 | 5,032 | ₹10,11,432 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹201 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 20.20 | 18.04 |
| P/E (×) | 9.95 | 11.14 |
| Price to book (×) | 3.43 | — |
| Market cap | — | ₹11,250 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 39.90%
- ROCE
- 42.60%
- Debt / equity
- 0.53
- PAT margin
- 4.04%
- NAV per share
- ₹58.6
- Price to book
- 3.43
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 25,039.8 | 16,907.88 | 16,800.62 |
| Revenue from operations | 25,023.93 | 16,897.32 | 16,788.05 |
| Other income | 15.88 | 10.56 | 12.57 |
| Total expenses | 23,679.54 | 16,404.58 | 16,316.07 |
| Operating profit | 1,360.26 | 503.3 | 484.55 |
| Operating margin | 5.43% | 2.98% | 2.88% |
| Profit before tax | 1,360.27 | 503.31 | 484.55 |
| Profit after tax | 1,009.82 | 364.73 | 359.83 |
| PAT margin | 4.03% | 2.16% | 2.14% |
| Balance sheet | |||
| Total assets | 10,945.14 | 6,929.68 | 5,182.26 |
| Current assets | 10,139.46 | 6,116.2 | 4,436.65 |
| Current liabilities | 7,578.41 | 4,556.07 | 3,190.32 |
| Total liabilities | 8,015.42 | 5,004.3 | 3,617.89 |
| Net worth | 2,929.73 | 1,925.38 | 1,564.37 |
| Current ratio | 1.34× | 1.34× | 1.39× |
| Return on equity | 34.47% | 18.94% | 23.00% |
| Cash flow | |||
| Operating cash flow | -397.76 | 288.73 | -18 |
| Investing cash flow | -66.18 | -215.07 | -112.34 |
| Financing cash flow | 427.73 | -44.13 | 134.97 |
| Net cash flow | -36.21 | 29.53 | 4.64 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding expenditure towards setting up of 10 new stores in India ₹1,033 Cr
The company proposes to establish new stores across various states in southern India through capital expenditure for fit-outs including furniture, fixtures, equipment, IT hardware and software, and expenditure towards inventory costs for setting up of new stores.
2 General corporate purposes —
The company proposes to deploy the balance net proceeds towards strategic initiatives, funding growth opportunities, strengthening marketing capabilities, meeting ongoing general corporate exigencies and contingencies, and other business requirements as approved by the Board.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
Selling shareholders
Existing holders selling into the offer — these proceeds go to the seller, not to the company
| Seller | Capacity | Shares offered | Avg. cost |
|---|---|---|---|
| M. Kiran Kumar Jain | Promoter Selling Shareholder | not yet stated | ₹3.51 |
About Lalithaa Jewellery Mart
Lalithaa Jewellery Mart Limited is a jewellery retailer operating primarily in southern India (Andhra Pradesh, Tamil Nadu, Karnataka, Telangana, and Puducherry). The company operates 61 stores across 51 cities with a total operational area of 650,881 sq. ft. as of March 31, 2026. It offers BIS-hallmarked jewellery catering to mass-market consumers in Tier I, II, and III cities who prefer high-purity gold (generally 18 carat or above). The company has developed strong brand recognition and customer loyalty through affordable pricing, quality, and craftsmanship, with 473,412 customers actively enrolled in jewellery schemes as of Fiscal 2026. In-house manufacturing facilities in Thirumudivakkam, Chennai and Maraimalai, Kanchipuram (through subsidiary Asita Jewellery Manufacturing Private Limited) allow competitive pricing. The company was incorporated on March 19, 1985.
Management
M. Kiran Kumar Jain
MD
Hemaa Kiran Kumar Jain
CEO
P Rajeswaran
COO
Nayan Jagadishchandra Rawal
Director
Poonam Jagdambaprasad Dubey
Director
Vandana Mayur Amrutiya
Director
Bhama S
CFO
Jitendra Kumar Pal
Director
D. Padmanaban
Director of Operations
Anees
Director
G Rajendiran
CTO
G Paulsamy
Director of HR
Strengths
As stated in the offer document
Strong regional presence with deep penetration in high-growth South Indian markets
The company reported operating revenue CAGR of 22.09% between Fiscals 2024 and 2026, with 45 out of 61 stores located in Tier II and Tier III cities contributing 60.25% of revenue in Fiscal 2026.
Brand catering to the mass and value-conscious segment with own manufacturing
The company serves mass market customers with quality, affordable jewellery through Manufacturing Facilities with 816 exclusive Karigars and 296 non-exclusive Karigars, enabling competitive pricing and quality control.
Brand pull in Tier II and Tier III cities in southern India with focus on quality, craftsmanship and original designs
The company operates 45 stores in Tier II and Tier III cities generating 60.25% of revenue in Fiscal 2026, with strong brand recognition and customer loyalty in these high-growth markets.
Large Format Stores and Medium Format Stores driving scale
The company operates 8 Large Format Stores and 43 Medium Format Stores, achieving highest operating revenue per store at ₹4,102.28 million in Fiscal 2026 among key organised jewellery players in India.
Robust customer base owing to diverse range of jewellery schemes
The company has 473,412 active customers enrolled in schemes like 'Dhana Vandhanam' and 'Free-yo-Flexi', with highest advances from customers at ₹50,427.50 million (20.15% of revenue) in Fiscal 2026.
Asset light retail business model with backward integration, efficient inventory management and quality control processes
The company operates on asset-light model owning only 3 out of 61 stores, with two Manufacturing Facilities and efficient inventory management using 'JILABA ERP' system with stringent BIS hallmarking quality control.
Experienced Promoter and management team with proven execution capabilities
The company is led by Promoter M. Kiran Kumar Jain since March 1999, with experienced management team including CFO Bhama Subramaniam, demonstrating proven execution capabilities and sustained business operations.
Risk factors
As stated in the offer document
High Dependence on Gold Jewellery Revenue
The company's revenues are significantly dependent on sale of gold jewellery, which accounted for 92.33%, 94.58% and 93.96% of revenue from operations for Fiscals 2026, 2025 and 2024, respectively. Any factors adversely affecting the procurement of gold or sales of gold jewellery may negatively impact the company's business, financial condition, results of operations and prospects.
Negative Operating Cash Flows
The company experienced negative cash flows from operating activities of ₹3,977.62 million and ₹180.02 million in Fiscal 2026 and Fiscal 2024 respectively, due to lower customer enrolment towards jewellery schemes and increased settlement of trade payables. Negative cash flows may adversely affect the company's financial condition, results of operations and prospects.
High Outstanding Borrowings and Debt Covenants
The company had total outstanding borrowings of ₹12,381.00 million as of June 30, 2026. The financing agreements contain covenants that limit the company's flexibility in operating its business, and inability to meet obligations could adversely affect business, credit rating, results of operations and financial condition.
Supplier Concentration Risk
The company is dependent on its top three suppliers of raw materials who contributed 58.03%, 67.20% and 66.98% in Fiscals 2026, 2025 and 2024, respectively of total cost of raw materials. The loss of any of these suppliers or interruptions in supply could adversely affect the company's business, results of operations and financial condition.
Geographic Concentration in Southern India
The company operates 61 stores in 51 cities across southern states of India only. Due to geographic concentration of all (100%) stores in southern regions, the company's results of operations and financial condition are subject to fluctuations in regional economic conditions, natural disasters, and demographic changes.
High Working Capital Requirements
The company's business is working capital intensive, with inventory constituting 96.81% of total current assets in Fiscal 2026. Working capital requirements increased from ₹22,835.41 million in Fiscal 2024 to ₹44,661.08 million in Fiscal 2026, requiring significant capital outlay that can impact liquidity and cash flows.
Dependence on Karigars for Manufacturing
The company operates manufacturing facilities with 672 Karigars employed directly and has agreements with 296 external Karigars on non-exclusive basis. These Karigars manufactured 79.11% of total products in Fiscal 2026, and any disruptions or loss of these Karigars could negatively affect reputation, business and financial condition.
Legal and Regulatory Proceedings
The company, subsidiaries, promoters, directors and key personnel are involved in legal proceedings with aggregate amount of ₹560.35 million against the company and ₹270.19 million against promoters. Any adverse decisions in such proceedings may have adverse effect on business, financial condition, cash flows and results of operations.
High Employee Attrition Rates
The company had attrition rates of 30.90%, 27.84% and 35.67% for Fiscals 2026, 2025 and 2024 respectively. Loss of senior management or failure to attract and retain skilled personnel may adversely affect business, results of operations, financial condition and prospects.
Leased Premises Dependency
The company's registered office, corporate office, 58 out of 61 stores, and manufacturing facilities are on lease and license basis. Failure to renew leases on competitive terms or inability to manage lease rental costs could materially and adversely affect results of operations.
Company Analysis
from RHPLalithaa is a southern Indian jewellery retailer offering BIS-hallmarked gold, silver, and diamond jewellery through 61 stores across five states, with in-house manufacturing enabling competitive pricing.
Lalithaa Jewellery Mart Limited is a jewellery retailer operating primarily in southern India (Andhra Pradesh, Tamil Nadu, Karnataka, Telangana, and Puducherry). The company operates 61 stores across 51 cities with a total operational area of 650,881 sq. ft. as of March 31, 2026. It offers BIS-hallmarked jewellery catering to mass-market consumers in Tier I, II, and III cities who prefer high-purity gold (generally 18 carat or above). The company has developed strong brand recognition and customer loyalty through affordable pricing, quality, and craftsmanship, with 473,412 customers actively enrolled in jewellery schemes as of Fiscal 2026. In-house manufacturing facilities in Thirumudivakkam, Chennai and Maraimalai, Kanchipuram (through subsidiary Asita Jewellery Manufacturing Private Limited) allow competitive pricing. The company was incorporated on March 19, 1985.
Objects of the Issue
- Funding expenditure towards setting-up of 10 New Stores: Capital expenditure for fit-outs (furniture, fixtures, equipment, IT hardware and software) ₹345.50 million p.5
- Funding expenditure towards setting-up of 10 New Stores: Expenditure towards inventory costs ₹9,986.81 million p.5
- General corporate purposes p.5
Issue Structure
- Total Issue
- Up to ₹17,000 million (₹12,000 million fresh issue + ₹5,000 million offer for sale)
- Fresh Issue
- Up to ₹12,000 million
- Offer for Sale
- Up to ₹5,000 million (by M. Kiran Kumar Jain)
- Face Value
- ₹5 each
Business Model
Retail jewellery sales through company-owned stores with backward integration via in-house manufacturing. Revenue is generated through direct consumer sales of gold, silver, and diamond jewellery. The company operates customer loyalty schemes including 'Dhana Vandhanam' and 'Free-yo-Flexi' to encourage repeat sales. Gold jewellery accounted for 92.33% of revenue in Fiscal 2026.
Business Segments
SWOT Analysis
- • Strong regional presence with deep penetration in high-growth South Indian markets(p.4)
- • In-house manufacturing enables competitive pricing and cost control(p.3)
- • Large customer base with strong repeat purchase incentives through loyalty schemes(p.3)
- • Asset-light model with backward integration and efficient inventory management(p.4)
- • Strong financial performance with improving profitability metrics(p.9)
- • High return on equity and capital employed demonstrating efficient capital deployment(p.9)
- • Experienced promoter leadership with proven execution track record(p.4)
- • Strong brand pull in underserved Tier II and III cities(p.4)
- • Heavy revenue concentration in gold jewellery product category(p.10)
- • Negative operating cash flows in recent periods requiring working capital management(p.10)
- • High dependence on customer advances creating operational risk(p.10)
- • Significant debt obligations with restrictive covenants limiting operational flexibility(p.10)
- • Promoter involvement in litigation and SEBI investigations(p.13)
- • Dependence on three major raw material suppliers concentrating supply risk(p.10)
- • Significant related party transactions creating conflict of interest concerns(p.10)
- • Expansion of store footprint in untapped southern and other Indian regions(p.4)
- • Growth in studded gold jewellery category with higher margins(p.4)
- • Diversification into silver and lower-value product ranges to hedge gold price risk(p.4)
- • Sustained demand from cultural and investment demand drivers in India(p.4)
- • Large young population and high marriage rates sustaining long-term gold demand(p.5)
- • Gold as inflation hedge maintaining consistent retail and investor demand(p.5)
- • Fluctuating gold prices impacting volume growth and consumer demand(p.4)
- • Risk of design imitation reducing competitive differentiation(p.10)
- • Potential conflicts of interest from promoters' involvement in competing ventures(p.10)
- • Contingent liabilities representing material portion of net worth(p.10)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| M. Kiran Kumar Jain | Promoter Selling Shareholder | 488,573,316 equity shares (97.72%) | — |
| Hemaa Kiran Kumar Jain | Promoter | 840 equity shares (0.00%) | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Lalitha Jewellery Mart Limited THIS ISSUE | 20.20 | 58.60 | 11.14, computed at the offer price | 3.43, computed at the offer price | 39.90% |
| 13.08 | 61.09 | 46.85 | — | 24.63% | |
| 23.54 | 170.60 | 7.12 | — | 14.82% | |
| 1.00 | 9.45 | 9.26 | — | 10.32% | |
| 30.20 | 144.63 | 22.18 | — | 23.21% | |
| 35.08 | 153.45 | 11.50 | — | 26.07% | |
| 113.14 | 455.60 | 46.26 | — | 27.93% | |
| 57.19 | 179.75 | 85.25 | — | 36.48% | |
| 30.32 | 125.60 | 9.14 | — | 27.06% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.