Deepa Jewellers - IPO Report

Deepa Jewellers Limited is an organised B2B designer, processor and supplier of hallmarked 22K gold jewellery, operating through an outsourced manufacturing model with 41 karigars. It also undertakes job work and trades in silver ornaments, 18K/20K gold jewellery, precious stones and gold bullion.

The company specialises in Vaddanam and CNC machine-cut bangles, contributing 41.85% and 30.87% of FY26 revenue, respectively. Its portfolio includes 16 product categories and 110 SKUs, supported by 15 in-house designers catering to customer requirements, regional preferences and market trends.

As of July 31, 2026, Deepa Jewellers had 373 B2B customers comprising 47 retail chains and 326 standalone stores across 13 states and one union territory. Key customers include Joyalukkas, Kalyan Jewellers, Lalithaa Jewellery and Bhima Jewels.

South India contributed 94.37% of FY26 revenue, with Telangana accounting for 41.58%, Tamil Nadu 23.52% and Andhra Pradesh 19.28%, highlighting the company's strong regional presence and customer base.

Jewellery processing contributed 99% of FY26 revenue, supported by established sourcing, karigar relationships and BIS hallmarking. The company is setting up its first in-house manufacturing facility in Hyderabad with 3D printing, vacuum-pressure casting and induction-melting capabilities.

The Hyderabad facility, along with a new Vijayawada sales office, is aimed at improving production capacity, turnaround time, quality control and scalability while supporting the company's expansion across its B2B jewellery network.