• IPO details: Deepa Jewellers is launching an approximately ₹460 crore IPO priced between ₹168 and ₹177 per share, featuring a ₹250 crore fresh issue dedicated to working capital and an offer-for-sale of around ₹210 crore.
• Product portfolio: Approximately 70% of the company's output is ruby-emerald studded jewellery with the remainder in plain gold, supplying South Indian-style items like waist belts (vaddanam) and bangles to major retailers including Kalyan Jewellers and Lalitha Jewellery.
• Margin expansion drivers: Margins increased from 3.5% in FY24 to above 7.5% in FY26 due to higher sales of studded jewellery, stable value-based costs amid rising gold prices, and expanded sales to small retailers via a new Vijayawada office.
• Regional expansion strategy: With over 80% of revenue concentrated in Telangana, Andhra Pradesh, and Tamil Nadu, the company plans to broaden its southern market presence by opening an office in Bengaluru, conducting direct marketing, and attending 8 to 10 annual B2B exhibitions.