Lalithaa Jewellery Mart Ltd
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. Our Company had the highest operating revenue per store amongst key organised jewellery players in India, at Rs. 4,102.28 million, Rs. 2,816.22 million and Rs. 3,167.56 million for Fiscal 2026, for Fiscal 2025 and for Fiscal 2024 respectively. For further details, please refer to the section "Basis for Offer Price" on page 135 to page 151 of this Red Herring Prospectus. Our Company reported operating revenue CAGR of 22.09% between Fiscals 2024 and 2026. We strive to serve the southern Indian market with authenticated BIS-hallmarked jewellery through our 61 stores in 51 cities in the states of Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and the Union Territory of Puducherry, spread across a total operational area of 650,881 sq. ft., as of March 31, 2026. We stand out as a disruptive brand, offering gold jewellery at competitive prices due to our in-house manufacturing capabilities. With this ethos, our Company has been able to establish a brand image with our target customers which, in turn, has allowed us to grow our revenue from operations from Rs. 167,880.52 million in Fiscal 2024 to Rs. 250,239.27 million in Fiscal 2026, with a CAGR of 22.09%.
Timeline
Subscription
Reports
Offer Details
Terms
Application Sizes
Managers & Registrar
Ownership & Proceeds
Offer for Sale
Shareholding
Objects of the Issue
- Funding expenditure towards setting-up of 10 New Stores
- General corporate purposes
Anchor Book
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 8,139 | 13,317 | 16,788 | 16,897 | 25,024 |
| Operating ProfitCr | 395 | 502 | 680 | 740 | 1,674 |
| OPM% | 4.9 | 3.8 | 4.0 | 4.4 | 6.7 |
| PBTCr | 228 | 325 | 485 | 503 | 1,360 |
| PATCr | 167 | 238 | 360 | 365 | 1,010 |
| EPS | - | - | 7 | 7 | 20 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | - | - | 12 | 250 | 250 |
| ReservesCr | - | - | 1,552 | 1,675 | 2,680 |
| BorrowingsCr | - | - | 1,255 | 1,383 | 2,045 |
| Total AssetsCr | - | - | 5,182 | 6,930 | 10,945 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 220 | 280 | -18 | 289 | -398 |
| Investing Cash FlowCr | -36 | -67 | -112 | -215 | -66 |
| Financing Cash FlowCr | -194 | -209 | 135 | -44 | 428 |
| Net Cash FlowCr | -11 | 4 | 5 | 30 | -36 |
Strengths & Risks
- Strong regional presence with deep penetration in high-growth South Indian markets evidenced by operating revenue growth between Fiscal 2024 to Fiscal 2026.
- Brand catering to the mass and value-conscious segment with own manufacturing.
- Brand pull in Tier II and Tier III cities in southern India with focus on quality, craftsmanship and original designs.
- Large Format Stores and Medium Format Stores driving scale.
- Robust customer base owing to diverse range of jewellery schemes.
- Asset light retail business model with backward integration, efficient inventory management and quality control processes in place.
- Expansion of our presence and exploring untapped sections in southern and other regions of India.
- Expansion of our studded gold jewellery business.
- Expend in silverware and other product ranges to provide lower value products to mitigate hike in gold prices.
- Continue to invest in our brand building and marketing initiatives.
- The company's revenue has been significantly dependent on sale of gold jewellery, which accounted for 92.33%, 94.58% and 93.96% of its revenue from operations, for the Financial Years 2026, 2025 and 2024, respectively. Any factors adversely affecting the procurement of gold or the company's sales of gold jewellery may negatively impact its business, financial condition, results of operations and prospects.
- The company has experienced negative cash flows from operating activities of Rs. 3,977.62 million and Rs. 180.02 million in Fiscal 2026 and in Fiscal 2024 respectively, due to lower customer enrolment towards the Company's jewellery schemes and increased settlement of trade payables and cannot assure you that the company will not experience negative cash flows in future periods. Negative cash flows may adversely affect its financial condition, results of operations and prospects.
- The company receives advances from its customers under various schemes introduced by it. The amounts received in the schemes amount to more than 10% of the company's revenue from operations for the respective financial periods. Inability to appropriate such advances received from customers under jewellery purchase schemes may adversely impact its revenues and results of operations and future profitability.
- The Company has a total outstanding borrowings of Rs. 12,381.00 million as of June 30, 2026. Further, its financing agreements contain covenants that limit the company's flexibility in operating its business. The company's inability to meet its obligations, including financial and other covenants under the company's debt financing arrangements could adversely affect its business, credit rating, results of operations and financial condition.
- The Company, Subsidiaries, Promoters, Directors, Key Managerial Personnel and Senior Management are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have an adverse effect on its business, financial condition, cash flows and results of operations.
- If the company is unable to protect its designs or continue to develop innovative, fashionable and popular designs, demand for the company's jewellery may decrease, adversely affecting its revenues and financial condition.