In progress
Valuation
Market Cap
₹11,249.54 Cr
P/E Ratio
9.95x
P/B Ratio
3.43x
Lalithaa Jewellery IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Conflicting IPOs
IPOs with overlapping timeline
Business Overview
Lalithaa Jewellery Mart Limited is a jewellery retailer operating under the brand name "Lalithaa", offering a diverse range of gold, silver and diamond jewellery across styles designed to cater to the regional preferences of the southern Indian jewellery markets. The Company serves its markets with BIS-hallmarked jewellery through 61 stores across 51 cities in 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. It positions itself as a disruptive brand offering gold jewellery at competitive prices supported by in-house manufacturing capabilities, and caters primarily to the mass market and value-conscious consumers who prefer competitive prices and high-purity gold.
Lots & IPO Size
Lalithaa Jewellery IPO Lot Size
| Category | 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 Reservation
QIB 50%
NII 15%
Ret 35%
Employee
₹60.00 million
Shareholder
₹0.00
Lalithaa Jewellery IPO Size
Total
₹1,700 Cr
Fresh Issue
₹1,200 Cr
(5.97 Cr
Shares)
Offer For Sale
₹500 Cr
(2.49 Cr
Shares)
Promoters₹500 Cr
Objects of the Issue
Funding expenditure towards setting up of 10 new stores in India — capital expenditure for fit-outs (furniture and fixtures, equipment, IT hardware and software)
Funding expenditure towards inventory costs for setting up of the 10 new stores
General Corporate Purposes & issue expenses
Total
Key Risk Factors
The Company’s revenues are significantly dependent on the sale of gold jewellery, which accounted for 92.33%, 94.58% and 93.96% of revenue from operations in Fiscals 2026, 2025 and 2024 respectively. Any factors adversely affecting the procurement of gold or sales of gold jewellery may negatively impact its business and results of operations.
Key Risk Factors
The Company’s revenues are significantly dependent on the sale of gold jewellery, which accounted for 92.33%, 94.58% and 93.96% of revenue from operations in Fiscals 2026, 2025 and 2024 respectively. Any factors adversely affecting the procurement of gold or sales of gold jewellery may negatively impact its business and results of operations.
The Company has 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 in jewellery schemes and increased settlement of trade payables. Continued negative operating cash flows may adversely affect its financial condition.
The Company receives advances from customers under various schemes, amounting to more than 10% of revenue from operations in the respective periods. An inability to appropriately utilise or settle such advances may adversely impact its revenues, results of operations and future profitability.
The Company had total outstanding borrowings of ₹12,381.00 million as of June 30, 2026. Its financing agreements contain covenants that limit operational flexibility, and any inability to meet financial and other covenants could adversely affect its business, credit rating and financial condition.
The Company’s business requires substantial working capital to finance the purchase of raw materials and inventory. An inability to obtain additional financing in a timely manner on acceptable terms may adversely affect its business, growth plans and cash flows.
The Company depends on its in-house design team of fifteen members to introduce new and innovative jewellery designs. An inability to protect its designs or continue developing fashionable, popular designs may reduce demand for its jewellery and adversely affect revenues.
The Company has entered into related-party transactions, including director/promoter remuneration and brand ambassador fees of ₹502.76 million paid in Fiscal 2024 to its Promoter, M. Kiran Kumar Jain. Such transactions may involve conflicts of interest and may not have been on arm’s-length terms.
The Company has contingent liabilities representing approximately 1.85% of its net worth as at March 31, 2026. If any of these contingent liabilities materialise, its financial condition could be adversely affected.
The Company’s Promoters, Subsidiaries, Directors and Key Managerial Personnel may enter into ventures in the same line of business, which may lead to real or potential conflicts of interest that could materially adversely impact its business and results of operations.
The Company is dependent on its top three suppliers of raw materials, who contributed 58.03%, 67.20% and 66.98% of total cost of raw materials in Fiscals 2026, 2025 and 2024 respectively. The loss of any of these suppliers or interruptions in supply could adversely affect its business.
Lalithaa Jewellery IPO Details Live GMP
GMP
₹0
Est. Price
₹201
Est. Gain
0.00%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 11 Aug | ₹0 (0%) | ₹201 |
| 10 Aug | ₹0 (0%) | ₹201 |
Lalithaa Jewellery IPO Peer Comparison
(Rs. in crores)
| Particulars | Lalithaa Jewellery | Kalyan Jewellers | Manoj Vaibhav | PC Jeweller | P N Gadgil | Senco Gold | Thangamayil | Titan | Tribhovandas |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 25,023.93 | 35,742.86 | 2,744.03 | 3,352.88 | 10,739.10 | 8,430.03 | 8,499.33 | 87,584.00 | 3,202.95 |
| PAT | 1,009.82 | 1,350.40 | 114.98 | 714.46 | 409.82 | 574.32 | 351.65 | 5,073.00 | 202.31 |
| EPS (₹) | 20.20 | 13.08 | 23.54 | 1.00 | 30.20 | 35.08 | 113.14 | 57.19 | 30.32 |
| NAV (₹) | 58.60 | 61.09 | 170.60 | 9.45 | 144.63 | 153.45 | 455.60 | 179.75 | 125.60 |
| RONW | 39.90% | 24.63% | 14.82% | 10.32% | 23.21% | 26.07% | 27.93% | 36.48% | 27.06% |
| EBITDA | 6.69% | 6.85% | 6.70% | 20.00% | 5.70% | 11.49% | 6.62% | 9.43% | 11.27% |
| PAT Mrgn | 4.04% | 3.78% | 4.19% | 21.31% | 3.82% | 6.81% | 4.14% | 5.79% | 6.32% |
| PE Ratio | 9.95 | 46.85 | 7.12 | 9.26 | 22.18 | 11.50 | 46.26 | 85.25 | 9.14 |
| Debt to Equity | 0.53 | 0.67 | 0.53 | 0.22 | 0.68 | 0.92 | 0.63 | 1.67 | 1.05 |
All information pertains to FY 2025-26.
The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of 31st July, 2026 for Peers
Lalithaa Jewellery IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 25,023.93 | 16,897.32 | 16,788.05 |
| PAT | 1,009.82 | 364.73 | 359.83 |
| Net Worth | 2,929.73 | 1,925.38 | 1,564.37 |
| Borrowings | 1,604.14 | 949.26 | 824.18 |
| Assets | 10,945.14 | 6,929.68 | 5,182.26 |
| NAV (₹) | 58.60 | 38.51 | 31.29 |
| EPS (₹) | 20.20 | 7.29 | 7.20 |
Key Performance Indicators (KPIs)
EBITDA
6.69%
PAT
4.04%
ROE
41.60%
ROCE
42.60%
Debt to Equity
0.53
All the data pertains to FY 2025-26.
PE, PB, and market capitalization are calculated based on the Upper Price Band.
Lalithaa Jewellery IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 25,023.93 | 16,897.32 | 16,788.05 |
| Other Income | 15.88 | 10.56 | 12.57 |
| Total Income | 25,039.80 | 16,907.88 | 16,800.62 |
| Materials consumed | 19,461.88 | 12,974.76 | 12,483.69 |
| Purchase of stock | 6,562.14 | 3,923.03 | 3,824.37 |
| Changes in Inventories | -3,503.35 | -1,440.19 | -794.34 |
| Employee Expense | 289.62 | 258.36 | 208.36 |
| Finance Costs | 130.66 | 87.18 | 71.91 |
| Depreciation | 198.45 | 160.44 | 136.27 |
| Other Expenses | 540.13 | 441.00 | 385.81 |
| Total Expenses | 23,679.54 | 16,404.58 | 16,316.07 |
| Profit Before Tax | 1,360.27 | 503.30 | 484.55 |
| Tax Expense | 350.45 | 138.58 | 124.72 |
| Profit After Tax | 1,009.82 | 364.73 | 359.83 |
| EPS — Basic (₹) | 20.20 | 7.29 | 7.20 |
| EPS — Diluted (₹) | 20.20 | 7.29 | 7.20 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 249.99 | 249.99 | 11.90 |
| Other Equity | 2,679.74 | 1,675.39 | 1,552.46 |
| Total Equity | 2,929.73 | 1,925.38 | 1,564.37 |
| Total Borrowings | 1,604.14 | 949.26 | 824.18 |
| Trade Payables | 522.11 | 266.94 | 123.91 |
| Advances from Customers | 5,042.75 | 3,145.41 | 1,943.20 |
| Other Liabilities | 846.42 | 642.69 | 726.61 |
| Total Equity & Liab | 10,945.14 | 6,929.68 | 5,182.26 |
| Fixed Assets | 309.33 | 309.29 | 244.73 |
| Inventories | 9,816.28 | 5,872.73 | 4,292.08 |
| Trade Receivables | 214.69 | 116.45 | 58.59 |
| Cash & Bank Bal | 38.28 | 74.01 | 46.06 |
| Other Assets | 566.57 | 557.21 | 540.79 |
| Total Assets | 10,945.14 | 6,929.68 | 5,182.26 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Cash Flow from Operating Activities | -397.76 | 288.73 | -18.00 |
| Cash Flow from Investing Activities | -66.18 | -215.07 | -112.34 |
| Cash Flow from Financing Activities | 427.73 | -44.13 | 134.98 |
| Net Change in Cash & Equivalents | -36.21 | 29.53 | 4.64 |
| Cash & Equivalents at End of Period | 16.11 | 52.32 | 22.79 |
Contingent Liabilities
| Particulars | Amount (₹ Cr) |
|---|---|
| Claims against the Holding Company not acknowledged as debts | 1.42 |
| Disputed Goods and Service Tax demands | 54.62 |
| Total | 56.04 |
Promoter Holding
Promoter
97.72%
Public
2.28%
M. Kiran Kumar Jain
97.72%
Hemaa Kiran Kumar Jain
0.00%
Lalitha Castle Pvt Ltd
0.00%
Management
M. Kiran Kumar Jain
Age: 58
Chairman & MD
Remuneration
₹₹138.00 million p.a. (salary incl. bonus & perquisites) + performance commission up to 5% of net profit
Education
Ph.D. (honoris causa) in Literature, VELS University
Prior Experience
Associated with the Company since 1999; oversees marketing, strategy and overall operations across store, treasury and finance.
Hemaa Kiran Kumar Jain
Age: 47
WTD
Remuneration
₹₹103.50 million p.a. (salary incl. bonus & perquisites) + performance commission up to 5% of net profit
Education
No formal education
Prior Experience
Associated with the Company since 2002; assists the Board on strategic decisions in the diamond unit and heads human resource management.
P Rajeswaran
Age: 51
WTD
Remuneration
₹₹3.84 million p.a. (salary incl. bonus & perquisites)
Education
Master's in Public Administration, University of Madras
Prior Experience
Associated with the Company since 2012; responsible for overall sales and operations management across all stores.
Bhama S
CFO
Remuneration
₹₹2.42 million paid in Fiscal 2026
Education
B.Sc. (Programming & Data Science), University of Madras; passed ICAI Intermediate examination
Prior Experience
Associated with the Company since 2014; appointed CFO in January 2024. Previously GM–Finance & Administration at Rajkumar Impex Private Limited.
Registrar & Lead Managers
Registrar
MUFG Intime India
Lead Managers (2)
Company Details
Name: Lalithaa Jewellery Mart Limited
Address: 123, Usman Road, T. Nagar, Chennai – 600017, Tamil Nadu, India
Number: +044 2834 9860
Email: cosec@lalithaajewellery.com
Website: https://www.lalithaajewellery.com
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Frequently Asked Questions (FAQs)
What is Lalithaa Jewellery IPO?
Lalithaa Jewellery IPO is a Mainboard IPO having an issue size of
₹1,700 Crs.
Lalithaa Jewellery IPO is priced at
₹190 - ₹201 per
share.
The
issue opens on 17 Aug 26
and
closes on 19 Aug 26.
When will Lalithaa Jewellery IPO open?
Lalithaa Jewellery IPO opens on
17 Aug 26 and closes on
19 Aug 26.
What is the GMP of Lalithaa Jewellery IPO?
The estimated Grey Market Premium of Lalithaa Jewellery IPO is
₹0 per share (0.00%).
What is the lot size of Lalithaa Jewellery IPO?
The minimum lot size of Lalithaa Jewellery IPO is
74 shares & the minimum application amount
is
Rs.
14874.
When is the allotment of Lalithaa Jewellery IPO?
The allotment date of Lalithaa Jewellery IPO is
20 Aug 26.
What is the listing date of Lalithaa Jewellery IPO?
The listing date of Lalithaa Jewellery IPO is
24 Aug 26.
What is the subscription of Lalithaa Jewellery IPO?
Lalithaa Jewellery IPO is subscribed
-.
What is the price band of Lalithaa Jewellery IPO?
Lalithaa Jewellery IPO is priced at
₹190 - ₹201 per
share.
How to check allotment status of Lalithaa Jewellery IPO?
Click the allotment link on Lalithaa Jewellery IPO page of IPO360.
How to apply Lalithaa Jewellery IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Lalithaa Jewellery IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Lalithaa Jewellery IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Lalithaa Jewellery IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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