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Lalithaa Jewellery IPOLISTED
Lalithaa Jewellery Mart is a South India-focused jewellery retailer catering to mass and value-conscious customers. It offers gold, silver and diamond jewellery through Large and Medium Format Stores.
Listing price
₹265
Listing gain
+31.84%
Current
₹265
Listed
24 Aug 26
Opens
17 Aug 26Closes
19 Aug 26Allotment
20 Aug 26Refund
21 Aug 26Demat
21 Aug 26Listing
24 Aug 26Listed at
₹265
+31.84% on 24 Aug 26
Overview
Price band
₹190-201
Lot size
74 shares
Min. investment
₹14,874
Issue size
₹1700.00 Cr
8.46 Cr shares
Fresh issue
₹1,200 Cr
5.97 Cr shares
Offer for sale
₹500 Cr
2.49 Cr shares
Face value
₹5 / share
Issue type
Book Built Issue
Listing at
NSE, BSE
Employee discount
₹19
Reservation
| Category | Shares offered | % of issue |
|---|---|---|
| QIB | 1,68,55,722 | 49.81% |
| NII (HNI) | 1,26,41,791 | 14.94% |
| B-HNI | 84,27,861 | — |
| S-HNI | 42,13,930 | — |
| Individual | 2,94,97,512 | 34.86% |
| Employee | 3,29,670 | 0.39% |
| Total | 5,93,24,695 | 100% |
Lot size & investment
| 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 |
Listing performance
NSE/BSE: LALITHAAListing gain
+31.84%
Gain per retail lot
₹4,736
Latest vs issue
—
GMP was
₹66 (+32.84%)
Issue price
GMP estimate
Listing price
Latest price appears here during market hours.
Lalithaa Jewellery Live GMP
Latest GMP
₹66
All-time high
₹66
All-time low
₹21
Subscription
20 Aug, 12:00 amOversubscribed 66.62 times · 45,44,201 applications
Total applications
45,44,201
Total bid amount
₹79,439 Cr
Category breakdown
| Category | Shares offered | Shares bid | Times | Bid amount |
|---|---|---|---|---|
| QIB | 1,68,55,722 | 2,59,24,36,894 | 153.80x | ₹52,108 Cr |
| NII (HNI) | 1,26,41,791 | 98,82,54,312 | 78.17x | ₹19,864 Cr |
| B-HNI | 84,27,861 | 76,24,26,736 | 90.47x | ₹15,325 Cr |
| S-HNI | 42,13,930 | 22,58,27,576 | 53.59x | ₹4,539 Cr |
| Retail | 2,94,97,512 | 36,84,84,036 | 12.49x | ₹7,407 Cr |
| Employee | 3,29,670 | 30,00,848 | 9.10x | ₹60.32 Cr |
| Total | 5,93,24,695 | 3,95,21,76,090 | 66.62x | ₹79,439 Cr |
Application-wise breakup
| Category | Applications reserved | Applied | Times |
|---|---|---|---|
| B-HNI | 8,135 | 1,48,644 | 18.27x |
| S-HNI | 4,068 | 2,10,183 | 51.67x |
| Retail | 3,98,615 | 41,71,283 | 10.46x |
| Employee | 0 | 23,239 | — |
Allotment chance per application is roughly 1 ÷ times for the category (lottery for retail and S-HNI).
Financials
(₹ in crores)
Key performance indicators
As of 31 Mar 2026ROE
41.6%
PAT Margin
4.04%
ROCE
42.6%
Debt to Equity Ratio
0.53
Price to Book Value
3.43
RoNW
39.9%
Valuation vs listed peers
EPS Pre IPO
₹20.2
EPS Post IPO
₹18.04
P/E Pre IPO
9.95
P/E Post IPO
11.14
Price-to-earnings
| Company | P/E | P/B | RoNW | Face value |
|---|---|---|---|---|
| Kalyan Jewellers India Limited | 46.85 | — | — | — |
| Manoj Vaibhav Gems N Jewellers Limited | 7.12 | — | — | — |
| PC Jeweller Limited | 9.26 | — | — | — |
| P N Gadgil Jewellers Limited | 22.18 | — | — | — |
| Senco Gold Limited | 11.5 | — | — | — |
| Thangamayil Jewellery Limited | 46.26 | — | — | — |
| Titan Company Limited | 85.25 | — | — | — |
| Tribhovandas Bhimji Zaveri Limited | 9.14 | — | — | — |
Peer median P/E 16.8× · Ratios as disclosed in the offer document.
Buzz AI analysis
From this IPO's filings and market data · educational, not investment advice
Revenue growth FY24 → FY26
+49.0%
Profit growth FY24 → FY26
+180.6%
P/E vs peer median
11.1× vs 16.8×
- PAT margin 4.0% and ROCE 42.6%.
- Priced below its listed-peer median P/E.
Strengths & risks
- Strong South India presence with 61 stores across 51 cities and deep penetration in Tier II & III markets.
- Strong financial growth, with revenue CAGR of 22.09% and PAT CAGR of 67.52% during FY2024–FY2026.
- Highest revenue per store among key organised jewellery peers in FY2026.
- In-house manufacturing helps reduce jewellery-making wastage and supports competitive pricing.
- Large customer base with 473,412 active customers enrolled in jewellery schemes as of FY2026.
- Strong brand positioning among mass-market and value-conscious customers seeking quality at competitive prices.
- Strong profitability metrics, including 42.60% ROCE and 41.60% ROE in FY2026.
Buzz score · Solid
From GMP, subscription and issue size
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding expenditure towards setting-up of 10 New Stores: (a) Capital expenditure for fit-outs in the nature of furniture and fixtures, equipment, IT hardware and software. | 34.55 |
| Funding expenditure towards setting-up of 10 New Stores: (b) Expenditure towards inventory costs for setting up of New Stores. | 998.68 |
| General corporate purposes. | - |
Company & documents
Lalithaa Jewellery Mart Limited is a jewellery retailer operating under the “Lalithaa” brand, catering primarily to mass-market and value-conscious consumers. The Company offers gold, silver, and diamond jewellery, with a focus on quality, craftsmanship, design, and competitive pricing.
The Company operates Large and Medium Format Stores, with 61 stores across 51 cities in South India as of March 31, 2026. 45 stores are located in Tier II and III cities, contributing 60.25% of FY2026 revenue.
The Company follows an asset-light model with backward integration, supported by two manufacturing facilities in Chennai and Kanchipuram. In FY2026, it had 816 exclusive Karigars for in-house jewellery manufacturing.
The Company offers Dhana Vandhanam and Free-yo-Flexi jewellery schemes to encourage repeat purchases and provide customer flexibility. As of March 31, 2026, 473,412 customers were actively enrolled.
The Company primarily focuses on gold jewellery, which contributed 92.33% of revenue in FY2026, followed by silver jewellery and articles at 6.63%.
The Company started operations in 1985 with its first store in T. Nagar, Chennai, and has since expanded across South India. Its revenue grew from ₹16,788.05 crore in FY2024 to ₹25,023.93 crore in FY2026, registering a 22.09% CAGR.
As of March 31, 2026, the Company had 7,059 full-time employees across various functions.
Registrar
Company contact
Lalithaa Jewellery Mart Ltd.
123, Usman Road, T. Nagar, Chennai Chennai, Tamil Nadu, 600017
Phone: +044 2834 9869
Email: cosec@lalithaajewellery.com
Book running lead managers
- Anand Rathi Advisors Ltd.
- Equirus Capital Ltd.
Promoters
- M.Kiran Kumar Jain
- Hemaa Kiran Kumar Jain