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Lalithaa Jewellery Mart
Mainboard · NSE open
Closes today · 19 Aug 2026
₹41.5
GMP* · 19 Aug, 05:20 pm
Price Band
₹190 – ₹201
Issue Size
₹1,701 Cr
1 lot at upper band
₹14,874
Lot Size
74
Open
17 Aug 2026
Close
19 Aug 2026
Allotment
—
Listing
24 Aug 2026
Scheduled dates
- Open17 Aug 2026
- Close19 Aug 2026
- Refund21 Aug 2026
- Demat credit21 Aug 2026
- Listing24 Aug 2026
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹41.5 10 sessions
Subscription (times)
Latest per-category subscription · as of 19 Aug, 05:11 pm IST.
QIB 145.38x
NII 78.17x
BHNI 85.51x
SHNI 53.58x
RII 12.51x
Employee 8.29x
Total 66.63x
About Lalithaa Jewellery Mart
Lalithaa Jewellery is 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. The company operates 61 stores in 51 cities across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and Puducherry, with 45 stores located in Tier II and Tier III cities contributing 60.25% of revenue in fiscal 2026. The company primarily serves the mass market and value-conscious consumers with competitive prices and high purity gold jewellery, supported by in-house manufacturing capabilities through two manufacturing facilities and 816 exclusive Karigars.
www.lalithaajewellery.com ↗Strengths
- Strong regional presence with deep penetration in high-growth South Indian marketsThe company reported operating revenue CAGR of 22.09% between Fiscals 2024 and 2026, with 45 out of 61 stores located in Tier II and Tier III cities contributing 60.25% of revenue in Fiscal 2026.
- Brand catering to the mass and value-conscious segment with own manufacturingThe company serves mass market customers with quality, affordable jewellery through Manufacturing Facilities with 816 exclusive Karigars and 296 non-exclusive Karigars, enabling competitive pricing and quality control.
- Brand pull in Tier II and Tier III cities in southern India with focus on quality, craftsmanship and original designsThe company operates 45 stores in Tier II and Tier III cities generating 60.25% of revenue in Fiscal 2026, with strong brand recognition and customer loyalty in these high-growth markets.
- Large Format Stores and Medium Format Stores driving scaleThe company operates 8 Large Format Stores and 43 Medium Format Stores, achieving highest operating revenue per store at ₹4,102.28 million in Fiscal 2026 among key organised jewellery players in India.
- Robust customer base owing to diverse range of jewellery schemesThe company has 473,412 active customers enrolled in schemes like 'Dhana Vandhanam' and 'Free-yo-Flexi', with highest advances from customers at ₹50,427.50 million (20.15% of revenue) in Fiscal 2026.
- Asset light retail business model with backward integration, efficient inventory management and quality control processesThe company operates on asset-light model owning only 3 out of 61 stores, with two Manufacturing Facilities and efficient inventory management using 'JILABA ERP' system with stringent BIS hallmarking quality control.
- Experienced Promoter and management team with proven execution capabilitiesThe company is led by Promoter M. Kiran Kumar Jain since March 1999, with experienced management team including CFO Bhama Subramaniam, demonstrating proven execution capabilities and sustained business operations.
Risk Factors
- High Dependence on Gold Jewellery RevenueThe company's revenues are significantly dependent on sale of gold jewellery, which accounted for 92.33%, 94.58% and 93.96% of revenue from operations for Fiscals 2026, 2025 and 2024, respectively. Any factors adversely affecting the procurement of gold or sales of gold jewellery may negatively impact the company's business, financial condition, results of operations and prospects.
- Negative Operating Cash FlowsThe company 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 towards jewellery schemes and increased settlement of trade payables. Negative cash flows may adversely affect the company's financial condition, results of operations and prospects.
- High Outstanding Borrowings and Debt CovenantsThe company had total outstanding borrowings of ₹12,381.00 million as of June 30, 2026. The financing agreements contain covenants that limit the company's flexibility in operating its business, and inability to meet obligations could adversely affect business, credit rating, results of operations and financial condition.
- Supplier Concentration RiskThe company is dependent on its top three suppliers of raw materials who contributed 58.03%, 67.20% and 66.98% in Fiscals 2026, 2025 and 2024, respectively of total cost of raw materials. The loss of any of these suppliers or interruptions in supply could adversely affect the company's business, results of operations and financial condition.
- Geographic Concentration in Southern IndiaThe company operates 61 stores in 51 cities across southern states of India only. Due to geographic concentration of all (100%) stores in southern regions, the company's results of operations and financial condition are subject to fluctuations in regional economic conditions, natural disasters, and demographic changes.
- High Working Capital RequirementsThe company's business is working capital intensive, with inventory constituting 96.81% of total current assets in Fiscal 2026. Working capital requirements increased from ₹22,835.41 million in Fiscal 2024 to ₹44,661.08 million in Fiscal 2026, requiring significant capital outlay that can impact liquidity and cash flows.
- Dependence on Karigars for ManufacturingThe company operates manufacturing facilities with 672 Karigars employed directly and has agreements with 296 external Karigars on non-exclusive basis. These Karigars manufactured 79.11% of total products in Fiscal 2026, and any disruptions or loss of these Karigars could negatively affect reputation, business and financial condition.
- Legal and Regulatory ProceedingsThe company, subsidiaries, promoters, directors and key personnel are involved in legal proceedings with aggregate amount of ₹560.35 million against the company and ₹270.19 million against promoters. Any adverse decisions in such proceedings may have adverse effect on business, financial condition, cash flows and results of operations.
- High Employee Attrition RatesThe company had attrition rates of 30.90%, 27.84% and 35.67% for Fiscals 2026, 2025 and 2024 respectively. Loss of senior management or failure to attract and retain skilled personnel may adversely affect business, results of operations, financial condition and prospects.
- Leased Premises DependencyThe company's registered office, corporate office, 58 out of 61 stores, and manufacturing facilities are on lease and license basis. Failure to renew leases on competitive terms or inability to manage lease rental costs could materially and adversely affect results of operations.
Objects of the Issue
- Funding expenditure towards setting up of 10 new stores in IndiaThe company proposes to establish new stores across various states in southern India through capital expenditure for fit-outs including furniture, fixtures, equipment, IT hardware and software, and expenditure towards inventory costs for setting up of new stores.1033.23 crores
- General corporate purposesThe company proposes to deploy the balance net proceeds towards strategic initiatives, funding growth opportunities, strengthening marketing capabilities, meeting ongoing general corporate exigencies and contingencies, and other business requirements as approved by the Board.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 25039.80 | +48.1% | 1009.82 | +176.9% | 10945.14 | 2929.73 | -397.76 |
| 31/03/2025 | 16907.88 | +0.6% | 364.73 | +1.4% | 6929.68 | 1925.38 | 288.73 |
| 31/03/2024 | 16800.62 | — | 359.83 | — | 5182.26 | 1564.37 | -18.00 |
Units: crores
Issue Details
- Face Value
- ₹5
- P/E
- 9.95
- ROCE
- 42.60%
- Shares / Lot
- 74
- Minimum Bid
- 74 shares
- Refund
- 21 Aug 2026
- Credit to Demat
- 21 Aug 2026
- ISIN
- INE0K9O01026
- CIN
- U36911TN1985PLC012417
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead Managers
- Anand Rathi Advisors Ltd.
- Registered Office
- 123, Usman Road, T. Nagar, Chennai – 600017, Tamil Nadu, India
Management
M. Kiran Kumar JainMD
Hemaa Kiran Kumar JainCEO
P RajeswaranCOO
Nayan Jagadishchandra RawalDirector
Poonam Jagdambaprasad DubeyDirector
Vandana Mayur AmrutiyaDirector
Bhama SCFO
Jitendra Kumar PalDirector
D. PadmanabanDirector of Operations
AneesDirector
G RajendiranCTO
G PaulsamyDirector of HR
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.