Institutional Alpha Dossier
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MAINBOARD
SYNCING
GMP: ₹-
Est. Listing: Calculating...
01
Bidding Opens
-
Issue Open
02
Bidding Closes
-
Closing Date
03
Basis of Allotment
-
Registrar Finalization
04
Exchange Listing
-
Secondary Debut
Issue Price Valuation
₹-
Upper Cap Price
Price Band Cap:
Book Built / Fixed
Lot Size & Retail Matrix
- Shares
Minimum Market Lot
Min Capital:
₹-
Application Size:
-
Quant Grade & Moat Score
Proprietary Multi-Factor Moat Model
Synthesizing institutional thesis...
💼 MINIMUM INVESTMENT
Capital Matrix
Retail (Min Lot)
Up to ₹2 Lakhs Category
₹0
HNI (Min Lot)
sNII / High Net-Worth Tier
₹0
HNI Capital Multiple:
Institutional Lot Sizing
🍩 RESERVATION QUOTA (%)
Issue Allocation
100%
Total Issue
Anchor
30%
Market Maker
0%
QIB
20%
NII / HNI
15%
Retail
35%
Institutional Corporate Dossier
Deepa Jewellers
COMPANY PROFILE & DNA
Incorporation / Founded
5/5/2016
Active Vintage
Corporate Headquarters
Hyderabad, Telangana
Registered Hub
👔 Leadership & Promoter Group
Key Management
Ashish Agarwal, Seema Agarwal and Dev Agarwal
⚙️ Business Overview & Portfolio
Core Offerings
An organized business-to-business designer, processor and supplier of hallmarked gold jewellery.
🎯 Target Market & End-Use
Revenue Drivers
Processing and supplying of twenty-two karat gold jewellery, job-work, and trading.
🛡️
★ Unique Selling Proposition (Core Economic Moat)
Well established customer base with long-standing relationship with jewellery retail chains and standalone stores.
Objects of the Issue (Use of Proceeds & Allocation)
🎯 Objective 01
Funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by our Company
₹215.00
Allocation
🎯 Objective 02
General Corporate Purposes
Balance
Allocation
🎯 Objective 03
Not Mentioned
Not Mentioned
Allocation
🎯 Objective 04
Not Mentioned
Not Mentioned
Allocation
Financial Performance & Multi-Year Trajectory
All Figures in ₹ Crores
Latest Total Income📊
₹-
Top-Line
EBITDA Margin⚡
-%
Operating
Net Profit (PAT) Margin📈
-%
Bottom-Line
Debt / Net Worth🛡️
-x
Leverage
📊 Income, EBITDA & Profit Growth Trajectory
Income
EBITDA
PAT Trend
🏛️ Balance Sheet: Net Worth vs Debt
Net Worth
Borrowing
| Particulars | Not Mentioned | FY26 | FY25 | FY24 |
|---|---|---|---|---|
| Total Income | 1926.68 | 1397.01 | 1024.57 | |
| EBITDA | 146.65 | 58.83 | 36.64 | |
| Profit After Tax (PAT) | 104.79 | 40.58 | 24.35 | |
| Net Worth | 238.07 | 133.21 | 92.55 | |
| Total Borrowing | 111.12 | 80.79 | 77.93 |
Growth Engine & Compounding Velocity (KPIs)
Multi-Year Trajectory
1926.68
₹ Cr
YoY Growth
37.91%
3-Year CAGR
0.3713
146.65
₹ Cr
YoY Growth
149.26%
3-Year CAGR
1.0005
104.79
₹ Cr
YoY Growth
158.23%
3-Year CAGR
1.0746
Capital Efficiency & Return Ratios (ROE vs ROCE)
Capital Allocation Audit
◈ ROE (Return on Equity)
Calculating...
-%
Current ROE
◈ ROCE (Capital Employed)
Calculating...
-%
Current ROCE
| MetricMetric | Current (%)Curr% | Last Year (%)Last% | 3-Yr Avg (%)3Y Avg | Trend StatusTrend |
|---|---|---|---|---|
| ROE (Return on Equity)ROE | 44.02% | 30.46% | 33.60% | Growth |
| ROCE (Capital Employed)ROCE | 42.00% | 27.49% | 30.33% | Growth |
Forensic Analysis & Reality Check
Earnings Quality & Dilution Audit
-0.1
CFO / EBITDA
Cash Flow Conversion Efficiency
Checking...
Analyzing operating cash flow conversion...
| Parameter | Pre-IPO | Post-IPO | View |
|---|---|---|---|
| Debt / Equity | 0.47 | 0.23 | Low |
| EPS (₹) | 10.9 | 10.9 | Accretive |
| ROE (%) | 44.02% | 21.47% | Good |
| ROCE (%) | 42.00% | 24.47% | Good |
| P/E (Valuation) | 16.24 | 16.24 | Reasonable |
⏳ Debtor Days Trend (Receivables Cycle)
Analyzing...
FY24
FY25
FY26
Lower receivable days indicate faster cash collection from clients.
⚠️ Contingent Liabilities
Off-Balance Sheet
₹ 0 Cr
*Potential hidden obligations & legal/tax claims
Peer Comparison Analysis & Competitive Matrix
Industry Benchmarking
| Company NameComp | Revenue (Cr)Rev | P/E RatioP/E | ROCE (%)ROCE | ROE (%)ROE | OPM (%)OPM |
|---|---|---|---|---|---|
| Deepa Jewellers Limited IPO CANDIDATE | 1926.68 | 16.24 (Ask) | 42.00% | 21.47% (Post Issue) | 7.61% |
| Sky Gold and Diamonds Limited | ₹ 4708.38 Cr | 57.56 | 23.54% | 23.88% | 6.86% |
| Shanti Gold International Limited | ₹ 2018.71 Cr | 12.72 | 34.09% | 37.34% | 9.86% |
| Shringar House of Mangalsutra Limited | ₹ 2245.82 Cr | 17.02 | 27.10% | 26.29% | 7.07% |
| RBZ Jewellers Ltd | ₹ 636.48 Cr | 10.08 | 22.77% | 20.11% | 14.43% |
| Khazanchi Jewellers Limited | ₹ 2049.22 Cr | 22.22 | 34.79% | 32.45% | 6.11% |
▲ Positive Catalysts (Strengths + Opportunities):
8 Factors
▼ Risk Vectors (Weaknesses + Threats):
8 Factors
Strengths
Internal Competitive Moat
- Opening/presence of retail stores across regions reduces the risk of geographical concentration
- Higher expenditure on brand building by jewellery retail chains has led to strong brand recall among consumers
- Access to new-age technologies such as CAD/CAM and ability to develop new designs for jewelleries to cater to evolving customer demand
- Better trust and quality perception among consumers as jewellery retail chains sell hallmarked and certified products
Weaknesses
Internal Operational Constraints
- Operations in the jewellery industry are highly capital-intensive
- Highly competitive market with intense competition between pan India, regional and standalone players
- Increase in price of gold and diamond can affect the demand
- Owing to commoditised nature of gold, retailers have limited pricing power
Opportunities
External Growth Tailwinds
- Consumer preference for jewellery purchase is increasingly shifting from jewellery standalone stores to jewellery retail chains
- With disposable incomes rising, customers’ willingness to pay for premium and customised jewellery products is also increasing
- Jewellery retail chains use online channels to serve consumers who are looking daily and fashion wear jewellery, with average jewellery purchase of 5g to 10g
- Rise in affordability, increase in the number of working women and urbanisation leading to higher consumption of gold jewellery
Threats & Risks
External Macro & Sector Headwinds
- Unanticipated regulations such as hike in import duty, GST and ban on gold lease may impact demand, margin or working capital requirements
- Consumers, especially the younger generation, shifting towards artificial/ fashion jewellery
- Risk of investors substituting gold with other asset classes, such as equities, bonds and real estate
- Key macroeconomic factors such as rising inflation and decline in economic growth affecting consumers’ disposable income and demand for jewellery
Top 10 Anchor Investors & Smart-Money Allocation
INSTITUTIONAL BOOK
Top 10 Anchor Commitment
₹- Cr
Smart-Money Quality Score
- / 5.0 ★
Marquee Conviction
SEBI Anchor Lock-In Schedule
30D (50%) • 90D (50%)
Mandatory Lock-In
Anchor Book Allocation Pending Exchange Filing
Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.
| Rank | Marquee Anchor Institution | Smart-Money Grade | Amount Invested | Anchor Share (%) |
|---|
221
Moderate moat backed by consistent >15% ROE and ROCE, and EBITDA margin expansion, offset by high working capital intensity, negative operating cash flows, and a fragmented, commoditized industry.
30
0
QIB Quota
Qualified Institutional Buyers
Smart Money
-x
Institutional Book
Inst. Conviction:
Evaluating
NII / HNI Quota
sNII (₹2L-10L) & bNII (₹10L+)
HNI Desk
-x
Non-Institutional
HNI Competition Ratio:
-
Retail (RII) Quota
Individual Investors (Up to ₹2L)
SEBI Lottery
-x
Retail Book
Retail Allotment Odds:
-