Deepa Jewellers Limited
NSE: DEEPA · Gems, Jewellery And Watches
Snapshot
Unlock Deepa Jewellers Limited's vital signs
Growth · Profitability · Valuation · Strength · Conviction
Company Overview
Business
Deepa Jewellers Limited is an organized B2B designer, processor, and supplier of hallmarked gold jewellery, specialising in traditional waist belts and CNC machine cut bangles. Operating primarily in Southern India, the company serves major retail chains with a diverse portfolio spanning 16 product categories and over 110 SKUs.
Business Model
The company employs an asset-light processing model supported by external karigars alongside an expanding in-house manufacturing footprint in Hyderabad. It generates revenue through jewellery supply and fee-based job work services by converting customer-supplied gold into finished products.
- Operational Revenue (FY2026):19,267 million INR
- Customer Base:370+ customers
- Design Repository:24,000+ designs
Management Commentary
Management is focused on scaling operations through a combination of asset-light processing models and dedicated in-house manufacturing capabilities. The company continues to leverage its extensive design repository and established relationships with leading jewellery retail chains.
Growth Outlook
Growth is driven by expansion into dedicated in-house manufacturing in Hyderabad and strong ongoing relationships with prominent retail chains such as Joyalukkas, Kalyan Jewellers, and Lalithaa Jewellery. The company aims to capture further market share across its core Southern Indian regional footprint.
Key Risks
- Gold Price Volatility. Fluctuations in gold prices can impact inventory values, customer demand, and overall processing margins.
- Concentration Risk. Reliance on major retail chains and a heavy concentration in the Southern Indian market exposes the business to regional and key-account vulnerabilities.
- Supply Chain and Labour Dependencies. Heavy reliance on external karigars and skilled artisans for processing jewellery introduces operational risks if labour availability declines.
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Peers · Gems, Jewellery And Watches
| Company | Mkt Cap | P/E (TTM) | EV/EBITDA | Rev Gr YoY | EBITDA Mgn | ROE | ROCE | 1Y Return |
|---|---|---|---|---|---|---|---|---|
Deepa Jewellers LimitedDEEPA | ₹1,934 Cr | — | — | — | 8.0% | — | — | — |
Shanti Gold International LimitedSHANTIGOLD | ₹2,266 Cr | 10.6× | 9.16 | — | 11.0% | 31.1% | 42.3% | +27.0% |
PNGS Reva Diamond Jewellery LimitedPNGSREVA | ₹1,975 Cr | 17.2× | 14.58 | — | 26.7% | 16.9% | 24.4% | — |
Khazanchi Jewellers LimitedKHAZANCHI | ₹1,786 Cr | — | — | — | 6.0% | — | — | +7.0% |
Motisons Jewellers LimitedMOTISONS | ₹1,651 Cr | 22.3× | 17.26 | 10.7% | 19.0% | 14.6% | 20.4% | -11.3% |
Advit Jewels LimitedRAMBHAJO | ₹1,596 Cr | — | — | — | 30.0% | — | — | — |
As of Mar 2026
Financials
Deepa Jewellers Limited
NSE: DEEPA · Gems, Jewellery And Watches
Snapshot
Unlock Deepa Jewellers Limited's vital signs
Growth · Profitability · Valuation · Strength · Conviction
Company Overview
Business
Deepa Jewellers Limited is an organized B2B designer, processor, and supplier of hallmarked gold jewellery, specialising in traditional waist belts and CNC machine cut bangles. Operating primarily in Southern India, the company serves major retail chains with a diverse portfolio spanning 16 product categories and over 110 SKUs.
Business Model
The company employs an asset-light processing model supported by external karigars alongside an expanding in-house manufacturing footprint in Hyderabad. It generates revenue through jewellery supply and fee-based job work services by converting customer-supplied gold into finished products.
- Operational Revenue (FY2026):19,267 million INR
- Customer Base:370+ customers
- Design Repository:24,000+ designs
Management Commentary
Management is focused on scaling operations through a combination of asset-light processing models and dedicated in-house manufacturing capabilities. The company continues to leverage its extensive design repository and established relationships with leading jewellery retail chains.
Growth Outlook
Growth is driven by expansion into dedicated in-house manufacturing in Hyderabad and strong ongoing relationships with prominent retail chains such as Joyalukkas, Kalyan Jewellers, and Lalithaa Jewellery. The company aims to capture further market share across its core Southern Indian regional footprint.
Key Risks
- Gold Price Volatility. Fluctuations in gold prices can impact inventory values, customer demand, and overall processing margins.
- Concentration Risk. Reliance on major retail chains and a heavy concentration in the Southern Indian market exposes the business to regional and key-account vulnerabilities.
- Supply Chain and Labour Dependencies. Heavy reliance on external karigars and skilled artisans for processing jewellery introduces operational risks if labour availability declines.
Start your research today
Unlock AI insights, financials, peers and live data on Deepa Jewellers Limited and 5,000+ companies — free.
Peers · Gems, Jewellery And Watches
As of Mar 2026