Chennai-based Lalithaa Jewellery Mart is set to launch a ₹1,700 crore IPO to fund store openings and inventory expansion, signalling renewed investor interest and strong financial growth in India’s jewellery segment.
Lalithaa Jewellery Mart is moving ahead with a ₹1,700 crore initial public offering that opens on 17 August 2026, as the southern India-focused jewellery retailer looks to expand its store network and strengthen inventory for growth. The issue comprises a fresh sale of shares worth ₹1,200 crore and an offer for sale of ₹500 crore by existing shareholders, with a price band of ₹190 to ₹201 a share. Trading in the grey market suggested early investor interest, with reports putting the premium at about 17% ahead of the launch.
Founded in 1985 and based in Chennai, the company has built its business around mass-market and value-conscious buyers, offering gold, silver, diamond and other jewellery lines across a mix of large and medium-format stores. The company says its approach combines a broad product range with an asset-light retail model, inventory discipline and customer savings schemes. Trade Brains said the group employed 7,059 people as of 31 March 2026, while The Company Check listed about 5,887 employees in January 2026, highlighting how rapidly the business has scaled.
The IPO proceeds are earmarked mainly for expansion. Lalithaa Jewellery Mart plans to spend about ₹34.55 crore on capital expenditure to open 10 new outlets and to cover furniture, fittings, machinery and technology costs. A much larger sum, roughly ₹998.68 crore, is intended for inventory needs at those stores, with any remaining funds going towards general corporate purposes.
Financially, the business has reported a sharp improvement. Trade Brains said consolidated revenue rose 48.09% year on year to ₹25,023.93 crore in FY26, while net profit jumped 176.87% to ₹1,009.82 crore. The company reported a profit margin of 4.04%, return on equity of 41.60% and return on capital employed of 42.60%. Its debt-to-equity ratio stood at 0.53 times, suggesting moderate leverage for a retailer with heavy stock requirements.
Compared with listed peers, Lalithaa Jewellery Mart appears to be entering the market with strong profitability metrics, though it still faces the usual pressures of the jewellery trade. The sector remains exposed to swings in gold prices, changing consumer demand, intense competition and working-capital strain from large inventories. The company’s backers include M. Kiran Kumar Jain and Hemaa Kiran Kumar Jain, while Anand Rathi Advisors and Equirus Capital are serving as lead managers. Shares are expected to list on the NSE and BSE on 24 August 2026.
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