Highlights
| Issue Size – 8,46,08,276 shares | Issue Open/Close – 17 Aug / 19 Aug, 2026 |
| Price Band (Rs.) 190 – 201 | Issue Size (Rs.) – 17,006 mn |
| Face Value (Rs) 5 | Lot Size (shares) – 74 |
Lalithaa Jewellery Mart Limited (LJML) incorporated in 1985, is a jewellery retailer with a strong presence across South India, catering to mass and value-conscious customers through a diverse range of gold, silver, diamond, precious and semi-precious jewellery. The company has strong brand acceptance across Tier II and Tier III cities in the region
LJML operates through Large and Medium Format Stores, supporting its retail expansion and scale. It follows an asset-light retail model with backward integration, supported by efficient inventory management and quality control, while offering diverse jewellery schemes to strengthen its customer base.
LJML operates two manufacturing facilities in Tamil Nadu and has a strong retail footprint of 61 stores across 51 cities in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and Puducherry spread across a total operational area of 650,881 sq. ft, offering authenticated BIS-hallmarked jewellery.
Out of the total proceeds of Rs. 17,006 mn, Rs. 10,323 mn would go towards funding expenditure towards setting-up of 10 New Stores and remaining Rs. 1,683 mn would go towards general corporate purposes. Additionally, Rs. 5,000 mn is going towards promoter selling shareholders.
Key Highlights
- India’s gems and jewellery retail industry is valued at Rs 12,887 bn in FY26 and projected to grow at 4-5 pct CAGR between FY26-30 to reach Rs 15,100-15,500 bn. The gold jewellery retail market, valued at Rs 10,619 bn in FY26, is projected to reach Rs 12,200-12,500 bn by FY30 at 3-5 pct CAGR. South India, the largest regional market with 38-43 pct share of national consumption, is valued at Rs 5,026 bn in FY26 and projected to grow at 6-7 pct CAGR to Rs 6,200-6,600 bn by FY30.
- LJML caters to the mass and value-conscious segment in South India, with in-house manufacturing support of 816 Karigars. It is well placed to benefit as jewellery retail chains’ industry share rises from 37-42 pct in FY26 to 45-50 pct by FY30, capturing from unorganised standalone stores that still dominant in the price-conscious mass market.
- LJML operates 61 stores as of FY26, of which 45 are located in Tier II and Tier III cities in South India, reflecting strong brand pull in these high growth potential markets. While following an asset-light model, only 3 of its 61 stores owned and the remaining 58 held on a leave and license basis.
- LJML offers customer-focused jewellery schemes such as ‘Dhana Vandhanam’ and ‘Free-yo-Flexi’, with monthly instalments ranging from Rs. 1,000 to Rs. 10,000 and Rs. 25,000, respectively. Under these schemes, customers receive benefits such as bonuses and discounts on value addition charges upon completion of 11 months, while ‘Dhana Vandhanam’ also provides protection against gold price fluctuations.
- LJML’s key growth strategies include (i) To expand its presence and explore untapped markets across southern and other regions of India, (ii) expand its stubbed gold jewellery business, (iii) expand in silverware and other product ranges to provide lower value products to mitigate hike in gold prices, and (iv) continue to invest in brand building and marketing initiatives.
- The sales of the company have grown by 22.09 pct CAGR over FY24-26 and EBITDA/profit has grown 56.86 pct CAGR/67.53 pct CAGR over same year. In FY26 the company reported sales of Rs. 2,50,239 mn rose 48.09 pct YoY. EBITDA of the company increased 126.03 pct YoY to Rs. 16,735 mn. In FY26 the company posted profit of Rs. 10,098 mn, up 176.89 pct.
Key Risk
- LJML’s inability to protect its designs or develop innovative and popular designs could reduce demand for its jewellery and adversely affect sales and financial condition.
- LJML’s significant revenue relies on customer advances under jewellery purchase schemes, and any inability to appropriate these advances could adversely affect results.
- LJML’s income and sales are subject to seasonal fluctuations and lower income in the peak season may have a disproportionate effect on their results.
Financial Performance
| Particulars (Rs. mn) | FY24 | FY25 | FY26 | CAGR | YoY |
| Sales | 167,881 | 168,973 | 250,239 | 22.09% | 48.09% |
| EBITDA | 6,802 | 7,404 | 16,735 | 56.86% | 126.03% |
| EBITDA Margin % | 4.05% | 4.38% | 6.69% | ||
| Profit | 3,598 | 3,647 | 10,098 | 67.53% | 176.89% |
| Profit Margin % | 2.14% | 2.16% | 4.04% | ||
| ROE % | 25.96% | 20.90% | 41.60% | ||
| RoCE % | 30.44% | 25.58% | 42.60% | ||
| Debt to Equity (X) | 0.49 | 0.51 | 0.53 | ||
| Net Debt to EBITDA (X) | 0.95 | 1.12 | 0.73 | ||
| Inventory Turnover (X) | 3.91 | 2.88 | 2.55 |
Source: – RHP.
Peer Comparison based on FY26 Financials.
| Particulars (Rs. mn) | Lalithaa Jewellery Mart | Kalyan Jewellers | PN Gadgil Jewellers | Thangamayil Jewellery | Senco Gold |
| Sales | 250,239 | 357,429 | 107,391 | 84,993 | 84,300 |
| EBITDA | 16,735 | 24,497 | 6,126 | 5,623 | 9,690 |
| EBITDA Margin % | 6.69% | 6.85% | 5.70% | 6.62% | 11.49% |
| Profit | 10,098 | 13,504 | 4,098 | 3,517 | 5,743 |
| Profit Margin % | 4.05% | 13.25% | 3.58% | 6.47% | 3.54% |
| ROE % | 41.60% | 24.30% | 23.31% | 27.93% | 25.62% |
| ROCE % | 42.60% | 25.00% | 21.81% | 26.38% | 22.69% |
| Debt to Equity | 0.53 | 0.67 | 0.68 | 0.63 | 0.92 |
| Net Debt to EBITDA | 0.73 | 1.13 | 1.12 | 0.85 | 1.55 |
| Inventory Turnover (X) | 2.55 | 2.53 | 2.94 | 2.88 | 1.59 |
Source: – RHP.
Valuation
Lalithaa Jewellery Mart Limited 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. At the upper end of the price band of Rs. 201, the issue is priced at an PE of 11x its FY26 post issue capital. The issue appears to be fully priced, in line with peers.
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