Lalithaa Jewellery Mart Limited IPO — the disclosed details

This page restates the publicly disclosed details of the Lalithaa Jewellery Mart Limited IPO, taken from the Red Herring Prospectus dated August 9, 2026, the statutory price band advertisement dated August 10, 2026, and the company’s anchor allocation intimation to the exchanges dated August 14, 2026. It is a record of what has been filed, nothing more. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.

What institutional desks read first — the filed ratios

These are the company’s own “Basis for Offer Price” disclosures from the Red Herring Prospectus dated August 9, 2026, restated as printed — this is not a valuation, and no comparison view is offered on any of these figures.

Ratio, as filed	Value
Basic and Diluted EPS (Rs)	Fiscal 2026: 20.20 · Fiscal 2025: 7.29 · Fiscal 2024: 7.20 · Weighted Average: 13.73 (weights 3/2/1)
P/E at the Floor Price	9.41 times, on Fiscal 2026 diluted EPS
P/E at the Cap Price	9.95 times, on Fiscal 2026 diluted EPS
Industry peer group P/E	Highest: 85.25 (Titan Company Limited) · Lowest: 7.12 (Manoj Vaibhav Gems N Jewellers Limited) · Average: 29.69 — per the RHP’s note, computed on peers’ closing market prices as on July 31, 2026 divided by Fiscal 2026 basic EPS
Return on Net Worth (RoNW)	Fiscal 2026: 39.90% · Fiscal 2025: 19.73% · Fiscal 2024: 24.16% · Weighted Average: 30.55% (weights 3/2/1)
NAV per Equity Share (face value Rs 5)	Rs 58.60 as at March 31, 2026 · Rs 38.51 as at March 31, 2025 · Rs 31.29 as at March 31, 2024

The RHP leaves its own P/E cells as [●], footnoted to be updated at the price band stage. The two P/E figures above are the ones the statutory price band advertisement prints, against the same 29.69 times peer average and the same 30.55% weighted average return on net worth. The Basis for Offer Price chapter does not state an EV/EBITDA multiple or a price-to-sales multiple, and nothing on this page is computed by this site.

Selected KPIs for Fiscal 2026, as filed:

KPI, as filed	Fiscal 2026
Operating EBITDA (Rs million)	16,735.04
Operating EBITDA Margin	6.69%
PAT Margin	4.04%
Return on Equity (ROE)	41.60%
Return on Capital Employed (ROCE)	42.60%
Debt to Equity	0.53
Net Debt to EBITDA	0.73
Working capital days	65
Inventory turnover ratio	2.55
Stores	61

What the company does

Lalithaa Jewellery Mart Limited retails gold, silver and diamond jewellery under the “Lalithaa” name, designed, in the abridged prospectus’s words, to cater to southern Indian consumers. It sells BIS-hallmarked jewellery through 61 stores in 51 cities, spanning a total operational area of 650,881 sq. ft. as of March 31, 2026. The abridged prospectus describes the footprint as five southern states; the RHP puts it more precisely as the states of Tamil Nadu, Andhra Pradesh, Telangana and Karnataka plus the Union Territory of Puducherry.

As of March 31, 2026 the store split was 23 in Andhra Pradesh, 20 in Tamil Nadu, 10 in Telangana, 7 in Karnataka and 1 in Puducherry, with 45 of the 61 stores in Tier II and Tier III cities. The company states it operates two manufacturing facilities: one at Thirumudivakkam, Chennai, through the company itself, and one at Maraimalai, Kanchipuram, through its wholly owned subsidiary Asita Jewellery Manufacturing Private Limited. Its customer schemes, “Dhana Vandhanam” and “Free-yo-Flexi”, had 473,412 customers actively enrolled as of Fiscal 2026.

The promoters are M. Kiran Kumar Jain, Chairman and Managing Director, associated with the company since March 19, 1999, and Hemaa Kiran Kumar Jain, Whole-time Director, associated since April 10, 2002. The company was incorporated in Tamil Nadu and carries CIN U36911TN1985PLC012417.

What the money is for

The offer totals up to Rs 17,000.00 million (Rs 1,700.00 crore) and has two parts. The fresh issue — up to Rs 12,000.00 million — raises new money for the company. The offer for sale — up to Rs 5,000.00 million — is existing shares sold by a single promoter selling shareholder, M. Kiran Kumar Jain, whose consent letter is dated July 13, 2026 and was taken on record by the board on July 22, 2026. The company will not receive any proceeds from the offer for sale; that money, net of his portion of offer-related expenses and taxes, goes to him. His weighted average cost of acquisition is stated as Rs 3.51 per equity share, as certified by R.K. Chapawat & Co., Chartered Accountants, by certificate dated August 9, 2026. Co-promoter Hemaa Kiran Kumar Jain is not selling.

The RHP states the net proceeds of the fresh issue are for:

Object of the fresh issue	Amount, as filed
Setting up of 10 new stores in India — capital expenditure for fit-outs, being furniture and fixtures, equipment, IT hardware and software	Rs 345.50 million
Setting up of 10 new stores in India — expenditure towards inventory costs	Rs 9,986.81 million
Setting up of 10 new stores in India — sub-total	Rs 10,332.31 million
General corporate purposes	Amount to be finalised on determination of the Offer Price and updated in the Prospectus; the RHP states it shall not exceed 25% of the Gross Proceeds

What the RHP flags as risks

These are the company’s own risk factors, from the risk-factor section of the RHP, paraphrased without addition:

• Revenue concentration in gold jewellery. Sale of gold jewellery accounted for 92.33%, 94.58% and 93.96% of revenue from operations in Fiscals 2026, 2025 and 2024. Any factor adversely affecting procurement of gold or sales of gold jewellery may negatively impact the business, financial condition, results of operations and prospects.
• Negative operating cash flows. Cash flows from operating activities were negative Rs 3,977.62 million in Fiscal 2026 and negative Rs 180.02 million in Fiscal 2024, attributed to higher working capital requirements, lower customer enrolment in the jewellery schemes and increased settlement of trade payables. The RHP states there can be no assurance that negative cash flows will not recur.
• Customer advances under jewellery schemes. Amounts received under the customer schemes exceed 10% of revenue from operations for the respective periods, and an inability to appropriate such advances may adversely impact revenues, results of operations and future profitability. The price band advertisement quantifies advances from customers at Rs 50,427.50 million, or 20.15% of revenue from operations, in Fiscal 2026; Rs 31,454.10 million, or 18.61%, in Fiscal 2025; and Rs 19,432.26 million, or 11.58%, in Fiscal 2024.
• Borrowings and covenants. Total outstanding borrowings were Rs 12,381.00 million as of June 30, 2026. The financing agreements contain covenants limiting operating flexibility, and an inability to meet those obligations could adversely affect the business, credit rating, results of operations and financial condition.
• Legal and regulatory proceedings. The company, its subsidiaries, promoters, directors, key managerial personnel and senior management are involved in certain legal and regulatory proceedings, and an adverse decision may adversely affect the business, financial condition, cash flows and results of operations. The filed litigation summary shows, against the company, 6 tax proceedings aggregating Rs 560.35 million and 1 criminal proceeding filed by the company; against the promoter, 1 criminal proceeding and 7 tax proceedings aggregating Rs 270.19 million. The summary also records that SEBI issued summons dated February 9, 2022 to both promoters in an investigation into the scrip of Krishana Fabrics Limited, that the promoters responded on February 16, 2022, and that as on the date of the RHP no proceedings or actions have been initiated by SEBI against them.
• Supplier concentration. The top three suppliers of raw materials contributed 58.03%, 67.20% and 66.98% of total cost of raw materials in Fiscals 2026, 2025 and 2024. Loss of any of these suppliers, or interruptions in supply, could adversely affect the business, results of operations and financial condition.
• Related party transactions. These include remuneration of directors, promoters and key managerial personnel, and brand ambassador fees of Rs 502.76 million in Fiscal 2024 paid to promoter M. Kiran Kumar Jain. The RHP notes such transactions may involve conflicts of interest, with no assurance that better terms could not have been achieved with unrelated parties.
• Contingent liabilities. These represent approximately 1.85% of net worth as at March 31, 2026, and the financial condition could be adversely affected if any of them materialise.

The numbers as filed

Item	As filed
Issue size	Up to Rs 17,000.00 million (Rs 1,700.00 crore), including an employee reservation portion of up to Rs 60.00 million
Fresh issue	Up to Rs 12,000.00 million (Rs 1,200.00 crore)
Offer for sale	Up to Rs 5,000.00 million (Rs 500.00 crore), all by one promoter selling shareholder
Price band	Rs 190 to Rs 201 per equity share — 38.00 times face value at the floor, 40.20 times at the cap
Face value	Rs 5 per equity share
Lot size	74 equity shares, and in multiples of 74 thereafter; tick size Re. 1
Minimum investment	Rs 14,874 at the cap price (74 × Rs 201); Rs 14,060 at the floor price (74 × Rs 190)
Employee discount	Rs 19 per equity share to eligible employees bidding in the employee reservation portion
Maximum subscription	Rs 2,00,000 for a retail individual investor; Rs 5,00,000 for an eligible employee, per NSE’s issue information
Equity shares outstanding before the offer	499,977,156

It is a 100% book built offer. At the floor price of Rs 190 the price band advertisement puts the fresh issue at up to 63,192,982 equity shares, the offer for sale at up to 26,315,789 equity shares and the total offer at up to 89,508,771 equity shares; the corresponding counts at the cap price are in the listing-day table below.

The price band, the floor and cap multiples of face value, the lot and the Rs 19 employee discount appear only in the statutory price band advertisement and in NSE’s issue information for the symbol LALITHAA. The RHP itself leaves the band as [●] — that is by design, not an omission.

On the employee limits, the RHP separates the bid cap from the allotment cap: an eligible employee may bid for a maximum bid amount of Rs 0.50 million, but the initial allotment to an eligible employee shall not exceed Rs 0.20 million net of the employee discount, rising to Rs 0.50 million net of the discount only where the employee reservation portion is under-subscribed. NSE publishes the Rs 5,00,000 figure as the maximum subscription amount.

From the Restated Consolidated Financial Information (Rs million):

	FY2024	FY2025	FY2026
Revenue from operations	167,880.52	168,973.17	250,239.27
Total income	168,006.19	169,078.80	250,398.03
Profit for the year	3,598.33	3,647.26	10,098.17
Basic and diluted EPS (Rs)	7.20	7.29	20.20
Total equity	15,643.66	19,253.83	29,297.25
Total borrowings	8,241.77	9,492.58	16,041.36
Net cash from operating activities	(180.02)	2,887.31	(3,977.62)

Net asset value per equity share was Rs 31.29, Rs 38.51 and Rs 58.60 at the end of Fiscals 2024, 2025 and 2026. Equity share capital was Rs 119.04 million at the end of Fiscal 2024 and Rs 2,499.89 million at the end of Fiscals 2025 and 2026.

Who can actually sell on listing day

On listing day, most of Lalithaa Jewellery Mart’s share register is not allowed to trade. A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.

The RHP states four locked buckets — and on one of them it prints two different durations:

Who	Locked for, per this RHP
Minimum promoters’ contribution: 20% of the fully diluted post-Offer equity share capital held by the promoters (Capital Structure chapter, printed p.112)	Three years from Allotment, “or any other period as may be prescribed under applicable law”, per the Capital Structure chapter — but eighteen months from Allotment for the same tranche, per the RHP’s Definitions and Abbreviations chapter. Both are printed; the document reconciles neither
Promoter holding in excess of that 20% (printed pp.112–113)	One year from Allotment
All other pre-Offer holders: the entire pre-Offer capital other than the shares held by the promoters, excluding shares transferred in the Offer for Sale, shares allotted under any employee stock option scheme or plan, and shares held by VCFs, Category I AIFs, Category II AIFs or FVCIs subject to Regulation 17 — those to be locked in for at least six months from their date of purchase (printed p.113)	Six months from Allotment
Anchor investors (printed p.114, and repeated in the Offer Procedure chapter)	50% of anchor-allotted shares for 90 days, the remaining 50% for 30 days from Allotment

The RHP leaves the per-promoter table of locked-in shares as [●], marked “To be updated at the Prospectus stage”, so which promoter holds which part of the locked contribution is not yet filed. Which of the two durations governs the minimum promoters’ contribution is also unresolved in this RHP; on either reading the tranche is inside the locked part of the register on listing day, and the difference is when it comes out.

The anchor book is closed. Allocation was made at Rs 201 per equity share — the cap of the band — on August 14, 2026, across a table of 22 investor entries, and is filed in the company’s anchor intimation letter of that date addressed to BSE and NSE, hosted by NSE as the anchor allocation report for the symbol LALITHAA. No anchor share comes free on listing day: the earlier of the two anchor tranches unlocks 30 days after Allotment.

The count at the Rs 201 cap:

Step	Shares	% of post-issue capital
Fresh issue	59,732,655	10.67%
Offer for Sale	24,875,621	4.44%
Total offer	84,608,276	15.12%
Less: anchor allotment, locked 30/90 days	−25,283,581	−4.52%
= Sellable on listing day	59,324,695	10.60%
Locked or not offered — the rest of the register	500,385,116	89.40%
Post-issue capital	559,709,811	100.00%

Three notes on where those counts come from. They are the share counts the price band advertisement itself prints at the cap price, not the rupee amounts divided by the cap — the two differ because eligible employees bidding in the employee reservation portion pay a discount of Rs 19 per share. The table assumes the offer is fully subscribed at the cap price; the final counts are fixed only in the Prospectus, filed with the Registrar of Companies after the book closes. And the lock-in clock in every row above runs from the date of Allotment, not from listing day.

Figures are from the RHP’s capital-structure and lock-in disclosures (printed pp. 112–114), the price band advertisement’s offer size and market capitalisation table, and the anchor intimation letter dated August 14, 2026, as of 15 August 2026.

Dates and mechanics

Event	Date
Anchor investor bidding	Friday, August 14, 2026 (anchor investors only)
Bid/offer opens	Monday, August 17, 2026
Bid/offer closes	Wednesday, August 19, 2026 (UPI mandate end time and date 5:00 p.m. on the closing date)
Basis of allotment	Thursday, August 20, 2026 (on or about)
Initiation of refunds and unblocking of ASBA funds	Friday, August 21, 2026 (on or about)
Credit to demat accounts	Friday, August 21, 2026 (on or about)
Commencement of trading	Monday, August 24, 2026 (on or about)

Everything after the close is indicative. The identical timetable appears in both the RHP and the price band advertisement, and every post-close date is expressed as “on or about”.

The offer is being made under Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations, through the book building process, and pursuant to Regulation 6(1) of the SEBI ICDR Regulations. The buckets, as filed:

Bucket	Share of the offer, as filed
Qualified institutional buyers (QIB)	Not more than 50% of the Net Offer
Non-institutional investors (NII)	Not less than 15% — of the “Net Offer” in the RHP’s Definitions chapter and Offer Document Summary and in the price band advertisement; of the “Offer” in the RHP’s Offer Structure table (printed p.454) and Offer Procedure chapter
Retail individual investors	Not less than 35% — with the same split of wording between the same chapters
Employee reservation portion	Up to Rs 60.00 million, which the RHP states shall not exceed 5% of the post-Offer paid-up equity share capital

Net Offer means the offer less the employee reservation portion. The RHP is internally inconsistent on the denominator for the non-institutional and retail buckets, so both wordings are reproduced above rather than harmonised; the 50% QIB figure is stated against the Net Offer everywhere.

Within the QIB portion, 5% of the net QIB portion is available for proportionate allocation to mutual funds only, and up to 60% of the QIB portion may be allocated to anchor investors on a discretionary basis, of which 33.33% is reserved for domestic mutual funds and 6.67% for life insurance companies and pension funds. The non-institutional portion is split one-third for applications above Rs 0.20 million and up to Rs 1.00 million and two-thirds for applications above Rs 1.00 million, with unsubscribed amounts movable between the two sub-categories.

This is a mainboard offer, proposed to be listed on the main board platforms of BSE and NSE, with BSE as the designated stock exchange. In-principle approvals from both exchanges are dated September 12, 2025. The NSE symbol is LALITHAA, series EQ. The RHP is dated August 9, 2026 and was filed with the Registrar of Companies, Tamil Nadu and Andaman at Chennai on August 10, 2026; the price band advertisement was released on August 11, 2026.

Book running lead managers: Anand Rathi Advisors Limited and Equirus Capital Limited (formerly Equirus Capital Private Limited). Sponsor banks: Axis Bank Limited and HDFC Bank Limited. Escrow collection bank and refund bank: HDFC Bank Limited. Public offer account bank: Axis Bank Limited. Registrar: MUFG Intime India Private Limited (formerly Link Intime India Private Limited), C-101, Embassy 247, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai, Maharashtra 400083 (SEBI registration INR000004058; contact person Shanti Gopalkrishnan).

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Information as of 15 Aug 2026, taken from the offer documents and pages linked below. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.

This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.