{"id":14490,"date":"2026-08-17T09:11:09","date_gmt":"2026-08-17T09:11:09","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=14490"},"modified":"2026-08-18T09:20:44","modified_gmt":"2026-08-18T09:20:44","slug":"lalithaa-jewellery-mart-ipo","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/lalithaa-jewellery-mart-ipo\/","title":{"rendered":"Gold Standard: The Lalithaa Jewellery Mart IPO"},"content":{"rendered":"

Lalithaa Jewellery Mart is going for an IPO after a stalled roadshow since last year. The company makes and sells premium gold, silver and diamond jewellery in South India, and accrued a revenue of ~\u20b9410 Cr per store last year.<\/p>\n

IPO Summary<\/h2>\n
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Introduction<\/h2>\n

The import duties on gold are very volatile. In May 2026, the government raised import duty on gold back to 15%, raising the overall tax burden on gold to about 18.4%.<\/p>\n

The average price of ten grams of gold rose from ~\u20b960K in FY24 to \u20b91.15 lakh in FY26, a rise of 91% in two years.<\/p>\n

Lalithaa Jewellery Mart Limited sells gold, silver and diamond jewellery under the \u201cLalithaa\u201d brand from 61 stores across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and Puducherry. It opened its first store in Chennai in 1985.<\/p>\n

They\u2019re now raising ~\u20b91,700 Cr through an IPO consisting of a Fresh Issue of ~\u20b91,200 Cr and an Offer for Sale of ~\u20b9500 Cr.<\/p>\n

The Business Model<\/h2>\n
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<\/div>\n<\/div>\n

Lalithaa sells authenticated BIS-hallmarked gold\/silver, and diamond jewellery through 61 stores in five south Indian states and is designed to cater to regional preferences of the southern Indian jewellery markets.<\/p>\n

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Source: Lalithaa Jewellery Mart RHP<\/em><\/figcaption><\/figure>\n<\/div>\n

Gold jewellery makes up ~92% of revenue, while silverware makes up ~7%, and diamond jewellery the remainder. The company targets the mass and value conscious buyer rather than the premium end of the market.<\/p>\n

A customer buying a gold item is paying for three things:<\/p>\n

    \n
  • the\u00a0weight of gold at the prevailing rate<\/em>,<\/li>\n
  • making charge\u00a0<\/em>for the labour that shaped it, and<\/li>\n
  • wastage charge\u00a0<\/em>to cover gold lost in the shaping.<\/li>\n<\/ul>\n

    Lalithaa Jewellery Mart buys gold on invoice from suppliers and carries the price risk on its own book, relying on fast inventory turnover to limit the damage. This is fine when gold prices hold steady. It magnifies both gains and also losses when prices move quickly, as they did through FY26.<\/p>\n

    Lalithaa manufactures in-house. It runs two facilities in Tamil Nadu, at Thirumudivakkam and Maraimalai, staffed by\u00a01000+<\/strong>\u00a0total\u00a0Karigars<\/em>. These Karigars made ~79% of Lalithaa\u2019s products in FY26.<\/p>\n

    Lalithaa also runs two savings schemes, Dhana Vandhanam and Free-yo-Flexi, that let customers pay in monthly installments.<\/p>\n

    Unit Economics (per store)<\/h2>\n
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    \n
    \n\"\"<\/picture>\n
    \n
    <\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n
      \n
    • Revenue per store<\/strong>\u00a0rose from \u20b9317 Cr in FY24 to \u20b9410 Cr in FY26, even though the company added only eight stores in that period. Most of the increase tracks gold price appreciation, not a wider store base or higher footfall.<\/li>\n
    • The\u00a0cost of materials<\/strong>, stock purchases and inventory movement consumed between 90% and 92% of revenue per store across the three years. This is normal for a business whose main input is a costly, price volatile metal.<\/li>\n
    • Adjusted EBITDA per store<\/strong>\u00a0more than doubled, from \u20b913 Cr in FY24 to \u20b927 Cr in FY26.<\/li>\n<\/ul>\n

      The Financial Stuff<\/h2>\n
      \n
      \n
      \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n
        \n
      • Adjusted EBITDA<\/strong>\u00a0more than doubled in FY26, rising from \u20b9740 Cr in FY24 to \u20b91,674 Cr in FY26.\u00a0The FY26 jump came from a\u00a0wider EBITDA margin<\/strong>, 7% against 4% in FY25.<\/li>\n
      • Finance Costs\u00a0<\/strong>grew by 46% from \u20b9136 Cr in FY24 to \u20b9198 Cr in FY26.<\/li>\n
      • Profit After Tax\u00a0<\/strong>grew at a\u00a0CAGR of 68%<\/strong>\u00a0between FY24 and FY26, from \u20b9360 Cr to \u20b91,010 Cr. Most of the profit gains came from Margin expansion as costs grew slower than revenue growth.<\/li>\n<\/ul>\n

        Operating Metrics<\/h2>\n
          \n
        • Revenue per store<\/strong>\u00a0being on the rise on a broader scale is one of the most important indicators of a strong business, and this rose from \u20b9317 Cr in FY24 to \u20b9410 Cr in FY26. In fact, Lalithaa boasts the highest operating revenue per store among key jewellery players in India.<\/li>\n<\/ul>\n
          \n
          \n
          \n\"\"<\/picture>\n
          \n
          <\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n
            \n
          • Advances from Customers<\/strong>\u00a0include those advances collected via monthly jewellery schemes. Such schemes provide interest-free funding, which secures a recurring customer base and drives store loyalty. These grew from \u20b91,943 Cr in FY24 to \u20b95,043 in FY26.<\/li>\n<\/ul>\n
            \n
            \n
            \n\"\"<\/picture>\n
            \n
            <\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n
              \n
            • Tamil Nadu alone made up 54% of FY26 revenue<\/strong>, more than the other four states combine., Andhra Pradesh, Karnataka and Telangana add another chunk combined, and Puducherry has just a single store, accounting for the smallest percent share.<\/li>\n<\/ul>\n
              \n
              \n
              \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n

              Lalithaa Jewellery\u2019s Peers (FY26)<\/h2>\n
              \n
              \n
              \n\"\"<\/picture>\n
              \n
              <\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n
                \n
              • Lalithaa\u2019s\u00a0revenue<\/strong>\u00a0of \u20b925,024 Cr is the third largest behind Titan\u2019s jewellery division and Kalyan Jewellers, and more than double than PN Gadgil Jewellers, the next largest peer.<\/li>\n
              • Lalithaa\u2019s\u00a0EBITDA Margin\u00a0<\/strong>of 7% sits in the middle of the group, below PC Jeweller\u2019s 20% and Senco Gold\u2019s 11%, but ahead of PN Gadgil\u2019s 6%.<\/li>\n
              • Lalithaa\u2019s\u00a0PAT Margin\u00a0<\/strong>of 4% is at the bottom of the group with Kalyan Jewellers, Thangamayil and PN Gadgiland much behind PC Jeweller\u2019s 21% and Senco Gold\u2019s 7%.<\/li>\n
              • Lalithaa\u2019s\u00a0D\/E Ratio\u00a0<\/strong>of 0.53x times is the\u00a0second lowest in the group<\/strong>, behind only PC Jeweller at 0.22x.<\/li>\n<\/ul>\n

                Key Risks<\/h2>\n
                <\/div>\n

                Gold price risk without a hedge:\u00a0<\/strong>The average price of gold rose from \u20b96062 per gram in FY24 to \u20b911,600 in FY26, ~91% in two years. Most Indian jewellers manage this swing using gold metal loans, forward contracts or options. Lalithaa uses none of these. It buys gold on invoice and carries the price risk itself, relying on fast inventory turnover to limit the damage.<\/p>\n

                Geographic concentration:\u00a0<\/strong>Tamil Nadu alone accounted for 54% of FY26 revenue, and Lalithaa majorly deals in South India. A geographic downturn, whether from weather, local politics, or a shift in regional gold-buying habits, will hit Lalithaa harder than a jeweller with a national footprint like its peers.<\/p>\n

                Conclusion<\/h2>\n
                <\/div>\n

                Lalithaa Jewellery Mart sells jewellery to the price-conscious South Indian, and offers a range of savings schemes to bring in cash ahead of the sale. Its revenue has compounded at ~22% a year, and its profit at 68%. Set against that, all of its stores sit in one region, and none of its gold price risk is hedged.<\/p>\n","protected":false},"excerpt":{"rendered":"

                Lalithaa Jewellery Mart is going for an IPO after a stalled roadshow since last year. The company makes and sells premium gold, silver and diamond jewellery in South India, and accrued a revenue of ~\u20b9410 Cr per store last year. IPO Summary Introduction The import duties on gold are very volatile. In May 2026, the […]<\/p>\n","protected":false},"author":2,"featured_media":14491,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-14490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"\nGold Standard: The Lalithaa Jewellery Mart IPO - InCred Money<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.incredmoney.com\/blog\/lalithaa-jewellery-mart-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Standard: The Lalithaa Jewellery Mart IPO - InCred Money\" \/>\n<meta property=\"og:description\" content=\"Lalithaa Jewellery Mart is going for an IPO after a stalled roadshow since last year. The company makes and sells premium gold, silver and diamond jewellery in South India, and accrued a revenue of ~\u20b9410 Cr per store last year. IPO Summary Introduction The import duties on gold are very volatile. 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The company makes and sells premium gold, silver and diamond jewellery in South India, and accrued a revenue of ~\u20b9410 Cr per store last year. IPO Summary Introduction The import duties on gold are very volatile. 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