Lalithaa Jewellery Mart IPO

Driven by QIB demand at 145.4x and moderate disclosed risk (4/10), Lalithaa Jewellery Mart listed at a premium of 31.8% to its issue price. The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.

• The company has a strong presence in southern India, with its store network increasing from 53 stores in FY24 to 60 stores in FY25 and 61 stores in FY26. Revenue from operations increased from Rs 16,7
• Lalithaa Jewellery has significant penetration in Tier II and Tier III cities, which contributed a majority of its revenue in FY25 and FY26. The company operated 39 stores in these markets in FY24 and
• The company follows an asset-light retail model, owning only three of its 61 stores in FY26, while the remaining stores were operated on a leave-and-license basis. It also has backward integration thr
• The company’s large and medium-format stores accounted for 88.70% of its revenue from operations in FY26. Lalithaa also recorded operating revenue per store of Rs 316.76 crore in FY24, Rs 281.62 crore
• The company has built a sizeable customer advance base through jewellery purchase schemes such as Dhana Vandhanam and Free-yo-Flexi. Advances from customers increased from Rs 1,943.23 crore in FY24 to

Score breakdown — what drove this verdict

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Disclosed Risk 4/10

Moderate risk from DRHP → score +0.4

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QIB Demand 145.4×

Institutional subscription → score +2.0

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Retail Demand 11.4×

Strong retail interest → score +0.5

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Listing Performance +31.8%

Actual listing outcome → score +1.5

Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →

IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.