Lalithaa Jewellery Mart Ltd. Share Price

Lalithaa Jewellery Mart has informed about Outcome of Board Meeting held on September 11, 2026 pursuant to Regulation 30 and Regulation 33 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The above information is a part of company’s filings submitted to BSE.

Lalithaa Jewellery Mart

• Lalithaa Jewellery Mart is coming out with a 100% book building; initial public offering (IPO) of 8,95,08,771 shares of face value Rs 5 each in a price band Rs 190-201 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on August 17, 2026 and will close on August 19, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 5 and is priced 38.00 times of its face value on the lower side and 40.20 times on the higher side.
• Book running lead managers to the issue are Anand Rathi Advisors and Equirus Capital.
• Compliance officer for the issue is Jitendra Kumar Pal. 

Profile of the company

Lalithaa Jewellery Mart 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. It strives to serve the southern Indian market with authenticated BIS-hallmarked jewellery through its 61 stores in 51 cities in the states of Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and the Union Territory of Puducherry. It stands out as a disruptive brand, offering gold jewellery at competitive prices due to its in-house manufacturing capabilities.

The company also offers jewellery schemes such as ‘Dhana Vandhanam’ and ‘Free-yo-Flexi’ that attracts customers on a repeated basis. These schemes are designed to provide added value and flexibility to its clientele, encouraging them to engage with its brand repeatedly. Under the ‘Dhana Vandhanam’ scheme, at the time of jewellery purchase, the customer can choose either weightbased calculation or rupee-based calculation as monthly instalments’ credit. This protects the customers from gold rate fluctuations during the entire period of the scheme. Further, under ‘Free-yo-Flexi’ scheme (which starts from Rs 1,000 monthly instalments and can go up to Rs 25,000 monthly instalments), on completion of 11 months, it offers its customers 100% discount on the value addition charges at the time to buying jewellery subject to fulfillment of terms and conditions specified in the scheme.

Proceed is being used for: 

• Funding of expenditure towards setting up of 10 new stores in India. The funding is proposed to be utilised towards the following broad heads: (a) Capital expenditure for fit-outs in the nature of furniture and fixtures, equipment, IT hardware and software; and (b) expenditure towards inventory costs for setting up of new stores
• General corporate purposes 

Industry overview

The gems and jewellery industry in India holds immense economic and cultural significance. This industry contributes to country’s GDP and employment generation, particularly for artisans and craftsmen. India is among the leading countries for production and export of gems and jewellery. Gems and jewellery serve as a symbol of status, wealth and adornment in Indian society, making it an integral part of celebrations, ceremonies and everyday life.

The Indian gems and jewellery retail industry was estimated at Rs 12,887 billion in fiscal 2026, with gold jewellery continuing to dominate overall consumption. The sector’s performance remains closely linked to gold price movements, wedding-led demand, festive purchases, disposable income trends and consumer sentiment. In fiscal 2026, demand has decreased; however, increase in gold prices supported growth in value terms. The market recovered sharply after pandemic in fiscal 2022, led by deferred purchases, particularly bridal jewellery, along with improvement in consumer sentiment and disposable income. In fiscal 2023, the industry grew by 9% in value terms, primarily supported by higher gold prices, while fiscal 2024 witnessed robust momentum, with overall industry growth of 18%, aided by both volume expansion and price-led growth, indicating strong domestic consumption.

Future gold demand is expected to remain largely stable over the medium term, as elevated and volatile gold prices are likely to constrain discretionary purchases. While underlying demand remain intact, sustained high prices are expected to weigh on volume growth, resulting in a moderation of market expansion. The industry remains largely dominated by standalone, family-owned jewellers, reflecting the long-standing trust Indian households place in local retailers for personalised service, regional design preferences and relationship-based purchases. However, the market is gradually moving towards greater formalisation, with national and regional jewellery retail chains gaining share. This shift is being driven by stronger brand recall, broader product offerings, transparent pricing, assured quality and a more standardised retail experience.

Pros and strengths 

Strong regional presence with deep penetration in high-growth South Indian markets: Jewellery has held a significant influence in southern India for occasions ranging from weddings to cultural practices. The gems and jewellery retail market in South Indian region was valued at Rs 5,026.00 billion in Fiscal 2026, which is about 40% of the overall Indian gems and jewellery industry.  Jewellery consumers in the South Indian region are evolving with their purchasing habits where jewellery purchase is no longer confined to weddings and festivals. Consumers are now purchasing jewellery on various other celebratory occasions such as earning a bonus, graduation or landing a new job. Though gold jewellery dominates the bridal market in South India, the increasing preference for minimalist jewellery is emerging as a growth driver in the region. The company has forged a strong brand image amongst its customers across various states in South India. It has expanded its store footprint from 53 stores as on March 31, 2024, to 61 stores as on March 31, 2026 in 51 cities across the States of Telangana, Andhra Pradesh, Tamil Nadu, Karnataka and the Union Territory of Puducherry.

Brand pull in Tier II and Tier III cities in southern India with focus on quality, craftsmanship and original designs: Its brand enjoys significant pull in Tier II and Tier III cities across southern India. Its affordable pricing and reliable quality have built a solid foundation of trust and loyalty amongst its customers in these cities. Its focus on quality, craftsmanship and original designs, together with its targeted marketing and customer service, has contributed to its strong brand recognition and customer loyalty. Its marketing campaigns are tailored to enhance its brand recall and generate increased footfalls in its stores throughout the year. Jewellery retail chains have considerable share accounting for 54-59% share of the south Indian gems and jewellery market in Fiscal 2026. Tier II and III cities in South India region are estimated to have a high growth potential and the jewellery retail chain players are well-positioned to penetrate and capture the market share due to strong regional presence. In Fiscal 2026, 45 out of its 61 stores are located in Tier II and Tier III cities.

Large format stores and medium format stores driving scale: Its strategy of opening Large Format Stores and Medium Format Stores has played a crucial role in driving scale for the company. Such retail spaces allow it to present an extensive selection of gold, silver and diamond jewellery, accommodating diverse tastes and preferences. The enhanced product visibility and variety draw in a larger customer base, resulting in increased foot traffic and higher sales volumes. Large Format Stores and Medium Format Stores allows it to showcase a wide selection of gold, silver and diamond jewellery. As on March 31, 2026, it has 8 Large Format Stores, 43 Medium Format and 10 small format stores spread across various states.

Robust customer base owing to diverse range of jewellery schemes: The company offers a diverse range of jewellery schemes that attract customers on a repeated and recurring basis. These schemes are designed to provide added value and flexibility to its clientele, which it encourages them to engage with its brand repeatedly. Its jewellery schemes are a cornerstone of its business. It offers exchange, buyback, and financing options so as to ensure customer satisfaction. For instance, on diamond jewels bought from the company, it offers 85.00% buyback against cash and 100.00% buy back against exchange. The company also offers jewellery schemes such as ‘Dhana Vandhanam’ and ‘Free-yo-Flexi’ that attracts customers on a repeated basis. These schemes are designed to provide added value and flexibility to its clientele, encouraging them to engage with its brand repeatedly. 

Risks and concerns

High revenue dependence on gold jewellery sales: Its revenues have been significantly dependent on sale of gold jewellery, which accounted for 92.33%, 94.58% and 93.96% of its revenue from operations, for the Financial Years 2026, 2025 and 2024, respectively. Accordingly, any factors adversely affecting its sales of gold jewellery, such as, an increase in international gold prices, higher import duties or regulatory restrictions, decline in consumer discretionary spending, shift in consumer preferences to alternatives, etc. may negatively impact its business, financial condition, results of operations and prospects.

Reliance on key raw material suppliers and absence of long-term supply agreements: Its primary raw material is gold. It typically procures gold through purchase orders and does not enter into any long-term agreements with its suppliers. The company is dependent on its top three suppliers of raw materials who have contributed 58.03%, 67.20% and 66.98% in Fiscals 2026, 2025 and 2024, respectively of its total cost of raw materials. In the event its suppliers are unable to provide it the required quantity of raw materials, or if it is unable to find alternate suppliers at commercially acceptable terms, its ability to manufacture its products in a timely manner will be adversely affected and it may not be able to meet its obligations to supply its products. The loss of any of these suppliers or interruptions in the supply of raw materials could adversely affect its business, results of operations and financial condition. 

Geographic concentration of stores in Southern India: The company operates 61 stores in 51 cities across states of Andhra Pradesh, Karnataka, Tamil Nadu, Telangana and Union Territory of Puducherry. As of Fiscal 2026, it has 23 stores in Andhra Pradesh, 20 stores in Tamil Nadu, 7 in Karnataka, 10 in Telangana and 1 in Puducherry. The geographic concentration of all (100%) its stores in the southern regions of India heightens its exposure to adverse developments related to competition, economic downturn and demographic changes in these regions, which may adversely affect its business prospects, financial conditions and results of operations.

Intense competition and risk of loss of market share: The company operates in highly competitive and fragmented markets, and its market share in the southern states in India may get adversely affected due to competition in these markets which is based primarily on market trends, pricing and customer preferences. It faces competition from both the organized and unorganised sectors of the jewellery retail business, including online marketplaces. The players in the retail jewellery sector in India often offer their products at highly competitive prices. Its market share in the southern states of India was 4.97% in Fiscal 2026, 5.13% in Fiscal 2025, and 6.46% in Fiscal 2024. Its market share may get adversely affected due to change in market trends, pricing and customer preferences, and it risk losing substantial portion of its customers which will adversely affect its business, financial condition, results of operations and prospects.

Outlook

Lalithaa Jewellery Mart is engaged in the business of manufacturing, sale and trading of gold jewellery, diamond studded jewellery, platinum, silver jewellery and articles. The company also has interests in the garments and textile sector through one of its subsidiaries (Centigrade Apparels), which presently derives its income from the renting of immovable property. On the concern side, it receives advances from its customers under various schemes introduced by the company. The amounts received in the schemes amount to more than 10% of its revenue from operations for the respective financial periods. Inability to appropriate such advances received from customers under jewellery purchase schemes may adversely impact its revenues and results of operations and future profitability.

The issue has been offering 8,95,08,771 shares in a price band of Rs 190-201 per equity share. The aggregate size of the offer is around Rs 1,700.67 crore to Rs 1,799.13 crore based on lower and upper price band respectively. Minimum application is to be made for 74 shares and in multiples thereon, thereafter. On performance front, its total income increased by 48.10% from Rs 169,078.80 million in Financial Year 2025 to Rs 250,398.03 million in Financial Year 2026. Its profit for the year increase by 176.87% from Rs 3,647.26 million in Financial Year 2025 to Rs 10,098.17 million in Financial Year 2026.

Meanwhile, the company intends to increase its focus on studded gold jewellery going forward as these products have widened the consumer base to which it caters and also typically have a higher gross margin profile than its other gold jewellery. It intends to continue increasing its gross margins by focusing on product categories within gold jewellery which yield higher margins. To this end, it intends to prioritise gold jewellery, as it typically involves higher gross margins than other product offerings. It also intends to increase precious material ornament and design-centric jewellery sales through various initiatives such as, amongst others, online promotions, digital advertisements and marketing.

In Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, SJ Corporation has informed that Mrs. Deepa Ashokkumar Dhamecha, Company Secretary (CS) and Compliance Officer (CO) (Key Managerial Personnel) of the Company has tendered her resignation from the position of Company Secretary and Compliance Officer (Key Managerial Personnel) of the Company vide her resignation letter dated 02nd October, 2026 due to personal reason and the same shall be placed before the upcoming Board Meeting for formal acceptance and taking note thereof, in accordance with the applicable provisions of the Companies Act, 2013 and the SEBI LODR Regulations. Further, she has confirmed that there are no other material reasons for the resignation other than those provided in her resignation letter. The copy of Resignation Letter giving detailed reason for her resignation is attached as Annexure‐II along with this Disclosure. Further, detailed information as required under the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular SEBI/HO/CFD/CFD-Po D1/P/CIR/2023/123 dated July 13, 2023, is attached as Annexure I.

The above information is a part of company’s filings submitted to BSE.

R.K. Fashion Accessories 

• R.K. Fashion Accessories is coming out with an initial public offering (IPO) of 42,67,200 equity shares in a price band of Rs 77-82 per equity share. 
• The issue will open on October 5, 2026 and will close on October 07, 2026.
• The shares will be listed on Emerge Platform of NSE.
• The face value of the share is Rs 10 and is priced 7.70 times of its face value on the lower side and 8.20 times on the higher side.
• Book running lead manager to the issue is Affinity Global Capital Market.
• Compliance Officer for the issue is Ravi Kumar Bahl.  

Profile of the company 

R.K. Fashion Accessories is a Kolkata-based company involved in the manufacturing through contract manufacturers and wholesale distribution of imitation jewellery, along with the trading of branded cosmetics. The company produces and distributes a variety of handcrafted jewellery items that incorporate elements of traditional design alongside contemporary styles. Its operations focus on supplying products to various market segments through both wholesale channels and direct sales, supporting a diversified business model within the fashion and personal care sectors.

The company’s product portfolio comprises a wide range of gold plated, stone studded and other jewellery products across various price points ranging from jewellery for special occasions, such as weddings to dailywear jewellery. These products are designed to cater to the requirements of customers across age groups, socio-economic status levels, and also allows it to cater to the needs of its customers at all stages of their lives, where it attempts to target customers at earlier stages of their life cycles and hence meet their jewellery needs over time.

The company has purchased a property on Rash Behari Avenue, Kolkata which is under construction, with an increased focus on catering to B2C customers. The property has been established to strengthen the company’s retail presence and expand its reach among individual consumers in Kolkata. It is placing greater emphasis on the B2C segment in regions where the concentration of its existing B2B customers is comparatively lower, thereby enabling itself to diversify its customer base and enhance market presence within the city.

Proceed is being used for:

• Meeting the working capital requirements
• Financing the establishment of new plating facility at Baruipur, Kolkata West Bengal; proposed New B2B showroom in Ezra Street Kolkata; Interior and furnishing of B2C Showroom in Rash Behari Avenue Kolkata; and inventory cost for the proposed new showroom and stores. 
• General corporate purpose
• Meeting the Offer expenses

Industry Overview

The Indian jewellery industry is one of the most culturally entrenched and economically significant sectors in the country. Valued at $90-91 billion in 2025, the Indian jewellery market size is projected to reach $150 billion by 2033 at a CAGR of 5.2-6.3%. The sector contributes 7% to India’s GDP and 15% of total merchandise exports, establishing itself as a critical pillar of the nation’s economic growth. A major structural shift is underway in the Indian jewellery industry, with organized vs unorganized jewellery market India dynamics changing rapidly. Organized retail is increasing its share to 36-38% in FY25 from just 22% in FY19. This transition, supported by regulatory reforms such as hallmarking and GST impact on jewellery, alongside evolving consumer preferences for branded jewellery, is reshaping the competitive landscape and unlocking investment opportunities in Indian jewellery for well-positioned players. India’s domestic jewellery market, valued at over Rs 5 trillion, reflects a blend of traditional craftsmanship and modern retail formats. The Gold jewellery market in India dominates the landscape with a commanding 80-85% share, while studded jewellery, including diamonds, accounts for the remaining 15-20%. Fine jewellery represents nearly 90% of the overall market, underscoring its strong cultural and investment relevance. At the same time, non-gold categories are emerging as a key Indian jewellery market trend, with this segment projected to expand at a CAGR of 18.8% between FY23 and FY28, to reach $19 billion.

India Costume Jewelry Market was valued at $2.07 Billion in 2025 and is expected to reach $2.68 Billion by 2031 with a CAGR of 4.45% during the forecast period. The India costume jewelry market is experiencing significant growth, fueled by increasing fashion awareness, rising disposable incomes, and shifting consumer preferences toward trendy, affordable accessories. Costume jewelry offers a cost-effective alternative to traditional jewelry, appealing particularly to younger consumers and working women seeking style without high investment. The expansion of e-commerce platforms, social media influence, and celebrity endorsements further drive demand. Additionally, the growing popularity of fusion wear and western fashion styles has contributed to the rising acceptance of costume jewelry across urban and semi-urban regions. Local artisans and small-scale manufacturers also play a key role in market development. One of the primary drivers of the India costume jewelry market is the increasing fashion consciousness among consumers, especially among younger demographics. 

Pros and strengths

Blending Heritage with Contemporary Jewellery: The company operates a production facility staffed by a team of skilled artisans and craftsmen, many of whom possess generational knowledge and experience in traditional Bengali jewellery-making techniques. The company is in the production of 24-carat gold-plated copper jewellery and American Diamond pieces, integrating traditional craftsmanship with elements of modern design through artisans. This blend allows for the creation of products that reflect cultural authenticity while aligning with contemporary aesthetic preferences. One of its key competitive strengths is its ability to operate as a hyperlocal jewellery company. It endeavors to cater to its customers’ unique preferences, which often vary significantly by geography and micro market, through its local market expertise and region-specific marketing strategy and advertising campaigns. It engages local artisans to manufacture jewellery (based on its specifications) that is suited to local tastes in the markets in which it operates.

Efficient B2B Support and Retention of Customers: The company supports B2B operations through a structured service framework that includes the assignment of dedicated relationship managers to individual clients, enabling direct communication and more streamlined coordination. Order processing is handled with attention to promptness, aiming to reduce delays and ensure that clients receive their shipments in a timely manner. It offers flexible payment terms, which are structured to accommodate the varying financial and operational needs of different business partners. These combined practices are designed to foster continuity in client relationships and contribute to the overall ease of doing business. As a result of these measures, the company has maintained a client retention rate of over 90%, indicating a sustained pattern of repeat business and ongoing commercial engagement across its network of boutique owners, local retailers, and export merchants. 

Multi-Platform E-Commerce Strategy: The brand ‘Manikya Jewellery’, under RK Fashion Accessories, has established a notable presence across various online channels, including prominent ecommerce platforms as well as its dedicated official website. This multi-platform strategy allows the brand to reach a wide and diverse customer base, expanding its market access beyond traditional retail boundaries. This sustained performance in the online domain contributes to the overall growth of the company and reinforces its position within the digital retail landscape of fashion jewellery.

Risks and concerns 

Significant portion of revenue comes from Eastern part of India: The company is generating sales from certain Eastern States (Bihar, Jharkhand, Odisha and West Bengal) in India to generate a significant portion of its revenue. These states are providing 76%-92% of total revenue in the last 3 financial years (2025-26, 2024-25 and 2023-24) and for the stub period April to June 30, 2026. This concentration of revenue implies that a substantial portion of the company's business operations and financial performance is tied to the economic conditions, consumer behavior, and market dynamics of these specific regions. Any adverse event or change in circumstances within these eastern states, such as economic downturns, regulatory changes, shifts in consumer preferences, or competitive pressures, could potentially impact the company's ability to maintain its revenue levels.

Depends on certain key customers: The company derives a substantial portion of its revenue from a limited number of key customers. Its top ten customers have contributed 19.17% 15.15%, 20.24% and 21.61% of its total sales for the stub period April to June 30, 2026 and for the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024 respectively on restated basis. The average customer relationship period with consistent customers is 4.77 years. The customers are concentrated that could expose the company to the risk that the loss of, or a significant reduction in orders from, any of these key customers could result in a decline in sales, disrupt cash flow, and hinder the company’s ability to sustain operations effectively. Such a loss may further compound the risk that could arise from factors like changes in customer preferences, price sensitivity, competition or even economic downturns that affect customer budgets. 

Require significant amount of working capital: The company’s business operations require a significant amount of working capital, primarily to finance its inventory and maintain a high trade receivable cycle, including the purchase of raw materials and fund blocked in trade receivables respectively. The company’s working capital for financial years ended on March 31, 2024, March 31, 2025, March 31, 2026 and stub period ended June 30, 2026 stood at Rs (77.01) lakh, Rs 142.99 lakh, Rs 748.21 lakh and Rs 974.81 akh respectively, which is showing continuous increase. In the event, the company is unable to source the required amount of working capital, it might not be able to efficiently satisfy the demand of its clients in a timely manner or at all. Even if it is able to source the required amount of funds, it would be difficult for it to assure that such funds may or may not be sufficient to meet its cost estimates, which could have adverse effect on its financial conditions and results of operations. 

Outlook 

R.K. Fashion Accessories, founded in 2004, conducts its business operations out of Kolkata, West Bengal, India. It manufactures, supply, trade, and export items like Ladies Choker Set, Ladies Fancy Earrings, Ladies Brass Fancy Earrings, Ladies Finger Ring, Ladies Chur Bangles, and more. With more than 20 years of experience, it has a strong market reputation and years of experience. Over the years, it has adapted to changing market trends and customized its range accordingly. This has helped it stay abreast of the latest market trends. Through its dedication, it has amassed a huge client base from all over the world. On the concern side, the company’s business is both manpower and machine intensive. Any disruption in manpower availability, including employee attrition, labour shortages, work stoppages, or industrial relations issues, could adversely affect its processing schedules, delivery timelines, and overall operational efficiency. 

The company is coming out with a maiden IPO of 42,67,200 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 77-82 per equity share. The aggregate size of the offer is around Rs 32.86 crore to Rs 35 crore based on lower and upper price band respectively. On performance front, total Income of the company stood at Rs 3,154.16 lakh for the Financial Year 2025-26 as against Rs 1,782.25 lakh in financial year 2024-25, representing an increase of 76.98%. For the FY26, the company reported a Profit After Tax (PAT) of Rs 628.69 lakh, marking an impressive increase of 214.80% compared to Rs 199.72 lakh in FY25 driven by strong revenue growth and improved operational efficiency.

Meanwhile, the company engages to introduce new product lines that align with current fashion trends and customer preferences. It places an importance on monitoring changes in consumer behavior and industry developments in order to adapt its product range accordingly. This process involves identifying emerging styles, materials, and design elements that resonate with the target market. By incorporating these findings into its product development cycle, it aims to maintain alignment between its offerings and prevailing market demand, supporting continued relevance in the competitive landscape of fashion jewellery.