NDTV Profit's rating segment reviewed Deepa Jewellers across eight parameters, giving it an overall rating of 5 out of 8

Wed 7 Oct 2026

Customers

373 customers

Jewelry retail chains

47 jewelry retail chains

Standalone stores

626 standalone stores

States covered

13 states

3-year revenue CAGR

28 percent

Heard on business television between 11:33:40 - 11:36:40 IST.

• Income statement rated strong: 3-year revenue CAGR of 28%, PAT CAGR of 68%, EBITDA growth of 64%; Q1 revenue up 39%, EBITDA up 34%, margins flat at 9%, PAT up 29%.
• Balance sheet rated weak due to borrowings rising from 78 to 117 crore for FY26, and declining cash and bank balance since FY24 (from 11 crore).
• Cash flow rated negative as operating cash flow turned negative and net cash flow position is flat.
• Return ratios rated strong, calling ROE/ROCE best-in-class versus peers and rising year-on-year.
• Shareholding and street performance given neutral rating due to lack of track record since recent listing; stock listed at 221 versus IPO price of 177, but down about 3% since listing.
• Valuations rated positive as Deepa Jewellers trades at 18.6x PE versus peers like Sky Gold, Adhraj Jewels and others above 40x; outlook seen positive citing new manufacturing unit and new categories.

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