The Lalithaa Jewellery share price was ₹393.50 on 5 October 2026, about 96 per cent above the ₹201 issue price. The South India jewellery chain listed on 24 August at ₹265, a 31.84 per cent premium, and has added another 48 per cent on top of that in six weeks.
The number that moved most is not the price. It is what buyers are willing to pay for each rupee the company earns.
From 11 times earnings to about 22
At the ₹201 issue price, Lalithaa Jewellery Mart was offered at about 11.14 times post issue earnings, on earnings per share of ₹18.04. That was cheap for a consumer retail business, and it was the strongest argument in the offer document. On that same EPS, ₹393.50 works out to roughly 22 times.
The earnings behind it had jumped. FY26 total income was ₹25,039.80 crore, up 48 per cent from ₹16,907.88 crore, and profit after tax was ₹1,009.82 crore against ₹364.73 crore, a rise of 177 per cent. Return on net worth was 39.90 per cent.
One year does not make a trend. Between FY24 and FY25 total income moved from ₹16,800.62 crore to ₹16,907.88 crore, growth of under 1 per cent. The profit margin is thin at 4.04 per cent, normal for gold retail, and borrowings rose 69 per cent in a year to ₹1,604.14 crore.
Where the price stands
| Item | Figure |
|---|---|
| Issue price | ₹201 |
| Listing price, 24 August | ₹265 |
| Price on 5 October | ₹393.50 |
| Change vs issue price | +95.8% |
| Change vs listing price | +48.5% |
| Final grey market premium | ₹75 (37.31%) |
| One lot, 74 shares, now | ₹29,119 |
What the grey market and the book said
The final grey market premium on our tracker was ₹75, or 37.31 per cent, on listing morning. The shares opened 31.84 per cent up, so the unofficial quote ran about five and a half points ahead of the real open. Grey market premium is a dealer quote, not an exchange price. You can follow how it moved from ₹54 on 19 August to ₹75 by listing day on our Lalithaa Jewellery GMP page.
The book closed at 62.97 times, the 35th highest of the 99 mainboard IPOs that have closed in 2026, where the median is 24.96 times. Institutions led at 145.38 times. The non institutional portion, where large and small high value bids sit, was 73.90 times. Retail was the laggard at 11.81 times, which means roughly one retail application in 12 got a lot, and allotment is a lottery once a portion is oversubscribed.
A lot was 74 shares, so the smallest application cost ₹14,874 at ₹201. Those 74 shares were worth ₹29,119 at ₹393.50 on 5 October. The anchor book, placed a day before the issue opened, was ₹2,308.20 crore from 22 anchor investors across 16 fund houses.
What the money was for
The ₹1,700 crore issue was the 18th largest of the year. Of that, ₹1,200 crore was fresh capital for the company and ₹500 crore was an offer for sale, which goes to the selling shareholders. About ₹1,033.23 crore of the fresh money is earmarked for 10 new stores, and ₹998.68 crore of that is inventory rather than fit outs. In gold retail the stock on the shelves is the investment.
Promoter holding came down from 97.72 per cent to 82.85 per cent with the issue. The company has been selling jewellery since November 1985 and had 7,059 employees as on 31 March 2026.
What happens next
The first set of quarterly results since listing is what the price answers to now, along with gold prices and festive demand, which decide how much jewellery actually moves. The issue terms, financials and the full category table stay on our Lalithaa Jewellery Mart IPO page, and the mainboard listing performance page shows where every 2026 listing trades against its issue price.
