After registering a successful Initial Public Offer (IPO), Lalithaa Jewellery Mart is now set to expand globally with showrooms in Malaysia and Singapore, according to M Kiran Kumar, Chairman and Managing Director. Speaking at a media conference, Kumar announced that the company will open 110 new showrooms in southern India from its current 64 stores, followed by international expansion. The company has already committed to set up a showroom in Malaysia which will be operational within the next two months, followed by a Singapore location. Kumar emphasized that the successful listing of the IPO increased his responsibility, stating that ₹80,000 crore was raised for the IPO, showing significant trust in the management.
Both Lalithaa Jewellery Mart and Tribhovandas Bhimji Zaveri achieved remarkable profit growth of 177% in FY26, according to reports from Equitymaster.com. This extraordinary performance was primarily driven by gold prices rising approximately 45% during the year ending March 2026. The surge in gold prices inflated the value of inventory sitting in showrooms, resulting in higher realisations and gains on earlier purchases. However, the same price increase also made jewellery considerably more expensive, prompting customers to either purchase lighter pieces or delay purchases. Kumar addressed concerns about current high gold prices, stating that there's no need to fear buying gold at high prices as gold prices always increase over the long run.
According to Kumar's announcement, Lalithaa will expand to 175 showrooms in the South before targeting north India markets. The company will first focus on Maharashtra followed by Uttar Pradesh and Delhi after reaching its southern expansion goal. While retaining focus on south India states including Tamil Nadu, Karnataka, Telangana and Andhra Pradesh, the company will also have plans for north India expansion. Kumar's confidence stems from the company's strong performance, with Lalithaa reporting 48% revenue growth in FY26 despite only 0.7% growth in sales volumes.
According to Equitymaster.com, Lalithaa operates as a South Indian jewellery retailer targeting mass and value-conscious customers, with 92.33% of revenue coming from gold jewellery. The company operates 61 stores across 51 cities in five states, with 58 of its 61 stores operating under leave-and-license arrangements. TBZ, established in 1864 and incorporated in 2007, sells handcrafted gold, diamond, jadau and platinum jewellery, with its EBITDA margin expanding 446 basis points to 11.18% in FY26. The companies serve different market segments, with Lalithaa being eight times larger by revenue and five times larger by profit.
As reported by Equitymaster.com, Lalithaa reported revenue growing at 22.09% compound rate and EBITDA at 56.86% across FY24 to FY26. The company's asset-light structure with 58 leased stores helps turn inventory faster, while its value positioning and instalment schemes are designed for efficient capital utilization. TBZ trades at approximately 8 times earnings with a market value of about ₹16.6 billion, while Lalithaa is valued at roughly 11.1 times FY26 earnings of ₹18.04 per share at the upper IPO band of ₹201. Both companies' FY26 earnings were significantly lifted by the gold price surge, making traditional PE ratios less meaningful for valuation purposes.
