Deepa Jewellers Vs Purple Style Vs Rays Of Belief: Where Should You Invest?

The first week of September 2026 presents major market traders a number of IPO choices, bringing three extremely distinct IPOs to the desk. We have a extremely worthwhile B2B jeweller (Deepa Jewellers), an aggressively increasing luxurious style platform (Purple Style Labs), and an asset-light pediatric healthcare supplier (Rays of Belief).

Stripping away the advertising and marketing jargon, here’s a strictly fact-based breakdown of their operational metrics, valuations, and structural dangers that will help you select a greater funding possibility.

Deepa Jewellers vs Purple Style vs Rays of Belief: Live Subscription & Market Sentiment

Before evaluating Deepa Jewellers vs Purple Style vs Rays of Belief IPO, a fast take a look at the stay subscription knowledge and GMP traits:

In the gray market, Deepa Jewellers is commanding the very best premium at roughly 24.86% over its higher band, adopted by Rays of Belief at round 15.90%. Meanwhile, Purple Style Labs is at present indicating a flat to modest premium of round 0.70%.

1. Deepa Jewellers IPO

Deepa Jewellers IPO priced within the INR 168–177 band, Deepa Jewellers seeks to lift INR 459.72 crore. The firm operates a extremely environment friendly B2B mannequin, supplying 22-karat hallmarked jewelry primarily to retail chains in South India.

The firm boasts industry-leading return ratios. In FY26, it posted an exceptional Return on Net Worth (RoNW) of 56.45% and a Return on Capital Employed (ROCE) of 52.08%. Revenue has grown at a 37% CAGR over FY24-FY26, hitting INR 1,926.68 crore in FY26, with PAT at INR 104.79 crore.

At a post-issue P/E of 16.24x, Deepa Jewellers is priced at a definite low cost to listed friends like Sky Gold (57.5x) and Khazanchi Jewellers (22.2x). However, this low cost accounts for large focus dangers:

• Geographic Dependency: Over 94% of income comes completely from the South Indian market.
• Product Concentration: Roughly 73% of gross sales come from simply two objects: vaddanams and CNC machine-cut bangles.
• Supply Chain: The top-10 suppliers account for almost 92% of purchases, and manufacturing depends closely on 41 exterior artisans (karigars) quite than in-house functionality.

2. Purple Style Labs IPO

Purple Style Labs (PSL) is elevating INR 680 crore via a recent situation priced at INR 546–575. Operating as a multi-brand luxurious omnichannel platform, PSL connects 1,109 lively designer manufacturers with world prospects via 14 bodily Experience Centers (together with New York and London) and its digital platform.

The platform is scaling quickly within the premium section. The Average Order Value (AOV) surged by 34.6% to INR 75,505 in FY26, whereas the Gross Merchandise Value (GMV) hit INR 721.56 crore. The bodily expertise centres are a serious lever, with the Indian shops recording an AOV 2.3x greater than home on-line channels.

At the higher band, PSL is demanding a post-issue EV/Sales a number of of seven.7x and a Price-to-Sales (P/S) a number of of 8.25x.

• Widening Losses: FY26 consolidated web losses widened to INR 285.40 crore, closely impacted by an aggressive retailer rollout and non-cash ESOP costs.
• Rising Fixed Costs: Depreciation jumped 84.4% to ₹100.74 crore, whereas finance prices ballooned to ₹97.08 crore in FY26 because of the upfront capital required for Large Format Experience Centres.
• Cash Flow & Debt: Total debt stands at INR 371.40 crore (present borrowings), and the enterprise mannequin stays extremely cash-intensive in its present progress part.

3. Rays of Belief IPO

Raising INR 125 crore at a worth band of INR 227–239, Rays of Belief is a For-Profit Social Enterprise addressing Neurodevelopmental Disorders (NDDs). With 136 home facilities and three within the US, it’s India’s largest NDD intervention platform.

The firm operates a scalable, asset-light lease and school-partnership mannequin. Consolidated income surged 124.2% YoY to INR 81.66 crore in FY26. Operating leverage is changing into seen, with EBITDA margins increasing to 14.59% (INR 11.91 crore) and ROCE bettering considerably to 29.74% in FY26.

The situation calls for an enormous premium. At the higher band, the corporate is valued at a post-issue P/E of roughly 100.7x (adjusted) based mostly on FY26 earnings.

• Earnings Quality & Cash Flow: Despite reporting profitability, the corporate recorded a destructive Operating Cash Flow of -INR 1.94 crore in FY26.
• Related-Party Receivables: Trade receivables surged to INR 18.09 crore in FY26. A important pink flag is that over 62% of complete receivables (INR 11.29 crore) have been due from promoter-related entities (Carving Futures Group), which accounted for a big chunk of income.
• Attrition & Costs: Employee profit prices account for over 52% of working bills, and a excessive attrition price amongst specialised scientific professionals stays a structural execution danger.

Bottom Line

For traders mapping their bids, the selection comes all the way down to selecting your most well-liked danger construction. Deepa Jewellers presents extremely worthwhile, discounted worth with regional and product focus. Purple Style Labs is a pure-play wager on India’s luxurious consumption progress. Rays of Belief presents dominance in a high-growth, specialised healthcare area of interest, however its staggering valuation and related-party money stream snags require cautious consideration.

Disclaimer: This article is for informational functions solely. IPOs are topic to market dangers; seek the advice of a monetary advisor earlier than investing.

Rajat Bhati has a powerful technical background and 5 years of expertise within the inventory market. He focuses on fairness analysis, technical evaluation, IPO valuations, and danger administration, serving to traders make clearer, data-backed selections. Today, he works full-time to coach folks in regards to the alternatives in IPO market.