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Analysts favour Lalithaa Jewellery IPO over Horizon on valuation and earnings visibility
Analysts prefer Lalithaa Jewellery Mart’s IPO over Horizon Industrial Parks, citing its established 61-store jewellery franchise, lower valuation and earnings visibility. Key risks include gold-price-linked profits, negative operating cash flow, Tamil Nadu concentration and a ₹1,066-crore GST demand.
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Reported figures
From the report. Source details below
| Lalithaa IPO: | ₹1,700 crore |
|---|---|
| Lalithaa price band: | ₹190-201 per share |
| Lalithaa fresh issue: | up to ₹1,200 crore |
| Lalithaa OFS: | up to ₹500 crore |
| Lalithaa implied valuation: | about ₹11,250 crore |
| Lalithaa FY26 revenue: | about ₹25,024 crore |
| Lalithaa stores: | 61 across 51 cities |
| Customer advances: | ₹5,043 crore |
| Valuation: | about 11x FY26 earnings |
| Horizon IPO: | ₹2,600 crore |
| Horizon price band: | ₹57-60 per share |
| Horizon FY26 revenue: | ₹768 crore |
| Horizon FY26 loss: | ₹204 crore |
| Horizon debt: | ₹6,884 crore |
| Horizon post-issue market cap: | about ₹17,300 crore |
| Horizon properties: | 45 |
| Horizon area: | 58 million sq ft across 10 cities |
| Top 10 Horizon customers: | 53% of revenue |
| Horizon subscription: | about 0.25x |
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