Shringar House of Mangalsutra IPO
Shringar House of Mangalsutra IPO Price Range is ₹155 - ₹165, with a minimum investment of ₹14,850 for 90 shares per lot.
Subscription Rate
60.29x
as on 12 Sep 2025, 07:22PM IST
Minimum Investment
₹14,850
/ 90 shares
IPO Status
Price Band
₹155 - ₹165
Bidding Dates
Sep 10, 2025 - Sep 12, 2025
Issue Size
₹400.95 Cr
Lot Size
90 shares
Min Investment
₹14,850
Listing Exchange
BSE
IPO Doc
Shringar House of Mangalsutra IPO Application Timeline
IPO Subscription Status
as on 12 Sep 2025, 07:22PM IST
IPO subscribed over
🚀 60.29x
This IPO has been subscribed by 27.218x in the retail category and 101.41x in the QIB category.
Subscription Rate
| Total Subscription | 60.29x |
| Retail Individual Investors | 27.218x |
| Qualified Institutional Buyers | 101.41x |
| Non Institutional Investors | 82.585x |
Objectives of IPO
- The company's IPO involves issuing up to 2,43,00,000 Equity Shares via a fresh issue, meaning there is no offer for sale component; all of the funds from this IPO will go directly to Shringar House of Mangalsutra.
- The company intends to allocate ₹280 crore towards its working capital needs. Operating in the jewelry industry requires significant working capital primarily for purchasing raw material, such as gold, which demands immediate payment. However, the company extends an average credit period of approximately 15-25 days to its clients, including retailers, wholesalers, and corporate clients. As of March 31, 2025, its inventories stood at ₹228.06 crore and trade receivables at ₹87.77 crore. This funding will also support plans to stock finished goods with third-party intermediaries to expand into new domestic markets and boost international sales through exhibitions.
- The remaining net proceeds will be used for general corporate purposes. These funds will support various activities, including strategic initiatives, brand building and marketing efforts, capital expenditures, and other general business needs, as determined by the Board of Directors.
Financial Performance of Shringar House of Mangalsutra
The company has shown steady growth over the last three years. Revenue increased from ₹951 crore in FY23 to ₹1,430 crore in FY25, growing at a healthy 22.6% CAGR.
Profits have grown even faster, more than doubling from ₹23.4 crore in FY23 to ₹61.1 crore in FY25, showing a 61.8% CAGR. Margins have also improved steadily. EBITDA margin rose from 4.09% in FY23 to 6.48% in FY25, and PAT margin improved from 2.46% to 4.27%. This means the company is keeping more profit from every rupee it earns compared to earlier years.
On the debt side, borrowings increased from ₹93.2 crore in FY23 to ₹123.1 crore in FY25. While the debt load has gone up, the pace is slower at 14.9% CAGR compared to revenue and profit growth. This suggests the company is managing debt reasonably while expanding.
Overall, the financials show a strong growth story, with rising revenues, better profitability, and controlled borrowing. The improving margins and higher profit growth are clear positives, though the business still runs on relatively thin margins.
Strengths and Risks
Strengths
It boasts a strong B2B client base, supplying products to 34 Corporate Clients, 1,089 retailers, and 81 wholesalers across 24 Indian states and 4 union territories in FY25, showcasing wide market penetration.
It has a proven track record, with revenue growing at an annual rate of 22.7% during FY23 to FY25 to ₹1,430 crore, and net profit after tax rising 61.8% annually to ₹61.1 crore during the same period, with a 4.27% PAT margin in FY25.
Its return on net worth (RoNW) jumped from 24.8% in FY23 to 36.2% in FY25, showing it is using money much better. Also, its debt-to-equity ratio fell from 0.88 to 0.61, meaning it is less dependent on loans, making it safer.
It demonstrates a strong 36.20% RoNW. This is the highest among its peers, outperforming Utssav CZ Gold Jewels Ltd. (30.94%), Sky Gold & Diamonds Ltd. (28.59%), and RBZ Jewellers Ltd. (17.15%). This suggests the company is more efficient at generating profits from its shareholders' equity.
Its 8,300 sq. ft. Mumbai facility integrates end-to-end operations, from design to manufacturing, with an annual capacity of 2,500 kg, utilizing modern technology and 166 in-house artisans.
It offers an extensive selection with over 15 Mangalsutra collections and more than 10,000 active designs (SKUs), crafted by a dedicated team of 22 in-house designers to meet varied customer preferences.
Risks
The company’s cash cycle is stretching. Days working capital increased from 54 in FY23 to 70 in FY25. This means money is stuck for a longer time in inventory and receivables, which can slow down cash availability for daily needs or growth. It faces substantial working capital demands for immediate raw material (gold) payments while offering clients 15-25 days credit.
A significant portion of its revenue, 49.5% or ₹707.8 crore in FY25, originates from Maharashtra only, exposing it to considerable risks from regional economic or social disruptions.
It reported negative cash flows from operating activities of ₹7.09 crore in FY25 and ₹14.12 crore in FY24, indicating challenges in converting sales into immediate cash.
Operations depend entirely on one 8,300 sq. ft. facility in Mumbai, Maharashtra; any operational slowdown or shutdown here could severely disrupt its production and business. Also, its manufacturing facility operated at 69% capacity utilization in FY25, suggesting potential inefficiencies or unmet demand for its installed 2,500 kg annual capacity.
It lacks long-term agreements with key clients, including 34 corporate clients (33.99% revenue) and 1,089 retailers (54.47%) in FY25, making it susceptible to client loss.
It relies solely on Mangalsutra sales for 100% of its revenue from operations. This single product focus means any decrease in Mangalsutra demand or production issues could severely impact its business. While the Mangalsutra market is expected to grow due to cultural importance, risks like high gold prices, economic downturns, changing consumer preferences, and imitation products could still affect sales.
How to Apply for Shringar House of Mangalsutra IPO on INDmoney
- Download the INDmoney app and complete your KYC.
- Go to INDstocks → IPO, or just search “IPO”.
- Tap on Shringar House of Mangalsutra IPO from the list of live IPOs.
- View key details like price band, lot size, and dates.
- Tap Apply Now and choose your number of lots.
- Use INDpay UPI for instant mandate tracking.
- Your funds will be blocked until the share allotment is finalized.
Listed Competitors of Shringar House of Mangalsutra
Company | Operating Revenue | EBITDA Margin | Profit | P/E Ratio | Return on Net Worth | Debt-Equity Ratio | Days Working Capital |
Shringar House of Mangalsutra | ₹1,430 Cr | 6.48% | ₹61.1 Cr | 26 | 36.20% | 0.61 | 70 |
₹530 Cr | 12.24% | ₹38.8 Cr | 13.4 | 17.15% | 0.37 | 228 | |
₹3,548 Cr | 6.46% | ₹132.7 Cr | 28.7 | 28.59% | 0.92 | 67 | |
₹646 Cr | 6.24% | ₹25.1 Cr | 16.9 | 30.94% | 1.03 | 75 |
Shringar House of Mangalsutra Shareholding Pattern
| Promoters | 99.99% | |
| Name | Role | Stakeholding |
| Chetan N Thadeshwar | Promoter | 55.82% |
| Mamta C Thadeshwar | Promoter | 28.91% |
| Viraj C Thadeshwar | Promoter | 7.63% |
| Balraj C Thadeshwar | Promoter | 7.63% |
| Others | 0.01% |
About Shringar House of Mangalsutra
In FY25, it supplied products to 34 corporate clients, 1,089 retailers, and 81 wholesalers. The majority of its revenue (54.47%) came from retailers, with corporate clients contributing 33.99%. While it sells in 24 Indian states and 4 union territories, nearly half of its sales (49.50% in FY25) are concentrated in Maharashtra. It also reaches international customers in the UK, USA, and New Zealand. Its single factory in Mumbai, spanning 8,300 sq. ft., has an annual production capacity of 2,500 kg of Mangalsutras, supported by 22 designers and 166 artisans.
As a prominent player, the company held approximately 6% of India's organized Mangalsutra market in 2023. Looking ahead, it plans to expand its presence across India by partnering with local intermediaries in 42 new cities and aims to boost international sales. To strengthen its brand, it will continue marketing efforts, including participation in exhibitions and potential celebrity endorsements. The company is also focused on improving operational efficiency, reducing costs, and has introduced a premium Mangalsutra brand named "Ziya".
Frequently Asked Questions of Shringar House of Mangalsutra IPO
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Who are the promoters of Shringar House of Mangalsutra?
Shringar House of Mangalsutra's promoters are Chetan N Thadeshwar, Mamta C Thadeshwar, Viraj C Thadeshwar, and Balraj C Thadeshwar. They collectively hold 72,131,280 Equity Shares, representing 99.99% of the company's share capital.
Who are the competitors of Shringar House of Mangalsutra?
Shringar House of Mangalsutra competes with both organized and unorganized sectors in the jewellery market. Listed competitors include RBZ Jewellers Limited, Utssav CZ Gold Jewels Limited, and Sky Gold & Diamonds Limited. The unorganized sector poses a threat by offering lower prices.
How does Shringar House of Mangalsutra make money?
Shringar House of Mangalsutra primarily makes money by designing, manufacturing, and marketing various Mangalsutras to business-to-business (B2B) clients. In Fiscal 2025, it earned ₹14,298.15 million in revenue from operations, serving corporate clients (33.99%), retailers (54.47%), and wholesalers (11.50%). It also performs job-work for corporate clients.