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₹165 - 165
Shringar House of Mangalsutra Ltd
Diamond, Gems and JewelleryIPO
₹165 - 165
We are amongst the leading and specialised designers and manufacturers of Mangalsutra in India. (Source: CareEdge Report). We are engaged in designing, manufacturing, and marketing, a varied range of Mangalsutra studded with diverse range of stones including but not limited to, American diamond, cubic zirconia, pearl, mother of pearl, and semi-precious stones, in 18k and 22k purity of gold, to our business-to-business ("B2B") clients. Mangalsutra is a traditional necklace, crafted from gold and black beads worn by married Indian women which symbolizes marital status and is esteemed as a sacred thread that is believed to bless and extend the life of the spouse. Our Company contributed to around 6% of organized Mangalsutra market in India in CY23.
Lot90Min Invest₹14,850Face Value₹10Issue Size₹401 CrFresh Issue₹401 CrListing Price₹188CMP₹283
Timeline
10 Sept
Bidding opens
12 Sept
Bidding closes
15 Sept
Allotment
16 Sept
Refund & demat credit
17 Sept
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹401 Cr2.43 Cr shares
Fresh Issue₹401 Cr
Face Value₹10
Lot Size90 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,8501-13 lots
sNII₹2,07,900from 14 lots
bNII₹10,09,800from 68 lots
Managers & Registrar
Lead ManagerChoice Capital Advisors Pvt Ltd
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group99.99%74.8%Public0.01%25.2%
Objects of the Issue
- Funding working capital requirements of the company
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 950 | 1,102 | 1,430 | 2,246 | 2,462 |
| Operating ProfitCr | 38 | 50 | 92 | 159 | 166 |
| OPM% | 4.0 | 4.5 | 6.5 | 7.1 | 6.8 |
| PBTCr | 31 | 42 | 82 | 152 | 161 |
| PATCr | 23 | 31 | 61 | 115 | 121 |
| EPS | 3 | 4 | 9 | 14 | 13 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 9 | 9 | 72 | 96 | - |
| ReservesCr | 97 | 128 | 129 | 581 | - |
| BorrowingsCr | 93 | 110 | 123 | 189 | - |
| Fixed AssetsCr | - | - | 50 | 65 | - |
| Total AssetsCr | 212 | 265 | 376 | 892 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 13 | -14 | -6 | -282 | - |
| Investing Cash FlowCr | -3 | -2 | -3 | -103 | - |
| Financing Cash FlowCr | -9 | 12 | 8 | 410 | - |
| Net Cash FlowCr | 1 | -4 | -1 | 25 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Established client base and long-standing relationship with our clients. We supply and/or our products to a diverse range of clients including Corporate Clients,
- Design innovation and diversified product portfolio.
- Integrated Manufacturing Facility setup under one roof equipped to produce variety of Mangalsutras.
- Quality control and quality assurance for manufacturing of Mangalsutras.
- Proven track record of growth in financial performance.
- Experienced Promoters and a professional management team.
Strategies · as stated in the DRHP
- Establish a supply chain network to reach untapped geographical regions.
- Grow our relationships with the existing clients and participate in their future expansions.
- Continue to invest in our marketing and brand building initiatives.
- Augment our fund based capacities in order to scale up business operations.
- Continuing focus on reducing operating costs and improving operational efficiency.
Risks · as stated in the DRHP
- We derive a significant portion of our revenue from operations from the sale of our Mangalsutras to our Corporate Clients (33.99%, 31.78% and 30.18% in Fiscal 2025, Fiscal 2024 and Fiscal 2023), retailers (54.47%, 54.13% and 52.46% in Fiscal 2025, Fiscal 2024, and Fiscal 2023) and wholesalers (11.50%, 14.04% and 17.31% in Fiscal 2025, Fiscal 2024, and Fiscal 2023) and we do not have long term contracts with any of these clients. Loss of any of these clients, or the cancellation of their purchase orders, could adversely affect our business, cash flows, financial condition, and overall results of operations.
- During Fiscal 2025, Fiscal 2024 and Fiscal 2023, the actual capacity utilisation was 69.00%, 70.00% and 66.80%, respectively of total installed capacity Under-utilisation of our manufacturing capacities and an inability to effectively utilise our expanded manufacturing capacities could have an adverse effect on our business, future prospects and future financial performance.
- Our Company requires significant amount of working capital for continued growth. We intend to utilise Rs.2,800.00 million from the total Net Proceeds towards funding our working capital requirements, and the proposed deployment of Net Proceeds in Fiscal 2026 is based on certain assumptions and management estimations. Our inability to meet our working capital requirements, on commercially acceptable terms, may have an adverse impact on our business, financial condition and results of operations.
- Our business operations are supported by a single Manufacturing Facility, located in Mumbai, Maharashtra. A slowdown or shutdown in our manufacturing operations or any adverse development affecting such region could have an adverse effect on our business, results of operations, financial condition and cash flows.
- Our business is primarily concentrated in state of Maharashtra, which accounted for 49.50%, 49.21% and 44.11% of our revenue from operations for Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively. Any adverse development affecting such region may have an adverse effect on our business, prospects, financial condition and results of operations.
- 100% of our revenue from operations is dependent on sale and supply of single product, Mangalsutra. Any reduction in the sale of Mangalsutras, or our inability to manufacture and sell Mangalsutras, may have an adverse effect on our business, results of operations, cash flows and financial condition.