All IPOs 
Shree Balaji (Mala) Textiles
SME · BSE listed
+90.00%
Listing gain
Price Band
₹66 – ₹70
Issue Size
₹18.9 Cr
1 lot at upper band
₹1,40,000
Lot Size
2,000
Open
22 Jul 2026
Close
24 Jul 2026
Allotment
—
Listing
29 Jul 2026
Scheduled dates
- Open22 Jul 2026
- Close24 Jul 2026
- Refund28 Jul 2026
- Demat credit28 Jul 2026
- Listing29 Jul 2026
Listing Performance
Listing Price
₹133
Listing Gain
+90.00%
Day Close
—
Current (LTP)
— (—)
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹0 11 sessions
Subscription (times)
Latest per-category subscription · as of 24 Jul, 06:20 pm IST.
QIB 114.00x
NII 185.00x
BHNI 254.20x
SHNI 168.98x
RII 228.00x
Total 158.82x
About Shree Balaji (Mala) Textiles
Shree Balaji (Mala) Textiles Limited is a contract manufacturer and wholesaler of cotton sarees in India's B2B cotton sarees wholesale segment. The company operates through a network of approximately 105 brokers, 13 dealers, 69 wholesalers and 3000 retailers spread across Central, East, North, Northeast, South and West parts of India. The company manufactures approximately 95% of its products through job workers located in textile hubs like Jetpur, Mumbai, Kolkata, Rajkot and Surat, while also operating its own manufacturing facility in Jetpur, Gujarat. In Fiscal 2026, the company generated 90.75% revenue from cotton sarees sales with total revenue of ₹21,197.18 lakhs.
www.malasaree.com ↗Strengths
- Diversified supplier and customer baseThe company has developed long-standing relationships with manufacturers in hubs like Surat, Mumbai, Kolkata, Jetpur and Rajkot over three decades. Top 10 suppliers represented 47.83% of total purchases in Fiscal 2026, providing benefits in pricing, exclusivity in designs, and payment terms.
- Wide Geographic presenceThe company operates through a network of approximately 105 brokers, 13 dealers, 69 wholesalers and 3000 retailers as of March 31, 2026 spread across Central, East, North, Northeast, South and West parts of India with a dedicated sales team of 19 members.
- Vast and versatile product portfolio for womenThe company offers diverse saree products bifurcated by occasion, fabric, weave, pattern with 90.75% revenue from cotton sarees in Fiscal 2026. The company creates around 600+ varieties of sarees depending on trends, demand and occasions with average price of ₹270.
- Ability to buy in bulk quantitiesThe company possesses capacity to procure products in large quantities due to wide customer base and operational cash flows. The Mala saree showroom spans 3774 sq. ft with 4 warehouses enabling consistent inventory availability and cost optimization.
- Experienced Promoters and management teamPromoter Binod Kumar Kedia has over three decades of industry experience spanning manufacturing to marketing. The management team includes industry specialists with expertise in sales, marketing, technical support, R&D, supply chain, production, banking and finance.
- Long Standing Relationship with job workersThe company manufactures through 200+ job workers located in Jetpur, Mumbai, Kolkata, Rajkot and Surat. Job work expenditure was ₹6,071.50 lakhs in Fiscal 2026 representing 28.64% of revenue from operations, with 95% of products manufactured through job workers.
Risk Factors
- High Concentration on Single Product CategoryThe company is highly concentrated on cotton sarees, with almost all revenue generated from this single product category. This concentration makes the business vulnerable to variations in demand and changes in consumer preferences for women's ethnic wear.
- Heavy Reliance on Third-Party ManufacturingThe company outsources approximately 95% of its production to job workers without exclusive arrangements or long-term contracts. This dependence exposes the company to risks including supply disruptions, quality control issues, and potential conflicts of interest with competitors.
- Significant Working Capital RequirementsThe company has substantial working capital needs of ₹8,221.91 lakhs (Fiscal 2026), with outstanding working capital facilities of ₹5,867.32 lakhs. Insufficient cash flows to fund working capital requirements could adversely affect operations and profitability.
- Geographic Revenue Concentration in Eastern IndiaThe company generates approximately 90.97% of total revenue from Eastern India, creating heightened exposure to regional economic developments, competition, and demographic changes that could adversely impact business prospects.
- Negative Operating Cash FlowsThe company experienced negative cash flows from operating activities of ₹1,326.52 lakhs in Fiscal 2026. Sustained negative cash flows could adversely affect liquidity, debt servicing capacity, and ability to execute growth strategies.
- Dependence on Key Suppliers Without Long-Term ContractsThe company's top 10 suppliers contribute 47.83% of purchases (Fiscal 2026) without formal written agreements or long-term supply commitments. This exposes the company to supply disruptions and raw material price volatility.
- Limited E-Commerce PresenceE-commerce sales contribute only 4.33% of total revenue (Fiscal 2026), limiting the company's ability to capitalize on growing online consumer trends. Heavy dependence on traditional distribution channels creates vulnerability to intermediary-related risks.
- Extensive Corporate Compliance DelaysThe company has a history of delayed filings with the Registrar of Companies across multiple forms and years, potentially attracting penalties and regulatory scrutiny that could impact corporate actions and reputation.
Objects of the Issue
- Funding the working capital requirements of the companyThe company intends to utilize the net proceeds to fund incremental working capital requirements as the business is predominantly working capital intensive and requires additional capital for growth. The funds will support inventory management, trade receivables, and operational cash flow requirements.16.50 crores
- General corporate purposesThe company plans to utilize a portion of the net proceeds for general corporate purposes to support overall business operations and strategic initiatives. The amount for general corporate purposes shall not exceed 15% of the gross amount raised or Rs 1,000 lakhs, whichever is less.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 212.40 | +9.8% | 5.85 | +18.2% | 148.64 | 27.50 | -13.27 |
| 31/03/2025 | 193.44 | -1.3% | 4.95 | +101.2% | 138.88 | 21.65 | 8.80 |
| 31/03/2024 | 195.89 | — | 2.46 | — | 127.51 | 16.70 | 4.00 |
Units: crores
Issue Details
- Face Value
- ₹10
- P/E
- 8.62
- Shares / Lot
- 2,000
- Minimum Bid
- 4,000 shares
- Refund
- 28 Jul 2026
- Credit to Demat
- 28 Jul 2026
- ISIN
- INE1N3Y01016
- CIN
- U17299WB2005PLC105711
- Registrar
- Kfin Technologies Ltd.
- Lead Managers
- GYR Capital Advisors Pvt.Ltd.
- Registered Office
- 65, Sir Hariram Goenka Street, Ground Floor, Block-A, Bangur Arcade, Kolkata, West Bengal, India, 700007
Management
Binod Kumar KediaMD
Anita KediaCEO
Rishika KediaCFO
Hemlata KediaDirector
Gautam DugarDirector
Manoj BaidDirector
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.