Shringar House of Mangalsutra
Book Building issueMainboardBSE₹401 Cr issue
+13.76%
Listing gain over issue price
Issue size
₹401 Cr
1 lot at cut-off
₹14,850
Lot size
90shares
Open
10 Sep 2025
Close
12 Sep 2025
Allotment
15 Sep 2025
Listing
17 Sep 2025
Listing performance
Issue price
₹165
Listed at
₹187.70
Listing-day close
₹184.88
Latest price
₹297.99
Close on 22 Oct 2026
Listing gain
+13.76%
Return since issue
+80.60%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 10 Sep 2025 – 12 Sep 2025
- Listing date
- 17 Sep 2025
- Face value
- ₹1 per share
- Issue price
- ₹165 per share
- Lot size
- 90 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹401 Cr
- Market cap at offer price
- ₹1,591 Cr
- Promoter holding
- 99.99% → 74.80% pre-issue → post-issue
- ISIN
- INE1B3L01017
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Choice Capital Advisors Pvt.Ltd.
- Registered office
- Unit No.B-1, Lower Ground Floor, Jewel World (Cotton Exch Bldg), 175, Kalbadevi Rd, Bhuleshwar, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 72,84,000 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 90 shares per lot, in multiples, at ₹165
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 90 | ₹14,850 |
| Retail (max) | 13 | 1,170 | ₹1,93,050 |
| S-HNI (min) | 14 | 1,260 | ₹2,07,900 |
| S-HNI (max) | 67 | 6,030 | ₹9,94,950 |
| B-HNI (min) | 68 | 6,120 | ₹10,09,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
72,84,000
Anchor portion
₹120 Cr
at ₹165 per share
Valuation and performance
Valuation at offer price
₹165 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.47 | 6.34 |
| P/E (×) | 19.48 | 26.03 |
| Price to book (×) | 5.93 | — |
| Market cap | — | ₹1,591 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 36.20%
- ROCE
- 32.43%
- Debt / equity
- 0.61
- PAT margin
- 4.27%
- EBITDA margin
- 6.48%
- NAV per share
- ₹27.84
- Price to book
- 5.93
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shringar House of Mangalsutra
Shringar House of Mangalsutra Limited, incorporated in 2009 and converted to public limited company in December 2024, designs, manufactures and markets a varied range of Mangalsutras studded with diverse stones including American diamonds, cubic zirconia, pearls, and semi-precious stones in 18k and 22k purity gold. The company operates through a single manufacturing facility in Mumbai and distributes its products to corporate clients (major jewellery brands with retail chains), retailers, and wholesalers across India. Mangalsutra is a traditional necklace worn by married Indian women symbolizing marital status and believed to bless and extend the spouse's life. The company contributed approximately 6% of the organized Mangalsutra market in India in CY23.
Company Analysis
from RHPShringar House of Mangalsutra Limited is a leading designer and manufacturer of Mangalsutras (traditional gold necklaces) for the Indian wedding jewellery market, operating in the organized gems and jewellery sector.
Shringar House of Mangalsutra Limited, incorporated in 2009 and converted to public limited company in December 2024, designs, manufactures and markets a varied range of Mangalsutras studded with diverse stones including American diamonds, cubic zirconia, pearls, and semi-precious stones in 18k and 22k purity gold. The company operates through a single manufacturing facility in Mumbai and distributes its products to corporate clients (major jewellery brands with retail chains), retailers, and wholesalers across India. Mangalsutra is a traditional necklace worn by married Indian women symbolizing marital status and believed to bless and extend the spouse's life. The company contributed approximately 6% of the organized Mangalsutra market in India in CY23.
Gems and JewelleryJewellery ManufacturingGold JewelleryBridal Jewellery
Objects of the Issue
- Funding working capital requirements of our Company ₹2,800.00 million p.29
- General corporate purposes p.29
- Funding working capital requirements p.81
- General corporate purposes p.81
- Funding Working Capital requirements of our Company ₹2,800.00 million p.113
- General corporate purposes [●] p.118
- Funding for working capital and business expansion p.186
- — p.355
Issue Structure
- Total Issue
- Up to 24,300,000 Equity Shares of face value ₹10 each aggregating up to ₹[●] million
- Fresh Issue
- Up to 24,300,000 Equity Shares of face value ₹10 each aggregating up to ₹[●] million
- Offer for Sale
- Not applicable
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through design and manufacturing of Mangalsutras for sale to corporate clients (33.99% of FY2025 revenue), retailers (54.47%), and wholesalers (11.50%). It manufactures products both for resale and on a job-work basis for leading jewellery brands. The primary raw material is gold procured from bullion houses, supplemented by precious and semi-precious stones. The company operates a single manufacturing facility with installed capacity of 2,500 kg per annum.
Business Segments
Leading jewellery brands having their own chain of jewellery stores spread across the country and overseas; products supplied on manufacturing and job-work basis
Individual and chains of retail jewellery stores
Wholesale distribution of Mangalsutras
Manufactures gold Mangalsutras (traditional Indian wedding necklaces) using a combination of modern manufacturing machinery (induction melting furnaces, CNC engraving machines, laser cutting machines, 3D printing technology, XRF machines) and traditional handcraft techniques performed by a network of Karigars. Products are hallmarked by Bureau of Indian Standards (BIS) and sold primarily through B2B distribution channels to jewellery retailers.
Design, manufacture, and marketing of varied range of Mangalsutras studded with American diamonds and semi-precious stones in 18k and 22k purity of gold to corporate clients (leading jewellery brands), wholesale jewellers, and retailers across the country.
Manufacture and supply Mangalsutras on a job-work basis to corporate customers, i.e. leading jewellery brands and certain wholesalers.
Traditional Mangalsutra designs carry deep cultural and religious meaning. They play a crucial role in Indian weddings, symbolizing the spiritual bond and marital commitment between a husband and wife. These designs often incorporate motifs and patterns from ancient rituals and ceremonies. Family heirloom Mangalsutras are commonly passed down through generations, embodying the family's blessings and traditions.
Contemporary Mangalsutra designs cater to changing preferences with sleek lines, minimalist patterns, and innovative motifs. These designs often blend traditional elements with modern styles, creating a fusion that appeals to those who want to embrace modernity while still honouring cultural heritage. Modern designs are often more versatile and lightweight, making them suitable for both formal occasions and everyday wear.
The demand for customized Mangalsutras is driven by the desire for individuality and personal expression. Customizing a Mangalsutra allows individuals to incorporate special elements like birthstones, initials, or bespoke designs. Customized Mangalsutras often carry deep emotional significance, transforming from mere jewellery into cherished keepsakes.
The company manufactures and sells mangalsutras to B2B jewelry retailers. The company also provides labor charges for manufacturing services and hallmarking charges.
Design, manufacturing and marketing of Mangalsutras in varied designs studded with diverse stones including American diamond, cubic zirconia, pearl, mother of pearl, and semi-precious stones in 18k and 22k purity of gold to business-to-business clients
SWOT Analysis
Strengths
- • Specialised designer and manufacturer of Mangalsutra with significant market share(p.29)
- • Diverse product portfolio with varied designs and stone options(p.29)
- • Strong revenue growth trajectory across three fiscal years(p.31)
- • Established long-term relationships with key clients (10+ years)(p.39)
- • Established brand in Mangalsutra segment with specialized focus(p.59)
- • Mix of modern manufacturing techniques and traditional jewellery craftsmanship(p.58)
- • Revenue growth trajectory over three fiscal years(p.73)
- • Specialized designer and manufacturer with significant market share in organized Mangalsutra segment(p.113)
- • Extensive and diversified product portfolio with 15+ collections and 10,000+ active SKUs(p.114)
- • Established client base and long-standing relationships with diverse corporate and retail customers(p.123)
- • Significant manufacturing capacity expansion and strong revenue growth trajectory(p.114)
- • Integrated manufacturing facility under one roof with quality control capabilities(p.123)
- • High Return on Net Worth and strong financial performance metrics(p.126)
- • Leading specialized Mangalsutra manufacturer with ~6% organized market share(p.176)
- • Established long-term client relationships with marquee corporate brands(p.179)
- • Diversified product portfolio with 10,000+ active SKUs across 15+ collections(p.178)
- • Integrated manufacturing facility with modern technology and skilled artisans(p.182)
- • Strong financial performance with 29.8% YoY revenue growth and improving margins(p.182)
- • Experienced promoters with 40+ years jewellery industry expertise and family legacy(p.183)
- • Three-stage quality control ensuring high purity and durability(p.182)
- • Established mangalsutra manufacturer with recognized market position(p.251)
- • Long-tenured, stable senior management team with deep industry experience(p.232)
- • Strong revenue growth trajectory(p.248)
- • Improved profitability and margins(p.248)
- • Solid equity base post-bonus issuance(p.247)
- • Leading specialised designer and manufacturer of Mangalsutra in India(p.304)
- • Significant organized market share at ~6% of organized Mangalsutra market in CY23(p.304)
- • End-to-end integrated operations from design to manufacturing and supply(p.304)
- • Diversified customer base across 24 states, 4 union territories, and international markets (UK, New Zealand, UAE, Fiji, USA)(p.304)
- • Strong profitability growth with PAT CAGR of 61.75% from FY2023 to FY2025(p.322)
- • Improved operating efficiency with EBITDA margin expanding from 4.09% in FY2023 to 6.48% in FY2025(p.305)
- • Strong Return on Net Worth of 36.20% in FY2025, demonstrating effective equity utilization(p.305)
Weaknesses
- • High dependence on a limited number of key corporate clients (top 1 client = 15.31% of revenue)(p.38)
- • Sub-optimal capacity utilization (69% in FY2025)(p.40)
- • Significant working capital requirement and negative operating cash flows(p.26)
- • Rapidly increasing trade receivables (₹877.74 million as of FY2025)(p.26)
- • Dependence on Karigars (100+ engaged) with no long-term contractual security(p.49)
- • Single manufacturing facility with no geographic redundancy(p.26)
- • CARO (auditor) observations on inventory and receivables discrepancies in bank filings(p.44)
- • High inventory holding and increasing inventory days(p.52)
- • Designs not registered under Design Act, making them vulnerable to copying(p.53)
- • Rising employee attrition rate(p.55)
- • Significant reliance on Promoters for business functioning(p.69)
- • Promoters hold majority stake with potential conflicts of interest(p.71)
- • High financial leverage with substantial secured debt obligations(p.61)
- • Delays in statutory compliance including GST, EPF and other contributions(p.64)
- • Heavy dependence on a few large corporate clients for significant revenue(p.114)
- • High working capital requirements with significant inventory holding levels(p.114)
- • Increased trade receivables reflecting extended credit terms to maintain competitiveness(p.116)
- • Recent inadvertent regulatory filing and non-compliance issues(p.105)
- • Significant debt-to-equity ratio indicating leverage in capital structure(p.126)
- • High customer concentration with top client representing 15.31% of revenue(p.180)
- • Working capital intensive business requiring substantial ongoing investment(p.186)
- • Export revenue declining significantly from 4.24% to 1.37% of total revenue(p.184)
- • Dependence on subcontracted karigars with 77 contractual agreements for manufacturing(p.182)
- • Heavy reliance on promoter-provided unsecured loans for working capital(p.271)
- • Significant dependence on gold loan financing with short repayment cycles(p.271)
- • High inventory concentration creating working capital pressure(p.247)
- • Weak cash generation from operations despite profitability(p.250)
- • Recently appointed key management personnel with limited tenure(p.232)
- • Significant dependence on a limited number of corporate clients for revenue(p.305)
- • Single product concentration (Mangalsutra) exposes company to demand and revenue loss risk(p.305)
- • Top 1 customer accounts for 15.31% of FY2025 revenue; top 5 customers represent 31.76% of revenue(p.332)
- • High working capital requirements due to immediate gold payment requirements and extended customer credit periods (15-25 days)(p.305)
- • Debt-to-Equity ratio of 0.61 indicates leverage in capital structure, though improving(p.305)
Opportunities
- • Strong industry growth trajectory with CAGR of 5.8% expected through CY32(p.29)
- • Customisation and personalization trend in Mangalsutra market(p.29)
- • Regional diversity driving varied design preferences and market expansion(p.29)
- • Growth drivers from surge in weddings and bridal jewellery demand(p.29)
- • Expansion of organized sector and geographic penetration beyond Maharashtra(p.42)
- • Expansion into untapped domestic markets through pan-India distribution network(p.66)
- • International market expansion as part of growth strategy(p.67)
- • Cultural significance of Mangalsutra purchases linked to weddings and festivals(p.54)
- • High growth trajectory in Indian Mangalsutra market with projected 5.8% CAGR through 2032(p.166)
- • Rising weddings in India expected to grow from 124.3 lakh in CY24 to 180.8 lakh by 2032(p.143)
- • Expansion of organized retail jewellers across Tier 2 and 3 cities driving wholesale demand(p.114)
- • Pan-India expansion through third-party intermediaries and new supply chain model(p.114)
- • Growing preference for branded and organized jewelry with certification and transparency(p.146)
- • Market shift towards lightweight designs and customization reflecting changing consumer preferences(p.166)
- • Growing modern Mangalsutra market segment with 6.6% CAGR expected to reach ₹105 billion by CY32(p.171)
- • Customization and personalization trend driving new market growth(p.175)
- • Organized retail expansion creating additional demand for branded Mangalsutras(p.185)
- • Social media and influencer impact driving design visibility and brand awareness(p.173)
- • Total Mangalsutra market expected to grow at 5.8% CAGR to ₹303 billion by CY32(p.175)
- • Pan-India geographic expansion through new supply chain model with third-party facilitators(p.185)
- • International export opportunities, particularly post-UAE CEPA agreement for duty-free entry(p.175)
- • Capacity to expand retail distribution and customer base(p.251)
- • Potential to increase market penetration in organized jewelry retail sector(p.281)
- • Opportunity to leverage IPO capital for growth and debt reduction(p.251)
- • Capacity to enhance export revenues(p.281)
- • Expansion through participation in B2B exhibitions and trade shows; increased from 5 shows in FY2023 to 12 shows in FY2025(p.322)
- • Development of new sales channels including e-catalogue for retail clients and video call facility for corporate clients(p.322)
- • Potential to grow production capacity; production increased from 1,235.74 kg in FY2023 to 1,724.91 kg in FY2025(p.322)
- • Rising gold prices creating opportunities for higher realization of making charges embedded in sales(p.322)
- • Opportunity to increase in-house manufacturing to reduce reliance on traded goods purchases(p.323)
- • International expansion already underway in UK, New Zealand, UAE, Fiji, and USA(p.304)
Threats
- • Gold price volatility and commodity market exposure(p.26)
- • Dependence on limited number of bullion suppliers with no long-term contracts(p.26)
- • High concentration of raw material sourcing (Top 1 supplier = 45.11% of purchases)(p.50)
- • Intense competition from organized and unorganized sectors(p.29)
- • Geographic concentration risk with 49.50% revenue from Maharashtra(p.42)
- • Single product dependency (100% revenue from Mangalsutra)(p.26)
- • Seasonal fluctuations in demand affecting cash flows and inventory management(p.50)
- • Vulnerability to regulatory changes and compliance risks in jewellery sector(p.51)
- • High volatility in gold prices affecting procurement costs and sales volumes(p.54)
- • Intense competition from both organized and unorganized sectors(p.57)
- • Economic downturn reducing discretionary spending on jewellery(p.54)
- • Labour-intensive operations vulnerable to strikes and wage pressures(p.53)
- • Dependence on third-party logistics providers for supply chain(p.57)
- • Regulatory changes and compliance requirements in jewellery sector(p.55)
- • Intense competition from both organized and unorganized sectors in jewellery market(p.156)
- • Volatility and fluctuation in gold prices affecting demand and profitability(p.150)
- • Global economic slowdown impacting jewelry exports and consumer spending(p.150)
- • Regulatory changes and import duty fluctuations affecting raw material costs(p.149)
- • Shortage of skilled labor in jewelry manufacturing industry(p.149)
- • Monsoon and agricultural dependency affecting jewelry demand in rural areas(p.147)
- • Evolving traditions reducing cultural significance of traditional Mangalsutras among younger generations(p.173)
- • Rising counterfeit products eroding consumer trust and brand reputation(p.173)
- • E-commerce fraud and delivery issues creating customer dissatisfaction(p.173)
- • Scarcity of precious metals and gemstones due to environmental concerns affecting costs(p.173)
- • Gold price volatility affecting purchasing decisions and production costs(p.173)
- • Weak gems and jewellery industry performance in first half of CY24 indicating cyclical risks(p.174)
- • Significant exposure to gold price volatility and commodity cost fluctuations(p.259)
- • Dependence on availability and cost of gold financing through banks(p.271)
- • Working capital constraints from inventory-heavy business model(p.250)
- • Market competition in organized jewelry manufacturing segment(p.251)
- • Revenue concentration risk: top 10 customers account for 39.92% of FY2025 revenue(p.332)
- • Seasonal business fluctuations affecting sales and revenue(p.332)
- • Gold price volatility impacts both cost structure and revenue realization(p.322)
- • Working capital management challenges due to inventory buildup (Days Working Capital increased from 54 in FY2023 to 70 in FY2025)(p.305)
- • Inventory turnover ratio declining from 8.35 in FY2023 to 7.07 in FY2025, indicating slower inventory conversion(p.293)
- • Increased competition expected in the Mangalsutra industry(p.332)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Chetan N Thadeshwar | Promoter | 55.82% | — |
| Mamta C Thadeshwar | Promoter | 28.91% | — |
| Viraj C Thadeshwar | Promoter | 7.63% | — |
| Balraj C Thadeshwar | Promoter | 7.63% | — |
| Chetan N Thadeshwar | Promoter | 55.82% | — |
| Mamta C Thadeshwar | Promoter | 28.91% | — |
| Viraj C Thadeshwar | Promoter | 7.63% | — |
| Balraj C Thadeshwar | Promoter | — | — |
| Chetan N Thadeshwar | Promoter | 55.82% | — |
| Mamta C Thadeshwar | Promoter | 28.91% | — |
| Viraj C Thadeshwar | Promoter | 7.63% | — |
| Balraj C Thadeshwar | Promoter | 7.63% | — |
| Nillu Manakchand Rathod | Promoter Group | Negligible | — |
| Nikita Rakesh Sharma | Promoter Group | Negligible | — |
| Chetan N Thadeshwar | Promoter | 55.82% | — |
| Mamta C Thadeshwar | Promoter | 28.91% | — |
| Viraj C Thadeshwar | Promoter | 7.63% | — |
| Balraj C Thadeshwar | Promoter | 7.63% | — |
| Chetan N Thadeshwar | Promoter | 55.07% | — |
| Mamta C Thadeshwar | Promoter | 29.40% | — |
| Viraj C Thadeshwar | Promoter | 7.76% | — |
| Balraj C Thadeshwar | Promoter | 7.76% | — |
| Chetan N Thadeshwar | Promoter | — | — |
| Mamta C Thadeshwar | Promoter | — | — |
| Viraj C Thadeshwar | Promoter | — | — |
| Balraj C Thadeshwar | Promoter | — | — |
Leadership
Chetan N Thadeshwar · Chairman & Managing Director
Ritesh Ashokkumar Doshi · Chief Financial Officer
Rachit S Sinha · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Shringar House of Mangalsutra IPO FAQs
What is the lot size of Shringar House of Mangalsutra IPO?
The minimum lot size of Shringar House of Mangalsutra IPO is 90 shares. One lot costs ₹14,850 at the cut-off price.
When does Shringar House of Mangalsutra IPO open and close?
Shringar House of Mangalsutra IPO opened for subscription on 10 Sep 2025 and closed on 12 Sep 2025.
What is the listing date of Shringar House of Mangalsutra IPO?
Shringar House of Mangalsutra IPO listed on 17 Sep 2025.