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IPO listed on 17 Sep'25

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Shringar House of Mangalsutra Ltd

Minimum Investment

14,850 / 90 shares

Issue price

165

Listing price

189

Listing day %

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12%

Listing on

Sep 17, 2025

Our Verdict:

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  • Shringar House of Mangalsutra Ltd (Shringar) has shown strong growth in revenue and earnings over the last three years, backed by solid return metrics surpassing those of its listed peers.
  • The company is aiming to create a pan-India supply chain model through third-party facilitators, targeting untapped jewellery markets. It has identified 42 cities and partnered with 11 third-party facilitators to achieve this.
  • In terms of valuations, the IPO is attractively priced at a P/E multiple of 19x based on FY25 earnings, which is below the industry average, offering value to investors.
  • Given the company’s solid growth trajectory, attractive valuations, expanding customer base and strategic expansion plans, investors may consider subscribing to the IPO.

About the company

Founded in

2 Jan'09

Managing director

Chetan Thadeshwar

  • Shringar specializes in designing, manufacturing, and marketing mangalsutras, offering a diverse range of stones such as American Diamond, cubic zirconia, pearl and semi-precious stones, in 18k and 22k gold purity. It supplies mangalsutras to B2B clients, including wholesalers and retailers. Additionally, it manufactures mangalsutras on a job work basis for leading organized retail chains.
  • Shringar holds a ~6% share of the organized mangalsutra market in India. As of March 31, 2025, it boasts an installed manufacturing capacity of 2,500 kg per annum, enabling it to produce a wide variety of mangalsutras under one roof.
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STRENGTHS

  • Creative Expertise: Shringar boasts an in-house team of 22 designers and 166 karigars who produce products aligned with the latest trends and customer preferences. It offers a vast portfolio of over 15 collections and 10,000+ active SKUs, catering to special occasions such as weddings, festivals, anniversaries, as well as daily wear.
  • Strong Financial Growth: Shringar has demonstrated robust financial performance, with a compound annual growth rate (CAGR) of 23% in operating revenue, 54% in EBITDA and 62% in net profit from FY23 to FY25.
  • Superior Return Metrics: Shringar excels in return ratios, with a Return on Net Worth of 36.20% and a Return on Capital Employed of 32.43%, outperforming its listed peers.
  • Improved Profitability Margins: Shringar has shown consistent margin improvements, with EBITDA margin rising from 4.09% in FY23 to 6.48% in FY25 and net profit margin improving from 2.46% to 4.27%.
  • Growing Corporate Client Base: Shringar is expanding its corporate client business, with the share of revenues from corporate clients increasing from 30.2% in FY23 to 34% in FY25. It has secured partnerships with major corporate clients like Tanishq, Reliance Retail, Indriya (Aditya Birla Group), Malabar Gold and Joyalukkas, with plans to deepen these relationships and increase wallet share.
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RISK FACTORS

  • Single-Product, Single-Site Dependency: Shringar's business is solely focused on the manufacture and sale of mangalsutras. Any decline in demand for mangalsutras could significantly impact its revenue. Additionally, the company operates out of a single facility in Mumbai, Maharashtra. Any unforeseen disruptions or adverse events at this location could negatively affect operations.
  • Client Concentration: A significant portion of Shringar's revenue is concentrated among a few key clients. In FY25, 15.31% of operating revenue came from the top 1 customer and 31.76% came from the top 5 customers. Any disruptions in relationships with these clients could materially impact financial performance.
  • Rising Trade Receivables: Trade receivables have increased substantially from Rs 47 crore in FY23 to Rs 88 crore in FY25. Inability to collect receivables efficiently or defaults in payments could adversely affect cash flow, business operations and overall financial stability.
  • Cash Flow Concerns: Shringar reported negative operating cash flows in both FY25 and FY24. Persistent negative cash generation could strain liquidity, increase dependency on external funding, and pose risks to the continuity of the business.

Financials

All Values are in Cr.

Issue details

Issue type

Mainstream

Issue size

400.95 crore

Fresh Issue

400.95 crore

OFS

-

Price range

₹ 155 - 165

Lot size

90 shares

Issue Objective

The net proceeds from the fresh issue will be used for the following purposes:

  • Funding the working capital requirements of the company; and
  • General corporate purposes.

Dates

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Bidding open

10 Sep'25

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Bidding close

12 Sep'25

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Allotment date

15 Sep'25

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Refund date

16 Sep'25

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Listing

17 Sep'25

IPO Reservations

Qualified institutional buyers

<50%

Non-institutional investors

>15%

Retail individual investors

>35%

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