Shringar House of Mangalsutra IPO: A Golden Opportunity in the Jewellery Segment?
The Indian jewellery market is witnessing strong growth, and now, Shringar House of Mangalsutra IPO is set to make its debut. Opening for subscription on September 10, 2025, the ₹400.95 crore book-built issue has already caught the attention of investors for its niche business model and impressive growth story. The company, known for its exclusive focus on designing and manufacturing Mangalsutras, serves both domestic and international markets, including corporate clients like Titan, Malabar Gold, Reliance Retail, and Joyalukkas.
With a robust financial performance—96% jump in PAT in FY25—and a strong presence in India and overseas, the Shringar House of Mangalsutra IPO is being closely tracked by retail and institutional investors alike. But is it worth subscribing? Let’s break it down in detail.
Shringar House of Mangalsutra IPO Details
IPO Snapshot
| Particulars | Details |
|---|---|
| IPO Size | ₹400.95 Cr (Fresh Issue of 2.43 Cr shares) |
| Face Value | ₹10 per share |
| Price Band | ₹155 – ₹165 per share |
| Lot Size | 90 Shares |
| Minimum Investment (Retail) | ₹14,850 |
| Listing at | NSE, BSE |
| Issue Type | Book Built Issue |
| Employee Discount | ₹15 per share |
| Lead Manager | Choice Capital Advisors Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Pre-Issue Shareholding | 7,21,32,080 shares |
| Post-Issue Shareholding | 9,64,32,080 shares |
Important Dates (Tentative)
| Event | Date |
|---|---|
| IPO Open Date | September 10, 2025 |
| IPO Close Date | September 12, 2025 |
| Allotment Date | September 15, 2025 |
| Refund Initiation | September 16, 2025 |
| Shares Credit to Demat | September 16, 2025 |
| Listing Date | September 17, 2025 |
| Cut-off time for UPI Mandate Confirmation | 5 PM, September 12, 2025 |
Objects of the Issue
The net proceeds from the IPO will be utilized for:
- Funding working capital requirements of the company (₹280 Cr).
- General corporate purposes.
About Shringar House of Mangalsutra
Founded in 2009 as Shringar House of Mangalsutra Private Limited, the company was established to carry forward the Thadeshwar family’s jewellery legacy. Its promoter, Chetan N. Thadeshwar, is a second-generation entrepreneur with more than 40 years of experience in the jewellery industry. Later, the third generation, Viraj C. Thadeshwar and Balraj C. Thadeshwar, joined the business, transforming it into a corporate and organized entity. Over the years, Shringar House of Mangalsutra has grown into one of the leading and specialized mangalsutra manufacturers in India, backed by a professional management team and industry expertise.
Business Overview
Shringar House of Mangalsutra is engaged in designing, manufacturing, and marketing mangalsutras in 18k and 22k gold, often studded with American diamonds, cubic zirconia, pearls, mother of pearl, and semi-precious stones.
The company holds a strong position in the niche jewellery market, contributing to nearly 6% of the organized Mangalsutra segment in India (CY23), as per the CareEdge Report.
Product Portfolio
The company offers 15+ collections and more than 10,000 active SKUs, catering to women across all age groups. Its designs range from antique, bridal, and traditional styles to contemporary and Indo-western options, suitable for both daily wear and special occasions. By blending ancient Indian art with modern aesthetics, the company ensures its designs remain both timeless and trendy.
Manufacturing Capability
Shringar House of Mangalsutra operates an 8,300 sq. ft. integrated facility at Lower Parel, Mumbai, handling the entire process from conceptualization and design to final manufacturing. The facility is powered by a team of 22 in-house designers and 166 skilled karigars, along with a strong network of third-party artisans. This setup allows the company to maintain scale while delivering authentic craftsmanship.
Customer Network & Revenue Mix
The company serves a diverse clientele including corporate clients, wholesalers, and retailers, spread across 24 states and 4 union territories in India. It also exports to international markets like the UK, New Zealand, UAE, USA, and Fiji.
Some marquee clients include:
- Malabar Gold Limited
- Titan Company Limited
- Reliance Retail Limited
- Joyalukkas India Limited
- Aditya Birla Group’s Novel Jewels
- P N Gadgil Jewellers Limited
- Damas Jewellery LLC (UAE)
- Goldbox Enterprises Limited (UK)
As of March 31, 2025, Shringar House of Mangalsutra served 34 corporate clients, 1,089 wholesalers, and 81 retailers.
The company’s revenue is largely driven by the domestic market, with exports playing a supporting role.
Revenue Breakdown (₹ in millions):
*Others include hallmarking charges received
The company also handles job-work for corporate clients, processing bullion into mangalsutras. For FY25, FY24, and FY23, it processed 1,320.72 kg, 1,221.19 kg, and 870.26 kg of bullion, generating revenues of ₹264.83 mn, ₹193.24 mn, and ₹156.47 mn, respectively.
Shringar House of Mangalsutra IPO – Financial Performance
Shringar House of Mangalsutra has showcased robust financial growth over the last three years. Between FY24 and FY25, the company’s revenue surged by 30%, while profit after tax (PAT) nearly doubled with a 96% rise. This strong growth trajectory highlights the company’s ability to scale operations, improve margins, and strengthen its financial base.
Financial Summary (₹ in Crore)
| Particulars | FY25 | FY24 | FY23 |
|---|---|---|---|
| Assets | 375.75 | 265.00 | 211.55 |
| Total Income | 1,430.12 | 1,102.71 | 951.29 |
| EBITDA | 92.61 | 50.76 | 38.89 |
| Profit After Tax (PAT) | 61.11 | 31.11 | 23.36 |
| Net Worth | 200.85 | 136.85 | 105.72 |
| Reserves & Surplus | 123.72 | 125.72 | 94.62 |
| Total Borrowings | 123.11 | 110.09 | 93.19 |
👉 PAT almost doubled in FY25 compared to FY24, while borrowings grew moderately, keeping leverage under control.
Key Performance Indicators (KPIs)
| Particulars | FY25 | FY24 | FY23 |
|---|---|---|---|
| Revenue from Operations (₹ mn) | 14,298.15 | 11,015.23 | 9,502.17 |
| EBITDA (₹ mn) | 926.12 | 507.56 | 388.86 |
| EBITDA Margin (%) | 6.48% | 4.61% | 4.09% |
| Net Profit (₹ mn) | 611.14 | 311.05 | 233.58 |
| Net Profit Margin (%) | 4.27% | 2.82% | 2.46% |
| Return on Net Worth (%) | 36.20% | 25.65% | 24.84% |
| Return on Capital Employed (%) | 32.43% | 21.52% | 19.46% |
| Debt-Equity Ratio | 0.61 | 0.80 | 0.88 |
| Working Capital Days | 70 | 63 | 54 |
Analysis of KPIs
- Revenue Growth: Strong double-digit growth of 29.8% in FY25 after 15.9% in FY24, driven by domestic demand and expanding client base.
- Profitability: EBITDA margins improved to 6.48% in FY25 from 4.61% in FY24, showing better operational efficiency.
- Net Profit Margin: Rose to 4.27% in FY25, indicating stronger cost management and higher value realization.
- Return Ratios: RoNW at 36.2% and RoCE at 32.4% in FY25 signal efficient capital deployment.
- Leverage: Debt-Equity ratio declined from 0.88 in FY23 to 0.61 in FY25, highlighting financial stability.
- Working Capital Cycle: Increased to 70 days in FY25 (from 63 in FY24), reflecting higher scale of operations but also more funds tied up in receivables/inventory.
Overall, the company’s financials indicate strong scalability, improving profitability, and efficient use of capital — all positives ahead of its IPO.
Shringar House of Mangalsutra IPO – Valuation and Peer Comparison
Valuation plays a crucial role in determining the attractiveness of an IPO. Based on the Restated Financial Statements and the RHP data, the valuation multiples of Shringar House of Mangalsutra Limited are as follows:
Valuation Metrics
| Metric | Value |
|---|---|
| Price to Book Value | 5.93 |
| EPS (Pre-Issue) | ₹8.47 |
| EPS (Post-Issue) | ₹6.34 |
| P/E (Pre-Issue) | 19.47x |
| P/E (Post-Issue) | 26.04x |
👉 At the upper price band of ₹165 per share, the company demands a P/E multiple of 26.04x post-issue, which is relatively higher than some peers but justified considering its higher RoNW of 36.2% and consistent growth in revenue and profit.
Peer Comparison (As on March 31, 2025)
| Company Name | EPS (Basic) | EPS (Diluted) | NAV per Share (₹) | P/E (x) | RoNW (%) |
|---|---|---|---|---|---|
| Shringar House of Mangalsutra | 8.57 | 8.57 | 27.84 | 26.04* | 36.20 |
| Utssav CZ Gold Jewels | 11.63 | 11.63 | 53.23 | 16.85 | 30.94 |
| RBZ Jewellers | 9.70 | 9.70 | 61.26 | 13.37 | 17.15 |
| Sky Gold & Diamonds | 9.52 | 9.44 | 46.61 | 28.73 | 28.59 |
*Post-issue P/E considered for Shringar House of Mangalsutra IPO.
Valuation Insights
- Premium Valuation: With a P/E of 26.04x, Shringar House of Mangalsutra IPO is priced at a premium compared to RBZ Jewellers (13.37x) and Utssav CZ Gold Jewels (16.85x), but slightly below Sky Gold & Diamonds (28.73x).
- Superior Returns: The company’s RoNW of 36.2% is the highest among peers, reflecting efficient capital utilization and profitability.
- Moderate Book Value: With a Price-to-Book (P/B) ratio of 5.93x, it is higher than sector averages, indicating investors are paying a premium for growth potential and brand strength.
- Growth Story: The company’s focused niche in Mangalsutras, expanding international presence, and strong corporate client base make it stand apart from diversified jewellery peers.
In conclusion, while the Shringar House of Mangalsutra IPO appears relatively expensive on a P/E basis, its leadership in the organized Mangalsutra market, superior return ratios, and growth potential could justify the valuation premium.
Shringar House of Mangalsutra IPO GMP (Grey Market Premium)
The Grey Market Premium (GMP) is often tracked by investors to gauge market sentiment and potential listing gains ahead of an IPO. The GMP reflects the unofficial market price of shares before listing and provides an early hint of investor demand.
Shringar House of Mangalsutra IPO GMP Trend
| IPO Price | GMP | Sub2 Sauda Rate | Estimated Listing Price | Estimated Profit* |
|---|---|---|---|---|
| ₹165.00 | ₹25 | 1700/23800 | ₹190 (15.15%) | ₹2250 |
💡 Analysis:
- As of September 4, 2025, the Shringar House of Mangalsutra IPO is commanding a GMP of ₹25, indicating an expected listing premium of about 15.15% over the upper price band of ₹165.
- The steady upward movement in GMP suggests healthy investor interest and optimism regarding the company’s niche market positioning and strong financial performance.
- However, it is important to note that GMP is unofficial, highly volatile, and speculative, and should not be the sole factor for investment decisions.
Overall, the GMP trend indicates a positive listing expectation for the Shringar House of Mangalsutra IPO, with a potential profit of around ₹2,250 per lot for retail investors.
Strengths & Risks of Shringar House of Mangalsutra IPO
Every IPO comes with its unique set of opportunities and challenges. Below is a structured look at the key strengths and potential risks associated with the Shringar House of Mangalsutra IPO:
| Strengths | Risks |
|---|---|
| Strong Market Position – Amongst the leading and specialized designers & manufacturers of Mangalsutras in India (6% organized market share in CY23). | Single Product Dependence – Business is heavily dependent on Mangalsutra demand; lack of diversification could impact growth. |
| Wide Client Network – Trusted by corporate giants like Titan, Malabar Gold, Reliance Retail, Joyalukkas, and international clients. | Gold Price Volatility – Fluctuations in bullion prices may impact margins and profitability. |
| Robust Financial Growth – Revenue CAGR of ~29.8% (FY23–FY25) with consistent profitability and improving margins. | High Working Capital Requirement – Large portion of IPO proceeds earmarked for working capital signals high cash cycle needs. |
| Design Innovation & Strong Portfolio – 15+ collections and 10,000+ SKUs catering to varied customer preferences. | Export Revenue Volatility – Exports form a small but significant part of revenues and are subject to global market risks. |
| Experienced Promoters & Management – Backed by second and third-generation entrepreneurs with 40+ years of industry experience. | Competition Risk – Competes with other organized and unorganized jewellery players in India and abroad. |
| Expanding International Presence – Operations extended to UK, UAE, USA, Fiji, and New Zealand. | Regulatory & Compliance Risks – Jewellery industry is highly regulated (purity standards, hallmarking, etc.). |
💡 Analysis:
The Shringar House of Mangalsutra IPO offers strong growth visibility with its niche dominance and trusted client base. However, its dependence on Mangalsutras as a single product line and exposure to bullion prices are key risks to monitor.
Conclusion – View on Shringar House of Mangalsutra IPO
The Shringar House of Mangalsutra IPO presents a compelling opportunity for investors who are keen on India’s growing branded jewellery space. With a niche leadership in Mangalsutras, a strong client base, consistent financial growth, and improving margins, the company showcases solid fundamentals. However, investors should weigh in on risks such as single-product dependency, bullion price fluctuations, and stiff competition.
Short-Term Strategy
Given the current GMP trend showing a premium of ~₹25, the IPO is likely to list at a healthy gain of around 15%. Short-term investors looking for quick listing gains may consider subscribing, as the momentum in jewellery stocks and brand positioning support positive sentiment.
Long-Term Strategy
For long-term investors, Shringar House of Mangalsutra Ltd. offers steady growth potential due to its brand recall, expanding product portfolio, and international presence. If the company successfully diversifies beyond Mangalsutras and maintains profitability, it can generate attractive long-term returns.
Allotment Strategy
- Aggressive Investors: May apply in full for both short-term listing benefits and long-term growth.
- Conservative Investors: Could apply modestly, focusing mainly on listing gains and reassessing after listing performance.
- Risk-Averse Investors: Should track post-listing performance before entering, as sector volatility and gold price risks remain.
“Shringar House of Mangalsutra IPO is not just about gold—it’s about grabbing a golden niche with glittering growth potential.”
FAQs on Shringar House of Mangalsutra IPO
1) What are the IPO dates?
Opens September 10, 2025 and closes September 12, 2025. Allotment September 15, listing (tentative) September 17. UPI mandate cut-off 5 PM, September 12.
2) What is the issue size and structure?
₹400.95 crore, entirely fresh issue of 2.43 crore shares (no OFS).
3) What is the price band and face value?
Price band ₹155–₹165 per share; face value ₹10. Employee discount ₹15.
4) What is the lot size and minimum/maximum investment for retail?
Lot size 90 shares. Minimum investment ₹14,850 (at ₹165). Retail max 13 lots (1,170 shares) = ₹1,93,050.
5) How is the issue reserved across categories?
QIB: ≤50%, Retail: ≥35%, NII: ≥15% of the net issue.
6) Who are the promoters and current holding?
Promoters: Chetan N Thadeshwar, Mamta C Thadeshwar, Viraj C Thadeshwar, Balraj C Thadeshwar. Pre-issue holding: 99.99%.
7) Who are the BRLM and registrar?
Book Running Lead Manager: Choice Capital Advisors Pvt. Ltd. Registrar: MUFG Intime India Pvt. Ltd.
8) Where will the shares list?
On BSE and NSE.
9) What are the objects of the issue?
₹280 crore for working capital; balance for general corporate purposes.
10) What are the key metrics and current GMP?
FY25: RoNW 36.20%, RoCE 32.43%, EBITDA margin 6.48%, Debt/Equity 0.61; market cap ~₹1,591.13 crore (at issue). GMP (04-09-2025): ₹25 → estimated listing price ~₹190 (~15.15% above upper band), estimated profit ~₹2,250 per lot. (GMP is unofficial & volatile).
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