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SHRINGARMS IPO

Shringar House of Mangalsutra Limited

IPO Doc

Start Date10-09-2025

Application Timing10am-5pm

Price Range₹155 - ₹165

Min Qty90

Min. Investment₹13950

Listing Date17-09-2025

Close Date12-09-2025

About Shringar House of Mangalsutra Limited

Incorporated in January 2009, Shringar House of Mangalsutra Ltd. is a leading manufacturer and designer of Mangalsutras in India. The company specializes in creating a wide range of Mangalsutras featuring American diamonds, cubic zirconia, pearls, and semi-precious stones crafted in 18k and 22k gold.

Shringar House of Mangalsutra serves corporate clients, wholesale jewellers, and retailers across India, covering 24 states and 4 union territories. It has also expanded its global presence in the UK, New Zealand, UAE, USA, and Fiji between FY 2023 and FY 2025.

The company’s major corporate clients include Malabar Gold Limited, Titan Company Limited, GRT Jewellers, Reliance Retail, Joyalukkas India, and Damas Jewellery (UAE). As of March 31, 2025, Shringar House of Mangalsutra has worked with 34 corporate clients, 1,089 wholesalers, and 81 retailers.

Financially, the company has shown consistent growth. Its revenue grew from Rs. 951.29 crore in FY23 to Rs. 1,430.12 crore in FY25, while PAT almost doubled from Rs. 31.11 crore in FY24 to Rs. 61.11 crore in FY25.

Why To Invest in Shringar House of Mangalsutra Limited

Strong Growth Track Record – Revenue increased by 30% and PAT grew by 96% between FY24 and FY25.

Well-Established Client Base – Partnerships with reputed brands such as Titan, Reliance Retail, and Joyalukkas ensure stable demand.

Expanding Global Presence – Operations extended to five international markets, creating long-term growth opportunities.

Healthy Financial Ratios – ROCE of 32.43%, RoNW of 36.20%, and Debt/Equity ratio of 0.61 highlight financial efficiency.

IPO Valuation & Market Potential – At the upper price band of Rs. 165, the post-issue P/E ratio stands at 26.04x, reflecting reasonable pricing compared to industry peers.

Financial Table

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	375.75	265.00	211.55
Total Income	1,430.12	1,102.71	951.29
Profit After Tax	61.11	61.11	23.36
EBITDA	92.61	50.76	38.89
Net Worth	200.85	136.85	105.72
Reserves and Surplus	123.72	125.72	94.62
Total Borrowing	123.11	110.09	93.19

Strengths And Risks

Established Client Relationships: The company has strong, long-standing partnerships with reputed brands such as Titan, Malabar Gold, and Reliance Retail, which provide a steady and reliable business base.

Diversified Product Portfolio: With innovative designs and a wide range of Mangalsutras made using American diamonds, pearls, and semi-precious stones, the company caters to diverse customer preferences.

Integrated Manufacturing Facility: Shringar House of Mangalsutra operates an in-house production system with strict quality assurance and control, ensuring consistency and trust in its products.

Consistently Improving Financials: The company has shown steady growth with strong profitability, maintaining a high ROCE of 32.43% and RoNW of 36.20%. This highlights its ability to generate efficient returns.

Experienced Leadership Team: The promoters and professional management bring years of expertise in jewellery manufacturing and business expansion, helping the company scale effectively.

Dependence on Gold Price Fluctuations: The company’s raw material costs are heavily influenced by gold price volatility, which may affect profitability during unfavorable market conditions.

Intense Industry Competition: Operating in the jewellery sector exposes the business to high competition from both organized and unorganized players, which could impact market share.

Valuation Concerns: The post-issue P/E ratio of 26.04x may appear expensive compared to certain industry peers, posing valuation risks for investors.

Revenue Concentration Risk: A significant portion of revenue is dependent on a limited number of key clients, making the company vulnerable to client-specific demand changes.

Market Demand Uncertainty: Any slowdown in consumer demand, both domestically and internationally, could directly impact the company’s future revenue growth.

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Company

Astha Credit & Securities Pvt Ltd NSE, BSE & MCX SEBI Reg No:

INZ000187932

Membership ID:

NSE - 12227 BSE-6844 MCX - 40000 NSDL-IN303420 CDSL-94500

CIN:

U65929MP2003PTC016241

SEBI Depository Participant Reg No:

IN-DP-611-2021

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INH000013332

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ARN-35911

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We do proprietary trading

Client Bank Account Details:

Sr. No	Name of Bank Account	Bank Account Number	IFSC Code
1	ASTHA CREDIT AND SECURITIES P LTD - USCNBA A/c	00620340000150	HDFC0000062

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SHRINGARMS IPO

About Shringar House of Mangalsutra Limited

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