For investors, it can be quite challenging to decide if the Shringar House IPO is a good investment or not. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. In this article, we bring you the top important key factors and a detailed review of the Shringar House of Mangalsutra IPO. This will help you analyze the strengths, risks, and financial details of the Shringar House of Mangalsutra, making your investment decision better.
About Company
Incorporated in January 2009, Shringar House of Mangalsutra Limited is one of the growing companies involved in the manufacturing and designing of Mangalsutra in India. The company incorporates a wide range of stones, like American diamonds, cubic Zirconia, pearls, and semi-precious stones. The company is involved in making a diverse range of mangalsutras in 18k and 22k gold for its B2B clients. Its manufacturing facility covers 8,300 sq. ft., and as of March 31, 2025, the company’s installed capacity of 2,500 kg per year, which allows it to manufacture a wide range of Mangalsutras.
As of December 31, 2024, Shringar House of Mangalsutra consists of a 12-member design team and 182 in-house karigars. Malabar Gold Limited, Titan Company Limited, GRT Jewellers, Reliance Retail, Joyalukkas India, and Damas Jewellery (UAE) are some major clients of the company. The company supplies its products across the United Kingdom, New Zealand, the UAE, the USA, and the Republic of Fiji, catering to corporate clients, wholesale jewellers, and retail outlets. In FY24, it served 33 corporate clients, 96 wholesalers, and 832 retailers.
Strengths
- Over the years, the company has built a strong client base and long-term relationships with them.
- The company consists of a strong, dedicated in-house design team of 22 full-time employees and 166 In-house Karigars as of June 30, 2025.
- Shringar House of Mangalsutra is known to offer a wide range of Mangalsutras, including antique, bridal, traditional, contemporary, and Indowestern styles.
- They are involved in the manufacturing of high-quality and high-purity pieces of Mangalsutras.
Weaknesses
- In FY25, FY24, and FY23, the company generated most of its revenue from selling Mangalsutras to corporate clients, retailers, and wholesalers. However, the company does not hold long-term contracts with these clients, meaning losing them or facing cancellation can badly affect the business, cash flow, and overall performance.
- Its manufacturing facility is situated in Mumbai, Maharashtra. Any slowdown, shutdown, or negative event that happens in this location can negatively affect the company’s overall financial condition.
- Most of the revenue comes from selling Mangalsutras. In case a drop happens in sales or issues occur in producing Mangalsutras, it can badly affect the business, overall financial performance, and cash flow.
- The company mainly relies on its Karigars to make Mangalsutras, and losing them could harm its business, operations, and finances.
Shringar House of Mangalsutra IPO Review
| Reviewer | Recommendation |
| Adroit Financial Services Private Limited | Apply |
| Anand Rathi | Apply |
| BP Equities (BP Wealth) | Apply |
| Canara Bank Securities Ltd | Apply |
| Capital Market | Neutral |
| GEPL Capital Ltd | Apply |
| Master Capital Services Limited | Apply |
| Miscellaneous | Apply |
| SBICAP Securities Limited | Apply |
| SMIFS Limited | Apply |
Shringar House of Mangalsutra IPO Details
| IPO Open Date: | September 10, 2025 |
| IPO Close Date: | September 12, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹155 to ₹165 Per Share |
| Issue Size: | Approx ₹400.95 Crores |
| Fresh Issue: | Approx ₹400.95 Crores |
| Registrar | MUFG Intime India Pvt. Ltd. |
| IPO Lead Managers | Choice Capital Advisors Pvt.Ltd. |
| Basis of Allotment | September 15, 2025 |
| IPO Listing Date: | September 17, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
| Revenue from Operations | ₹1,430.12 Crores | ₹1,102.71 Crores | ₹951.29 Crores |
| EBITDA | 926.12 | 507.56 | 388.86 |
| EBITDA Margin (%) | 6.48% | 4.61% | 4.09% |
| Net Profit after Tax | 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 |
| Days Working Capital | 70 | 63 | 54 |
Peer Comparison with the Company
| Name of the Company | Revenue from Operations | Face Value per Equity Share (₹) | P/E | EPS (Basic) (₹) | RoNW (%) | NAV per Equity Share (₹) | EPS (Diluted) (₹) |
| Shringar House of Mangalsutra Ltd | ₹1,430.12 Crores | ₹10 | [●] | ₹8.57 | 36.20% | ₹27.84 | ₹8.57 |
| Utssav CZ Gold Jewels Ltd | ₹646.32 Crores | ₹10 | 16.85 | ₹11.63 | 30.94% | ₹53.23 | ₹11.63 |
| RBZ Jewellers Ltd | ₹530.15 Crores | ₹10 | 13.37 | ₹9.70 | 17.15% | ₹61.26 | ₹9.70 |
| Sky Gold & Diamonds Ltd | ₹3,548.02 Crores | ₹10 | 28.73 | ₹9.52 | 28.59% | ₹46.61 | ₹9.44 |
Key Indicators
| KPI | Values |
| ROCE | 32.43% |
| Debt/Equity | 0.61 |
| RoNW | 36.20% |
| PAT Margin | 4.27% |
| EBITDA Margin | 6.48% |
| Price to Book Value | 5.93 |
Promoters & Track Records, if any
- Chetan N Thadeshwar holds 40,265,600 equity shares, representing 55.82% of the company’s pre-issue paid-up equity share capital. He is the Chairman and Managing Director of the company and has over 40 years of experience in the jewellery industry. He is a strategic leader focusing on finding growth opportunities and managing relationships.
- Mamta C Thadeshwar holds 20,852,000 equity shares representing 28.91% of the company’s pre-Issue paid-up equity share capital. Mamta C Thadeshwar has been the Non-Executive Director of the Company since the company’s establishment, and she looks after strategic direction, board activities, committee work, leadership, and mentorship.
- Viraj C Thadeshwar holds 5,506,040 equity shares representing 7.63% of the shares in the company, and is the Executive Director & Chief Executive Officer in the company, who has over 15 years of experience in shaping the company’s business strategy to support growth and profitability.
- Balraj C Thadeshwar holds 5,506,040 equity shares representing 7.63% of the shares in the company, and has been the Whole-time Director & Chief Operating Officer of the company since June 01, 2019. He holds a bachelor’s degree in management studies from the University of Mumbai.
Information on Industry’s P/E Ratio
The company Shringar House of Mangalsutra did not show the P/E ratio in the RHP. However, let’s check out the industry’s P/E ratio to understand it more. The Price-To-Earnings Ratio within the Gem & Jewellery signifies significant changes, with the lowest P/E recorded at 13.37 and the highest at 28.73. On average, the industry maintains a P/E ratio of 21.0, which showcases the typical level at which companies in this sector are currently trading.
Expansion
- The company is planning to expand its presence in the international markets.
- The proceeds raised from the fresh issue will be used to meet the company’s working capital requirements.
- Some funds will be utilized for the company’s general corporate purposes.
Shringar House of Mangalsutra IPO – Should You Apply or Not?
Shringar House of Mangalsutra IPO offers a strong brand presence in Mangalsutra with a wide range of product portfolio, consistent revenue growth, and attractive GMP, making this IPO an appealing choice to invest in. However, dependence on a single product category, a competitive market in the Gems & Jewellery sector, and a limited variety are some of the key points the investors must keep in mind before investing their money in it. As of now, the GMP of the Shringar House of Mangalsutra is ₹25, and the cut-off price of the IPO is ₹165, which means the IPO is to be listed around ₹190 (₹165 + ₹20). The IPO is showcasing a potential gain of around 10 to 15%.
Now the question that comes to mind is whether or not you should apply or not for the IPO, then, as for investors who are only investing for listing gains, can apply for this IPO as per market sentiment and demand.
Those with a higher tolerance for risk can apply for this IPO, and cautious investors must carefully analyze the company’s financial background, risks, strengths, and strategies before applying to it.
Please Note:
This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
