Shringar House of Mangalsutra IPO

Shringar House of Mangalsutra Ltd

₹13,950 /90 sharesMinimum Investment

Shringar House of Mangalsutra IPO Details

Bidding DatesMin. InvestmentLot SizePrice Range
10 Sep ‘25 - 12 Sep ‘25₹13,95090₹155 - ₹165
Issue SizeIPO Doc
400.95Cr
RHP PDF

About Shringar House of Mangalsutra

Shringar House of Mangalsutra is a designer and manufacturer specialising in mangalsutras, a traditional necklace worn by married Indian women. The company designs and produces a variety of mangalsutras featuring different stones such as American diamonds, cubic zirconia, pearls, and semi-precious stones, set in 18k and 22k gold. It caters to business-to-business (B2B) clients, including wholesalers, retailers, and corporate clients across India and internationally, with a significant presence in countries like the United Arab Emirates (UAE), the UK, and the USA. The company operates from its manufacturing facility located in Lower Parel, Mumbai, where it carries out end-to-end operations, from conceptualisation and design to production. The facility spans 8,300 sq. ft. and is supported by a dedicated in-house team of designers and karigars (artisans).;
Founded in
2009
Managing director
Mr Chetan N Thadeshwar
Parent organisation
Shringar House of Mangalsutra Ltd

Strengths & Financials of Shringar House of Mangalsutra

Strengths
Risks
Shringar House of Mangalsutra claims to have fostered long-term relationships with key clients across India and internationally. With over 15 years of operational experience, the company serves a diverse range of clients, including corporate clients, wholesalers, and retailers, spanning 24 states and four Union Territories in India, as well as international clients in the UK, New Zealand, the UAE, the USA, and Fiji.
The company claims to offer an extensive portfolio of over 15 collections and more than 10,000 active stock-keeping units (SKUs), featuring a diverse range of mangalsutras in various styles, including antique, bridal, traditional, contemporary, and Indo-Western. Shringar House of Mangalsutra's in-house design team of 22 employees focuses on developing products that align with current trends and demographic preferences. Additionally, the company claims to stay ahead of market trends by offering customisation options and continuously innovating its product designs to meet the evolving tastes of Indian women across different age groups.
Shringar House of Mangalsutra claims to operate an integrated manufacturing facility spanning 8,300 sq. ft. and equipped with advanced technologies, including computer numerical control (CNC) milling machines, laser solder machines, and 3D printers, which enable precision manufacturing for complex designs. The facility has an annual manufacturing capacity of 2,500 kg and supports end-to-end operations, from designing to production. The combination of modern machinery and 166 in-house karigars ensures high-quality production, offering a balance of tradition and innovation in each Mangalsutra.
The company emphasises strict quality control measures at every stage of production, with each piece of jewellery undergoing thorough inspection for physical defects and being tested for purity using advanced gold testing machines. Shringar House of Mangalsutra claims to use X-ray fluorescence (XRF) machines and steel pin detectors to guarantee both the authenticity and durability of its products. Additionally, the company utilises a three-stage quality control process and partners with accredited third-party agencies for hallmarking, ensuring consistent product quality before delivery to clients.
The company has witnessed a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 950.22 crore in FY23 to Rs 1,101.52 crore in FY24 and Rs 1,429.81 crore in FY25. PAT increased from Rs 23.36 crore in FY23 to Rs 31.10 crore in FY24 and Rs 61.11 crore in FY25.
The company derives a significant portion of its revenue from the sale of mangalsutras to retailers. They accounted for Rs 778.85 crore (54.47 percent) of the company’s revenue in FY25, Rs 596.22 crore (54.13 percent) in FY24, and Rs 498.45 crore (52.46 percent) in FY23. The company does not have long-term contracts with its retailers, which exposes it to the risk of fluctuating demand and potential instability in this revenue stream.
The top five clients accounted for Rs 453.94 crore (31.76 percent) of the company’s revenue in FY25, Rs 338.89 crore (30.77 percent) in FY24, and Rs 305.33 crore (32.13 percent) in FY23. Furthermore, the top client alone accounted for Rs 218.77 crore (15.31 percent) of the company’s revenue in FY25, Rs 141.83 crore (12.88 percent) in FY24, and Rs 145.22 crore (15.28 percent) in FY23. Any failure to retain these key customers or a loss of business from them could adversely affect the company’s business and financial standing.
As of FY25, the company had trade receivables of Rs 87.77 crore, a sharp increase from Rs 60.47 crore in FY24 and Rs 46.99 crore in FY23. This increase is attributed to extended credit terms given to customers to stay competitive and the rise in gold prices. If receivables are not collected effectively or if provisions for doubtful receivables are inadequate, it could materially affect the company’s liquidity and results of operations.
The company’s manufacturing facility is concentrated in one location – Mumbai, Maharashtra. This heavy reliance on a single region exposes the company to risks associated with economic fluctuations, competitive pressures, or demographic changes in Maharashtra, any of which could significantly impact its results of operations and overall financial performance.
Maharashtra accounted for Rs 707.78 crore (49.50 percent) of the company’s total revenue in FY25, Rs 542.09 crore (49.21 percent) in FY24, and Rs 419.12 crore (44.11 percent) in FY23. Any disruption in this region could hurt the company’s business and financial condition.
The company’s entire revenue is dependent on the sale and supply of one product, the mangalsutra. This is 100 percent product concentration, which is a risky proposition. Any reduction in the sale of mangalsutras, or an inability to manufacture and sell this product, could adversely affect the company’s business, cash flows, and financial condition.
The company reported negative cash flow from operating activities amounting to Rs 7.09 crore in FY25 and Rs 14.12 crore in FY24. This was mainly due to an increase in working capital, particularly a rise in trade receivables and inventories. Additionally, negative cash flow from investing activities amounted to Rs 2.96 crore in FY25, Rs 1.68 crore in FY24, and Rs 2.89 crore in FY23. Furthermore, the company reported negative cash flow from financing activities amounting to Rs 9.08 crore in FY23. If such negative cash flows persist, it could materially impact the company’s ability to meet operational demands and implement growth plans.
The top supplier alone accounted for Rs 628.96 crore (45.11 percent) of the company’s total purchase in FY25, Rs 484.87 crore (45.36 percent) in FY24, and Rs 348.83 crore (39.76 percent) in FY23. Any disruption in supplies from this supplier could adversely affect the company’s business and finances.
Gold accounted for Rs 1,090.3 crore (99.54 percent) of the company’s total material consumed in FY25, Rs 973.82 crore (99.42 percent) in FY24, and Rs 859.95 crore (98.60 percent) in FY23. Any reduction or interruption in the supply of gold, or a sudden increase in its price, could adversely affect the company’s ability to manufacture its products on time and within budget, impacting its business, operations, and financial condition.
Shringar House of Mangalsutra's sales and revenue are subject to significant seasonal fluctuations, with demand for gold jewellery, especially bridal jewellery, peaking during cultural events, festivals, and wedding seasons. Seasonal variations also impact inventory management and cash flow, with the risk of excess stock during off-peak periods or missed sales opportunities during peak seasons. Any lower-than-expected sales in a quarter, or failure to manage cash flow effectively during slower months, could disproportionately affect the company’s financial performance and strain its resources.
The company, its promoters, and directors are involved in certain ongoing tax proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
As of June 30, 2025, the company had financial indebtedness of Rs 127.90 crore. Any failure to service or repay these loans can hurt the company’s operations and financial position.

Shringar House of Mangalsutra Financials

*All values are in Rs. Cr
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Application Details of Shringar House of Mangalsutra IPO

Apply asPrice bandApply upto
Regular155 - 165₹2 Lakh
High Networth Individual155 - 165₹2 - 5 Lakh
For Shringar House of Mangalsutra IPO, eligible investors can apply as Regular.