Shringar House of Mangalsutra IPO: Check IPO Date, Lot Size, Price & Details

Overview

Shringar House of Mangalsutra Limited (“SHOML”) is engaged in the design, manufacturing, and sale of jewellery with a primary focus on mangalsutras, a culturally significant ornament in India. Incorporated in 2009 and based in Mumbai, the company has gradually expanded its offerings beyond mangalsutras to include necklaces, bangles, earrings, and rings.

The company’s product range consists of over 15 collections and more than 10,000 active designs. These designs cover categories such as bridal, festive, traditional, contemporary, and Indo-western jewellery. In addition to standard mangalsutras, the company also manufactures product variants such as bracelet and ring mangalsutras. It has further introduced a premium brand, “Ziya,” aimed at customers in the higher-end segment. This diversified product portfolio allows SHOML to address multiple segments of the jewellery market.

As of June 30, 2025, SHOML employed a team of 22 designers and 166 in-house karigars (craftsmen), in addition to a wider network of third-party artisans. The company operates an 8,300 square foot manufacturing facility in Lower Parel, Mumbai, with an annual installed capacity of 2,500 kilograms of jewellery. The facility is equipped with modern machinery such as CNC machines, laser soldering, and 3D printing, supporting both traditional craftsmanship and mechanized production.

The company follows a primarily business-to-business (B2B) model, supplying jewellery to corporate clients, wholesalers, and retailers. Its distribution network extends to 24 states and 4 union territories in India, with exports to international markets including the UK, USA, UAE, New Zealand, and Fiji. SHOML’s customer base includes several large jewellery retailers and corporate clients such as Titan Company Limited, Malabar Gold, GRT Jewellers, Reliance Retail, and Joyalukkas.

The company derives most of its revenue from the domestic market, with exports forming a relatively small share. In Fiscal 2025, domestic sales accounted for 98.6% of operating revenue, while exports contributed 1.4%. In Fiscal 2024, domestic revenue represented 98.0%, and exports 1.9%. In Fiscal 2023, the domestic contribution was 95.7%, with exports at 4.2%. Other income streams were negligible during these periods. The figures indicate that SHOML is largely dependent on the Indian market, with exports providing only limited diversification.

IPO Details

Object of Issue:

• Funding the Working Capital requirements of our Company; and
• General Corporate purposes.

Key Strengths

• Established and Diversified Client Base
  With over 15 years of operations, the company has built strong and long-standing relationships with a wide range of clients, including corporate buyers, wholesalers, and retailers across 24 states and 4 union territories. It has also expanded internationally in recent years, supplying to clients in the UK, USA, UAE, New Zealand, and Fiji, thereby broadening its geographic reach. In FY25, the company served 34 corporate clients, 1,089 retailers, and 81 wholesalers, with retailers contributing the largest share of revenue (~54%). This diversified mix reduces reliance on any single client segment and highlights a balanced customer portfolio. The presence of repeat institutional buyers further underscores stability in demand and business continuity.
• Design Innovation and Diversified Product Portfolio
  The company offers a wide and diversified mangalsutra portfolio, covering antique, bridal, traditional, contemporary, and Indo-western styles across multiple price points. With over 15 collections and more than 10,000 active SKUs, supported by an in-house design team and a large pool of artisans, it can cater to evolving customer preferences and regional variations. Customisation options and innovative formats such as ring, bracelet, God edition, and divine mangalsutras add further variety, enabling the company to address diverse consumer segments in both retail and wholesale markets. The dedicated design team of over 20 professionals, along with 166 in-house karigars and external collaborators, helps the company introduce new designs aligned with changing lifestyles and demographic preferences.
• Integrated Manufacturing Facility
  The company operates an integrated manufacturing facility of ~8,300 sq. ft. with an installed capacity of 2,500 kg per annum as of March 31, 2025, producing mangalsutras in 18K and 22K gold. The facility supports end-to-end operations, from design to production, enabling consistent quality control under one roof. Advanced technologies such as CNC machines, laser soldering, and 3D printing are used to create complex designs with precision, while custom-designed dyes enhance durability. A team of 166 in-house artisans contributes to craftsmanship and detailing, allowing the company to combine efficiency with traditional expertise. This integrated setup supports scale, cost efficiency, and design exclusivity in its product offerings.

Key Risks

• Client Concentration Risk
  A significant portion of the company’s revenue is derived from a limited number of corporate clients, retailers, and wholesalers, without long-term contracts in place. In FY25, 34 corporate clients contributed ~34% of revenue, 1,089 retailers ~54%, and 81 wholesalers ~12%. Loss of any major client, cancellation of purchase orders, or disputes could materially impact revenue, cash flows, and financial condition. Additionally, if corporate clients source products from competitors offering better quality, designs, or pricing, the company could experience a decline in orders and revenues. While no substantial declines have been observed over the past three fiscal years, future client retention is not guaranteed.
• Manufacturing and Capacity Utilisation Risk
  The company’s operations depend on the effective utilization of its single manufacturing facility in Maharashtra, which has an installed capacity of 2,500 kg per annum. Actual capacity utilisation in FY23–FY25 ranged from ~67% to 70%. Under-utilisation of the facility or operational disruptions could adversely affect business performance. Risks include workforce productivity issues, labor disputes, regulatory compliance, equipment breakdowns, power or water interruptions, industrial accidents, or natural disasters. While no significant disruptions have occurred in the past three fiscal years, there is no assurance that such risks will not affect future operations or financial results.
• Regional and Operational Risk
  The company’s operations are concentrated in a single manufacturing facility in Mumbai, Maharashtra. Any slowdown, shutdown, or adverse developments in this region—such as economic downturns, demographic changes, natural disasters, political unrest, or infrastructure failures—could materially affect business operations, revenue, and profitability. Events disrupting the supply of raw materials, production, or transportation could further impact financial performance. While no such events have materially affected operations over the past three fiscal years, there is no assurance that future regional or operational risks will not arise.

Financial Summary

KPI comparison with the Industry

Conclusion

Shringar House of Mangalsutra is a specialized jewellery company with over 15 years of experience in designing, manufacturing, and selling mangalsutras. The company has shown consistent growth in revenue, EBITDA, and net profit, supported by an extensive and diverse product portfolio, in-house design capabilities, and an integrated manufacturing facility. Established relationships with corporate clients, retailers, and wholesalers, along with marketing initiatives, provide a stable customer base. While the company demonstrates strong profitability and healthy return ratios, its operations remain concentrated in a single facility and a limited number of key clients, making it exposed to regional and client-specific risks.