Shringar House of Mangalsutra IPO: Analysis, Allotment And GMP

Shringar House of Mangalsutra IPO - Company Analysis

Shringar House of Mangalsutra IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 400.95 Cr (~2.43 crore Shares) by Shringar House of Mangalsutra Ltd., which was incorporated in 2009.

Using 18k and 22k gold, the company creates, produces, and sells a wide range of Mangalsutras for its business-to-business (B2B) customers that include American diamonds, cubic zirconia, pearls, and semi-precious stones.

The business offers its goods to shops, wholesale jewelers, and corporate customers around the country.

With operations in 24 states and 4 union territories, the company serves a wide range of customers, including corporations, wholesale jewelers, and retailers throughout India.  Additionally, the business grew abroad in the fiscal years 2023-2025.

Malabar Gold Limited, Titan Company Limited, GRT Jewellers, Reliance Retail, Joyalukkas India, and Damas Jewellery (UAE) are a few of the company's local and foreign corporate clients.

Products

                      

Shringar House of Mangalsutra IPO Details

The Shringar House IPO open date is from Sep 10 to Sep 12, with IPO allotment on Sep 15, refund initiation on Sep 16, 2025.

The Rs. 400.95 Cr mainline IPO comprises a wholly fresh issue of 2.43 crore shares.                                                                                                                                                                                                                                                                     

The Shringar House of Mangalsutra IPO listing date might be on Wednesday, 17 September 2025, and it will be listed at the BSE and NSE. The Shringar House of Mangalsutra IPO price band is Rs. 155 to Rs. 165 for each Share. 

Events	Date
IPO Opening Date	Sep 10, 2025
IPO Closing Date	Sep 12, 2025
IPO Allotment Date	Sep 15, 2025
Refund Initiation	Sep 16, 2025
Tentative IPO Listing Date	Sep 17, 2025

 

Industry Outlook

The Indian Domestic Jewellery is anticipated to expand at a CAGR of 8.8%, reaching Rs 11,044 billion in CY32.

If you want to apply for the IPO, click to open a Demat Account.

 

Company Financial 

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	375.75	265	211.55
Total Revenue	1,430.12	1,102.71	951.29
PAT	61.11	31.11	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

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	(70.93)	(141.24)	130.73
Net Cash Flow Investing Activities	(29.59)	(16.83)	(28.91)
Net Cash Flow Financing Activities	89.71	120.81	(90.82)

 

Revenue Bifurcation 

Revenue from Operations Breakdown

Client-wise Revenue Breakdown

 

Export Revenue Breakdown

(Amount in millions)

(Source RHP)

 

The Objective of The Issue

• Financing the company's working cash needs. ~ Rs. 280 Cr.
  
  

• General corporate purposes.

Click to check the IPO application status.

Listed Peers of Shringar House of Mangalsutra Ltd.

Company Name	Face Value (Rs. per Share)	EPS (Rs.)	P/E (x)
Utssav CZ Gold Jewels Ltd.	10	11.63	16.85
RBZ Jewellers Ltd.	10	9.7	13.37
Sky Gold & Diamonds Ltd.	10	9.52	28.73

 

Valuation

Metric	Value
ROCE	32.43%
Debt/Equity	0.61
PAT Margin	4.27%
EBITDA	6.48%
Price to Book Value	5.93
RoNW	36.20%

 

 

Evaluation of P/E Ratio

Considering the period of FY 2025, with an EPS of Rs. 8.57 from the last year, the resulting P/E ratio is 19.25x. When compared with the industry’s average P/E of 21.05x, it indicates an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors.

Explore the Karbonsteel Engineering IPO.

IPO's Strengths 

• A well-established clientele and enduring connections with the clients.

• Innovative design and a varied range of products.

• A facility for integrated manufacturing.

• Mangalsutras' quality control and assurance.

• Enhancing financial performance over time. 

 

IPO’s Weaknesses 

• Exorbitant operating expenses.

• Restricted accessibility in rural regions.

• Reliance on Gold Prices

• Adherence to Regulations.

• The unorganized sector's competition.

 

Shringar House of Mangalsutra IPO GMP

Shringar House of Mangalsutra IPO GMP today has not started yet as of 03 Sep 2025, while writing this information.

Shringar House of Mangalsutra Limited IPO Summary

IPO Opening & Closing Date	Sep 10, 2025 to Sep 12, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 155 to Rs. 165
Lot Size	90 Shares
Issue Size	2,43,00,000 Shares (Rs. 400.95 Cr)
Offer for Sale	-
Fresh Issue	2,43,00,000 Shares (Rs. 400.95 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	MUFG Intime India Pvt. Ltd.

 

 

Shringar House of Mangalsutra IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (90 Shares) amounting to Rs. 14850 and 13 Lots (1170 Shares) amounting to Rs. 193050, respectively, while for S-HNI investors, the minimum Lot is 14 (1260 Shares) amounting to Rs. 207900.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	67 Lots
BHNI (Minimum)	68 Lots

Shringar House of Mangalsutra IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

 

Shringar House of Mangalsutra IPO Allotment Status

To check the Shringar House of Mangalsutra IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

 

Promoters And Management of Shringar House of Mangalsutra Ltd.

• Chetan N Thadeshwar

• Mamta C Thadeshwar

• Viraj C Thadeshwar

• Balraj C Thadeshwar.

Pre-Issue Promoter Shareholding	99.99%
Post-Issue Promoter Shareholding	-

 

Shringar House of Mangalsutra IPO Lead Managers

• Choice Capital Advisors Pvt. Ltd. 

 

Dividend Policy

The company has paid a dividend of Rs. 10.38 Mn and 7.71 Mn for FY24, FY23, respectively.

Conclusion

The Shringar House of Mangalsutra IPO gives investors an opportunity to take part in the expanding jewelry business in India, which has a reputable clientele and robust financial growth. Well-known brands like Titan and Malabar Gold sustain the company, which has long-term potential. One must, however, consider the dangers posed by high operating expenses and the price volatility of gold. 

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.