Shringar House of Mangalsutra IPO

Shringar House of Mangalsutra Limited, incorporated in January 2009, is engaged in the design, manufacturing, and marketing of Mangalsutras in India. The company specializes in a wide variety of Mangalsutras featuring American diamonds, cubic zirconia, pearls, and semi-precious stones crafted in 18k and 22k gold. It caters primarily to business-to-business clients including corporate customers, wholesale jewellers, and retailers across India, with operations spanning 24 states and 4 union territories. In recent years, the company has expanded its presence internationally to markets such as the UK, New Zealand, UAE, USA, and Fiji between Fiscals 2023 to 2025.

As of March 31, 2025, Shringar House of Mangalsutra Limited has served 34 corporate clients, 1,089 wholesalers, and 81 retailers. Notable clients include Malabar Gold Limited, Titan Company Limited, GRT Jewellers, Reliance Retail, Joyalukkas India, and Damas Jewellery in the UAE. The company also undertakes job-work manufacturing for corporate clients, processing significant quantities of bullion into Mangalsutras. It processed 1,320.72 kgs in Fiscal 2025, 1,221.19 kgs in 2024, and 870.26 kgs in 2023, generating revenues of ₹264.83 million, ₹193.24 million, and ₹156.47 million, respectively. As of June 30, 2025, the company employed 237 individuals.

Shringar House of Mangalsutra IPO Strengths

• The company exclusively specializes in mangalsutras, a culturally significant and emotionally valued jewelry segment, which gives it a strong focused market presence.
• With over 15 years of operational experience and a family business legacy spanning decades, Shringar has a solid foundation in the jewelry industry.
• Offering more than 15 collections and over 10,000 active SKUs featuring a variety of styles including antique, traditional, contemporary, and bridal, catering to diverse customer tastes.
• Implements multi-stage quality control including physical defect inspections, purity testing with X-ray fluorescence, and third-party hallmarking for product authenticity and durability.
• Serves a wide range of B2B clients including corporate clients, wholesalers, and retailers across 24 Indian states, 4 union territories, and international markets such as the UK, USA, UAE, New Zealand, and Fiji.
• Demonstrated rising revenues, improved profit margins, reduced leverage, and operational efficiency over recent years.

Shringar House of Mangalsutra IPO Risks

• The company’s exclusive focus on mangalsutras means its revenue is highly dependent on this one product line, exposing it to risks if demand for mangalsutras declines.
• A limited number of large clients contribute a significant share of revenue, which makes the business vulnerable if any key client order is lost or reduced.
• Risks arise from the inability to effectively protect unique mangalsutra designs, which could lead to imitation by third parties, impacting sales.
• Fluctuations in gold prices directly affect input costs and profit margins, since gold is the primary raw material.
• The business relies heavily on active involvement of promoters in daily operations, risking continuity issues if promoters reduce involvement.
• Changing hallmarking norms, import-export regulations, and other statutory requirements could increase operational costs or disrupt business.
• Current manufacturing facilities operate at about 70% capacity; scaling up production will require additional investment and time.