Shringar House of Mangalsutra Limited is amongst the leading and specialised designers and manufacturers of Mangalsutra in India. They are engaged in designing, manufacturing, and marketing, a varied range of Mangalsutra studded with diverse range of stones including but not limited to, American diamond, cubic zirconia, pearl, mother of pearl, and semi-precious stones, in 18k and 22k purity of gold, to the business-to-business ('B2B') clients. The Company contributed to around 6% of organized Mangalsutra market in India in CY23. Company sells the products to a diverse range of clients including Corporate Clients, wholesale jewellers, and retailers across the country, more particularly in twenty-four (24) states and four (4) union territories. In addition to serving the domestic clients, they have also expanded the reach to international clients in United Kingdom, New Zealand, UAE, USA and Republic of Fiji, during the Fiscals 2025, 2024 and 2023. Some of the marquee domestic and international Corporate Clients include Malabar Gold Limited, Titan Company Limited, GRT Jewellers India Private Limited, Reliance Retail Limited, Novel Jewels Limited (Aditya Birla Group), Joyalukkas India Limited, P N Gadgil Jewellers Limited, Kalamandir Jewellers Limited, Waman Hari Pethe Jewellers, Goldbox EnterprisesLimited (UK), Sona Sansaar Limited (New Zealand), Damas Jewellery LLC (UAE), Lalithaa Jewellery MartLimited, Manoj Vaibhav Gems 'N' Jewellers Limited, D. P. Abhushan Limited, amongst others. As of March 31, 2025 they served 34 Corporate Clients, 1,089 wholesalers and 81 retailers. Company also manufactures and supplies Mangalsutras on a job-work basis to the Corporate Clients. For the Fiscals 2025, 2024, and 2023, they processed a total of 1,320.72 kgs, 1,221.19 kgs and 870.26 kgs of bullion into Mangalsutras, generating revenue of Rs 264.83 million, Rs 193.24 million and Rs 156.47 million, respectively. Company offers an extensive portfolio of Mangalsutras, featuring over 15 collections and more than 10,000 active SKUs, designed to suit special occasions such as weddings, festivals, and anniversaries, as well as daily-wear options including antique, bridal, traditional, contemporary, and Indo-western styles. As of June 30, 2025, they have a dedicated in-house design team of 22 full-time employees who focus on developing new products and designs that align with latest trends, customer lifestyles, aspirations, and demographic preferences across the country. In addition, they have a team of 166 In-house Karigars and they also collaborate with a network of third-party Karigars to meet the growing market demand for their products. Company undertakes end-to-end operations, from conceptualisation and designing to manufacturing and selling the products through the integrated operations at the manufacturing facility. The manufacturing facility is spread over area ad-measuring 8,300 sq. ft. and is situated at Lower Parel(West), Mumbai 400013, Maharashtra, India. As per financial performance, Shringar House of Mangalsutra Limited has posted total income / net profits of Rs 951.29 Cr / 23.36 Cr (FY23), Rs 1,102.71 Cr / Rs 31.10 Cr (FY24) and Rs 1,430.11 Cr / 61.11 Cr (FY25). So as per previous financials data, company has shown good results. Company has an average EPS of Rs 6.29 and average RoNW of 30.79% for last three fiscals. Issue is priced at a P/BV of 5.93 as per NAV of Rs 27.84/- as on 31.03.25. If we attribute latest earnings of FY23, FY24 and FY25 on equity post issue, then asking price is at a P/E of around 68.12, 51.15 and 26.04 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Choice Capital Advisors Private Limited is associated with this IPO, and have handled 7 IPOs (Mainboard and SME) in last three fiscal years. ( As on 08.09.25 ) As per financials, Shringar House of Mangalsutra Limited has shown good sales growth, RoNW is 36.20% and P/E is 68.12, 51.15 and 26.04 respectively as per FY23, FY24 and FY25 earnings. So issue looks fully priced. Company is in a leading and specialised designers and manufacturers of Mangalsutra in India, which is highly competitive business segment. So, we give SUBSCRIBE rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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