Shringar House of Mangalsutra IPO Review: Dates, Details & Key Insights

The much-awaited Shringar House of Mangalsutra IPO is here, and it is creating strong buzz among retail investors and corporate clients alike. Popularly known as the House of Mangalsutra Ltd, the company is a Mumbai-based jewellery brand that has carved a niche in the organized mangalsutra market.

Shringar House of Mangalsutra Limited, also called Mangalsutra Ltd, is one of the very few Indian jewellery companies dedicated exclusively to the design, manufacture, and sale of mangalsutras. These traditional necklaces of gold and black beads, often studded with cubic zirconia, semi-precious stones, or American diamonds, are worn by married Indian women as a mark of their marital status.

The Mangalsutra IPO is being launched as a 100% Book Built Issue of 24.3 million equity shares. Once listed, the shares will trade on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), making it a landmark event in the jewellery sector.

Shringar House of Mangalsutra IPO Details

To apply for this IPO, investors must have an active demat account.

IPO Process

The IPO process for Shringar House of Mangalsutra Ltd is designed to ensure transparency and broad investor participation. It begins with the company filing a draft red herring prospectus with the Securities and Exchange Board of India (SEBI), outlining all key details about the IPO and the business. Once SEBI reviews and approves the document, Shringar House of Mangalsutra, also known as mangalsutra ltd, sets the price band for the issue and opens the subscription window for investors.

During this period, shares are allocated to different investor categories, including Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs). MUFG Intime India Pvt acts as the official registrar and transfer agent, managing the application and allotment process to ensure fairness and compliance. After the subscription closes, the company finalizes the basis of allotment and initiates refunds for unallocated shares.

The final step is the listing of shares on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) SME platforms, making Shringar House of Mangalsutra shares accessible to a wide range of investors across India. This structured process helps the house of mangalsutra ltd build trust with the market and ensures a smooth transition from a private to a publicly traded company.

IPO Timeline

The IPO timeline for Shringar House of Mangalsutra Ltd is carefully structured to provide clarity and transparency for all participants. Here are the key dates to keep in mind:

• IPO opening date: September 10, 2025
• IPO closing date: September 12, 2025
• Basis of allotment: September 15, 2025
• Refund initiation: September 16, 2025
• Credit of shares to demat accounts: September 16, 2025
• Listing of shares on BSE and NSE: September 17, 2025

These dates mark the important milestones in the mangalsutra IPO journey, from the opening of the subscription window to the final listing of shares on the stock exchanges. As with any IPO, the timeline for Shringar House of Mangalsutra may be subject to change based on regulatory approvals or market conditions. Investors are encouraged to check the official website of house of mangalsutra ltd or consult their financial advisors for the most up-to-date information regarding the mangalsutra IPO.

Use of proceeds

The mangalsutra IPO listing date and mangalsutra IPO allotment details will be updated once the company finalises them in consultation with the exchanges.

Also read: Karbonsteel Engineering IPO Overview

Company overview

Shringar House of Mangalsutra Ltd was incorporated in 2009 and converted into a public company in December 2024. The company operates a modern integrated manufacturing facility in Mumbai that spans 8,300 square feet. With over 15 specialised jewellery collections and more than 10,000 SKUs, the company offers a diverse range of designs, from traditional necklaces to modern styles.

The company sells mangalsutras embedded with gold and black beads, cubic zirconia (CZ), semi-precious stones, pearls, and American diamonds. It employs leading and specialised designers along with 182 karigars to ensure both creativity and quality.

Mangalsutra Limited manufactures and designs mangalsutras in-house, with a dedicated team that crafts unique designs mangalsutra collections tailored to diverse client needs. Recognized as a leading Mangalsutra Shringar house, the company manufactures a wide range of mangalsutras and exports its products to international markets, including the UAE and USA. Mangalsutra Limited also maintains strong relationships with wholesale jewellers, making them a trusted supplier within the jewellery distribution network.

Its corporate clients include big names like Titan Company Limited, Reliance Retail, Malabar Gold Limited, Joyalukkas India, GRT Jewellers, Damas Jewellery, RBZ Jewellers, Sky Gold, and CZ Gold Ltd. These strong partnerships place Shringar House of Mangalsutra at the heart of the business-to-business jewellery supply chain in India.

Management and Promoters

Shringar House of Mangalsutra Ltd is led by a seasoned management team with deep roots in the jewellery industry and a passion for design innovation. The company’s leadership includes:

• Chetan N Thadeshwar: Founder and Managing Director
• Mamta C Thadeshwar: Founder and Director
• Viraj C Thadeshwar: Director
• Balraj C Thadeshwar: Director

The promoters of Shringar House of Mangalsutra have played a pivotal role in shaping the company’s vision and growth strategy. Their extensive experience in the mangalsutra segment, combined with a commitment to quality and customer satisfaction, has helped the house of mangalsutra establish itself as a leader in the organized mangalsutra market. With a significant stake in the company, the promoters’ interests are closely aligned with those of shareholders, ensuring a focus on long-term value creation and continued design innovation.

Registrar and Transfer Agent

The registrar and transfer agent for the mangalsutra IPO is MUFG Intime India Pvt Ltd, a trusted name in registry and transfer agency services in India. Based in Mumbai, MUFG Intime India Pvt Ltd is responsible for managing the entire share allocation process, handling investor queries, and ensuring that shares are credited to demat accounts efficiently and securely.

Contact details:
MUFG Intime India Pvt Ltd C-101, 1st Floor, 247 Park Lal Bahadur Shastri Marg Vikhroli (West) Mumbai - 400083 Phone: +91 22 4918 6270 Email: shringarhouse.ipo@linkintime.co.in

As the official registrar for the IPO, MUFG Intime India Pvt Ltd plays a crucial role in maintaining transparency and accuracy throughout the IPO process, from application to allotment and eventual listing on the stock exchanges. Investors can reach out to the registrar for any assistance related to the IPO or their shareholding in Shringar House of Mangalsutra Ltd.

Industry overview

The demand for mangalsutras has remained steady because of its cultural importance for married Indian women. The mangalsutra is a sacred necklace made from gold and black beads worn by married Indian women to symbolize marital status. Traditionally worn daily, the mangalsutra has now evolved into a fashion statement, with mangalsutra designs reflecting modern tastes while keeping cultural roots intact.

The organized mangalsutra market was valued at ₹178 billion in 2023, growing nearly 16 percent from the previous year. It is expected to expand at a CAGR of 5.8 percent to reach ₹303 billion by 2032. Rising urbanization, higher disposable incomes, and increased interest in customized and innovative designs are driving this growth.

Companies like Titan Company, Reliance Retail, and Malabar Gold Limited are aggressively expanding in the branded jewellery space, bringing more attention to the house of mangalsutra IPO and its potential to scale within this formalized sector.

Financials (₹ in Crores)

Revenue from Operations

Shringar House of Mangalsutra’s revenue grew steadily from ₹810.19 crore in FY22 to ₹1,101.52 crore in FY24, showing strong demand for its products. In just H1 FY25, the company achieved ₹687.13 crore, indicating continued growth momentum.

Profit After Tax (PAT)

The company’s PAT improved from ₹20.27 crore in FY22 to ₹31.11 crore in FY24, reflecting efficient cost and margin management. Impressively, PAT for H1 FY25 already stood at ₹33.03 crore, surpassing the entire previous fiscal year.

Net Worth

Net worth consistently strengthened from ₹82.36 crore in FY22 to ₹136.85 crore in FY24, highlighting robust capital growth. By September 2024, it had risen further to ₹169.87 crore, reinforcing the company’s balance sheet stability.

Earnings Per Share (EPS)

EPS climbed from ₹3.44 in FY22 to ₹4.39 in FY24, proving the company’s ability to deliver higher shareholder returns. This consistent increase aligns with its strong financial performance and expansion in the organized mangalsutra market.

Also read: Things You Must Know Before Taking A Loan

Strengths

• Diversified product portfolio The company has more than 10,000 SKUs, offering everything from traditional necklace styles with gold and black beads to modern mangalsutra studded designs with cubic zirconia, semi-precious stones, and American diamonds.
• Integrated manufacturing facility Shringar operates an 8,300 sq. ft. facility in Mumbai, supported by leading designers and over 180 karigars, ensuring design innovation and efficient production.
• Robust corporate client base The company supplies to some of the biggest names in the jewellery industry including Titan Company Limited, Reliance Retail, Malabar Gold Limited, and Joyalukkas India, which adds credibility and stability to its revenues.
• Consistent financial growth Revenue grew from ₹810.19 crore in FY22 to ₹1,101.52 crore in FY24, while PAT rose from ₹20.27 crore to ₹31.11 crore in the same period, showcasing sustained growth.
• Unique market positioning – By focusing exclusively on mangalsutras, Shringar has differentiated itself in the organized mangalsutra market, making it a specialist brand compared to other jewellery SMEs.

Risks

• Product concentration risk – The company’s business is heavily dependent on a single product category, i.e., mangalsutras. Although it offers a varied range, the revenue stream is still tied to this segment.
• Client concentration risk – In H1 FY25, 31 corporate clients accounted for about 34 percent of revenues. A significant reduction in orders from major clients such as Titan or Reliance Retail could materially impact the business.
• Raw material price volatility – Fluctuations in the prices of gold, cubic zirconia, and semi-precious stones can affect margins and profitability.
• High competition in the jewellery industry – Shringar faces competition from both organised players like Titan, Malabar, and Joyalukkas, as well as from numerous unorganised jewellery retailers.
• SME listing liquidity risk – As the IPO will be listed on the SME platform, liquidity for retail investors may be limited compared to mainboard IPOs, which could affect ease of exit.

Peer Comparison

(₹ in Crores, EPS in ₹)

Revenue (₹ Crores)

Shringar House of Mangalsutra reported revenue of ₹1,101.52 crore in FY24, placing it ahead of Utssav CZ Gold and RBZ Jewellers but behind the much larger Sky Gold. This shows Shringar’s mid-sized position in the jewellery SME space with strong growth momentum.

EPS (₹)

Sky Gold leads the sector with an EPS of 35.18, while Utssav CZ Gold and RBZ Jewellers also reported higher EPS than Shringar. Shringar’s EPS of 4.39 is modest, but it reflects steady earnings growth in a focused niche market.

Return on net worth (RoNW %)

Utssav CZ Gold tops the list with a RoNW of 44.62 percent, highlighting strong profitability ratios. Shringar’s RoNW of 25.65 percent is higher than RBZ Jewellers and Sky Gold, indicating efficient capital utilisation relative to its scale.

Also read: The Iron Condor A Neutral Strategy for Sideways Markets

Conclusion

The Shringar House of Mangalsutra IPO represents a rare opportunity to invest in a company that has become synonymous with the mangalsutra. With its strong corporate client base, consistent financial growth, integrated manufacturing facility, and leadership in the organized mangalsutra market, the IPO stands out among SME offerings.

Disclaimer: The information provided in our blogs is for informational purposes only and should not be construed as financial, investment, or trading advice. Trading and investing in the securities market carries risk. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results. Copyrighted and original content for your trading and investing needs.

© 2025 — Tradejini. All Rights Reserved.