The Indian jewellery sector has always attracted investor interest, with its deep cultural relevance and strong consumption-driven demand. In this backdrop, Shringar House of Mangalsutra is entering the capital markets with its IPO scheduled between 10 to 12 September 2025.
Shringar House vs RBZ vs Sky Gold vs Utssav CZ comparison becomes especially relevant here, as what makes Shringar’s IPO stand out is its exclusive specialisation in Mangalsutras – a jewellery segment that carries not only ornamental but also cultural significance. While most jewellers diversify into multiple product lines, Shringar has built a focused, large-scale, and organised play around a single product category, creating a distinctive identity in the highly fragmented jewellery industry.
For investors, evaluating such a niche player requires not just looking at standalone numbers but also understanding how the company stacks up against listed industry peers. This peer comparison provides critical insights into financial strength, operational efficiency, and valuation attractiveness.
Shringar House of Mangalsutra IPO: Company Overview
Founded in 2009 by the Thadeshwar family, Shringar has grown into India’s only large-scale organised manufacturer of Mangalsutras, with a fully integrated facility in Mumbai. Its 8,300 sq. ft. plant combines modern technology (CNC machines, 3D printing, laser soldering) with traditional craftsmanship, supported by 166 in-house karigars, 77 contractual artisans, and 22 designers.
The company’s portfolio of 10,000+ SKUs across 15 collections ensures both traditional and contemporary designs catering to varied demographics. In FY25, it achieved a 29.8% revenue growth, crossing INR 1,429.82 crore, while net profit more than doubled to INR 61.11 crore, reflecting strengthening fundamentals.
Shringar follows a B2B-centric business model:
- Retailers contributed ~54.5% of FY25 revenue.
- Corporate clients (including marquee names like Titan, Malabar Gold, Reliance Retail, and Damas Jewellery) accounted for ~34%.
- Wholesalers contributed ~11.5%.
Geographically, the company has a domestic footprint across 24 states and 4 union territories, while exports to the UK, USA, UAE, New Zealand, and Fiji add international credibility, though exports currently contribute only ~1.4% of revenue.
Peer Universe for Comparison
To determine Shringar House IPO fair value, it is essential to benchmark Shringar House against peers in the Indian jewellery market. While no other company has Shringar’s exclusive single-product focus, the closest comparables include:
- RBZ Jewellers – a wholesale-focused player supplying custom-designed jewellery across multiple categories, with a strong retailer network.
- Sky Gold & Diamonds – a B2B-focused manufacturer with a broad product portfolio, leveraging scale and design innovation to serve boutique stores and mid-sized jewellers.
- Utssav CZ Gold Jewels – a specialist in lightweight CZ-studded gold jewellery with a growing domestic and export presence.
Shringar House vs RBZ vs Sky Gold vs Utssav CZ: Financial Performance
Shringar House of Mangalsutra has delivered a consistent growth trajectory with expanding profitability and improving return ratios. To put this into perspective, let us compare its FY25 performance with listed peers:
| Particulars (FY25) | Shringar House | RBZ Jewellers | Sky Gold & Diamonds | Utssav CZ Gold |
|---|---|---|---|---|
| Revenue | 1,429.82 | 530.15 | 3,548.02 | 646.32 |
| EBITDA | 92.61 | 64.89 | 229.33 | 40.34 |
| EBITDA Margin (%) | 6.48 | 12.24 | 6.46 | 6.24 |
| Net Profit | 61.11 | 38.79 | 132.65 | 25.06 |
| PAT Margin (%) | 4.27 | 7.32 | 3.74 | 3.88 |
| RoNW (%) | 36.20 | 17.15 | 28.59 | 30.94 |
| RoCE (%) | 32.43 | 20.18 | 23.36 | 21.48 |
| Debt-to-Equity | 0.61 | 0.37 | 0.92 | 1.03 |
Commentary:
- Shringar stands out with the highest RoNW (36.2%) and RoCE (32.4%), underscoring superior capital efficiency.
- RBZ enjoys the best EBITDA margins (12.24%), reflecting its wholesale model, but Shringar’s improving 6.5% margin is notable given its scale.
- Sky Gold has the largest revenue base among peers, but its margins and efficiency lag Shringar’s RoNW.
- Utssav CZ Gold scores high on RoNW (30.9%), though its scale remains modest compared to Shringar.
Shringar House Against Peers: Valuation Metrics Comparison
IPO valuations often come down to relative multiples. Here is how Shringar compares on key valuation ratios:
| Metrics (Latest) | Shringar House | RBZ Jewellers | Sky Gold & Diamonds | Utssav CZ Gold |
|---|---|---|---|---|
| P/E Ratio | 26.03 | 14.9 | 26.8 | 17.8 |
| Price-to-Book (P/B) | 5.93 | 2.24 | 5.98 | 3.52 |
| Price-to-Sales (P/S) | 1.11 | 1.05 | 1.05 | 0.69 |
| Market Cap (INR Cr) | ~1,591.12* | 549 | 4,150 | 447 |
Key Takeaway:
- Shringar’s P/E of ~26x is in line with Sky Gold (26.8x) and below RBZ (34x), indicating fair valuation.
- On P/B, Shringar (5.9x) trades close to Sky Gold (5.98x), showing premium positioning versus RBZ and Utssav.
- P/S ratio of 1.11 reflects efficient scaling of sales relative to market cap, comparable to Sky Gold and RBZ, and higher than Utssav.
- Overall, valuations indicate Shringar is priced fairly relative to peers, supported by its strong RoNW and growth trajectory.
Shringar House Peer Comparison: Balance Sheet & Liquidity
A critical aspect for investors is financial strength and liquidity:
| Ratios (FY25) | Shringar House | RBZ Jewellers | Sky Gold & Diamonds | Utssav CZ Gold |
|---|---|---|---|---|
| Current Ratio | 1.91 | 3.15 | 1.66 | 1.97 |
| Debt-to-Equity | 0.61 | 0.37 | 0.92 | 1.03 |
| NAV per Share (INR) | 27.84 | 61.3 | 46.6 | 53.2 |
Key Takeaway:
- Shringar’s debt-to-equity has steadily improved (0.88 → 0.61 in 3 years), showing prudence in leveraging.
- RBZ scores best on liquidity with a current ratio of 3.15, but Shringar’s 1.91 remains comfortable.
- Sky Gold and Utssav carry higher leverage, which could weigh on future flexibility.
- With a NAV of INR 27.84, Shringar provides a strong book value foundation, though RBZ and Utssav have larger NAVs due to different capital structures.
Market Positioning & Growth Prospects
Shringar House of Mangalsutra has carved a unique niche in the jewellery industry by focusing exclusively on Mangalsutras. While peers like RBZ Jewellers, Sky Gold & Diamonds, and Utssav CZ Gold operate across multiple product categories, Shringar’s single-product specialisation strategy has allowed it to create a strong brand identity and become a go-to supplier for India’s largest jewellery retailers.
Its client base includes marquee names such as Titan (Tanishq), Malabar Gold, Reliance Retail, and Damas Jewellery (UAE), which not only ensures recurring orders but also reflects the trust Shringar has built over decades. With 34 corporate clients, over 1,000 wholesalers, and 81 retailers, the company has a solid and diversified distribution backbone.
Financially, Shringar leads peers on Return on Net Worth (36.2%) and Return on Capital Employed (32.4%), a clear indicator of efficient use of shareholder capital.
On the growth front, the company is well-positioned to ride the expansion of organized jewellery retail in India. Titan, Malabar, and Kalyan Jewellers have been adding hundreds of new outlets in recent years. Shringar, as a trusted supplier to such corporates, stands to benefit directly from this retail push. Moreover, its premium brand “Ziya” is expected to enhance margins and strengthen its presence in aspirational segments.
Internationally, Shringar already exports to the UK, USA, UAE, New Zealand, and Fiji, though exports currently form just ~1.4% of revenue. This low base offers significant headroom for expansion, providing a potential long-term growth driver.
Shringar House vs Peers: Verdict
From an investor’s perspective, Shringar House of Mangalsutra brings a distinctive investment proposition:
- It combines high growth (30% revenue growth in FY25) with improving profitability (PAT margin expanded from 2.8% to 4.3% in two years).
- Its RoNW of 36.2% is the best among peers, demonstrating capital efficiency and shareholder value creation.
- The debt-to-equity ratio of 0.61 is steadily declining, showing prudent financial management.
- Valuation at ~26x P/E is fair, especially when compared to peers like Sky Gold (26.8x) and RBZ (higher implied multiples), making Shringar an attractively priced growth story.
- Liquidity position remains comfortable with a Current Ratio of 1.91, ensuring stability even in volatile gold price environments.
By staying focused on a single culturally significant product, Shringar has built deep domain expertise, strong client stickiness, and design leadership. This specialization sets it apart from peers that spread across categories but often struggle to achieve such differentiation.
Conclusion
In the dynamic Indian jewellery sector, where scale, trust, and design innovation define success, Shringar House of Mangalsutra stands out as a differentiated and resilient player. Its strong financial performance, superior return ratios, marquee client base, and prudent balance sheet make it a compelling peer in comparison to listed jewellery companies like RBZ Jewellers, Sky Gold, and Utssav CZ Gold.
With fair valuations, consistent growth, and a clear roadmap for expansion, the IPO offers investors an opportunity to participate in a unique, niche story within the organized jewellery space. For those seeking exposure to the sector, Shringar represents a blend of cultural relevance, financial strength, and long-term growth potential.
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