Hyderabad-based Marri Retail, the parent company behind well-known regional brands like The Chennai Shopping Mall, J.C. Brothers, JC Mall, and Jeans Corner, has submitted draft papers with the Securities and Exchange Board of India (SEBI). Marri Retail IPO comprises a fresh issue (INR 522 crore) and an offer for sale of 2.7 crore equity shares from promoter Marri Venkat Reddy. Nuvama Wealth, IIFL Capital and Motilal Oswal Investment Advisors are the book-running lead managers, while KFin Technologies is the registrar of the issue
Marri Retail IPO: Business Overview
Founded in 2008, Marri Retail operates as an integrated apparel and jewellery retailer, which offers a wide range of products across premium, mid-premium, and value segments. The company has developed a strong regional presence with 34 stores spanning Telangana, Andhra Pradesh, Karnataka, and Maharashtra, aggregating nearly 1 million square feet of retail space.
Marri Retail operates its stores under five primary brands:
- The Chennai Shopping Mall (flagship apparel brand)
- The Chennai Shopping Mall Jewellers (jewellery division)
- J.C. Brothers
- JC Mall
- Jeans Corner
The concept of Marri Retail has evolved into a one-stop shop that the entire family can visit, whether they’re looking for wedding stuff, something for a special event, or just everyday items. This company provides its consumers with an astounding 780 unique pieces of clothing and jewelry. Marri operate ten jewelry stores within their main clothing stores as part of a hybrid retail model, which allows them to maximise revenues through “cross-selling opportunities.”
Marri Retail IPO: Financial Performance
Marri Retail has displayed steady financial growth, driven by expansion, product diversification, and strong operational efficiency.
| Metric | FY2023 | FY2024 | FY2025 | H1 FY2026 |
|---|---|---|---|---|
| Revenue from Operations | 1,900.85 | 2,217.11 | 2,456.28 | 1,301.42 |
| PAT | 100.58 | 114.52 | 99.26 | 83.53 |
| EBITDA Margin (%) | 9.75 | 10.43 | 9.59 | 13.35 |
| PAT Margin | 5.29 | 5.17 | 4.04 | 6.42 |
The company’s gross profit margin has improved from 23.2% in FY2023 to 28.1% in H1 FY2026, supported by better product mix and inventory management. The debt-to-equity ratio reduced from 2.08x in FY2023 to 1.08x by September 2025, reflecting improved balance sheet strength.
Key Business Segments
Apparel Segment (54% of FY2025 revenue): The segment encompasses women’s clothing (31%), men’s clothing (11%), and kids’ wear (8%), with a mix of both private labels and third-party brands. Private label revenue contributed 17.3% of apparel sales as of September 2025, reflecting growing in-house brand strength.
Jewellery Segment (46% of FY2025 revenue): Marri Retail launched this vertical under The Chennai Shopping Mall Jewellers in FY23 – it includes gold, diamond, silver and platinum jewellery in all sorts of styles. Jewellery revenue nearly matched apparel, at INR 1,189.66 crore in FY2025.
Store Network and Expansion Strategy
Marri Retail operate
- 27 apparel stores under The Chennai Shopping Mall
- 3 JC Mall stores
- 3 J.C. Brothers stores
- 1 Jeans Corner store
- 10 jewellery SIS outlets
The company plans to expand its footprint in Telangana and Andhra Pradesh while building standalone jewellery stores in Maharashtra and Karnataka. It follows a Company-Owned Company-Operated (COCO) model, ensuring uniform brand experience and operational control.
Competitive Strengths
- Dual-category retail model — integrates apparel and jewellery, maximizing footfalls and basket value.
- Regional dominance — established brand recall in South Indian markets.
- Efficient supply chain — centralised 2,65,000 sq. ft. warehouse at Shamshabad, Hyderabad.
- Technology-driven operations — ERP, QlikSense BI tools, and sale-or-return (SOR) procurement.
- Private label growth — rising contribution and higher margins than third-party products.
Future Outlook
The company plans to use the money from the IPO to open more stores, pay off debt, and improve its technology. South India makes up almost 40% of India’s gold jewelry market and will have an INR 12.10 lakh crore apparel market by FY2030. Marri Retail’s deep regional integration puts it in a good position to take advantage of big growth in the organized retail space.
Conclusion
Marri Retail’s draft prospectus reads less like a debut and more like a coming-of-age story for a home-grown South Indian retail brand. Marri built quietly over two decades through sarees, silk, and now diamonds. The company is finally stepping onto the national stage with financial discipline and regional dominance as its core strengths. Its mix of traditional merchandise and measured modernization — from data-driven inventory control to the store-in-store jewellery format — reflects an operator that understands its market as much as it understands margins.
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