The most sacred ornament of Indian weddings and traditions – the Mangalsutra – is now stepping into the stock market. Shringar House of Mangalsutra, India’s only large-scale, organized, and specialized Mangalsutra manufacturer, is set to launch its IPO between 10–12 September 2025.
What makes this company unique is its exclusive focus on Mangalsutras – a product that is not just jewelry in India but a cultural and emotional symbol of marital commitment. Over the last 15 years, Shringar House has built an impressive presence with 10,000+ active designs, 15+ collections, and a footprint across 24 Indian states and 4 union territories, along with exports to the UK, USA, UAE, New Zealand, and Fiji. Let us dive deep into the Shringar House of Mangalsutra IPO review, business model, financials, strengths, and risks of this offering from an investor’s lens.
Shringar House of Mangalsutra IPO Review: Company Overview
Founded in 2009 as a private company by the Thadeshwar family, Shringar House of Mangalsutra carries a legacy that spans several decades in the jewelry industry. Chetan N. Thadeshwar, a second-generation entrepreneur, laid the foundation of the corporate structure after having entered the goldsmith business in 1984. Today, the next generation – Viraj C. Thadeshwar and Balraj C. Thadeshwar – lead the business, supported by an experienced senior management team.
What differentiates Shringar House is its niche positioning and specialization. Unlike most jewelers that operate across multiple categories, Shringar chose to focus exclusively on Mangalsutras. This strategic clarity has allowed the company to create a strong identity and provide consistent value to its B2B clients through both variety in design and quality assurance.
Shringar House of Mangalsutra Business Model
Shringar House of Mangalsutra’s business model stands out because of its simplicity and sharp focus. While most jewellers diversify into multiple categories such as rings, bangles, chains, and earrings, Shringar has deliberately chosen to specialise only in Mangalsutras. This single-product specialisation strategy gives the company a unique competitive edge in a fragmented jewellery market.
(a) B2B-Focused Sales Approach
Shringar primarily follows a B2B model – it doesn’t sell directly to end-consumers but instead supplies to corporate clients, wholesalers, and retailers. This structure offers multiple advantages:
- Ensures large-volume, recurring orders.
- Keeps marketing and distribution costs relatively low.
- Provides revenue visibility and client stickiness.
As of FY25, the company served 34 corporate clients, 1,089 wholesalers, and 81 retailers, including marquee names such as Titan (Tanishq), Malabar Gold, Reliance Retail, GRT Jewellers, Joyalukkas, and Damas Jewellery (UAE).
(b) Revenue Streams
Shringar earns revenue from two main sources:
- Direct Sales (Domestic & Export) – In FY25, domestic sales contributed ~98.6% of revenue while exports made up ~1.4%.
- Job-Work Basis – The company also converts bullion into Mangalsutras on behalf of its corporate clients, charging processing fees. In FY25, this contributed ~INR 26.48 crore to revenue.
This hybrid model provides a balance – job-work ensures stability, while direct sales offer higher margin potential.
(c) Geographic Diversification
- Domestic Market – Presence in 24 states and 4 union territories, enabling Shringar to tailor designs to regional tastes (e.g., Kolhapuri, Kolkata, Maharashtra Mangalsutra collections).
- International Presence – UK, USA, UAE, New Zealand, and Fiji. This not only enhances brand credibility but also opens up long-term export growth opportunities.
(d) Product & Customer Strategy
Shringar’s design portfolio is tailored for diverse demographics:
- Traditional Designs – For senior women and conventional buyers.
- Modern & Contemporary Styles – For young brides and millennials.
- Daily Wear vs Occasion Wear – Products across price points to cater to weddings, festivals, anniversaries, and everyday use.
Recently, the company has also launched its premium brand “Ziya”, targeting aspirational, high-end customers. This brand push is expected to enhance margins and help Shringar position itself as more than just a contract manufacturer.
Manufacturing & Operations
Another pillar of Shringar’s business is its fully integrated manufacturing facility.
- Facility Details
- Location: Mumbai (Lower Parel)
- Area: 8,300 sq. ft.
- Installed Capacity: 2,500 kg p.a.
- Production & Utilization
- FY23: 1,235.74 kg (66.8% utilization)
- FY24: 1,749.97 kg (70.0% utilization)
- FY25: 1,724.91 kg (69.0% utilization)
- Peak month utilization: 95–100%
- Technology + Craftsmanship Balance
- Technology: CNC para, laser solder machines, and 3D printing for intricate designs.
- Artisans: 166 in-house karigars plus 77 contractual artisans ensure detailing and finishing.
- Quality Control: Three-stage checks with XRF machines, HUID hallmarking, and defect inspections for structural integrity and polishing.
This hybrid model – advanced machinery coupled with artisanal expertise – allows Shringar to deliver high-quality, large-volume, and culturally authentic Mangalsutras. Such an approach strengthens its reputation as a reliable B2B partner for large corporate clients.
Shringar House of Mangalsutra IPO Review: Offer Details and Fund Utilisation
- IPO Dates: 10 September 2025 – 12 September 2025
- Price Band: INR 155 – 165 per share (Employee Discount: INR 15)
- Face Value: INR 10 per share
- Fresh Issue: 2.43 crore shares (raising INR 376.65 – 400.95 crore)
- Offer for Sale (OFS): Nil
- Lot Size: 90 shares (INR 14,850 at upper band)
- Retail Allocation: 35%
- Listing: NSE and BSE
- Listing Date: 17 September 2025
- Registrar: MUFG Intime India
- Lead Manager: Choice Capital Advisors
Use of Proceeds:
The company proposes to utilize the Net Proceeds from the Issue towards the following objects:
- Working capital requirements: INR 280 crore
- General corporate purposes
Revenue Streams & Customer Mix
One of Shringar House of Mangalsutra’s biggest strengths lies in its diversified client base.
- Revenue Contribution (FY25)
- Retailers: INR 778.85 crore (54.47%)
- Corporate Clients: INR 485.99 crore (33.99%)
- Wholesalers: INR 164.40 crore (11.50%)
- Others (hallmarking): INR 0.57 crore
This mix shows a clear trend – retailer contribution is rising steadily (FY23: 52.46% → FY25: 54.47%), while wholesalers’ share has been declining.
- Client Concentration
- Top 1 client: 15.31% of FY25 revenue (~INR 218.77 crore)
- Top 5 clients: 31.76%
- Top 10 clients: 39.92%
It’s also highlighting a key risk: high client concentration, meaning any disruption from a major customer could significantly impact revenues.
- Exports
Exports contributed only 1.37% of revenue in FY25, down from 4.24% in FY23. While modest today, the company’s presence in the UK, USA, UAE, New Zealand, and Fiji underscores international credibility and growth potential.
Shringar House of Mangalsutra IPO Analysis: Financial Performance
Over the past three fiscals, Shringar has demonstrated consistent growth in both revenue and profitability.
| FY 2023 | FY 2024 | FY 2025 | |
| Revenue | 950.22 | 1,101.52 | 1,429.82 |
| Expenses | 919.86 | 1,060.55 | 1,348.32 |
| Net income | 23.36 | 31.11 | 61.11 |
| Margin (%) | 2.46 | 2.82 | 4.27 |
This represents a 29.80% growth in FY 2025 and a 15.92% growth in FY 2024.
Efficiency Metrics
- Return on Net Worth (RONW): 36.20% (FY 2025)
- Return on Capital Employed (ROCE): 32.43% (FY 2025)
- Debt-Equity Ratio: Declined from 0.88 (FY 2023) to 0.61 (FY 2025)
- Working Capital Cycle: 70 days (FY 2025)
These numbers indicate both improving profitability and financial prudence.
Shringar House of Mangalsutra IPO Review: Key Strengths
- Established Client Relationships – More than a decade-long partnerships with leading retailers and corporates such as Malabar Gold and Titan ensure revenue visibility and trust.
- Design Innovation – Over 10,000 active SKUs, supported by a dedicated design team, offering customized and trend-driven products.
- Quality Focus – Each piece undergoes multi-stage quality control and carries a unique HUID hallmark number.
- Financial Resilience – Rising revenues, stronger margins, reduced leverage, and growing PAT margins show operational efficiency.
Shringar House of Mangalsutra IPO Analysis: Growth Strategy
Shringar aims to leverage the expansion of organized jewellery retailers such as Titan, Malabar, and Kalyan Jewellers, who are aggressively adding new outlets in India and abroad. Between FY 2022 and FY 2024, Titan alone opened around 350 new retail stores, while Kalyan added 93 outlets.
To align with this growth, Shringar plans to scale up operations, deepen engagement with existing clients, and expand its premium brand Ziya.
On the marketing front, Shringar House of Mangalsutra invests heavily in B2B exhibitions and trade shows like IIJS Signature, IIJS Premiere, IIJS Tritiya, and GJS. In FY 2025, the company spent INR 1.39 crore on exhibitions and events—over 73% of its total promotional spend. It also utilises celebrity endorsements, product films, and print advertising to strengthen brand visibility.
Shringar House of Mangalsutra – Comparison With Listed Peers
| Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| Shringar House of Mangalsutra | 26.03 | 6.34 | 36.20 | 27.84 | 1,429.82 |
| Utssav CZ Gold | 28.79 | 7.65 | 44.62 | 20.96 | 340.20 |
| RBZ Jewellers | 34.42 | 5.39 | 14.38 | 51.87 | 327.43 |
Shringar’s revenue base is significantly higher than Utssav and RBZ Jewellers, and its RoNW of 36.20% is the strongest among peers. At the upper end of the price band, the P/E of ~26x seems fair compared to peers like Utssav CZ Gold (P/E 28.79) and RBZ Jewellers (P/E 34.42).
Shringar House of Mangalsutra IPO Review: Risks to Consider
- High Client Concentration – top 5 clients contribute ~32% of revenues.
- Single Product Dependency – only Mangalsutras, no other categories.
- Gold Price Volatility – input cost swings directly impact margins.
- Regulatory Risks – hallmarking and compliance requirements could evolve.
- Export Uncertainty – global demand, currency fluctuations may affect overseas revenues.
- Capacity Utilisation: Currently operating at ~70% utilisation; scaling further will require investment.
Conclusion
Shringar House of Mangalsutra brings a unique, niche play in the Indian jewellery IPO space. Its dominance in the Mangalsutra category, strong client base, integrated facility, consistent financial growth, and premium positioning with “Ziya” set it apart from its peers.
For investors seeking exposure to the organised jewellery sector with a focused niche and strong fundamentals, this IPO looks attractive. While the single-product reliance poses a risk, Shringar’s design innovation, client stickiness, and brand-building initiatives offer significant upside potential. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.