Shringar House of Mangalsutra Ltd(SHRINGARMS)

NSE: SHRINGARMSBSE: 544512

₹ 279.2-1.41%refreshed 26 Oct, 01:58 pm ISTMarket cap: ₹ 2,692 crWebsite: www.shringar.msUpdated: 24 Oct 2026

About

Shringar House of Mangalsutra Ltd is a Mumbai-based company that designs, manufactures, markets and sells gold mangalsutras and other gold jewellery, supplying organised retail chains across India. In FY26 it reported revenue of Rs 2,245.82 cr. The company listed on NSE and BSE in September 2025 and has since entered bridal jewellery as a second product vertical.^[1][2][3]

Products

Core product is hallmarked mangalsutra jewellery; company claims to be the first in India to manufacture and launch a 24K hallmarked mangalsutra.^[4]
Entered bridal jewellery to meet demand from existing institutional clients, with first deliveries to Tanishq and Malabar Gold & Diamonds in May 2026.^[1][5]
As of Q1 FY27, management plans to keep entering different gold jewellery segments.^[5]

Manufacturing capacity and utilisation

Kandivali facility raised installed capacity from 2,500 kg to 4,000 kg per annum; commercial production started 23 Feb 2026 at 57% capacity utilisation.^[5][1]
Blended capacity for FY26 was 2,625 kg, with effective capacity utilisation of 87% for FY26.^[1]
Production volume for 9M FY26 was 1,609 kg, up 39% year-on-year.^[4]

Key operating numbers

Quantity sold was 376 kg in Q1 FY27 vs 356 kg in Q1 FY26.^[5]
Sales volume in Q4 FY26 was 500 kg, up 16% year-on-year; Q3 FY26 sales volume was 551.2 kg, up 3.4% year-on-year.^[1]
H1 FY26 gold processed was 975.16 kg vs 881.85 kg in H1 FY25.^[6]
Gold metal loan accounted for ~30% of bullion, per the Q1 FY27 call.^[5]

Customers and distribution

Corporate client share of revenue was 49% in FY26, up from 34% in FY25; revenue from corporate clients grew 57% p.a. over FY23-FY26.^[1][5]
Key corporate clients include Tanishq (Tata), Malabar Gold & Diamonds, Reliance and Indriya (Birla); Reliance and Indriya moved from job-work to outright sales in FY26.^[1]
Corporate clients plan to add an estimated 400 - 440 new retail outlets in the near to mid-term.^[4]
In Q2 FY26, domestic revenue was 99.65% of total revenue; international revenue was 0.35%.^[6]
Hub-and-spoke network: branch offices in Pune and Delhi, plus third-party facilitators in 5 cities (Nagpur, Agra, Durg, Ahmedabad, Pune) targeting Tier-2 to Tier-4 markets, as of Q1 FY27.^[5][1]

Expansion and capex

Production at the 4,000 kg Kandivali facility is expected to ramp up in coming quarters from 57% utilisation.^[5]
More cities have been identified for facilitator rollout beyond the current 5, as of Q1 FY27.^[5]
FY26 annual report proposes raising the borrowing limit from ₹300 crore (approved Nov 2024) to ₹1,000 crore for gold procurement, inventory, retail/distribution expansion, working capital and capex.^[2]

Ownership

Promoter family dominates the board; as on March 31, 2026 Viraj Thadeshwar held 4,02,65,600 shares and Balraj 55,06,040 shares.^[2]

Recent developments

Listed on NSE and BSE in September 2025; IPO proceeds were used in part to purchase approximately 100 kg of gold through a gold metal loan.^[6]
Pune branch office inaugurated in FY26, extending coverage across Marathwada and Vidarbha in Maharashtra.^[1]

Market Cap

₹2,692 Cr

High / Low

₹336 / 166

Stock P/E

22.2

Price / Book

4.0

Book Value

₹70

EPS

₹12.0

No. of Shares

9.64 Cr

ROCE

18.5%

ROE

17.0%

OPM

7.1%

Debt / Equity

0.26

Sales

₹2,246 Cr

Net Profit

₹115 Cr

Promoter holding

74.8%

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