Shringar House of Mangalsutra Limited is the largest B2B manufacturer of Mangalsutras in India, a position built over more than 15 years of dedicated craftsmanship and industry presence. The company operates an integrated manufacturing facility with an annual capacity of 2,500 kg of gold, undertaking the entire process from design conceptualization to final production and dispatch. It specializes in designing, manufacturing, and marketing a diverse range of Mangalsutras in 18k and 24k gold purity, catering exclusively to a B2B clientele. The company's strength lies in its extensive design portfolio, featuring over 15 collections and more than 10,000 active SKUs, brought to life by a team of 22 in-house designers and 219 skilled artisans (karigars).

Shringar has established itself as a trusted partner to some of the most prominent names in the Indian and international jewellery retail sector. Its marquee institutional clients include Titan Company, Malabar Gold, Kalyan Jewellers, and Reliance Retail, with whom it has cultivated relationships spanning over a decade. The company's reach is extensive, with a pan-India presence across 24 states and 4 union territories, and it has also commenced international trade with exports to the UAE. Having achieved an annual turnover exceeding INR 10,000 million and successfully listed on both the NSE and BSE in 2025, Shringar continues to focus on innovation, quality control, and strategic expansion to solidify its leadership in a culturally significant and growing market segment.

Official Website: www.shringar.ms

• Q3 FY26 Performance:

• Revenue from Operations: Grew by 68.4% year-over-year (YoY) to INR 658.9 crores from INR 391.3 crores in Q3 FY25.

• Gross Profit: Increased by 111.4% YoY to INR 54.7 crores.

• EBITDA: Rose by 105.8% YoY to INR 40.2 crores.

• Profit After Tax (PAT): Surged by 134.2% YoY to INR 30.1 crores from INR 12.9 crores in the same quarter last year.

• 9M FY26 Performance:

• Revenue from Operations: Increased by 41.0% YoY to INR 1,520.3 crores for the nine months ended December 31, 2025.

• Gross Profit: Grew by 71.9% YoY to INR 147.6 crores.

• EBITDA: Climbed by 64.7% YoY to INR 114.0 crores.

• Profit After Tax (PAT): Increased by 77.5% YoY to INR 81.5 crores.

• Historical Performance (FY23-FY25):

• The company has demonstrated consistent top-line growth, with revenue increasing from INR 950.2 crores in FY23 to INR 1,429.8 crores in FY25.

• Profitability has shown strong improvement, with PAT growing from INR 23.4 crores in FY23 to INR 61.1 crores in FY25, representing a compound annual growth rate (CAGR) of over 61%.

• Balance Sheet Health (as of FY25):

• Total Assets stood at INR 375.7 crores, up from INR 265.0 crores in FY24, driven primarily by a significant increase in inventories (from INR 143.8 crores to INR 228.1 crores).

• Total Equity grew to INR 200.8 crores from INR 136.8 crores in the prior year.

• Current borrowings increased to INR 118.5 crores to support working capital needs for business expansion.

The company delivered robust financial results in Q3 and 9M FY26, with significant YoY growth across revenue and profitability, continuing a multi-year trend of strong financial performance.

• Long-Standing Client Partnerships:

• The company has cultivated decade-long relationships with major national and regional jewellery retailers.

• Key long-term clients include Waman Hari Pethe Jewellers (15 years), Titan Company (13 years), Reliance Retail (13 years), Kalyan Jewellers (12 years), and Malabar Gold (11 years). These partnerships are built on trust and consistent delivery.

• Extensive and Distinctive Product Portfolio:

• Maintains a vast design universe with over 15 curated collections and more than 10,000 active SKUs.

• The portfolio covers a wide range of styles, from traditional bridal to contemporary and Indo-western, catering to diverse consumer preferences.

• A strong in-house team of 22 designers and 219 karigars ensures a continuous pipeline of new and innovative designs.

• Integrated Manufacturing Capabilities:

• The company manages the entire production process end-to-end, from design and alloying to manufacturing and quality control, at its integrated facility.

• This vertical integration allows for superior quality control, marked by a Hallmark Unique Identification (HUID) number on each piece, and operational efficiency.

• Experienced Leadership Team:

• The management team possesses deep industry expertise. Chairman & Managing Director, Mr. Chetan N Thadeshwar, has over 40 years of experience in the jewellery sector.

• The leadership is actively involved in strategic functions, from production and business expansion to operational efficiency, providing a stable and experienced hand guiding the company's growth.

Shringar's competitive edge is anchored in its deep-rooted relationships with marquee clients, a vast and innovative product portfolio, and integrated manufacturing processes overseen by an experienced leadership team.

• Market Size and Growth:

• The organized segment of the wholesale gold jewellery market in India was valued at INR 281 billion in CY23, representing 10.9% of the total market.

• This organized segment is projected to grow at a CAGR of 9.0% from CY24 to CY29, reaching a value of INR 489 billion.

• Market Dynamics:

• The Indian gold jewellery market is undergoing a structural shift towards formalization, driven by factors like mandatory hallmarking, GST compliance, and rising consumer demand for transparency.

• This trend is leading to market consolidation, benefiting organized players like Shringar.

• Product Segment Significance:

• The Mangalsutra holds deep cultural significance in India as a symbol of marital status.

• Traditional designs continue to dominate this category with a 62.3% market share, although demand for contemporary styles is also present.

• South India is the largest regional market, accounting for 39.7% of demand.

The company operates in a growing organized wholesale jewellery market that is benefiting from a broader industry shift towards formalization, providing a favorable environment for continued expansion.

• Leveraging Corporate Client Expansion:

• Revenue from corporate clients has grown significantly, from INR 287 crores in FY23 to INR 766 crores in 9M FY26.

• The share of revenue from corporate clients has increased from 30% in FY23 to 50% in 9M FY26, indicating a successful strategy of aligning with large, organized retailers.

• Leading retail brands plan to add 400-440 new stores in the near to mid-term, which is expected to directly drive additional demand for Shringar's products.

• Geographic Expansion:

• The company is actively expanding its footprint by establishing a pan-India hub-and-spoke supply chain model.

• New branch offices have been opened in Delhi and Pune to serve as coordination hubs for North India and the Marathwada/Vidarbha regions, respectively.

• Third-party facilitators have been onboarded in five cities (Nagpur, Agra, Durg, Ahmedabad, Pune) to penetrate unorganized and underserved Tier-2 to Tier-4 markets.

Growth is being driven by a dual strategy of deepening relationships with expanding corporate clients and broadening geographic reach into untapped Tier-2 to Tier-4 cities through a new supply chain model.

• Penetration of Untapped Markets:

• The new hub-and-spoke model using third-party facilitators presents a significant opportunity to capture market share in underserved Tier-2 to Tier-4 cities where unorganized players currently dominate.

• Increased Wallet Share with Existing Clients:

• As large corporate clients like Titan and Malabar Gold expand their retail footprint, there is a direct opportunity for Shringar to increase sales volume and solidify its position as a preferred manufacturing partner.

• Operational Efficiency Gains:

• There is an ongoing opportunity to improve profitability through continuous cost optimization measures, leveraging backward integration capabilities, and increasing capacity utilization at the manufacturing facility.

• Brand Building:

• Active participation in prominent B2B exhibitions and trade shows (e.g., IIJS, GJS) provides a platform to showcase the extensive design range to new and existing clients, further strengthening the Shringar brand in the B2B space.

The company is well-positioned to capitalize on the expansion of its corporate clients and the formalization of the jewellery sector, while simultaneously creating new growth avenues by penetrating underserved markets.

• Production and Capacity:

• The company has an installed manufacturing capacity of 2,500 kg of gold per annum.

• Actual production has steadily increased from 1,236 kg in FY23 to 1,725 kg in FY25.

• For the first nine months of FY26 (9M FY26), the company processed 1,609 kg of gold.

• Capacity Utilization:

• Based on an annualized production run-rate from 9M FY26 data, the company is operating at a high utilization level. The 1,609 kg produced in nine months suggests an approximate utilization rate of over 85% of the pro-rated capacity for that period (1,875 kg).

• Capital Expenditure (Capex):

• The company has stated its intention to augment fund-based capacities and increase its manufacturing capability to scale up business operations, indicating future capex is planned for expansion.

Shringar is operating at a high rate of capacity utilization and plans to invest in expanding its manufacturing capabilities to support future business growth.

• Supply Chain Expansion:

• Continue to build out the nationwide supply chain model through third-party intermediaries to penetrate new and underserved markets across India.

• Client Relationship Management:

• Focus on strengthening ties with the existing base of corporate and non-corporate clients by driving recurring sales and increasing order volumes.

• Cost and Efficiency Focus:

• Maintain a continuous focus on reducing operating costs and improving operational efficiency by leveraging integrated manufacturing capabilities and optimizing capacity utilization.

• Financial Strengthening:

• Augment fund-based capacities to ensure adequate liquidity for working capital needs, which are intensive in this industry, and to support business expansion.

• Marketing and Brand Initiatives:

• Continue to invest in marketing and brand-building activities, primarily through participation in major national and regional B2B exhibitions to enhance visibility and client engagement.

The company's future strategy is centered on aggressive market penetration, deepening client relationships, optimizing operational efficiency, and strengthening its financial base to support scalable growth.

• Q3 FY26 Margin Expansion (YoY):

• Gross Margin: Improved by 169 basis points (bps) to 8.3%.

• EBITDA Margin: Expanded by 111 bps to 6.1%.

• PAT Margin: Increased by 129 bps to 4.6%.

• 9M FY26 Margin Expansion (YoY):

• Gross Margin: Improved significantly by 174 bps to 9.7%.

• EBITDA Margin: Expanded by 108 bps to 7.5%.

• PAT Margin: Increased by 110 bps to 5.4%.

• Historical Margin Trend (FY23-FY25):

• The company has consistently improved its margins over the past three fiscal years.

• EBITDA margin grew from 4.0% in FY23 to 6.5% in FY25.

• PAT margin expanded from 2.5% in FY23 to 4.3% in FY25, demonstrating enhanced profitability alongside revenue growth.

Shringar has demonstrated a strong and consistent ability to expand its profitability margins year-over-year, reflecting improved operational leverage and cost management.

• Commodity Price Fluctuation:

• As a jewellery manufacturer, the company is exposed to the volatility of gold prices. It actively manages this risk by hedging through the immediate replenishment of stock and the use of commodity futures contracts.

• Working Capital Intensity:

• The business is described as working capital intensive, requiring significant funds for inventory and operations. Managing liquidity and securing adequate funding is crucial for sustaining growth.

• Market and Economic Risks:

• The business is subject to broader economic risks, including the performance of the Indian economy, changes in consumer preferences, and competition, which could impact future performance.

• Dependency on Key Clients:

• With 50% of revenue in 9M FY26 coming from corporate clients, there is a concentration risk. However, this is mitigated by the long-standing nature of these relationships and a diverse client base within that segment.

The primary risks involve gold price volatility and the need to manage working capital effectively, which the company addresses through active hedging and strategic financial planning.

• Management Appointments:

• Mr. Ritesh Ashokkumar Doshi was appointed Chief Financial Officer on November 21, 2024.

• Mr. Rachit S. Sinha was appointed Company Secretary & Compliance Officer on November 21, 2024.

• Board Composition:

• The Board includes several experienced independent directors, including Mr. Radhamanalan, who was associated with Titan Company Limited for 34 years, bringing significant industry expertise.

• Inventory Management System:

• The company utilizes a sophisticated inventory management system that includes sourcing bullion through long-term suppliers, Gold Metal Loans (GML) from private banks, and an Advanced Gold Model (AGM) where some corporate clients supply the bullion directly for job work.

• Industry Certifications and Memberships:

• The company is affiliated with the Indian Bullion and Jewellers Association Limited and participates in initiatives by the Responsible Jewellery Council and Preferred Manufacturers of India, enhancing its credibility and visibility.

The company has strengthened its management team and board with experienced professionals and employs advanced inventory and risk management systems to support its operations and growth.