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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Funding working capital requirements
The largest part of the fresh issue is earmarked to fund the company's incremental working capital needs, which are substantial because the business buys bullion and carries finished mangalsutra inventory and trade receivables through the manufacturing and sales cycle.
General corporate purposes
The balance of the net proceeds, after meeting the working capital requirement and the expenses of the issue, is reserved for general corporate purposes at the discretion of the board.
(₹ in Crore)
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Shringar House of Mangalsutra Limited is a Mumbai based jewellery manufacturer that has built its entire business around a single ornament: the mangalsutra. Incorporated in January 2009, the company designs, manufactures and markets a wide catalogue of mangalsutra pieces in 18 carat and 22 carat gold, set with stones such as American diamonds, cubic zirconia, pearls and semi precious stones. It sells business to business rather than to consumers, supplying corporate jewellery chains, wholesalers and independent retailers who then sell the pieces under their own brands. The business grew out of the founding family's long standing goldsmith trade, and is run by promoters Chetan N. Thadeshwar, Mamta C. Thadeshwar, Viraj C. Thadeshwar and Balraj C. Thadeshwar. It operates an integrated manufacturing setup in Mumbai that combines machine led processes with hand finishing by karigars, supported by an in house design team of roughly a dozen designers and a workforce of about 180 artisans. Its customer base spans corporate accounts, wholesale jewellers and hundreds of retailers across India, and it also exports to markets including the United Kingdom, the United Arab Emirates, the United States, New Zealand and Fiji. Revenue has compounded steadily, rising from about Rs 951 crore in FY2023 to about Rs 1,430 crore in FY2025, with profit after tax growing from roughly Rs 23 crore to roughly Rs 61 crore over the same span. Volumes tell the same story: the quantity of bullion converted into finished mangalsutras rose from about 870 kg in FY2023 to about 1,321 kg in FY2025. The company positions itself in a category that is largely unbranded and fragmented, where its scale, design library and repeat relationships with long standing clients are the main competitive levers, and third party research placed its share of India's organised mangalsutra market at roughly 6 percent as of 2023.
Ahead of the issue opening, the company raised about Rs 120.19 crore from anchor investors on 9 September 2025, allotting 72,84,000 shares at the upper band price of Rs 165 each, which is 60 percent of the total QIB portion. The anchor book was led by Kotak Mahindra Life Insurance Company, and also drew Maybank Securities, Societe Generale, Founders Collective Fund, Nav Capital VCC, Plutus Investment Trust, North Star Opportunities Fund, Mint Focussed Growth Fund and Astrone Capital, among others.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 5:30 AM
Long tenured client relationships
The company has supplied several of its business to business customers for more than fifteen years, and retention among corporate accounts, wholesalers and retailers has been high. Repeat orders from an established base reduce the cost of winning new volume each year.
Broad and diversified B2B base
Sales are spread across corporate jewellery chains, wholesalers and independent retailers throughout India, with additional demand from export markets including the United Kingdom, the United Arab Emirates, the United States, New Zealand and Fiji. No single channel carries the whole book.
Specialist design capability
An in house design team focused solely on mangalsutra lets the company turn out bespoke and seasonal collections quickly. Design depth in a single category is harder for a generalist jeweller to match.
Integrated manufacturing
Machine led production is paired with hand finishing by a large in house karigar workforce, so the company controls quality and turnaround across the process rather than depending on job workers.
Consistent growth with improving margins
Revenue and profit have risen in each of the three reported financial years, and profitability improved alongside the volume growth rather than being traded away for it.
Designs are largely unregistered
Most of the company's mangalsutra designs are not registered as intellectual property, so a distinctive piece can be copied by third party artisans or competing manufacturers with little recourse.
Customer concentration
A meaningful share of revenue comes from a limited set of B2B accounts. Losing one of the larger corporate or wholesale customers would hit revenue and make forecasting harder.
Dependence on the promoters
Day to day operations, client relationships and design direction lean heavily on the promoter family. Continuity could suffer if any of them ceased to be involved.
Shringar House of Mangalsutra Limited
Unit No. B-1, Lower Ground Floor, Jewel World (Cotton Exchange Building), 175 Kalbadevi Road, Bhuleshwar, Mumbai, Maharashtra 400002
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Single product category
The entire business rests on one ornament. A shift in wedding jewellery preferences, or a sustained move away from gold mangalsutra, would leave little to fall back on.
Unmonitored use of proceeds
The deployment of the net proceeds has not been appraised by an independent bank or financial institution and is not subject to a monitoring agency's scrutiny, so the working capital spend rests on the company's own estimates.
Gold price and working capital exposure
The business converts bullion into finished pieces and carries a large working capital cycle funded partly by borrowings. Sharp moves in gold prices or a stretch in receivables would pressure margins and cash flow.