Overview

Detailed Summary

Shringar House of Mangalsutra Limited is India’s largest B2B designer‑manufacturer of mangalsutras, operating an integrated manufacturing facility in Mumbai with 15+ years of craft heritage, 22 in‑house designers, 219 karigars, 15+ collections and 10,000+ active SKUs supplying marquee institutional clients like Titan and Malabar Gold across 24 states and 4 union territories.
The company reported material growth in Q3 and 9M FY26: 9M revenue of INR 1,520.3 crore (+41% YoY) and Q3 revenue of INR 658.9 crore (+68% YoY), driven by higher volumes (in‑house production rose to 1,609 kg in 9M FY26) and a shift toward corporate clients that now account for 50% of nine‑month revenues, materially improving revenue visibility.
Margins expanded meaningfully in the period: gross margin improved by ~174 bps to 9.7% (9M FY26) and EBITDA margin rose to 7.5%, driven by better product mix, operating leverage and cost optimisation; PAT rose to INR 81.5 crore in 9M FY26 with PAT margin at 5.4%, indicating structural improvement in profitability for Shringar.
Near‑term strategic moves include an IPO in Sep‑2025 that raised ~INR 400 crore to strengthen working capital and inventory, a planned near‑term capacity increase (management expects almost double capacity within three months), and conservative bullion management with ~45% of bullion sourced through Gold Metal Loans and advanced gold models to mitigate price volatility.

Sector: Consumer Durables
Industry: Gems, Jewellery And Watches
Market Cap: 1,742 Cr
Volatility: High Risk
P/E Ratio: 21.0
Industry P/E: 46.7
PEG Ratio: 0.5
P/B Ratio: 2.9
52W High: 266.35
52W Low: 165.80

Sales CAGR

1Y: 29.80%
3Y: 20.85%
5Y: —
10Y: —

Profit CAGR

1Y: 96.43%
3Y: 44.48%
5Y: —
10Y: —

ROE

TTM: 13.00%
3Y: 26.07%
5Y: 25.75%
10Y: —

ROCE

TTM: 14.37%
3Y: 36.67%
5Y: 33.26%
10Y: —

Technicals

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Forecasts

Peers

Consumer Discretionary Consumer Durables Consumer Durables Gems, Jewellery And Watches

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
DPABHUSHAN		1001.20	2,316 Cr	56.37	4.57	0.00	29.67	29.78	19.07
SHRINGARMS		179.85	1,742 Cr	20.99	2.85	0.00	13.00	14.37	11.41
KHAZANCHI		634.40	1,577 Cr	20.58	5.86	0.16	23.65	27.26	16.74
MOTISONS		12.80	1,272 Cr	21.04	2.69	0.00	12.62	16.20	12.15
SHANTIGOLD		170.10	1,253 Cr	16.45	2.31	0.00	19.42	21.82	16.63
LGHL		236.87	1,214 Cr	99.53	18.66	0.00	16.24	13.47	6.42
PNGSREVA		351.00	1,154 Cr	2.22	2.41	0.00	0.00	0.00	0.00
Median: 7 Co.	—	236.87	1,272 Cr	20.99	2.85	0.00	16.24	16.20	12.15

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	271	416	391	351	333	529	659
Expenses	246	392	372	328	291	496	619
Operating Profit	25	24	20	23	41	33	40
OPM %	9.33	5.85	5.00	6.57	12.39	6.16	6.11
Other Income	0.02	0.08	0.05	0.16	0.06	0.54	2.06
Interest	1.93	1.90	2.13	2.24	2.28	2.26	1.31
Depreciation	0.64	0.64	0.67	0.66	0.74	0.76	0.94
Profit Before Tax	23	22	17	20	38	30	40
Tax %	25.24	26.80	23.45	25.25	25.48	24.04	24.73
Net Profit	17	16	13	15	29	23	30
EPS in Rs	—	—	—	—	—	2.99	3.13

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	510	810	950	1,102	1,430
Expenses	490	781	912	1,052	1,338
Operating Profit	21	29	38	50	92
OPM %	4.04	3.64	3.98	4.50	6.46
Other Income	0.04	0.61	1.08	1.19	0.30
Interest	1.79	2.14	5.62	6.03	8.20
Depreciation	0.61	0.63	1.83	2.56	2.62
Profit Before Tax	18	27	31	42	82
Tax %	27.02	25.83	25.69	26.22	25.28
Net Profit	13	20	23	31	61
EPS in Rs	—	—	—	—	—
Dividend Payout %	0.00	0.00	0.00	0.00	0.00

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.25	8.96	8.96	8.96	72
Reserves	53	73	97	128	129
Borrowings	23	98	93	110	123
Other Liabilities	26	15	13	18	52
Total Liabilities	102	195	212	265	376
Fixed Assets	15	20	20	18	19
CWIP	0.00	0.00	0.00	0.00	0.00
Investments	0.00	31	32	31	31
Other Assets	88	145	160	215	326
Total Assets	102	195	212	265	376

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-4.69	-30	13	-15	-7.09
Cash from Investing Activity	-0.00	-36	-2.77	-0.55	-2.96
Cash from Financing Activity	3.70	69	-9.08	12	8.97
Net Cash Flow	-0.99	2.84	1.10	-3.73	-1.08

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Feb 2025	Sep 2025	Dec 2025
Promoters	100.00%	74.80%	74.80%
FIIs	0.00%	4.67%	3.36%
DIIs	0.00%	7.92%	1.69%
Public	0.00%	12.61%	20.15%
Total Shareholders	7	97,410	27,403

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Frequently Asked Questions about Shringar House of Mangalsutra Ltd

Shringar House of Mangalsutra Ltd (SHRINGARMS) is currently trading at 181.10 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.

Shringar House of Mangalsutra Limited is India’s largest B2B designer‑manufacturer of mangalsutras, operating an integrated manufacturing facility in Mumbai with 15+ years of craft heritage, 22 in‑house designers, 219 karigars, 15+ collections and 10,000+ active SKUs supplying marquee institutional clients like Titan and Malabar Gold across 24 states and 4 union territories. The company reported material growth in Q3 and 9M FY26: 9M revenue of INR 1,520.3 crore (+41% YoY) and Q3 revenue of INR 658.9 crore (+68% YoY), driven by higher volumes (in‑house production rose to 1,609 kg in 9M FY26) and a shift toward corporate clients that now account for 50% of nine‑month revenues, materially improving revenue visibility. Margins expanded meaningfully in the period: gross margin improved by ~174 bps to 9.7% (9M FY26) and EBITDA margin rose to 7.5%, driven by better product mix, operating leverage and cost optimisation; PAT rose to INR 81.5 crore in 9M FY26 with PAT margin at 5.4%, indicating structural improvement in profitability for Shringar. Near‑term strategic moves include an IPO in Sep‑2025 that raised ~INR 400 crore to strengthen working capital and inventory, a planned near‑term capacity increase (management expects almost double capacity within three months), and conservative bullion management with ~45% of bullion sourced through Gold Metal Loans and advanced gold models to mitigate price volatility.

Over the past 52 weeks, Shringar House of Mangalsutra Ltd has traded between a low of ₹165.80 and a high of ₹266.35. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.

Shringar House of Mangalsutra Ltd has a market capitalization of approximately 1,741.56. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.

Shringar House of Mangalsutra Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of 20.99 and operates in the its sector sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.

Based on its market capitalization of 1,741.56 Cr, Shringar House of Mangalsutra Ltd is classified as a Small Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.

Shringar House of Mangalsutra Ltd operates in the its sector sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.

The Price-to-Earnings (PE) ratio of Shringar House of Mangalsutra Ltd is 20.99. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.

Shringar House Of Mangalsutra Ltd

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