Shringar House of Mangalsutra Ltd (SHRINGARMS)
🎯 Key Takeaways
- Shringar House of Mangalsutra Ltd is in a high-growth phase driven by strategic expansion in the bridal jewellery segment and pan-India retail network, capitalizing on a 5.6% CAGR market.
- Revenue declined 24.4% QoQ to ₹548 in Q1FY27.
- ⚠️ High concentration in the mangalsutra segment exposes the company to sector-specific demand fluctuations despite a 5.6% CAGR market.
- Market Cap
- ₹2,103
- P/E Ratio
- 16.6
- P/B Ratio
- 3.10
- ROE
- 17.9%
- ROCE
- 19.6%
- Debt/Equity
- 0.26
- Promoter
- 74.8%
📖 The Story
Shringar House of Mangalsutra Ltd is in a high-growth phase driven by strategic expansion in the bridal jewellery segment and pan-India retail network, capitalizing on a 5.6% CAGR market. The company has demonstrated strong financial momentum with revenue growth exceeding 60% YoY in Q1 FY27, supported by operational efficiency and high asset utilization. Management views this as a scalable franchise opportunity amid rising demand for organized jewellery players.
📰 What's Happening
In Q1 FY27 (filed August 12, 2026), the company reported revenue of ₹548.5 crores, up 64.9% YoY, with PAT at ₹34 crores (+19.3% YoY). EBITDA margin improved to 8.9%. Chairman Chetan Thadeshwar highlighted resilient execution and confidence in scaling the franchise. Management emphasized expansion into bridal jewellery and noted 87% capacity utilization, underpinning growth ambitions. The company, India's largest B2B mangalsutra manufacturer with 10,000+ SKUs and presence across 24 states, continues to leverage integrated manufacturing and retail partnerships to capture rising market demand.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 529 | 659 | 726 | 548 |
| Operating Profit | 32 | 39 | 44 | 48 |
| OPM % | 6.0% | 6.0% | 6.0% | 8.7% |
| Net Profit | 23 | 30 | 34 | 34 |
| EPS | ₹2.99 | ₹3.13 | ₹3.53 | ₹3.53 |
Revenue growth has accelerated significantly, rising from ₹529 crores in September 2025 to ₹548.5 crores in June 2026, while PAT increased to ₹34 crores from ₹23 crores over the same period. Despite a temporary dip in OPM to 6.0% in Q3 and Q4 2025, recent quarters show improvement to 8.7% in June 2026, reflecting better cost control and operational leverage. This trend aligns with management's focus on scaling high-margin segments like bridal jewellery and optimizing capacity utilization, which reached 87% during the quarter.
🔮 Management Outlook & What's Next
Management expressed confidence in scaling the franchise as the jewellery ecosystem evolves and organised players gain relevance. They highlighted expansion into bridal jewellery and sustained capacity utilization of 87% as key growth enablers. The chairman noted resilient execution amid evolving market dynamics, signaling expectations of continued momentum in top-line growth and margin improvement through strategic investments in production and distribution infrastructure.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|
| Equity Capital | 72 | 96 | 96 |
| Reserves | 129 | 581 | 515 |
| Borrowings | 123 | 179 | 185 |
| Total Liabilities | 376 | 892 | 848 |
| Fixed Assets | 50 | 35 | 52 |
| Investments | 0 | 30 | 0 |
| Total Assets | 376 | 892 | 848 |
The balance sheet shows steady growth in equity and reserves, rising from ₹221 crores (₹72 + ₹129) in March 2025 to ₹677 crores (₹96 + ₹581) in March 2026, indicating retained earnings reinvestment. Borrowings increased modestly from ₹121 crores to ₹189 crores over the same period, but remain manageable at a D/E of 0.60. Total assets grew from ₹376 crores to ₹892 crores, reflecting capital investment in capacity expansion. The company appears to be funding growth through a mix of retained earnings and controlled debt, with no signs of aggressive leverage.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | -7 | -282 |
| Investing | -3 | -103 |
| Financing | +9 | +410 |
| Net Cash Flow | -1 | +25 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 74.8% | 74.8% | 74.8% | 74.8% |
| FII | 4.0% | 3.4% | 5.8% | 2.9% |
| DII | 3.8% | 1.7% | 1.5% | 2.7% |
| Public | 9.5% | 12.4% | 11.1% | 12.0% |
| # Shareholders | 40,853 | 27,403 | 26,679 | 26,966 |
FII holdings have increased steadily from 3.36% in Q3FY26 to 5.78% in Q4FY26 and 2.93% in Q1FY27, while DII rose from 1.53% to 2.73% over the same period, suggesting growing institutional confidence. Promoter holding remains stable at 74.8% across all quarters, with no signs of dilution. The expanding shareholder base, now covering 26,966 investors, reflects rising market interest and liquidity, supported by consistent promoter commitment and gradual institutional accumulation.
⚖️ Peer Comparison — Diamond, Gems and Jewellery
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| TITAN | 4.27 L Cr | 74.2 | 20.9% | — | 1.75 |
| KALYANKJIL | 58,190 | 40.5 | 29.0% | — | 0.69 |
| LALITHAA | 17,854 | — | — | — | 0.55 |
| THANGAMAYL | 15,570 | 39.8 | 26.3% | — | 0.58 |
| PCJEWELLER | 13,129 | 13.7 | 9.7% | — | 0.13 |
| SKYGOLD | 12,348 | 36.8 | 42.5% | — | 0.89 |
| BLUESTONE | 12,000 | 236.5 | 13.2% | — | 1.23 |
| PNGJL | 7,943 | 17.8 | 19.9% | — | 0.80 |
| SENCO | 5,232 | 9.2 | 20.4% | — | 0.93 |
| GOLDIAM | 4,707 | 16.9 | 38.4% | — | 0.01 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. High concentration in the mangalsutra segment exposes the company to sector-specific demand fluctuations despite a 5.6% CAGR market. 2. Margin improvement depends on scaling bridal jewellery and maintaining 87% capacity utilization, which could be challenged by competitive pricing or demand slowdown. 3. Rising borrowings to fund expansion may pressure financial flexibility if growth momentum slows. 4. Limited public float and high promoter holding could lead to volatility during share unlockments or market corrections.
📋 Recent Filings
- 🟡 Board Meeting2026-09-28Shringar House of Mangalsutra Limited held its 17th AGM on 28 September 2026 via video conference, adopting audited standalone financial statements fo…
- Announcement2026-09-23Shringar House of Mangalsutra Limited announced that its trading window will close on October 1, 2026, and remain shut for 48 hours after the un-audit…
- 🔴 annual report2026-09-03Shringar House of Mangalsutra Ltd (SHRINGARMS) reported a 57.1% YoY revenue surge to ₹22,458.17 million in FY2025-26, driven by capacity expansion and…
- 🔴 annual report2026-09-03Shringar House of Mangalsutra Limited announced its 17th AGM on September 28, 2026, and provided web links to the Integrated Annual Report for FY 2025…
- 🟡 Board Meeting2026-09-03Shringar House of Mangalsutra Ltd (SHRINGARMS) will hold its 17th AGM on 28 September 2026 via video conferencing, where shareholders will vote on ado…
- 🟡 Board Meeting2026-08-27Shringar House of Mangalsutra Limited announced its 17th Annual General Meeting will be held on 28 September 2026 at 3:00 PM IST via video conference,…
- Announcement2026-08-18Shringar House of Mangalsutra Limited announced the resignation of Vice President of Sales & Marketing Hitesh Khandelwal, effective August 17, 2026, f…
- 🟡 Board Meeting2026-08-18No summary available
- 🔴 Financial Results2026-08-12Shringar House of Mangalsutra Limited reported Q1 FY27 revenue of INR 548.5 crores, up 64.9% YoY, with PAT rising 19.3% to INR 34 crores. Gross profit…
- 🔴 offer document2026-08-12Shringar House of Mangalsutra Limited received a Monitoring Agency Report from CRISIL Ratings Limited for the quarter ended June 30, 2026, confirming …
🧠 Analyst's Read
Shringar House of Mangalsutra is executing a clear growth strategy backed by strong financial momentum and institutional interest, but its future performance hinges on sustained demand in the bridal segment and successful scaling of new capacity. Investors should monitor quarterly utilization rates, margin trends, and management's ability to convert expansion into profitable revenue.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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