Shringar House of Mangalsutra Ltd: Company Profile

Background

Shringar House of Mangalsutra Ltd, established in 2009, is a leading Indian designer and manufacturer specializing in mangalsutras—a traditional necklace symbolizing marital status in Indian culture. The company offers a diverse range of mangalsutras crafted from 18k and 22k gold, adorned with various stones such as American diamonds, cubic zirconia, pearls, mother of pearl, and semi-precious stones. Operating primarily in the business-to-business (B2B) segment, Shringar has built a strong presence across India and internationally. As of 2023, the company held approximately 6% of the organized mangalsutra market in India.

Key Strategic Focus

Shringar's strategic focus centers on:

Product Diversification: Offering over 15 collections and more than 10,000 active SKUs, the company caters to various customer preferences, including antique, bridal, traditional, contemporary, and Indo-western styles.

Design Innovation: With a dedicated team of 22 in-house designers and 166 artisans, Shringar emphasizes continuous design innovation to meet evolving consumer tastes.

Integrated Manufacturing: Operating an 8,300 sq. ft. manufacturing facility in Mumbai with an annual capacity of 2,500 kg, the company ensures end-to-end production under one roof, maintaining stringent quality control.

Market Expansion: Beyond its domestic presence across 24 states and 4 union territories, Shringar has expanded internationally to the UK, New Zealand, UAE, USA, and Fiji.

Financials and Funding

In the fiscal year ending March 31, 2025, Shringar reported:

Revenue from Operations: ₹1,429.8 crore, a 30% increase from ₹1,101.5 crore in FY24.

Profit After Tax (PAT): ₹61.11 crore, up 96% from ₹31.11 crore in FY24.

EBITDA Margin: 6.48%, an improvement from 4.61% in FY24.

In September 2025, the company raised ₹400.95 crore through an Initial Public Offering (IPO), issuing 2.43 crore equity shares at a price band of ₹155 to ₹165 per share. The net proceeds were allocated towards funding working capital requirements and general corporate purposes.

Pipeline Development

Shringar's product development pipeline includes:

24K SHUDDH Collection: Launched in Q2 FY26, this collection features mangalsutras crafted entirely in pure 24 Karat gold, marking a significant innovation in the market.

Technological Platform and Innovation

The company leverages:

Advanced Manufacturing Technologies: Utilizing CNC machines, laser soldering, and 3D printing to create complex designs with precision.

Quality Control Measures: Implementing three-stage quality checks, including the use of XRF machines, to ensure product purity and authenticity.

Leadership Team

The leadership team comprises:

Chetan N. Thadeshwar: Promoter with over 40 years of experience in the jewelry industry.

Mamta C. Thadeshwar: Promoter with extensive experience in business operations.

Viraj C. Thadeshwar: Promoter involved in strategic planning and expansion initiatives.

Balraj C. Thadeshwar: Promoter focusing on operational efficiency and quality control.

Market Overview and Competitor Profile

The Indian mangalsutra market was valued at ₹17,800 crore in 2023 and is projected to grow at a CAGR of 5.8%, reaching approximately ₹30,300 crore by 2032. This growth is driven by increasing wedding numbers, rising demand for personalized jewelry, and a shift from unorganized to organized retail formats.

Key competitors in the market include:

Utssav CZ Gold Jewels Ltd: Focuses on cubic zirconia jewelry, with a market capitalization of ₹445 crore.

RBZ Jewellers Ltd: Specializes in gold jewelry, holding a market capitalization of ₹544 crore.

Sky Gold & Diamonds Ltd: Offers a range of gold and diamond jewelry, with a market capitalization of ₹4,345 crore.

Strategic Collaborations and Partnerships

Shringar has established partnerships with prominent retailers such as Malabar Gold, Titan Company, GRT Jewellers, Reliance Retail, and Joyalukkas India, enhancing its market reach and brand recognition.

Operational Insights

The company operates a single manufacturing facility in Mumbai, which accounted for 69% capacity utilization in FY25. This indicates potential for increased production efficiency and scalability.

Strategic Opportunities and Future Directions

Shringar plans to expand its presence in 42 new cities by partnering with local intermediaries and aims to boost international sales through exhibitions and potential celebrity endorsements. The introduction of the 24K SHUDDH Collection positions the company to cater to the premium segment of the market.