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Latest filing: 2026-08-12 18:09
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65% YoY Revenue Growth in Q1 FY27; PAT up 19% to ₹34 Cr
Shringar House of Mangalsutra (SHRINGARMS) reported a robust 64.9% YoY revenue growth to ₹548.5 cr for Q1 FY27, primarily driven by momentum in the bridal jewellery segment. However, profitability margins saw significant compression, with EBITDA margins dropping to 8.9% from 12.4% in the same quarter last year. Profit After Tax (PAT) grew 19.3% YoY to ₹34.0 cr, though it remained flat sequentially compared to Q4 FY26. The company continues to expand its B2B footprint, serving 35 corporate clients including Titan and Malabar Gold.
Confidence: HIGH
What changedThe company has reported its Q1 FY27 financial results, showing strong top-line growth but a notable decline in operating margins compared to the previous year.
Why it mattersThe results demonstrate the company's ability to scale within the organized jewellery market and its strong relationship with marquee B2B clients, though the margin drop highlights the sensitivity to input costs or competitive pricing.
Revenue (Q1 FY27): ₹548.5 crYoY Revenue Growth: 64.9%PAT (Q1 FY27): ₹34.0 crEBITDA Margin: 8.9%QoQ Revenue Growth: -24.4%
📅 Short termThe strong YoY revenue growth is likely to be viewed positively by the market, though the sequential decline and margin pressure may lead to some volatility in the short term.
📈 Long termThe company is structurally positioned to benefit from the shift toward organized jewellery manufacturing, provided it can manage working capital and gold price risks effectively while scaling its 2,500 kg annual capacity.
⚠ Risk flags
- Significant YoY margin contraction (350 bps)
- High working capital intensity
- Gold price volatility impacting B2B demand
Key Highlights
Revenue from operations increased 64.9% YoY to ₹548.5 cr in Q1 FY27.
Profit After Tax (PAT) rose 19.3% YoY to ₹34.0 cr.
EBITDA margins contracted by 350 basis points YoY, falling from 12.4% to 8.9%.
Sequential revenue declined 24.4% from ₹725.6 cr in Q4 FY26, reflecting seasonal variations.
The company maintains a portfolio of over 10,000 active SKUs and serves 1,061 wholesalers.
👀 What to Watch
Investors should monitor the trajectory of EBITDA margins in upcoming quarters to determine if the current compression is due to gold price volatility or a shift in product mix. The ability to maintain volume growth while recovering margins will be key to sustaining the current valuation.
65% Revenue Growth for Shringar House in Q1 FY27; Capacity Expanded to 4,000 kg
Shringar House of Mangalsutra reported a robust 64.9% YoY revenue growth to ₹548.5 cr for Q1 FY27, driven by higher realizations despite a 5.3% dip in volumes (356 kg sold). Profit After Tax (PAT) grew 19.3% to ₹34.0 cr, although margins faced significant pressure with EBITDA margins contracting 350 bps to 8.9%. A major operational milestone was achieved with the Kandivali facility becoming operational, increasing total annual capacity by 60% to 4,000 kg.
Confidence: HIGH
What changedThe company has transitioned to a higher manufacturing scale (4,000 kg capacity) and reported a significant jump in top-line revenue, though profitability margins have compressed.
Why it mattersAs a specialized B2B manufacturer for India's largest organized jewellers, the capacity expansion positions Shringar to capture more share as the industry formalizes, provided they can manage the high working capital requirements.
Revenue Growth (YoY): 64.9%New Annual Capacity: 4,000 kgEBITDA Margin: 8.9%Quantity Sold (Q1 FY27): 356 kgPAT (Q1 FY27): ₹34.0 cr
📅 Short termThe market is likely to react positively to the strong revenue growth and capacity expansion, though the margin contraction may temper enthusiasm.
📈 Long termThe expansion to 4,000 kg capacity and deep ties with organized retail giants like Titan suggest a strong structural growth path in the specialized Mangalsutra segment.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Significant margin compression (-350 bps EBITDA margin)
- Volume decline (-5.3% in kg sold) despite revenue growth
- High working capital intensity typical of gold jewellery manufacturing
Key Highlights
Revenue from operations increased 64.9% YoY to ₹548.5 cr in Q1 FY27.
Manufacturing capacity expanded from 2,500 kg to 4,000 kg per annum following the Kandivali facility launch.
EBITDA grew 18.7% YoY to ₹48.9 cr, though EBITDA margins fell from 12.4% to 8.9%.
Quantity sold decreased to 356 kg in Q1 FY27 from 376 kg in Q1 FY26.
Maintains long-standing B2B relationships with marquee clients like Titan (15 years) and Malabar Gold (11 years).
👀 What to Watch
Investors should monitor the utilization levels of the newly added 1,500 kg capacity and the company's ability to pass on gold price volatility to maintain margins, which saw a sharp decline this quarter.
₹54.85 Cr Revenue in Q1; PAT Remains Stable at ₹3.40 Cr YoY
Shringar House of Mangalsutra reported a 24.4% YoY decline in revenue to ₹54.85 cr for the quarter ended June 30, 2026. Despite the significant drop in top-line revenue, Net Profit remained flat at ₹3.40 cr compared to the same period last year, indicating improved margin management. The company has fully utilized ₹335.75 cr of its IPO proceeds for working capital and general corporate purposes. These results represent the company's performance in its first full year post-listing in September 2025.
Confidence: HIGH
What changedThe company reported its first-quarter financial results for FY27, showing a contraction in revenue but stable profitability following its 2025 IPO.
Why it mattersThe stability of PAT despite a 24% revenue drop suggests the company has some pricing power or cost efficiencies in its specialized Mangalsutra manufacturing business, which is critical given gold price volatility.
Revenue (Q1 FY27): ₹54.85 crNet Profit (Q1 FY27): ₹3.40 crYoY Revenue Growth: -24.4%IPO Proceeds for Working Capital: ₹250 crEPS: ₹3.53
📅 Short termThe stock may see neutral to slightly cautious sentiment due to the revenue decline, though the stable bottom line provides some comfort.
📈 Long termLong-term growth depends on increasing capacity utilization from the current 69% and successfully scaling its B2B relationships with marquee clients like Titan and Malabar Gold.
⚠ Risk flags
- High working capital intensity
- Gold price volatility impacting B2B demand
- Significant revenue contraction in the current quarter
Key Highlights
Revenue from operations decreased by 24.4% YoY to ₹548.45 million (₹54.85 cr) from ₹725.56 million.
Net Profit for the quarter stood at ₹34.00 million (₹3.40 cr), identical to the profit reported in Q1 FY26.
Basic and Diluted Earnings Per Share (EPS) for the quarter was ₹3.53.
The company utilized ₹2,500 million (₹250 cr) from IPO proceeds for working capital requirements as of June 30, 2026.
Inventory changes showed a credit of ₹146.25 million, reflecting significant stock movements during the period.
👀 What to Watch
Investors should monitor the company's ability to recover revenue growth in upcoming quarters and track the execution of its expansion into Delhi and Pune branch offices.
Shringar House of Mangalsutra FY26 PAT Surges 89% to ₹115.5 Cr; Capacity Expanded to 4,000kg
Shringar House of Mangalsutra Limited reported a stellar performance for FY26, with annual revenue growing 57.1% to ₹2,245.8 crore and PAT increasing 89% to ₹115.5 crore. The company successfully expanded its manufacturing capacity from 2,500 kgs to 4,000 kgs to meet rising demand. A strategic entry into the bridal jewellery segment was marked by partnerships with industry leaders Tanishq and Malabar Gold. Management has provided a confident growth guidance of 30% CAGR over the next two to three years.
Key Highlights
FY26 Revenue grew 57.1% YoY to ₹2,245.8 crore, with Q4 revenue alone jumping 106.5% to ₹725.6 crore.
Annual PAT increased by 89% to ₹115.5 crore, with PAT margins expanding by 87 basis points to 5.1%.
Manufacturing capacity significantly increased to 4,000 kgs, positioning the company for higher volume growth in FY27.
Strategic diversification into bridal jewellery has commenced, with the first lot supplied to Titan in May 2026.
Maintained a healthy balance sheet with a debt-equity ratio of 0.27 and an efficient working capital churn of five times.
👀 What to Watch
Investors should monitor the ramp-up of the new 4,000kg capacity and the margin profile of the new bridal segment. The company's strong relationship with corporate giants like Titan and Malabar makes it a compelling growth play in the organized jewellery space.
Shringar House of Mangalsutra FY26 Turnover Exceeds ₹1,000 Cr; Capacity Up to 4,000 KG
Shringar House of Mangalsutra (SHRINGARMS) achieved a major milestone in FY26 with annual turnover crossing INR 10,000 million. The company expanded its manufacturing capacity from 2,500 kg to 4,000 kg per annum through a ₹15 crore investment in its Kandivali facility. Production volumes rose to 2,286 kg in FY26, reflecting strong demand from institutional clients like Titan and Malabar Gold. The company is now aggressively entering the bridal jewellery segment, which accounts for nearly 25% of total Indian wedding costs.
Key Highlights
Annual turnover surpassed INR 10,000 million for the first time in FY26.
Manufacturing capacity expanded by 60% to 4,000 kg p.a. following a ₹15 crore internal investment.
Actual production increased to 2,286 kg in FY26, compared to 1,725 kg in FY25.
Strategic entry into the Indian bridal jewellery market, projected to reach INR 4,200 billion by 2028.
Maintains long-standing B2B partnerships (12+ years) with marquee brands like Titan, Reliance, and Kalyan Jewellers.
👀 What to Watch
Investors should monitor the ramp-up of the new 4,000 kg capacity and the company's execution in the high-margin bridal jewellery segment. The transition from a niche specialist to a broader bridal player offers significant growth potential.
Shringar House of Mangalsutra Q4 PAT Surges 123% YoY to ₹34 Cr; Revenue Doubles
Shringar House of Mangalsutra (SHRINGARMS) reported a stellar Q4 FY26 with revenue doubling to ₹725.6 crore and PAT surging 123.5% YoY to ₹34 crore. The full-year FY26 performance was equally strong, with revenue reaching ₹2245.8 crore and PAT growing 89% to ₹115.5 crore. Growth was driven by favorable gold prices, volume growth, and the operationalization of a new manufacturing facility in Kandivali, which increased capacity by 60% to 4,000 kg per annum. The company also announced a strategic entry into the high-growth bridal jewellery segment, partnering with major brands like Tanishq and Malabar Gold.
Key Highlights
Q4 FY26 Revenue grew 106.5% YoY to ₹725.6 crore, while PAT rose 123.5% YoY to ₹34 crore.
Full-year FY26 PAT reached ₹115.5 crore, an 89% increase from ₹61.1 crore in FY25.
Manufacturing capacity expanded from 2,500 kg to 4,000 kg per annum following the Kandivali facility launch.
Strategic entry into the bridal jewellery segment with initial sales through Tanishq and Malabar Gold.
EBITDA margins for FY26 improved by 61 bps to 7.1%, reflecting better operational efficiency.
👀 What to Watch
Investors should view the massive capacity expansion and entry into the bridal segment as long-term growth catalysts. The stock's performance will likely be tied to gold price volatility and the successful scaling of the new bridal vertical.
Shringar House of Mangalsutra FY26 Net Profit Jumps 70% to ₹206.58 Million
Shringar House of Mangalsutra Limited reported a robust performance for the financial year ended March 31, 2026, with total income surging to ₹22,504.24 million from ₹14,301.16 million in the previous year. The company's net profit for the full year grew significantly by 70.3% to ₹206.58 million compared to ₹121.28 million in FY25. For the fourth quarter alone, revenue more than doubled year-on-year to ₹7,255.56 million, reflecting strong operational momentum. Earnings per share (EPS) improved from ₹8.09 to ₹10.33, indicating enhanced value for shareholders.
Key Highlights
Annual Revenue from operations grew by 57% YoY to ₹22,458.17 million in FY26
Full-year Net Profit increased by 70.3% to ₹206.58 million from ₹121.28 million in FY25
Q4 FY26 Net Profit rose sharply to ₹67.14 million compared to ₹25.68 million in Q4 FY25
Earnings Per Share (EPS) for FY26 stood at ₹10.33, up from ₹8.09 in the previous fiscal
Statutory auditors issued an unmodified opinion on the financial results for the year
👀 What to Watch
Investors should view the strong top-line and bottom-line growth as a positive sign of market expansion and operational efficiency. The significant jump in Q4 performance suggests a strong growth trajectory heading into the next fiscal year.
Shringar House of Mangalsutra Expands Capacity by 60% with New Kandivali Facility
Shringar House of Mangalsutra Limited has relocated its manufacturing unit to a larger 16,260 sq. ft. facility in Kandivali, Mumbai, nearly doubling its previous footprint. This strategic move is expected to increase annual production capacity from 2,500 kg to 4,000 kg to meet rising demand from major clients like Titan and Malabar Gold. The company invested approximately Rs. 15 crore for this expansion, which was entirely funded through internal accruals. While current capacity production has resumed, the full incremental capacity is expected to be operational within three months.
Key Highlights
Relocated to a 16,260 sq. ft. facility in Kandivali, up from the previous 8,300 sq. ft. unit
Annual production capacity set to increase by 60%, moving from 2,500 kg to 4,000 kg
Rs. 15 crore total investment for relocation and upgrades funded via internal accruals
Incremental capacity addition expected to be completed within the next three months
Facility serves major corporate clients including Titan, Malabar Gold, and Reliance Retail
👀 What to Watch
Investors should monitor the company's revenue growth over the next two quarters as the additional 1,500 kg capacity becomes operational. The use of internal accruals for a significant expansion is a positive indicator of the company's cash flow strength.
Shringar House of Mangalsutra Expands Capacity to 4,000 kg p.a. via New Kandivali Facility
Shringar House of Mangalsutra has successfully relocated its manufacturing operations from Lower Parel to a significantly larger facility in Kandivali, Mumbai. The new unit spans 16,260 sq. ft., nearly doubling the previous floor space, and is designed to increase production capacity from 2,500 kg to 4,000 kg per annum. The expansion involves a capital expenditure of approximately Rs. 15 crore, which the company is funding entirely through internal accruals. This strategic move is aimed at improving operational efficiency through automated machinery and meeting rising market demand.
Key Highlights
Relocated to a 16,260 sq. ft. facility, nearly doubling the previous footprint of 8,300 sq. ft.
Total production capacity increased by 60% from 2,500 kg p.a. to an estimated 4,000 kg p.a.
Investment of Rs. 15 crore funded via internal accruals, avoiding additional debt burden.
Incremental capacity addition expected to be fully operational within approximately 3 months.
Existing capacity utilization stood at 64% as of December 2025, providing significant headroom for growth.
👀 What to Watch
Investors should view this as a positive growth signal, as the company is scaling up capacity using internal funds. Monitor the upcoming quarterly results for improvements in operational margins resulting from the new automated machinery.
Shringar House of Mangalsutra Q3 FY26 PAT Surges 134% to ₹30.1 Cr; Revenue Up 68%
Shringar House of Mangalsutra reported a robust Q3 FY26 performance with revenue growing 68.4% YoY to ₹658.9 crores, driven by both volume and value growth. Profitability saw a significant jump as PAT rose 134.2% to ₹30.1 crores, supported by a 129 basis point expansion in PAT margins. The company is successfully shifting its revenue mix towards organized corporate clients, which now contribute 50% of 9M revenue compared to 34% in FY25. Management maintains a growth guidance of 30% CAGR, backed by expansion into North India and increased capacity utilization.
Key Highlights
Q3 FY26 Revenue increased by 68.4% YoY to ₹658.9 crores, while 9M FY26 revenue reached ₹1,520.3 crores.
Net Profit (PAT) for the quarter surged 134.2% YoY to ₹30.1 crores with PAT margins improving to 4.6%.
Corporate client contribution rose significantly to 50% of total revenue in 9M FY26 from 34% in FY25.
Manufacturing capacity stands at 2,500 kgs with 70% utilization and plans to relocate to a larger facility in Mumbai.
Management targets a consistent 30% CAGR, leveraging new offices in Delhi and Pune for geographic expansion.
👀 What to Watch
Investors should view the strong shift towards organized retail and significant margin expansion as positive indicators of scalability. Monitor the execution of the manufacturing facility relocation and the impact of the new regional offices on volume growth.
Shringar House of Mangalsutra Q3 FY26 Update: 9M Production Reaches 1,609 kg
Shringar House of Mangalsutra Limited, India's largest B2B Mangalsutra manufacturer, reported a production volume of 1,609 kg for the 9M FY26 period against an annual capacity of 2,500 kg. The company, which exceeded INR 10,000 million in turnover in FY25, maintains long-standing relationships with marquee clients like Titan, Malabar Gold, and Reliance Retail. With over 10,000 active SKUs and a pan-India presence across 24 states, the company is well-positioned to benefit from the shift towards organized wholesale gold manufacturing. Strategic inventory management, including Gold Metal Loans for 45% of bullion requirements, helps mitigate price volatility.
Key Highlights
Achieved 1,609 kg production in 9M FY26, utilizing a significant portion of its 2,500 kg annual capacity.
Maintains a massive portfolio of 10,000+ active SKUs and 15+ curated collections for B2B clients.
Strong institutional partnerships with Titan (13 years), Reliance Retail (13 years), and Kalyan Jewellers (12 years).
Annual turnover surpassed the INR 10,000 million milestone in FY25.
Expanded geographical footprint with a new branch office in Pune to strengthen Vidarbha and Marathwada presence.
👀 What to Watch
Investors should focus on the company's ability to maintain margins amidst gold price fluctuations and its progress in reaching full capacity utilization. The long-term contracts with major retail chains provide high revenue visibility and make it a key player in the organized jewellery manufacturing space.
Shringar House of Mangalsutra Q3 PAT Surges 134% YoY to ₹30.1 Cr; Revenue Up 68%
Shringar House of Mangalsutra reported a robust Q3 FY26 with revenue growing 68.4% YoY to ₹658.9 crores, driven by favorable gold prices and strong domestic demand. Profit After Tax (PAT) saw a massive jump of 134.2% YoY to ₹30.1 crores, while EBITDA margins expanded by 111 basis points to 6.1%. For the nine-month period (9M FY26), the company maintained strong momentum with a 77.5% increase in PAT to ₹81.5 crores. The company is actively expanding its national footprint through new branch offices and third-party facilitator partnerships.
Key Highlights
Quarterly Revenue from operations grew 68.4% YoY to ₹658.9 crores in Q3 FY26.
EBITDA more than doubled, increasing 105.8% YoY to ₹40.2 crores with margins expanding to 6.1%.
Net Profit (PAT) surged 134.2% YoY to ₹30.1 crores, reflecting strong operating leverage.
9M FY26 Revenue reached ₹1,520.3 crores, a 41% increase over the previous year period.
Onboarded five third-party facilitators to accelerate pan-India distribution and market entry.
👀 What to Watch
The company is demonstrating high growth and significant margin expansion; investors should monitor the sustainability of these margins as gold price volatility can impact future performance.
Shringar House of Mangalsutra to Relocate Manufacturing Unit to Kandivali for Capacity Expansion
Shringar House of Mangalsutra Limited has announced the relocation of its manufacturing unit from Lower Parel to a larger facility in Kandivali West, Mumbai. The move is strategically designed to enhance operational efficiency, upgrade technology, and increase production capacity. The new facility is expected to be operational within three months, subject to statutory approvals. Management has indicated that the relocation will not have any adverse impact on the company's current business operations or financial performance.
Key Highlights
Relocating manufacturing operations from Lower Parel to a multi-floor facility in Kandivali West, Mumbai
New facility expected to be operational within 3 months (by May 2026)
Primary objectives include technology upgrades and increasing overall production capacity
Board of Directors approved the proposal in a meeting held on February 11, 2026
Relocation is within Mumbai, ensuring minimal disruption to the existing workforce and logistics
👀 What to Watch
Investors should view this as a positive step toward scaling operations and improving margins through better infrastructure. Monitor the company's updates over the next 90 days to ensure the new facility commences operations without delays.
Shringar House of Mangalsutra Q3 PAT Jumps 71% YoY to ₹88.3 Million
Shringar House of Mangalsutra reported a strong performance for the quarter ended December 31, 2025, with revenue from operations growing 68.4% YoY to ₹6,588.56 million. Net profit for the quarter rose significantly by 71% YoY to ₹88.31 million, compared to ₹51.64 million in the same period last year. On a sequential basis, revenue grew by 24.6% from the September quarter, indicating robust demand. For the nine-month period, the company has already surpassed its previous full-year revenue, reaching ₹15,202.61 million.
Key Highlights
Revenue from operations increased by 68.4% YoY to ₹6,588.56 million in Q3 FY26.
Net Profit (PAT) grew by 71% YoY to ₹88.31 million from ₹51.64 million.
Quarter-on-quarter revenue grew by 24.6%, showing strong sequential momentum from Q2 FY26.
Earnings Per Share (EPS) improved to ₹0.88 from ₹0.52 in the year-ago quarter.
Total income for the nine months ended Dec 2025 reached ₹15,229.22 million, exceeding the full FY25 income of ₹14,302.18 million.
👀 What to Watch
The company is exhibiting strong growth momentum with revenue and profits scaling rapidly. Investors should maintain a positive outlook while monitoring the impact of gold price volatility on future operating margins.
Shringar House of Mangalsutra Q3 FY26 PAT Jumps 96% YoY to ₹101.99 Million
Shringar House of Mangalsutra reported a strong performance for the quarter ended December 31, 2025, with revenue from operations growing 68.3% YoY to ₹6,588.56 million. Net profit for the quarter nearly doubled, rising 96.1% YoY to ₹101.99 million compared to ₹52.01 million in the same period last year. On a sequential basis, revenue increased by 26.5%, indicating robust demand during the festive and wedding season. The company's nine-month performance also shows significant growth, with total income reaching ₹15,229.22 million.
Key Highlights
Revenue from operations surged 68.3% YoY to ₹6,588.56 million in Q3 FY26.
Net profit (PAT) increased by 96.1% YoY to ₹101.99 million from ₹52.01 million.
Sequential (QoQ) revenue growth stood at 26.5%, while PAT grew by 39.5%.
Nine-month total income for FY26 reached ₹15,229.22 million, up from ₹10,785.93 million in the previous year.
Basic EPS improved significantly to ₹4.43 for the quarter compared to ₹2.26 in the year-ago period.
👀 What to Watch
The company is showing strong growth momentum in both top-line and bottom-line figures, likely benefiting from seasonal demand. Investors should monitor if these margins and growth rates are sustainable in the upcoming non-festive quarters.
Shringar House of Mangalsutra Expands Presence with New Branch Office in Pune
Shringar House of Mangalsutra Limited (SHOML) has inaugurated a new branch office in Pune, Maharashtra, to strengthen its regional footprint. This strategic move aims to enhance service efficiency across the Marathwada and Vidarbha regions, targeting both organized and unorganized jewellery markets. As of FY25, the company serves 34 corporate clients and over 1,000 wholesalers with a portfolio of 10,000+ SKUs. The expansion is expected to accelerate business growth by deepening penetration in key Maharashtra markets.
Key Highlights
Inaugurated new branch office in Pune, Maharashtra on January 23, 2026
Company manages a portfolio of 15+ collections and over 10,000 active SKUs
Client base includes 34 corporate giants like Titan, Malabar Gold, and Reliance Retail
Operations supported by 22 in-house designers and 179 skilled karigars
Strategic expansion to cover Marathwada and Vidarbha regions more effectively
👀 What to Watch
Investors should monitor how this physical expansion translates into revenue growth from the Maharashtra region in upcoming quarterly results. The company's strong corporate client list provides a stable foundation for scaling operations.
