Shringar House of Mangalsutra Ltd Q2 FY26 – The Gold-Standard Drama of ₹5,288 Mn Sales, ₹228 Mn PAT & a 6% Market Share That Sparkles Like No Other

1. At a Glance

There’s a thin line between “family heirloom” and “inventory item,” andShringar House of Mangalsutra Ltd (BSE: 544512 | NSE: SHRINGARMS)walks it in 18k gold. Incorporated in 2009, this Maharashtra-based company has quietly turned the most sacred piece of Indian jewellery into a ₹2,171 crore market cap powerhouse. As of Q2 FY26 (Sep 2025), it clocked ₹5,287.9 million (₹528.8 crore) in revenue and ₹228.5 million (₹22.85 crore) in PAT — a 42.5% YoY profit explosion that would make even Lakshmi Devi proud.

With a P/E of 32x, ROE of 36.2%, and ROCE of 31.6%, the stock shines brighter than the mangalsutras it sells. Yet, despite a 0% dividend yield, the market doesn’t seem to mind — perhaps because love (and compounding) don’t need payouts.

As the Bhagavad Gita reminds us:“Your right is to perform your duty, but never to the fruits of your work.”Shringar House clearly took that to heart — performing their karigar karma with finesse, while letting investors chase the fruits.

2. Introduction

Let’s face it — in a world obsessed with unicorns and AI, a company makingmangalsutrassounds like your dadi’s portfolio pick. But wait till you see the bling on these numbers. Shringar House of Mangalsutra isn’t just selling gold chains — it’s industrialising emotion, mass-manufacturing marital bliss, and doing it profitably.

From its single manufacturing base in Maharashtra, it runs 10,000+ SKUs, 15+ collections, and supplies to retail royalty — Titan, Malabar, Joyalukkas, Reliance Retail, and even the Aditya Birla Group’s Novel Jewels. This is not a niche play; it’s a logistics-and-design symphony stitched together by 22 designers, 166 karigars, and one very enterprising family that knows gold better than most know their in-laws.

Post its ₹401 crore IPO listing on 17 September 2025, the company has become a fresh favourite among midcap jewellery plays. While most competitors chase luxury or bridal exclusivity, Shringar owns the middle — the everyday, elegant, and occasionally over-the-top mangalsutra market that accounts for ~6% of India’s organised segment.

Is this a smallcap fairy tale or just another shiny IPO? Let’s dig into the karigar’s diary.

3. Business Model – WTF Do They Even Do?

Shringar House of Mangalsutra lives and breathes one product:the mangalsutra.That’s it. No diamonds, no rings, no bracelets — just commitment jewellery for committed people. But within this narrow lane, it has built an empire.

The company operates apure B2B model— meaning no showroom drama, no influencer discounts, and no returns from moody brides. Instead, it supplies directly to the heavyweights of Indian jewellery retail — Malabar Gold, Titan, GRT Jewellers, PN Gadgil, and Reliance Retail, among others. These guys sell Shringar’s designs under their own brand names, keeping the magic alive behind the scenes.

Roughly34% of revenuecomes from corporate clients,54.5% from retailers, and11.5% from wholesalers.The top 10 customers contribute 40% of total revenue, which, in jewellery terms, is like having the who’s who of the bridal bazaar on speed dial.

Beyond India’s 24 states and 4 union territories, Shringar ships mangalsutras to the UK, USA, New Zealand, UAE, and Fiji — because no matter where desis go, the wedding playlist follows.

They also dojob workusing bullion supplied by corporate clients — a low-risk, steady-margin business model that keeps the furnaces hot without locking up working capital.

So yes, they make mangalsutras. But more importantly, they make margins out of marital tradition.

4. Financials Overview

Commentary:Like every good jewellery launch, the Q2 FY26 results had both shine and shadow. Revenue glittered at ₹529 crore — a robust 27% YoY jump — but EBITDA margins compressed back to 6%, as gold prices and IPO expenses weighed in. PAT