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SHRINGARMS - Shringar House

📊 NSE: SHRINGARMS 🏢 Gems, Jewellery And Watches 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Shringar House of Mangalsutra Reports Demise of Promoter Group Member Smt. Rasilaben Thadeshwar

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Mar 2026, 12:46 PM

Shringar House of Mangalsutra Limited has informed the exchanges about the passing of Smt. Rasilaben Natwarlal Thadeshwar on March 13, 2026. She was a member of the Promoter Group and the mother of Promoter Mr. Chetan Thadeshwar. Importantly, she held zero equity shares in the company at the time of her demise. Consequently, she will be removed from the official Promoter Group list as per SEBI regulations, which now comprises 35 entities and individuals.

Demise of Smt. Rasilaben Natwarlal Thadeshwar occurred on March 13, 2026
The deceased member held 0 equity shares in the company
Disclosure made under Regulation 30 and 31A(6)(c) of SEBI LODR Regulations
The updated Promoter and Promoter Group list now consists of 35 members

💡 No action is required as this is a routine regulatory disclosure with no impact on the company's operations, management, or shareholding structure.

Shringar House of Mangalsutra Reports Demise of Promoter Group Member Natwarlal Thadeshwar

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Feb 2026, 06:07 PM

Shringar House of Mangalsutra Limited has announced the passing of Shri. Natwarlal Thadeshwar on February 24, 2026. He was a member of the Promoter Group and the father of the company's Promoter, Mr. Chetan Thadeshwar. Importantly, the deceased held zero equity shares in the company at the time of his passing. Following this event, he will cease to be part of the Promoter Group as per SEBI regulations, with the updated list now comprising 36 entities and individuals.

Shri. Natwarlal Thadeshwar, aged 86, passed away on February 24, 2026.
The deceased held nil equity shares in the company, resulting in no change to the shareholding structure.
The disclosure was made pursuant to Regulation 30 and 31A(6)(c) of SEBI LODR Regulations.
The company's updated Promoter and Promoter Group list now consists of 36 members including individuals and HUFs.

💡 This is a routine regulatory disclosure with no impact on the company's financial health or management control. No action is required from investors.

Shringar House of Mangalsutra Cancels Investor/Analyst Meeting Scheduled for Feb 26

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Feb 2026, 11:40 AM

Shringar House of Mangalsutra Limited has informed the stock exchanges about the cancellation of its scheduled interaction with investors and analysts. The meeting was originally slated to take place on February 26, 2026, as per an earlier intimation dated February 21, 2026. The company cited unavoidable circumstances for the cancellation and confirmed that no interaction will occur on the previously specified date. The company has committed to providing revised details to the exchanges should the meeting be rescheduled in the future.

Cancellation of the Investor/Analyst meeting originally scheduled for February 26, 2026.
The meeting was previously announced to the exchanges on February 21, 2026.
Company cited 'unavoidable circumstances' as the primary reason for the cancellation.
No immediate rescheduled date has been announced by the management.
Disclosure made in compliance with Regulation 30(6) of SEBI LODR Regulations.

💡 Investors should treat this as a routine administrative update and wait for the company to announce a rescheduled date for the analyst interaction. There is no immediate impact on the company's fundamentals based on this announcement.

Shringar House of Mangalsutra Expands Capacity by 60% with New Kandivali Facility

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 23 Feb 2026, 06:40 PM

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.

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

💡 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

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 23 Feb 2026, 06:35 PM

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.

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.

💡 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 Schedules Investor Meet for February 26, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Feb 2026, 02:07 PM

Shringar House of Mangalsutra Limited has announced an interaction with investors and analysts scheduled for February 26, 2026. The event is a non-deal roadshow taking place in Mumbai from 3:30 PM to 5:00 PM. The meeting will be an in-person, one-to-one session with a group of investors to discuss publicly available information. The company has clarified that no unpublished price-sensitive information (UPSI) will be shared during this interaction.

Investor meet and non-deal roadshow scheduled for February 26, 2026
Meeting to be held in person in Mumbai from 3:30 PM to 5:00 PM
Interaction involves one-to-one meetings with a group of investors
Company confirms no unpublished price-sensitive information will be shared

💡 No immediate action is required as this is a routine investor engagement. Investors should monitor for any post-meeting presentations or transcripts uploaded to the exchanges for potential insights into management's outlook.

Shringar House of Mangalsutra Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Feb 2026, 07:19 PM

Shringar House of Mangalsutra Limited has released the audio recording of its Q3 FY26 analyst and investor conference call held on February 12, 2026. The call discussed the company's financial performance for the quarter and nine-month period ended December 31, 2025. This disclosure is a standard regulatory requirement under SEBI Listing Regulations to ensure transparency. Investors can access the recording via the company's website to hear management's commentary on recent results.

Audio recording of the Q3 FY26 earnings call is now available on the company's website.
The conference call was conducted on February 12, 2026, at 3:00 PM IST.
Covers financial results for the quarter and nine months ended December 31, 2025.
Compliance filing under Regulation 30 and 46(2) of SEBI Listing Regulations.

💡 Investors should listen to the recording to understand management's outlook on the jewelry market and specific performance drivers for Q3 FY26.

Shringar House of Mangalsutra Q3 FY26 Update: 9M Production Reaches 1,609 kg

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 11 Feb 2026, 06:34 PM

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.

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.

💡 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%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 06:32 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 11 Feb 2026, 05:30 PM

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.

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

💡 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

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 05:23 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 05:13 PM

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.

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.

💡 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 to Meet Investors at Avendus Spark Conference on Feb 16, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Feb 2026, 05:32 PM

Shringar House of Mangalsutra Limited (SHRINGARMS) has announced its participation in the Avendus Spark Small-Cap Investor Connect Conference. The event is scheduled for February 16, 2026, in Mumbai, with sessions running from 10:00 am to 05:00 pm. Company officials will engage in one-to-one and group meetings with various institutional investors and analysts. The company clarified that discussions will be limited to publicly available information, ensuring no unpublished price-sensitive information is shared.

Participation in the Avendus Spark Small-Cap Investor Connect Conference on February 16, 2026.
Interaction window scheduled for a full day from 10:00 am to 05:00 pm in Mumbai.
Meeting format includes both one-to-one and group discussions with institutional investors.
Discussions will be strictly based on publicly available information as per SEBI regulations.

💡 Investors should monitor the stock exchanges for any corporate presentations or transcripts released after the meet to gain insights into the company's growth outlook. No immediate trading action is required based on this routine disclosure.

Shringar House of Mangalsutra to Host Q3 FY26 Earnings Call on February 12, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Feb 2026, 12:34 PM

Shringar House of Mangalsutra Limited has scheduled its earnings conference call for Thursday, February 12, 2026, at 3:00 PM IST. The management will discuss the unaudited financial results for the third quarter and nine months ended December 31, 2025. Key leadership, including the Chairman & Managing Director and the CFO, will be present to address investor queries. This call is a standard procedure for the company to provide transparency on its recent financial performance and future outlook.

Earnings call scheduled for February 12, 2026, at 3:00 PM IST
Discussion to focus on unaudited financial results for the quarter and nine months ended December 31, 2025
Management participants include Chairman Chetan Thadeshwar and CFO Ritesh Doshi
Universal dial-in numbers provided: +91 22 6280 1550 and +91 22 7115 8378

💡 Investors should attend the call to understand the company's growth trajectory and sector-specific demand trends. Pre-registration is recommended via the provided Diamond Pass link to avoid wait times.

Shringar House of Mangalsutra to Host Q3 FY26 Earnings Call on February 12, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 04 Feb 2026, 07:34 PM

Shringar House of Mangalsutra Limited has scheduled its earnings conference call for Thursday, February 12, 2026, at 3:00 PM IST. The management team, including the Chairman & MD and the CEO, will discuss the unaudited financial results for the quarter and nine months ended December 31, 2025. This session allows analysts and investors to engage directly with leadership regarding the company's recent performance. The call follows the statutory disclosure of Q3 FY26 results to the stock exchanges.

Earnings call scheduled for February 12, 2026, at 3:00 PM IST.
Focus on unaudited financial results for Q3 FY26 and the nine-month period ended Dec 31, 2025.
Key participants include Chairman & MD Chetan Thadeshwar and CEO Viraj Thadeshwar.
Universal dial-in numbers for the call are +91 22 6280 1550 and +91 22 7115 8378.
International toll-free numbers are available for investors in the USA, UK, Singapore, and Hong Kong.

💡 Investors should attend or review the transcript of the call to understand management's outlook on the jewelry market and margin sustainability. Pay close attention to any commentary regarding expansion plans or the impact of gold price fluctuations on quarterly performance.

View All SHRINGARMS Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in the Mangalsutra manufacturing segment, where revenue grew 25.36% YoY to INR 8,614.05 million in H1 FY26 compared to INR 6,871.35 million in H1 FY25. Annual revenue grew 29.8% from INR 11,015.23 million in FY24 to INR 14,298.15 million in FY25.

Geographic Revenue Split

In H1 FY26, the domestic market contributed 98.94% of volumes (964.82 kgs), while international markets (UAE, UK, New Zealand) contributed 1.06% (10.34 kgs). In Q2 FY26, domestic volume was 99.65% (523.55 kgs) and international was 0.35% (1.84 kgs).

Profitability Margins

PAT margins have shown consistent improvement, rising from 2.46% in FY23 to 2.82% in FY24, 4.27% in FY25, and reaching 5.96% in H1 FY26. This trend is driven by increased scale and better operational efficiencies in manufacturing.

EBITDA Margin

EBITDA margin stood at 8.63% in H1 FY26, a 139 bps increase from 7.24% in H1 FY25. Core profitability improved as EBITDA rose 49.48% YoY to INR 743.76 million in H1 FY26.

Capital Expenditure

Property, plant, and equipment increased to INR 67.34 million in H1 FY26 from INR 50.82 million in FY25, reflecting ongoing investments in manufacturing capabilities. Right-of-use assets stood at INR 143.58 million in H1 FY26.

Credit Rating & Borrowing

Total borrowings as of H1 FY26 were INR 1,828.30 million (INR 1,818.30 million current and INR 10.00 million non-current). The Debt-Equity ratio improved from 0.88 in FY23 to 0.61 in FY25, indicating a stronger balance sheet post-IPO.

⚙️ Operational Drivers

Raw Materials

Gold (18k, 22k, and 24k purity) is the primary raw material, with the cost of raw materials consumed reaching INR 7,257.01 million in H1 FY26, representing 84.2% of total revenue.

Capacity Expansion

Current installed capacity is 2,500 kg per annum. Capacity utilization was 69% in FY25 (1,724.91 kg produced). The company plans to augment fund-based capacities to scale operations and increase manufacturing capability.

Raw Material Costs

Raw material costs increased significantly in H1 FY26 to INR 7,257.01 million from INR 4,704.36 million in H1 FY25. The company uses a weighted average method for inventory valuation, with an average closing stock price of ~INR 8,900 per gram in Q2 FY26.

Manufacturing Efficiency

The company maintains an integrated 8,300 sq. ft. facility in Mumbai. Efficiency is highlighted by the 'Excellence in Self-Certification Level-1' from Titan, allowing for streamlined quality assurance.

📈 Strategic Growth

Expected Growth Rate

9.0%

Growth Strategy

Growth will be achieved by establishing a pan-India supply chain through third-party intermediaries, opening new branch offices in Delhi and Pune, and strengthening ties with marquee B2B clients like Titan and Malabar Gold. The company is also focusing on its premium 'Ziya' brand and 24K gold Mangalsutras.

Products & Services

Designing, manufacturing, and marketing a varied range of Mangalsutras in 18k, 22k, and 24k gold purity.

Brand Portfolio

Ziya (Premium Mangalsutra range).

New Products/Services

The company recently launched the 24 Karat Shudh Mangalsutra, being the first in India to do so, targeting the high-purity segment.

Market Expansion

Expansion plans include targeting untapped geographical regions across India and increasing export sales, which currently represent 1.06% of volume.

Market Share & Ranking

Organized manufacturers held a 10.9% share of the Indian wholesale gold jewellery market in CY23. Shringar is a leading player in the specialized Mangalsutra segment.

Strategic Alliances

The company maintains long-standing partnerships (10-15 years) with major retailers including Titan, Malabar Gold, Reliance Retail, and Novel Jewels (Aditya Birla Group).

🌍 External Factors

Industry Trends

The organized wholesale gold jewellery market is expected to grow at a 9.0% CAGR to reach INR 489 billion by CY29. There is a clear shift from unorganized to organized players driven by hallmarking (HUID) and consumer trust.

Competitive Landscape

Competes with other organized manufacturers and a large unorganized sector. Key competitive advantage is the first-mover status in 24K Mangalsutras.

Competitive Moat

The moat is built on a 15-year legacy, 10,000+ active SKUs, and specialized manufacturing for Mangalsutras. The 'Excellence in Self-Certification' from Titan acts as a high entry barrier and a mark of quality sustainability.

Macro Economic Sensitivity

The business is sensitive to the Indian economy and gold prices. High inflation can reduce discretionary spending on jewellery, while gold price hikes increase the cost of raw materials (INR 7,257.01 million in H1 FY26).

Consumer Behavior

Shift toward minimalistic designs and hallmarked jewellery. Traditional Mangalsutras still dominate with a 62.3% market share by design.

Geopolitical Risks

Exposure to international markets (UAE, UK, New Zealand) introduces risks related to trade barriers and global gold price benchmarks.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by gold hallmarking standards (HUID) and the company is a member of the Responsible Jewellery Council and the Indian Bullion and Jewellers Association.

Taxation Policy Impact

The effective tax expense for H1 FY26 was INR 169.75 million on a profit before tax of INR 683.30 million (approx. 24.8%).

⚠️ Risk Analysis

Key Uncertainties

Gold price volatility and the capital-intensive nature of operations are primary risks. A 10% increase in gold prices significantly impacts the cost of the 100kg+ monthly gold requirement.