SHRINGARMS
Shringar House of Mangalsutra share price & financials
- Price
- ₹214.08
- Market cap
- ₹2.1k Cr
- Sector
- Consumer Durables
- Calls analysed
- 2
SHRINGARMS Q4 FY26
What went well
- Q4 FY26 Revenue from operations increased by 106.5% YoY to ₹725.6 crores.
- Full Year FY26 Revenue from operations increased by 57.1% YoY to ₹2,245.8 crores.
- Full Year FY26 PAT increased by 89% YoY to ₹115.5 crores, with PAT margin expanding by 87 basis points to 5.1%.
What to watch
- Q4 FY26 EBITDA margin declined by 41 basis points YoY to 6.2% due to hedging notional loss and increased advertising/new factory expenditures.
- Negative free cash flow in the current quarter due to absorption of funds in working capital requirements.
What Shringar House of Mangalsutra Limited does
Shringar House of Mangalsutra designs, manufactures, and markets gold mangalsutras (in 18K and 24K purity, HUID-marked) on a B2B basis for large institutional jewellery retail chains and regional jewellers across India. It operates an integrated in-house manufacturing facility at Kandivali, Mumbai, complemented by outsourced production, and sells under both a job-work model (client-supplied bullion) and an outright-sale model. In FY26 the company extended its core mangalsutra business into bridal jewellery, its first new product category, leveraging the same design and manufacturing base.
Segments
- Corporate Clients
- Non-Corporate Clients
- Mangalsutra
- Bridal Jewellery
- Market position
- Largest B2B manufacturer of mangalsutras in India
- Installed manufacturing capacity
- 4,000 kg per annum
- Active SKUs
- 10,000+
- Product collections
- 15+ curated collections
- Geographic presence
- 24 states and 4 union territories
- In-house design & production team
- 25 designers and 292 in-house karigars, plus 73 karigars via long-term partnerships
Guidance record · Q4 FY26
what the last two calls moved 7 tracked 2 delivered 0 missed 5 open- New Facility Capacity Increase delivered, diluted said Q3 FY26 Promised: Almost double Q4 FY26: Capacity increased from 2,500 kgs to 4,000 kgs, a 60% increase. This is a substantial expansion completed on time but falls short of the 'Almost double' (100%) target.
- CAGR Growth on track said Q3 FY26 Promised: 30% Q4 FY26: FY26 revenue grew 57.1% YoY. Management reiterated commitment to 'approximately 30% growth over the next two to three years'.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 64.6%, net profit up 17.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 416 | 391 | 351 | 333 | 529 +27% | 659 +69% | 726 +107% | 548 +65% |
| EBITDA | 24 | 20 | 23 | 41 | 33 +38% | 40 +100% | 45 +96% | 49 +20% |
| Net profit | 16 | 13 | 15 | 29 | 23 +44% | 30 +131% | 34 +127% | 34 +17% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +17.5% 1Y
1Y: ₹184.88 on 17 Sept 2025 → ₹217.27. High ₹261.86 (18 Feb 2026), low ₹166.89 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −2.1%
- 27 May
- Q3 FY26
- +1.4%
- 12 Feb
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 57.2% a year over 1 year, FY25 to FY26. Operating margin widened to 7.1%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹1.4k Cr | ₹2.2k Cr |
| Operating profit | ₹92 Cr | ₹159 Cr |
| Operating margin | 6.4% | 7.1% |
| Interest | ₹8 Cr | ₹7 Cr |
| Depreciation | ₹4 Cr | ₹4 Cr |
| Net profit | ₹61 Cr | ₹116 Cr |
| Net margin | 4.3% | 5.2% |
| Cash from operations | ₹-7 Cr | ₹-282 Cr |
| Free cash flow | ₹-10 Cr | ₹-290 Cr |
| ROCE | 32.0% | 27.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹96 Cr | ₹96 Cr |
| Reserves | ₹53 Cr | ₹73 Cr | ₹97 Cr | ₹128 Cr | ₹515 Cr | ₹581 Cr |
| Borrowings | ₹23 Cr | ₹98 Cr | ₹93 Cr | ₹110 Cr | ₹185 Cr | ₹189 Cr |
| Other liabilities | ₹26 Cr | ₹15 Cr | ₹13 Cr | ₹18 Cr | ₹51 Cr | ₹25 Cr |
| Total liabilities | ₹102 Cr | ₹195 Cr | ₹212 Cr | ₹265 Cr | ₹848 Cr | ₹892 Cr |
| Fixed assets | ₹15 Cr | ₹51 Cr | ₹52 Cr | ₹50 Cr | ₹52 Cr | ₹65 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹88 Cr | ₹145 Cr | ₹160 Cr | ₹215 Cr | ₹796 Cr | ₹827 Cr |
| Total assets | ₹102 Cr | ₹195 Cr | ₹212 Cr | ₹265 Cr | ₹848 Cr | ₹892 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Sep 2025, the public added +2.09 pp while DIIs trimmed −1.08 pp. The shareholder count shrank 34% to 26,966.
- Promoters
- 74.8%
- FIIs
- 2.9%
- DIIs
- 2.7%
- Public
- 19.5%
Since Sep 2025
- Public +2.09 pp
- DIIs −1.08 pp
- FIIs −1.03 pp
How it drifted, 4 quarters
Over this window the public went from 17.4% to 19.5% — +2.1 pp.
Ownership split by quarter, oldest first. Sep '25: Promoters 74.8%, FIIs 4.0%, DIIs 3.8%, Public 17.4%.Dec '25: Promoters 74.8%, FIIs 3.4%, DIIs 1.7%, Public 20.1%.Mar '26: Promoters 74.8%, FIIs 5.8%, DIIs 1.5%, Public 17.9%.Jun '26: Promoters 74.8%, FIIs 2.9%, DIIs 2.7%, Public 19.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Kotak Mahindra Life Insurance Company Ltd Insurer +0.58 pp 1.84% held
- Thakkar Nileshkumar Farshuram (Huf) +0.33 pp 1.80% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Shringar House of Mangalsutra Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Chetan Natvarlal Thadeshwar | 41.76% | unchanged |
| Mamta C Thadeshwar | 21.62% | unchanged |
| Balraj Chetan Thadeshwar | 5.71% | unchanged |
| Viraj Chetan Thadeshwar | 5.71% | unchanged |
| Kotak Mahindra Life Insurance Company Ltd Insurer | 1.84% | +0.58 pp |
| Thakkar Nileshkumar Farshuram (Huf) | 1.80% | +0.33 pp |
| Adhish Manakchand Rathod | 0.00% | unchanged |
| Navneet Rakesh Sharma | 0.00% | unchanged |
| Ziya Jewels | 0.00% | unchanged |
| Natwarlal Kanji Thadeshwar (HUF) | 0.00% | unchanged |
| Adish Manakchand Rathod HUF | 0.00% | unchanged |
| P. B. Brahmbhatt HUF | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
AttractiveTo justify its price of ₹217, this stock must grow earnings at 10% every year for 7 years. Our analysis caps realistic growth at ~90%. At that growth it is worth ₹7687 — upside of 3438%.
- Growth the price implies
- 9.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 90.2% a year
- net profit, FY25–FY26
- The gap
- -0.8 pp
- 3438% downside if it only repeats history
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse Shringar House of Mangalsutra Limited
Guides on how to read this kind of business and the numbers that matter.