Shringar House of Mangalsutra Limited reported an 89% year-on-year increase in net profit to ₹115.5 crore for the financial year ended March 31, 2026, driven by a 57.1% surge in revenue from operations to ₹2,245.8 crore. The strong performance was attributed to robust volume growth, favorable gold price movements, and disciplined margin management. The board of directors approved the audited financial results for the quarter and year ended March 31, 2026, at its meeting held on May 26, 2026.

Financial Performance

The company delivered strong growth both on a quarterly and annual basis. For Q4, revenue from operations stood at ₹725.6 crore compared to ₹351.4 crore in the corresponding quarter of the previous year, while net profit for the quarter rose 123.5% year-on-year to ₹34 crore. For the full year, total income rose to ₹2,250.4 crore from ₹1,430.1 crore in FY25, and profit before tax increased to ₹152.3 crore from ₹81.8 crore in the previous year.

The following table summarises the key financial metrics for the full year:

The quarterly performance is presented below:

Operational Highlights and Expansion

The company successfully completed its Initial Public Offering (IPO) in September 2025, issuing 2,43,00,000 equity shares at ₹165 per share, aggregating to ₹4,009.20 million. The net proceeds were utilised for working capital requirements and general corporate purposes. As of March 31, 2026, cash and cash equivalents increased significantly to ₹26.2 crore from ₹1.0 crore in the prior year. Total assets grew to ₹891.7 crore, while equity expanded to ₹677.8 crore following the equity issuance.

During the year, the company commissioned a new manufacturing facility in Kandivali, Mumbai, enhancing production capacity from 2,500 kg to 4,000 kg per annum. The new capacity was added in February 2026, resulting in a blended capacity of 2,625 kg for the full year and a capacity utilization of 87%. Additionally, Shringar House announced its strategic entry into the bridal jewellery segment, expanding its product portfolio. The company has commenced sales through partners such as Tanishq and Malabar Gold & Diamonds.

Future Outlook and Guidance

Management stated that the company remains committed to delivering approximately 30% growth over the next two to three years. The company expects to ramp up production in the coming quarters to utilize the newly installed 4,000 kg capacity. The strategic entry into the bridal jewellery segment is expected to contribute significantly to future growth, with management anticipating that bridal jewellery revenue could parallel or surpass the mangalsutra segment within three years. The company is also actively transitioning clients from a job work model to outright sales to enhance profitability.

Auditor and Compliance

The financial results were reviewed by the Audit Committee and approved by the Board. TR Chadha & Co LLP, the statutory auditors, confirmed that the audit report was issued with an unmodified opinion. The company operates in a single segment of manufacturing and trading gold jewellery, including Mangalsutra.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE1B3L01017/02f32f0bad454368.pdf

Shringar House of Mangalsutra Limited has filed its Monitoring Agency Report for the quarter ended March 31, 2026, with the National Stock Exchange of India Limited and BSE Limited, pursuant to Regulation 32 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The report was prepared by Crisil Ratings Limited in its capacity as the designated Monitoring Agency, under the Monitoring Agency Agreement dated August 22, 2025, and in accordance with Schedule XI of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The Audit Committee reviewed the report at its meeting held on May 06, 2026, and the submission was signed by Rachit S Sinha, Company Secretary and Compliance Officer.

IPO Issue Details

The company conducted its Initial Public Offer during the period from September 09, 2025 to September 12, 2025, comprising a fresh issuance of equity shares. The gross proceeds from the IPO stood at Rs. 4,009.20 million, which Crisil Ratings monitors in its entirety. The net proceeds, after accounting for issue expenses, were revised during the quarter ended December 31, 2025, from Rs. 3,588.79 million to Rs. 3,613.57 million. This revision arose because the actual utilisation of proceeds towards issue expenses was lower than the estimated expenses disclosed in the offer document, resulting in a surplus of Rs. 24.78 million, which was added to the General Corporate Purposes allocation.

The following table summarises the issue size and expense breakdown:

Object-wise Cost and Utilisation

The IPO proceeds were earmarked for two primary objects — funding working capital requirements and general corporate purposes — in addition to issue expenses. The revised cost allocation, following the adjustment noted above, is presented below:

As at the end of the quarter ended March 31, 2026, the progress in utilisation of proceeds across all objects is detailed below:

Proceeds allocated towards funding working capital requirements and general corporate purposes were fully utilised as of the quarter ended December 31, 2025. During the quarter ended March 31, 2026, the company utilised Rs. 3.02 million from its cash credit account maintained with Kotak Bank towards issue expenses, for operational ease. The amount utilised for general corporate purposes did not exceed 25% of the gross proceeds, which equates to Rs. 1,002.25 million from the fresh issue.

Deployment of Unutilised Proceeds

As at the quarter ended March 31, 2026, the remaining unutilised balance of Rs. 7.09 million was held in the company's Public Offer Account maintained with Axis Bank (Account No. 925020037457981). The company confirmed that none of the unutilised funds have been encumbered as lien for any purpose.

Monitoring Agency Findings

Crisil Ratings confirmed that all utilisation of IPO proceeds is in accordance with the objects disclosed in the offer document, covering funding of working capital requirements, general corporate purposes, and issue expenses. The monitoring agency reported no deviation from the objects of the issue, no change in the means of finance, and no major deviation observed over earlier monitoring agency reports. All government and statutory approvals related to the objects have been obtained. No unfavourable events affecting the viability of the objects were noted, and no other material information affecting investor decision-making was identified.

The report was prepared on the basis of a management undertaking and a peer-reviewed Independent Chartered Accountant Certificate dated April 16, 2026, issued by M/s J F Jain & Co, Chartered Accountants (Firm Registration Number: 112599W). There is no delay in utilisation towards the objects of the issue, as confirmed by the Chartered Accountant's certificate. The report was signed by Shounak Chakravarty, Director, Ratings (LCG), Crisil Ratings Limited, and submitted on May 06, 2026.