Shringar House of Mangalsutra Ltd IPO

About Shringar House of Mangalsutra Ltd

Our Company was originally incorporated as `Shringar House of Mangalsutra Private Limited', a private limited company under the erstwhile Companies Act, 1956 at Mumbai, Maharashtra, pursuant to a certificate of incorporation dated January 02, 2009, issued by the Registrar of Companies, Maharashtra at Mumbai (RoC). Thereafter, our Company was converted into a public limited company pursuant to a special resolution passed by our Shareholders as on November 30, 2024 and consequently, the name of our Company was changed to `Shringar House of Mangalsutra Limited'. A fresh certificate of change of name, consequent upon conversion to a public limited company was issued by registrar of companies, central processing centre, Manesar, Haryana on December 11, 2024.

In CY23, the Indian mangalsutra market reached Rs. 178 billion showing a y-o-y growth of ~16%. In CY24 the Indian mangalsutra market is expected to grow by 8% y-o-y to Rs.192 billion. The market is expected to grow at a compounded annual growth rate (CAGR) of 5.8% in the next 10 years to Rs 303 billion in CY32. The Mangalsutra, a symbol of marriage, is traditionally made from gold to align with these customs. Gold is chosen for Mangalsutras due to its association with wealth, purity, and divine blessings, which helps preserve the tradition across generations. The surge in weddings is also driving growth in the jewellery industry, as bridal jewellery purchases increase with each wedding. Mangalsutra is a vital part of Indian weddings. Mangalsutras in India are designed in numerous styles and patterns to reflect local customs and preferences. For instance, the Maharashtrian Mangalsutra differs significantly from those in North or South India. This diversity creates a large market for varied styles, allowing jewellers to cater to regional preferences. The trend towards customization and personalization is growing in the jewellery industry, including for Mangalsutras. Customers increasingly seek unique designs tailored to their tastes and preferences. This trend for personalized Mangalsutras meets the desire for distinctiveness and individual expression. Hence in long term the market for mangal sutra is expected to remain healthy. (Source: CareEdge Report). We face competition from both the organized and unorganised sectors of the jewellery manufacturing and supply business and there are also several producers of varying size manufacturing certain of the products that we sell, in various geographical markets. Listed players competing with us in the industry include RBZ Jewellers Limited, Utssav CZ Gold Jewels Limited and Sky Gold & Diamonds Limited.

We are amongst the leading and specialised designers and manufacturers of Mangalsutra in India. (Source: CareEdge Report). We are engaged in designing, manufacturing, and marketing, a varied range of Mangalsutra studded with diverse range of stones including but not limited to, American diamond, cubic zirconia, pearl, mother of pearl, and semi-precious stones, in 18k and 22k purity of gold, to our business-to-business (B2B) clients. Mangalsutra is a traditional necklace, crafted from gold and black beads worn by married Indian women which symbolizes marital status and is esteemed as a sacred thread that is believed to bless and extend the life of the spouse. Our Company contributed to around 6% of organized Mangalsutra market in India in CY23.

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