NSE: SHRINGARMS · BSE: 544512
SHRINGAR HOU OF MANGALS L
Manufactures gold mangalsutra and traditional Indian wedding jewellery, recently expanding into bridal jewellery via partnerships with Tanishq and Malabar Gold. The business is shifting from job work to outright sales, which management says can triple revenue per client. Materials — predominantly gold — account for 91.1% of revenue, making gold the dominant input cost. FY26 revenue was ₹2,245.8 crore (up 57.1% year-on-year) and PAT was ₹115.5 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Mangalsutra and traditional gold jewellery, Bridal jewellery. Gold-heavy jewellery manufacturing with high working-capital intensity
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 2,246 |
| EBITDA (ex other income) | 159 |
| margin % | 7.1 |
| Owners' profit | 115 |
| EPS, as reported (₹) | 13.55 |
| ROE % · ROCE % | 17.0 · 23.3 |
| Debt / equity (x) | 0.26 |
| Cash from operations | (282) |
| Capex | (9) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 333 | 529 | 659 | 726 | 548 |
| Profit before tax | 38 | 30 | 40 | 44 | 47 |
| Net profit | 29 | 23 | 30 | 34 | 34 |
| EPS (₹) | 3.95 | 2.99 | 3.13 | 3.53 | 3.53 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 3,87,605 | 67.5 | 24.68 | 45.2 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 51,637 | 36.0 | 8.19 | 19.5 | 21.4 | 22.1 | 33.0 | 6.5 |
| PC JEWELLER LTD | 16,168 | 16.8 | 1.98 | 19.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| THANGAMAYIL JEWELLERY LTD | 14,841 | 38.0 | 10.48 | — | 24.8 | 30.3 | — | 5.4 |
| SKY GOLD AND DIAMONDS LTD | 14,248 | 42.4 | 11.82 | 32.1 | 23.4 | 29.8 | — | 8.2 |
| BLUESTONE JEWEL LFSTL LTD | 11,457 | 225.8 | 6.35 | 27.5 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD | 7,785 | 17.5 | 3.97 | 13.3 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 6,516 | 61.9 | 3.91 | 25.3 | 5.8 | 7.0 | — | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.0 | 22.3 | 12 of 29 | 61% |
| P/B | 3.9 | 2.7 | 19 of 28 | 33% |
| ROCE | 22.2 | 16.7 | 9 of 28 | 70% |
| ROE | 17.0 | 14.6 | 11 of 28 | 63% |
| Debt / Equity | 0.3 | 0.3 | 12 of 28 | 59% |
| EBITDA margin | 9.2 | 10.7 | 17 of 30 | 45% |
| Revenue growth | 64.9 | 45.7 | 7 of 25 | 75% |
| Profit growth | 19.3 | 49.8 | 21 of 25 | 17% |
| Market cap | 2668 | 2897 | 16 of 30 | 48% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 14 Oct 2026 · Clarification on share price movement | regulatory legal | medium | — | — |
| 14 Oct 2026 · NSE seeks clarification on significant price movement | regulatory legal | medium | — | — |
| 5 Oct 2026 · Shringar House wins Mangalsutra Manufacturer of the Year at IIJA 2026 | compliance | low | — | — |
| 5 Oct 2026 · Routine SEBI Compliance Filing for Q2 FY27 Dematerialisation | compliance | minimal | — | — |
| 29 Sept 2026 · As per attached PDF | board shareholder meetings | low | — | — |
| 28 Sept 2026 · 17th AGM held on Sept 28, 2026; 6 resolutions including borrowing limit hike and director pay rise | board shareholder meetings | medium | — | — |
| 23 Sept 2026 · Trading window to close from October 1, 2026 until Q2 FY26 results | compliance | minimal | — | — |
| 4 Sept 2026 · Newspaper publication of 17th AGM notice and Annual Report FY25-26 | compliance | minimal | — | — |
| 3 Sept 2026 · Notice of 17th AGM on 28 September 2026 via video conferencing | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.