Shree Balaji (Mala) Textiles IPO
Shree Balaji (Mala) Textiles IPO is an SME IPO raising ₹19 Cr at ₹66 – ₹70 a share. It listed on 29 Jul 2026 at ₹133, +90.0% against its issue price of ₹70, and trades at ₹55 today (−22.1% since issue). It was subscribed 232× in total.
231.7 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Shree Balaji (Mala) Textiles Limited is a B2B contract manufacturer and wholesaler of cotton sarees, sold under the brand 'Mala Saree'. About 95% of manufacturing is done through ~200 job workers based in textile hubs across India, with one owned manufacturing facility at Jetpur, Gujarat. Its products reach ~3,000 retailers through a network of ~105 brokers, ~13 dealers and 69 wholesalers across India.
How it earns
Revenue comes from designing, manufacturing (largely via job workers) and selling cotton and other sarees on a B2B wholesale basis to dealers, wholesalers and retailers, supplemented by a small e-commerce channel.
Who buys
B2B wholesale customers (dealers, wholesalers, retailers); customer names not disclosed. Concentration in FY2026 (converting lakhs to crore, 1 crore = 100 lakhs): Top 1 customer ~₹8.12 crore (3.83% of revenue), Top 5 customers ~₹25.44 crore (12.00%), Top 10 customers ~₹39.41 crore (18.59%). About 50% of revenue comes from direct client relationships.
Scale
Sold ~74 lakh saree units in FY2026; total revenue ~₹211.97 crore (₹21,197.18 lakhs); owns one manufacturing facility at Jetpur, Gujarat (~9-14 guntha); ~95% output via 200+ job workers; 47 employees plus ~5 daily-wage workers (as on filing date).
What it says sets it apart
- Long-standing supply network across major textile hubs (Surat, Mumbai, Kolkata, Jetpur, Rajkot) with 100+ raw material suppliers; top 10 suppliers accounted for 47.83% of purchases in FY2026.
- Asset-light operating model: ~95% of products manufactured through 200+ job workers, allowing scale-up without major capex; job-worker cost was ~₹60.72 crore in FY2026 (28.64% of revenue).
- Pan-India wholesale reach through ~105 brokers, ~13 dealers, 69 wholesalers and ~3,000 retailers (as of 31 March 2026).
- Bulk-procurement and inventory capacity: own showroom spanning 3,774 sq ft in Kolkata's cloth market plus 4 nearby warehouses.
- ISO 9001:2015 certified quality management system with multi-stage inspection at job-worker units and in-house facility.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs70 / stated EPS Rs8.13 (FY26 diluted EPS for year ended March 31, 2026 (post-bonus, restated consolidated). Source figures stated in lakhs, no conversion required for EPS/NAV which are in Rs.). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹212 Cr+10% | ₹6 Cr+18% | 2.8% | ₹28 Cr | ₹69 Cr |
| FY2025 | ₹193 Cr-1% | ₹5 Cr+101% | 2.6% | ₹22 Cr | ₹49 Cr |
| FY2024 | ₹196 Cr | ₹2 Cr | 1.3% | ₹17 Cr | ₹51 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
131 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What happens when
What to watch
- Priced at 8.6× earnings — 29% below the median of the peers the issuer itself names.
- The register's top risk: ~91% revenue from single product cotton sarees (prospectus page 28).
- Its cohort's record: median +8.4% since issue price, 46.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track Shree Balaji (Mala) Textiles L
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Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.