Shree Balaji (Mala) Textiles IPO
Shree Balaji (Mala) Textiles IPO is a sme IPO raising ₹19 Cr at ₹66 – ₹70 a share. The smallest application you can make is 2000 shares, costing ₹1,40,000 at the top of the band. Bidding has closed; the shares list on 29 Jul 2026. So far it has been subscribed 0.00× in total.
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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 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 |
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