Financial Performance Summary

Q2 FY27 Performance (Quarter ended September 30, 2026):

  • Revenue from Operations: ₹818.7 crores, up 54.8% YoY (vs. ₹528.8 crores in Q2 FY26)
  • Gross Profit: ₹68.0 crores, up 53.1% YoY (vs. ₹44.4 crores in Q2 FY26)
  • Gross Profit Margin: 8.3% (vs. 8.4% in Q2 FY26, -10 bps)
  • EBITDA: ₹55.0 crores, up 68.7% YoY (vs. ₹32.6 crores in Q2 FY26)
  • EBITDA Margin: 6.7% (vs. 6.2% in Q2 FY26, +50 bps)
  • Profit After Tax: ₹39.5 crores, up 73.2% YoY (vs. ₹22.8 crores in Q2 FY26)
  • PAT Margin: 4.8% (vs. 4.3% in Q2 FY26, +50 bps)

QoQ Performance (Q2 FY27 vs Q1 FY27):

  • Revenue from Operations: ₹818.7 crores, up 49.3% QoQ (vs. ₹548.5 crores in Q1 FY27)
  • Gross Profit: ₹68.0 crores, up 19.4% QoQ (vs. ₹57.0 crores in Q1 FY27)
  • Gross Profit Margin: 8.3% (vs. 10.4% in Q1 FY27, -210 bps)
  • EBITDA: ₹55.0 crores, up 12.2% QoQ (vs. ₹48.9 crores in Q1 FY27)
  • EBITDA Margin: 6.7% (vs. 8.9% in Q1 FY27, -220 bps)
  • Profit After Tax: ₹39.5 crores, up 16.1% QoQ (vs. ₹34.0 crores in Q1 FY27)
  • PAT Margin: 4.8% (vs. 6.2% in Q1 FY27, -140 bps)

H1 FY27 Performance (Half year ended September 30, 2026):

  • Revenue from Operations: ₹1367.2 crores, up 58.7% YoY (vs. ₹861.4 crores in H1 FY26)
  • Gross Profit: ₹125.0 crores, up 34.5% YoY (vs. ₹92.9 crores in H1 FY26)
  • Gross Profit Margin: 9.1% (vs. 10.8% in H1 FY26, -170 bps)
  • EBITDA: ₹103.9 crores, up 40.8% YoY (vs. ₹73.8 crores in H1 FY26)
  • EBITDA Margin: 7.6% (vs. 8.6% in H1 FY26, -100 bps)
  • Profit After Tax: ₹73.5 crores, up 43.1% YoY (vs. ₹51.4 crores in H1 FY26)
  • PAT Margin: 5.4% (vs. 6.0% in H1 FY26, -60 bps)
  • Operating Cash Flow: Outflow of ₹(77.9) crore (improved from outflow of ₹(412.1) crore in H1 FY26, an improvement of ₹334.2 crore)

Operational and Strategic Highlights

Business Recognition:

  • The company received the Mangalsutra Manufacturer of the Year Award at the India International Jewellery Awards 2026

Expansion Plans:

  • Progressing with establishment of a wholly owned subsidiary to expand presence across jewelry manufacturing, designing, trading and distribution
  • Exploring opportunities across both B2B and B2C channels

Management Commentary:

Mr. Chetan N Thadeshwar, Chairman & Managing Director, stated that the strong performance was supported by healthy business momentum and continued execution across operations. The company remains focused on:

  • Strengthening customer relationships
  • Expanding product portfolio
  • Enhancing execution capabilities
  • Expanding customer base
  • Strengthening market presence
  • Introducing new designs across product categories

Company Background:

Shringar House of Mangalsutra Limited specializes in design, production, and distribution of mangalsutras across India with:

  • Over 15 distinct collections
  • More than 10,000 active SKUs
  • Clientele includes corporate buyers, wholesale distributors, and retail partners pan-India in 24 states and 4 union territories
  • Key corporate customers: Malabar Gold, Titan, Reliance Retail, Novel Jewel, Joyalukkas, PN Gadgil Jewellers, and Kalyan Jewellers (UAE)
  • As of FY26: 35 corporate clients, 1,061 wholesalers, and 237 retailers
  • Operational capabilities: 30 in-house designers and 316 skilled karigars