Shringar House of Mangalsutra Limited — Investor Meet, 30-05-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Shringar House of Mangalsutra Limited held an earnings conference call to discuss the financial results for the quarter and year ended March 31, 2026. Management provided an overview of the company's performance, strategic initiatives, and future outlook.

**Financial Performance:**

* **Q4 FY26:** Revenue grew 106.5% YoY to ₹725.6 Cr. Gross profit rose 122.9% YoY to ₹64.5 Cr, with margins expanding 65 bps to 8.9%. EBITDA increased 93.7% YoY to ₹44.7 Cr, though EBITDA margins dipped 41 bps YoY to 6.2%. PAT surged 123.5% YoY to ₹34 Cr, with PAT margins improving 36 bps YoY to 4.7%.

* **FY26:** Revenue increased 57.1% YoY to ₹2,245.8 Cr. Gross profit grew 84.7% YoY to ₹212.1 Cr, with margins up 141 bps YoY to 9.4%. EBITDA rose 72% YoY to ₹158.7 Cr, and EBITDA margins improved 61 bps YoY to 7.1%. PAT surged 89% YoY to ₹115.5 Cr, with PAT margins increasing 87 bps YoY to 5.1%. The debt-equity ratio stood at 0.27.

**Management Commentary and Outlook:**

FY26 was a strong year with significant milestones, including the company's listing. Management remains confident in delivering approximately 30% growth over the next two to three years. The company expanded its manufacturing capacity to 4,000 kgs and entered the bridal jewellery segment, partnering with marquee players. The strategic shift towards outright sales over job work is expected to significantly enhance profitability.

**Analyst Q&A Highlights:**

* Working capital requirements increased due to revenue growth and the shift towards outright sales.

* 17% of revenue is from Malabar Gold; Titan's contribution is primarily job work.

* The bridal jewellery segment is in its initial stages but shows promising traction.

* Hedging notional losses, exhibitions, factory setup, and CSR expenditures contributed to increased other expenses. The company maintains a hedging ratio of approximately 60%.

* The company aims to convert job work to outright sales to boost profitability, potentially tripling profits on such volumes.

* Management expects to turn cash-flow positive within approximately two quarters by focusing on organized players with reliable payment cycles.

* Volume growth for FY27 is projected at 15%, with potential to reach 30-35% if gold prices remain stable. The 30% value growth guidance is expected to be exceeded due to bridal segment growth.

**Investor Angle:**

The company demonstrated robust financial performance with strong YoY growth across key metrics. Strategic expansions in manufacturing and product portfolio, along with a focus on outright sales, position the company for sustained growth. Management expressed confidence in achieving future growth targets and improving profitability.