Shree Balaji (Mala) Textiles
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 51.44×
- Big non-institutionalbNII · above ₹10 lakh
- 254.20×
- Small non-institutionalsNII · ₹2–10 lakh
- 168.98×
- Retail individualRII · up to ₹2 lakh
- 190.65×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 11 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 07 Jul 2026 | ₹0 | — | — | — | ₹0 |
| 06 Jul 2026 | ₹0 | — | — | — | ₹0 |
| 05 Jul 2026 | ₹0 | — | — | — | ₹0 |
| 04 Jul 2026 | ₹0 | — | — | — | ₹0 |
| 03 Jul 2026 | ₹0 | — | — | — | ₹0 |
| 02 Jul 2026 | ₹0 | — | — | — | ₹0 |
| 01 Jul 2026 | ₹0 | — | — | — | ₹0 |
| 30 Jun 2026 | ₹0 | — | — | — | ₹0 |
| 29 Jun 2026 | ₹0 | — | — | — | ₹0 |
| 28 Jun 2026 | ₹0 | — | — | — | ₹0 |
| 27 Jun 2026 | ₹0 | — | — | — | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 22 Jul 2026 – 24 Jul 2026
- Listing date
- 29 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹66 – ₹70
- Issue price
- ₹70 per share
- Lot size
- 2,000 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹18.9 Cr
- Fresh issue
- ₹17.95 Cr 25,64,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹69.33 Cr
- ISIN
- INE1N3Y01016
- CIN
- U17299WB2005PLC105711
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- 65, Sir Hariram Goenka Street, Ground Floor, Block-A, Bangur Arcade, Kolkata, West Bengal, India, 700007
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 5,10,000 | 28.33% | 26.34% |
| Anchor investor · within QIB | 7,64,000 | — | 39.46% |
| NII (HNI) | 3,90,000 | 21.67% | 20.14% |
| bNII > ₹10L · within NII | 2,60,000 | — | 13.43% |
| sNII < ₹10L · within NII | 1,30,000 | — | 6.71% |
| Retail (RII) | 9,00,000 | 50.00% | 46.49% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,36,000 | — | 7.02% |
| Total issue | 19,36,000 | — | 100.00% |
Net offer to the public of 18,00,000 shares, out of a total issue of 19,36,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 2,000 shares per lot, in multiples, at ₹70
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 16,000 | ₹11,20,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹70 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.13 | 5.91 |
| P/E (×) | 8.61 | 11.84 |
| Price to book (×) | 2.33 | — |
| Market cap | — | ₹69.33 Cr |
Key performance indicators
Latest reported period, standalone
- PAT margin
- 2.56%
- NAV per share
- ₹30.05
- Price to book
- 2.33
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 212.4 | 193.44 | 195.89 |
| Revenue from operations | 211.97 | 193.04 | 195.54 |
| Other income | 0.43 | 0.39 | 0.35 |
| Total expenses | 204.47 | 186.84 | 192.6 |
| Operating profit | 7.93 | 6.6 | 3.29 |
| Operating margin | 3.73% | 3.41% | 1.68% |
| Profit before tax | 7.93 | 6.59 | 3.29 |
| Profit after tax | 5.85 | 4.95 | 2.46 |
| PAT margin | 2.75% | 2.56% | 1.26% |
| Balance sheet | |||
| Total assets | 148.64 | 138.88 | 127.51 |
| Current assets | 139.56 | 134.68 | 123.3 |
| Current liabilities | 120.55 | 115.39 | 107.89 |
| Total liabilities | 121.14 | 117.23 | 110.8 |
| Net worth | 27.5 | 21.65 | 16.7 |
| Current ratio | 1.16× | 1.17× | 1.14× |
| Return on equity | 21.27% | 22.86% | 14.73% |
| Cash flow | |||
| Operating cash flow | -13.27 | 8.8 | 4 |
| Investing cash flow | 0.1 | -0.22 | 0 |
| Financing cash flow | 13.09 | -8.85 | -3.46 |
| Net cash flow | -0.07 | -0.27 | 0.54 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding the working capital requirements of the company ₹16.5 Cr
The company intends to utilize the net proceeds to fund incremental working capital requirements as the business is predominantly working capital intensive and requires additional capital for growth. The funds will support inventory management, trade receivables, and operational cash flow requirements.
2 General corporate purposes —
The company plans to utilize a portion of the net proceeds for general corporate purposes to support overall business operations and strategic initiatives. The amount for general corporate purposes shall not exceed 15% of the gross amount raised or Rs 1,000 lakhs, whichever is less.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Shree Balaji (Mala) Textiles
Shree Balaji (Mala) Textiles Limited, incorporated in 2005 and converted to a public company in 2025, is a women's ethnic wear manufacturer and trader headquartered in Kolkata, West Bengal. The company operates primarily in the textile and apparel sector, specifically focused on cotton sarees, embroidered sarees, and fancy sarees marketed under the 'Mala' brand. The business model is predominantly B2B-focused, with approximately 95% of production outsourced to job workers while maintaining a manufacturing facility in Jetpur, Gujarat for in-house operations. Revenue comes through a diversified distribution network comprising retailers (46.13% of FY26 revenue), wholesalers (27.80%), dealers (21.74%), and e-commerce (4.33%), with 90.97% of revenue concentrated in Eastern India. The company has grown from ₹19,304.37 lakhs in FY25 revenue to ₹21,197.18 lakhs in FY26, with a restated PAT of ₹585.42 lakhs in FY26.
Management
Binod Kumar Kedia
MD
Anita Kedia
CEO
Rishika Kedia
CFO
Hemlata Kedia
Director
Gautam Dugar
Director
Manoj Baid
Director
Strengths
As stated in the offer document
Diversified supplier and customer base
The company has developed long-standing relationships with manufacturers in hubs like Surat, Mumbai, Kolkata, Jetpur and Rajkot over three decades. Top 10 suppliers represented 47.83% of total purchases in Fiscal 2026, providing benefits in pricing, exclusivity in designs, and payment terms.
Wide Geographic presence
The company operates through a network of approximately 105 brokers, 13 dealers, 69 wholesalers and 3000 retailers as of March 31, 2026 spread across Central, East, North, Northeast, South and West parts of India with a dedicated sales team of 19 members.
Vast and versatile product portfolio for women
The company offers diverse saree products bifurcated by occasion, fabric, weave, pattern with 90.75% revenue from cotton sarees in Fiscal 2026. The company creates around 600+ varieties of sarees depending on trends, demand and occasions with average price of ₹270.
Ability to buy in bulk quantities
The company possesses capacity to procure products in large quantities due to wide customer base and operational cash flows. The Mala saree showroom spans 3774 sq. ft with 4 warehouses enabling consistent inventory availability and cost optimization.
Experienced Promoters and management team
Promoter Binod Kumar Kedia has over three decades of industry experience spanning manufacturing to marketing. The management team includes industry specialists with expertise in sales, marketing, technical support, R&D, supply chain, production, banking and finance.
Long Standing Relationship with job workers
The company manufactures through 200+ job workers located in Jetpur, Mumbai, Kolkata, Rajkot and Surat. Job work expenditure was ₹6,071.50 lakhs in Fiscal 2026 representing 28.64% of revenue from operations, with 95% of products manufactured through job workers.
Risk factors
As stated in the offer document
High Concentration on Single Product Category
The company is highly concentrated on cotton sarees, with almost all revenue generated from this single product category. This concentration makes the business vulnerable to variations in demand and changes in consumer preferences for women's ethnic wear.
Heavy Reliance on Third-Party Manufacturing
The company outsources approximately 95% of its production to job workers without exclusive arrangements or long-term contracts. This dependence exposes the company to risks including supply disruptions, quality control issues, and potential conflicts of interest with competitors.
Significant Working Capital Requirements
The company has substantial working capital needs of ₹8,221.91 lakhs (Fiscal 2026), with outstanding working capital facilities of ₹5,867.32 lakhs. Insufficient cash flows to fund working capital requirements could adversely affect operations and profitability.
Geographic Revenue Concentration in Eastern India
The company generates approximately 90.97% of total revenue from Eastern India, creating heightened exposure to regional economic developments, competition, and demographic changes that could adversely impact business prospects.
Negative Operating Cash Flows
The company experienced negative cash flows from operating activities of ₹1,326.52 lakhs in Fiscal 2026. Sustained negative cash flows could adversely affect liquidity, debt servicing capacity, and ability to execute growth strategies.
Dependence on Key Suppliers Without Long-Term Contracts
The company's top 10 suppliers contribute 47.83% of purchases (Fiscal 2026) without formal written agreements or long-term supply commitments. This exposes the company to supply disruptions and raw material price volatility.
Limited E-Commerce Presence
E-commerce sales contribute only 4.33% of total revenue (Fiscal 2026), limiting the company's ability to capitalize on growing online consumer trends. Heavy dependence on traditional distribution channels creates vulnerability to intermediary-related risks.
Extensive Corporate Compliance Delays
The company has a history of delayed filings with the Registrar of Companies across multiple forms and years, potentially attracting penalties and regulatory scrutiny that could impact corporate actions and reputation.
Company Analysis
from RHPShree Balaji (Mala) Textiles Limited manufactures and trades cotton sarees and embroidered ethnic wear for women through a business model combining job work production and retail distribution.
Shree Balaji (Mala) Textiles Limited, incorporated in 2005 and converted to a public company in 2025, is a women's ethnic wear manufacturer and trader headquartered in Kolkata, West Bengal. The company operates primarily in the textile and apparel sector, specifically focused on cotton sarees, embroidered sarees, and fancy sarees marketed under the 'Mala' brand. The business model is predominantly B2B-focused, with approximately 95% of production outsourced to job workers while maintaining a manufacturing facility in Jetpur, Gujarat for in-house operations. Revenue comes through a diversified distribution network comprising retailers (46.13% of FY26 revenue), wholesalers (27.80%), dealers (21.74%), and e-commerce (4.33%), with 90.97% of revenue concentrated in Eastern India. The company has grown from ₹19,304.37 lakhs in FY25 revenue to ₹21,197.18 lakhs in FY26, with a restated PAT of ₹585.42 lakhs in FY26.
Objects of the Issue
- Funding the working capital requirements of our company Up to ₹1,650.00 lakhs p.92
- General corporate purposes [●] p.92
Issue Structure
- Total Issue
- Up to 27,00,000 Equity Shares aggregating up to ₹[●] Lakhs
- Fresh Issue
- Up to 27,00,000 Equity Shares of face value of ₹10 each
- Offer for Sale
- NIL (Not applicable as the entire issue constitutes fresh issue of equity shares)
- Price Band
- [●] to [●]
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 per equity share
Business Model
The company manufactures women's ethnic wear, primarily cotton sarees, through a hybrid model: approximately 95% of production is outsourced to approximately 221 job workers who handle bleaching, printing, embellishment and finishing, while the remaining 5% is produced in-house at the Jetpur facility. Raw materials (cotton fabric) are procured from suppliers, sent to job workers for processing, and then returned for quality control, ironing and packing. Products are sold through a B2B distribution network of retailers, wholesalers, dealers, and e-commerce platforms at price points ranging from ₹175 to ₹600 per saree. The company earns revenue from sales to its dealer, wholesaler and retailer network.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Binod Kumar Kedia | Promoter | 68.01% | — |
| Anita Kedia | Promoter | 16.31% | — |
| Mrityunjay Commosales Private Limited | Promoter | 12.14% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.