National News
Shringar House of Mangalsutra Limited Delivers Robust Growth in Q3 FY26
Shringar House of Mangalsutra Limited (SHOML), one of the leading designers, manufacturers and marketers of Mangalsutras, reported its Unaudited Financial Results for the quarter and nine months ended December 31, 2025.
| Particulars | Amount (₹ Crores) | Growth (%) |
|---|---|---|
| Revenue from Operations | 658.9 | 68.4% |
| Gross Profit | 54.7 | 111.4% |
| EBITDA | 40.2 | 105.8% |
| Profit After Tax | 30.1 | 134.2% |
Key Financial Highlights
| Particulars (Rs. In Crs.) | Q3 FY26 | Q3 FY25 | y-o-y | 9M FY26 | 9M FY25 | y-o-y |
| Revenue from Operatio ns | 658.9 | 391.3 | +68.4% | 1,520.3 | 1,078.5 | +41.0% |
| Gross Profit | 54.7 | 25.9 | +111.4% | 147.6 | 85.9 | +71.9% |
| Gross Profit Margins | 8.3% | 6.6% | +169 bps | 9.7% | 8.0% | +174 bps |
| EBITDA | 40.2 | 19.5 | +105.8% | 114.0 | 69.2 | +64.7% |
| EBITDA Margins (%) | 6.1% | 5.0% | +111 bps | 7.5% | 6.4% | +108 bps |
| Profit After Tax | 30.1 | 12.9 | +134.2% | 81.5 | 45.9 | +77.5% |
| PAT Margins (%) | 4.6% | 3.3% | +129 bps | 5.4% | 4.3% | +110 bps |
Highlights for the Quarter
- Revenue from operation for Q3 FY26 stood at Rs. 658.9 Crores, as against Rs. 391.3 Crores in Q3 FY25, reflecting a 68.4% growth on a year-on-year basis. The surge in growth was largely supported by the positive movement in gold prices
- EBITDA for the quarter grew by 105.8%, reaching Rs. 40.2 Crores in Q3 FY26 compared to Rs. 19.5 crores in Q3 FY25. EBITDA margin for the quarter stood at 6.1% expanding by 111 basis points on a year-on-year basis
- EBITDA saw a sharp increase due to strong revenue momentum, improved gross margins and operating leverage benefits due to lower employee costs
- Profit after Tax for Q3 FY26 was at Rs. 30.1 crores, as against Rs. 12.9 crores in Q3 FY25, YoY growth of 134.2%. PAT Margin increased by 129 basis points on a year on year basis to reach 4.6% reflecting strong profitability.
Commenting on the Results, Chetan N. Thadeshwar, Chairman & Managing Director said, – We are delighted to deliver another quarter of strong performance, marked by strong revenue growth, robust margin expansion, and a solid improvement in profitability. The favourable movement in gold prices, combined with sustained domestic demand, significantly strengthened our operating performance this quarter. Our EBITDA more than doubled, highlighting the strength of our business model and the efficiency of our operations.
As we continue to expand our footprint with newly opened branch office in Pune and our existing office in Delhi, we remain focused on strengthening client relationships, investing in design innovation, and enhancing our integrated manufacturing capabilities to deliver consistent, high-quality craftsmanship at scale. We have also onboarded five third-party facilitators to accelerate our national expansion strategy. These partnerships will significantly enhance our distribution capabilities, enabling us to enter untapped jewellery markets and deepen our engagement with local jewellers across key regions. Together, they form a critical pillar of our emerging pan-India supply chain and position us to scale efficiently in line with growing demand.
Looking ahead, we remain optimistic about the continued positive trend in gold prices and the supportive demand environment that underpins the jewellery sector. Backed by over 15 years of industry experience, a robust base of marquee clients, and a rapidly growing portfolio of high-value products, we are firmly positioned to deliver durable, long-term value for all stakeholders. Our scalable, innovation-driven business model gives us a clear advantage in capturing new opportunities across India. With deeper distribution reach and strengthened operational capabilities, we are accelerating our growth momentum and reinforcing our leadership ambition.
source :Shringar House of Mangalsutra Limited
National News
Gold Industry Proposes New Strategy To Cut Imports and Boost Local Economy
Precious Metals Refineries Forum (PMRF) Has Proposed A Two-Track System To Manage Gold More Efficiently
Following Prime Minister Narendra Modi’s call to reduce gold imports and foreign travel, major Indian bullion and jewellery bodies have submitted a new plan to the government and the Reserve Bank of India (RBI). The strategy aims to lower the nation’s trade deficit by tapping into the estimated 30,000 tonnes of gold sitting in Indian households.
This move comes after India’s gold imports jumped 24% to a record $71.9 billion in the 2025-26 financial year, with over 721 tonnes of gold brought into the country.
The New Strategy: Two Separate Systems
The Precious Metals Refineries Forum (PMRF) has proposed a two-track system to manage gold more efficiently:
- For Exporters: Imported gold should be strictly saved for jewellery exporters using one-year Gold Metal Loans (GML).
- For Local Buyers: Domestic demand should be met entirely by recycling household gold. This gold would be collected from citizens, refined locally, and sold back through jewellers and retailers.
Under this plan, people who deposit their idle gold could earn 2% to 2.5% interest, while businesses taking gold loans would pay an interest rate of 3% to 4%.
Fixing Why Past Schemes Failed
Previous government gold schemes failed to gain traction primarily because they left out local jewellers and lacked a proper banking structure. Without a joined-up system, institutions faced high financial risks from changing gold prices.
To fix this, trade bodies are calling for a complete system that includes:
- Direct involvement of trusted local jewellers. The schemes did not take off in the past because jewellers were not part of them. About 10% to 20% of family gold is held as bars or coins.
- Strong bank backing and secure storage vaults across the country.
- Tax incentives, such as removing the 3% GST loss when physical gold is converted into Electronic Gold Receipts (EGR), and offering income tax relief on the interest earned.
Industry Support
Industry experts say a smooth system is already possible. Collection and purity testing centres have confirmed that collected household gold can be processed within 48 hours and safely moved to secure, bank-approved vaults.
Representatives from the Indian Bullion and Jewellers Association (IBJA) recently held discussions with RBI officials to fast-track these changes.
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