Shree Balaji (Mala) Textiles Ltd IPO
Status: Closed
Overview
IPO date
22 Jul 2026 to 24 Jul 2026
Face value
₹ 10 per share
Price
₹ 66 to ₹70 per share
Issue Size
2,700,000 shares
(aggregating up to ₹ 18.9 Cr)
(aggregating up to ₹ 18.9 Cr)
Allotment Date
27 Jul 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Textiles
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T&C*
Strengths vs Risks of Shree Balaji (Mala) Textiles Ltd
Know the pros & cons
Strengths
- Experienced Promoters having deep domain knowledge to scale up the business.
- Diversified customers and supplier's base.
- Wide geographic presence.
- Vast and versatile product portfolio for women.
- Ability to buy in bulk quantities.
- Long standing relationship with job workers.
- Management team with an established track record.
- Established track record of successfully completed orders.
- Efficient operational team.
Risks
- The company's business is highly concentrated on the sale of women's sarees and is vulnerable to variations in demand and changes in consumer preference, could have an adverse effect on its business, results of operations and financial condition.
- The company's business prospects depends on the strength of its key brand and any failures to maintain or grow sales of the company's products could adversely affect its business.
- The company relies on outsourcing a significant proportion of its production processes and activities to third-parties, without exclusivity arrangements. Any inability to obtain sufficient quantities of attires of the requisite quality in a timely manner and at acceptable prices, or a slowdown, shutdown or disruption in such third parties' operations and performance, could adversely affect the company's business, results of operations and financial condition.
- The Company is party to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, results of operations and financial condition.
- The company may be unable to sufficiently obtain, maintain, protect, or enforce its intellectual property and other proprietary rights.
- The company has working capital requirements. If its experience insufficient cash flows to make required payments on the company's debt or fund working capital requirements, there may be an adverse effect on its results of operations.
- The company's inability to identify and retain skilled third-party suppliers, vendors and manufacturers for various parts of its production or procurement processes may adversely affect the company's business, financial condition and results of operations.
- The company's warehouse, factory and a majority of its jobbers is mostly based in some specific geographical region. This may expose the company's manufacturing processes and its supply chain to regional risks, which may adversely affect the company's business, financial condition and results of operations.
- Any failures in the company's quality control processes may damage its reputation, and adversely affect the company's business, results of operations and financial condition. Its may faces reputational harm or proceedings if the quality of the company's products does not meet its customers' expectations.
- The Company has negative cash flows during recent fiscal year in relation to the company's operating activities. Sustained negative cash flows in the future would adversely affect its results of operations and financial condition.
- The company's operations could be adversely affected by labour shortages, strikes, work stoppages or increased wages demands by its employees or any other kind of disputes with the company's employees.
- The company's business is dependent on network of retailers, wholesalers and dealers with the maximum contribution by the retailers. Its retailers contribute around 46.13%, 46.70% and 27.77% of the company's revenues from operations for the year ended March 31, 2026, March 31, 2025 and March 31, 2024. Any loss of business from one or more of them may adversely affect its revenues and profitability.
- The company generates a substantial portion of revenue from Eastern India. Any adverse developments affecting its operations in the eastern India could have an adverse impact on the company's revenue and results of operations.
- The company's business is dependent on its customers which are majorly dealers, whole sellers, retailers. Its top ten customers contribute about 18.59%, 14.48%, and 14.12% of the company's revenues from operations for the financial year ended March 31, 2026, March 31, 2025 and March31, 2024. Any loss of business from one or more of them may adversely affect the company's revenues and profitability.
- The company is dependent upon few suppliers for the material requirements of its business. Further, the company does not has definitive agreements or fixed terms of trade with most of its suppliers. Failures to successfully leverage the company's relationships with existing suppliers or to identify new suppliers could adversely affect its business operations.
- The Company is dependent on a domestic market for its sales and any downturn in it could reduce the company's sales.
- Any failures to procure adequate amounts of raw materials, finished goods, accessories and packing materials of the requisite quality at competitive prices in a timely manner may adversely affect the company's business, results of operations and cash flows.
- The Company is dependent on third party transportation providers for the delivery of raw materials and finished products. Accordingly, continuing increases in transportation costs or unavailability of transportation services for its products, as well the extent and reliability of Indian infrastructure may have an adverse effect on the Company's reputation, business, financial condition, results of operations and prospects.
- The company's revenue generation is majorly dependent on Traditional Distribution Channels with limited contribution from E-Commerce.
- Pricing pressure from the company's competitors may affect its ability to maintain or increase the company's product prices and, in turn, its revenue from product sales, gross margin and profitability, which may materially and adversely affect the company's business, financial condition and results of operations.
- There are certain discrepancies and non-compliances noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies.
- There are certain delays/ non-compliances w.r.t employee related fillings i.e. EPF, EFPO, ESIC etc. in the past. Any delay in payment of statutory dues by the company in future, may result in the imposition of penalties, which could adversely impact its financials.
- The Company has in the past allotted shares at different prices on the same day.
- The company's sales is subject to seasonal variations that could result in fluctuations in the company's results of operations.
- The company's inability to accurately forecast demand for its products and manage the company's inventory may have an adverse effect on its business, financial condition, results of operations and cash flows.
- The company's success depends on the efforts and abilities of its founder, Chairman and Managing Director, Binod Kumar Kedia, the company's senior management and other key personnel, as well as its ability to retain and attract qualified and skilled personnel. The company's inability to does so may adversely affect its business, results of operations and financial condition.
- The company's inability to successfully implement its business plan and strategies for business expansion could adversely affect the company's business, financial condition, results of operations and cash flows.
- If the company is not able to obtain, renew or maintain its statutory and regulatory licenses, registrations and approvals required to operates its business, it may have a material adverse effect on the company's business, results of operations and financial condition.
- The company requires certain approvals and licenses in the ordinary course of business and are required to comply with certain rules and regulations to operates its business, any failures to obtain, retain and renew such approvals and licences or comply with such rules and regulations may adversely affect the company's operations.
- The company has significant working capital requirements and may requires additional financing. If the company fails to obtain additional financing on terms acceptable to its, or otherwise experience insufficient cash flows to fund the company's working capital, there may be an adverse effect on its business and results of operations.
- The company's financing agreements contain covenants that limit its flexibility in operating the company's business. Its inability to meet the company's obligations, including financial and other covenants under its debt financing arrangements could adversely affect the company's business, results of operations and financial condition.
- The company's business is dependent on its operating facility in Jetpur, Gujarat. The loss or shutdown of the company's facilities could have a material effect on its business, financial condition and results of operations.
- The company's insurance coverage may not adequately protect its against all material hazards, which may adversely affect the company's business, results of operations and financial condition.
- The company faces competition in its business from organized and unorganized players, which may adversely affect the company's business operations and financial condition.
- The company's Promoters will be able to exercise significant influence and control over its after the Issue and may have interests that are different from or conflict with those of the company's other shareholders.
- Certain of the company's Promoters, Directors, Key Management Personnel (KMP) and Senior Managerial Personnel (SMP) may have interests in the Company other than normal remuneration or benefits and reimbursement of expenses incurred.
- Certain documents in relation to educational qualifications and experience for certain of the company's directors is not available and reliance has been made on declarations and affidavits furnished by such directors for details of their profiles included in this Red Herring Prospectus.
- Delays or defaults in client payments could affect the company's operations.
- The company has in the past entered into related-party transactions and may continue to does so in the future.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds and same is entirely at the discretion of the Company.
- The company has not commissioned an industry report for the disclosures made in the chapter titled "Industry Overview" and made disclosures on the basis of the data available on the internet.
Shree Balaji (Mala) Textiles Ltd Peer Comparison
Understand the company’s industry standing
Shree Balaji (Mala) Textiles Ltd
N R Vandana Tex Industries Limited
Saraswati Saree Depot Ltd
Face Value
10
10
10
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
212.4
304.69
635.97
EPS-Basis
8.13
4.73
5.89
EPS-Diluted
8.13
4.73
5.89
NAV Per Share
38.17
31.11
49.16
P/E-Basic EPS
---
15.03
9.32
P/E-Diluted EPS
---
---
---
RONW(%)
21.28
14.43
12.02
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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Enter details- PAN, Application number or DP client ID
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The IPO opens on 22 Jul 2026 & closes on 24 Jul 2026.
Promoter Mr. Binod Kumar Kedia had started his journey as a trader of cotton sarees under the name of 'Shree Balaji Textile' a Proprietorship Concern in the category of Women Apparel'. In September 2005, Shree Balaji (Mala) Textiles Private Limited got incorporated and the proprietorship was taken over by the Company via a Business Takeover Agreement dated June 27, 2006. Converted to a Public Limited Company in March 2025, it have grown into a B2B saree manufacturer, maintaining core values of quality and innovation. As at March 31, 2026, Company has sold around 74,00,000 units of sarees.
In order to give perpetual succession to the said Business, the Kedia Family incorporated Shree Balaji (Mala) Textiles Private Limited in September, 2005. Later, in March 2025, Company was converted into a Public Limited Company. The Company been in the business of women's apparels for over three decades, its relationships with weavers/suppliers have been a core competitive strength. Over the years, Company has developed long-standing relationships with the manufacturers in hubs like Surat, Mumbai, Kolkata, Jetpur and Rajkot.
The product portfolio is vast and versatile in Indian wear for women's apparel segment. The sarees products offered by them are further bifurcated by occasion, fabric, weave, pattern and most of the revenue is generated from sale of cotton sarees.
From June 01, 2025 the Company started the distributorship of Garden Vareli sarees.
The Company launched the IPO by allotting 27,00,000 equity shares of Rs 10 each and raised a fresh issue of 18.90 crore on July 24, 2026.
Shree Balaji (Mala) Textiles Ltd IPO will close on 24 Jul 2026.
- Experienced Promoters having deep domain knowledge to scale up the business.
- Diversified customers and supplier's base.
- Wide geographic presence.
- Vast and versatile product portfolio for women.
- Ability to buy in bulk quantities.
- Long standing relationship with job workers.
- Management team with an established track record.
- Established track record of successfully completed orders.
- Efficient operational team.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Binod Kumar Kedia | 4900000 | 68.01 | 4900000 | 49.47 |
| 2 | Anita Kedia | 1175000 | 16.31 | 1175000 | 11.86 |
| 3 | Mrityunjay Commosales Private | 875000 | 12.14 | 875000 | 8.83 |
| 4 | Hemlata Kedia | 5000 | 0.07 | 5000 | 0.05 |
| 5 | Sulochana Devi Kedia | 20000 | 0.28 | 20000 | 0.2 |
| 6 | Manoj Kumar Kedia | 115000 | 1.6 | 115000 | 1.16 |
| 7 | Manoj Kumar Kedia (HUF) | 100000 | 1.39 | 100000 | 1.01 |
| 8 | Rishika Kedia | 15000 | 0.2 | 15000 | 0.15 |
- The company's business is highly concentrated on the sale of women's sarees and is vulnerable to variations in demand and changes in consumer preference, could have an adverse effect on its business, results of operations and financial condition.
- The company's business prospects depends on the strength of its key brand and any failures to maintain or grow sales of the company's products could adversely affect its business.
- The company relies on outsourcing a significant proportion of its production processes and activities to third-parties, without exclusivity arrangements. Any inability to obtain sufficient quantities of attires of the requisite quality in a timely manner and at acceptable prices, or a slowdown, shutdown or disruption in such third parties' operations and performance, could adversely affect the company's business, results of operations and financial condition.
- The Company is party to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, results of operations and financial condition.
- The company may be unable to sufficiently obtain, maintain, protect, or enforce its intellectual property and other proprietary rights.
- The company has working capital requirements. If its experience insufficient cash flows to make required payments on the company's debt or fund working capital requirements, there may be an adverse effect on its results of operations.
- The company's inability to identify and retain skilled third-party suppliers, vendors and manufacturers for various parts of its production or procurement processes may adversely affect the company's business, financial condition and results of operations.
- The company's warehouse, factory and a majority of its jobbers is mostly based in some specific geographical region. This may expose the company's manufacturing processes and its supply chain to regional risks, which may adversely affect the company's business, financial condition and results of operations.
- Any failures in the company's quality control processes may damage its reputation, and adversely affect the company's business, results of operations and financial condition. Its may faces reputational harm or proceedings if the quality of the company's products does not meet its customers' expectations.
- The Company has negative cash flows during recent fiscal year in relation to the company's operating activities. Sustained negative cash flows in the future would adversely affect its results of operations and financial condition.
- The company's operations could be adversely affected by labour shortages, strikes, work stoppages or increased wages demands by its employees or any other kind of disputes with the company's employees.
- The company's business is dependent on network of retailers, wholesalers and dealers with the maximum contribution by the retailers. Its retailers contribute around 46.13%, 46.70% and 27.77% of the company's revenues from operations for the year ended March 31, 2026, March 31, 2025 and March 31, 2024. Any loss of business from one or more of them may adversely affect its revenues and profitability.
- The company generates a substantial portion of revenue from Eastern India. Any adverse developments affecting its operations in the eastern India could have an adverse impact on the company's revenue and results of operations.
- The company's business is dependent on its customers which are majorly dealers, whole sellers, retailers. Its top ten customers contribute about 18.59%, 14.48%, and 14.12% of the company's revenues from operations for the financial year ended March 31, 2026, March 31, 2025 and March31, 2024. Any loss of business from one or more of them may adversely affect the company's revenues and profitability.
- The company is dependent upon few suppliers for the material requirements of its business. Further, the company does not has definitive agreements or fixed terms of trade with most of its suppliers. Failures to successfully leverage the company's relationships with existing suppliers or to identify new suppliers could adversely affect its business operations.
- The Company is dependent on a domestic market for its sales and any downturn in it could reduce the company's sales.
- Any failures to procure adequate amounts of raw materials, finished goods, accessories and packing materials of the requisite quality at competitive prices in a timely manner may adversely affect the company's business, results of operations and cash flows.
- The Company is dependent on third party transportation providers for the delivery of raw materials and finished products. Accordingly, continuing increases in transportation costs or unavailability of transportation services for its products, as well the extent and reliability of Indian infrastructure may have an adverse effect on the Company's reputation, business, financial condition, results of operations and prospects.
- The company's revenue generation is majorly dependent on Traditional Distribution Channels with limited contribution from E-Commerce.
- Pricing pressure from the company's competitors may affect its ability to maintain or increase the company's product prices and, in turn, its revenue from product sales, gross margin and profitability, which may materially and adversely affect the company's business, financial condition and results of operations.
- There are certain discrepancies and non-compliances noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies.
- There are certain delays/ non-compliances w.r.t employee related fillings i.e. EPF, EFPO, ESIC etc. in the past. Any delay in payment of statutory dues by the company in future, may result in the imposition of penalties, which could adversely impact its financials.
- The Company has in the past allotted shares at different prices on the same day.
- The company's sales is subject to seasonal variations that could result in fluctuations in the company's results of operations.
- The company's inability to accurately forecast demand for its products and manage the company's inventory may have an adverse effect on its business, financial condition, results of operations and cash flows.
- The company's success depends on the efforts and abilities of its founder, Chairman and Managing Director, Binod Kumar Kedia, the company's senior management and other key personnel, as well as its ability to retain and attract qualified and skilled personnel. The company's inability to does so may adversely affect its business, results of operations and financial condition.
- The company's inability to successfully implement its business plan and strategies for business expansion could adversely affect the company's business, financial condition, results of operations and cash flows.
- If the company is not able to obtain, renew or maintain its statutory and regulatory licenses, registrations and approvals required to operates its business, it may have a material adverse effect on the company's business, results of operations and financial condition.
- The company requires certain approvals and licenses in the ordinary course of business and are required to comply with certain rules and regulations to operates its business, any failures to obtain, retain and renew such approvals and licences or comply with such rules and regulations may adversely affect the company's operations.
- The company has significant working capital requirements and may requires additional financing. If the company fails to obtain additional financing on terms acceptable to its, or otherwise experience insufficient cash flows to fund the company's working capital, there may be an adverse effect on its business and results of operations.
- The company's financing agreements contain covenants that limit its flexibility in operating the company's business. Its inability to meet the company's obligations, including financial and other covenants under its debt financing arrangements could adversely affect the company's business, results of operations and financial condition.
- The company's business is dependent on its operating facility in Jetpur, Gujarat. The loss or shutdown of the company's facilities could have a material effect on its business, financial condition and results of operations.
- The company's insurance coverage may not adequately protect its against all material hazards, which may adversely affect the company's business, results of operations and financial condition.
- The company faces competition in its business from organized and unorganized players, which may adversely affect the company's business operations and financial condition.
- The company's Promoters will be able to exercise significant influence and control over its after the Issue and may have interests that are different from or conflict with those of the company's other shareholders.
- Certain of the company's Promoters, Directors, Key Management Personnel (KMP) and Senior Managerial Personnel (SMP) may have interests in the Company other than normal remuneration or benefits and reimbursement of expenses incurred.
- Certain documents in relation to educational qualifications and experience for certain of the company's directors is not available and reliance has been made on declarations and affidavits furnished by such directors for details of their profiles included in this Red Herring Prospectus.
- Delays or defaults in client payments could affect the company's operations.
- The company has in the past entered into related-party transactions and may continue to does so in the future.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds and same is entirely at the discretion of the Company.
- The company has not commissioned an industry report for the disclosures made in the chapter titled "Industry Overview" and made disclosures on the basis of the data available on the internet.
The Issue type of Shree Balaji (Mala) Textiles Ltd is Book Building - SME.
The minimum application for shares of Shree Balaji (Mala) Textiles Ltd is 4000.
The total shares issue of Shree Balaji (Mala) Textiles Ltd is 2700000.
Initial public offer of 27,00,000 equity shares of face value Rs. 10 each (the "Equity Shares") of Shree Balaji (Mala) Textiles Limited ("the Company" or the "Issuer") for cash at an issue price of Rs. 70 per equity share (including a securities premium of Rs. 60 per equity share) ("Issue Price"), aggregating to Rs. 18.9 Crores (the "Issue") of which 1,36,000 equity shares of face value Rs. 10 each aggregating to Rs. 0.95 Crores will be reserved for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. Issue of 25,64,000 equity shares of face value of Rs. 10 each at an issue price of Rs. 70 per equity share aggregating to Rs. 17.95 Crores is hereinafter referred to as the "Net Issue". The issue and the net issue will constitute 27.26% and 25.89% respectively of the post-issue paid-up equity share capital of the company.
Price Band: Rs. 70/- per equity share of face value Rs. 10/- each.
The floor price is 7.0 times of the face value of the equity shares.
Bids can be made for a minimum of 4000 equity shares and in multiples of 2000 equity shares thereafter.