Shree Balaji (Mala) Textiles IPO
Shree Balaji (Mala) Textiles Limitedmalasaree.com
- Price band
- ₹66 – ₹70
- Issue size
- ₹18.90 Cr
- Lot size
- 2000 sh
- Bidding
- 22 – 24 Jul
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 29 Jul 2026
No quote recorded
Market data to 28 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Shree Balaji (Mala) Textiles is a Kolkata cotton-saree maker and business-to-business wholesaler, incorporated on 30 September 2005 and employing 47 people, which raised Rs 18.9 Cr of fresh equity at a band of Rs 66-70 and listed on BSE SME on 29 July 2026. Revenue was Rs 195.54 Cr in FY24, Rs 193.04 Cr in FY25 and Rs 211.97 Cr in FY26 — 1.28% lower, then 9.81% higher — while EBITDA was Rs 10.23 Cr, Rs 13.20 Cr and Rs 15.50 Cr across the same three years. The issue was subscribed 200.34 times overall on day three, the only subscription day the record carries. It listed at Rs 133 against the Rs 70 band top, closed day one at Rs 126.35 and last traded at Rs 45.83 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Balance sheet is the open question
63% of the scoring model was backed by disclosed data for Shree Balaji (Mala) Textiles, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Leveraged balance sheet
Debt-to-equity of 2.5× leaves limited headroom if demand softens or rates rise.
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2005 · Kolkata, West Bengal · 47 employees
Shree Balaji (Mala) Textiles makes and wholesales cotton sarees under its own brand, Mala Saree. It is a Kolkata company that sells business-to-business rather than to shoppers: as of 31 March 2026 it reached roughly 3,000 retailers through about 105 brokers, 13 dealers and 69 wholesalers across the central, eastern, northern, north-eastern, southern and western parts of India. Cotton sarees produced 90.75% of Fiscal 2026 revenue, and the company sold around 74 lakh saree units that year. Most production is outsourced: approximately 95% of its products are made by job workers, the remainder at its own unit at Jetpur, Gujarat, which occupies about 9-14 guntha. E-commerce is marginal, at Rs 918.64 lakhs, or 4.33% of Fiscal 2026 revenue from operations.
Revenue is the wholesale margin on sarees sold into a broker-and-dealer network. In Fiscal 2026 revenue from operations was Rs 21,197.18 lakhs, against cost of materials consumed of Rs 10,343.18 lakhs and other expenses of Rs 7,966.90 lakhs, leaving EBITDA of Rs 1,550.10 lakhs, a 7.30% margin, and profit after tax of Rs 585.42 lakhs, or 2.76% of revenue. Because roughly 95% of manufacturing sits with job workers, capital goes into working capital rather than plant: short-term borrowings stood at Rs 6,905.70 lakhs at 31 March 2026 against net worth of Rs 2,750.50 lakhs, a debt-equity ratio of 2.51. Finance costs of Rs 741.67 lakhs in Fiscal 2026 nearly equalled profit before tax of Rs 793.12 lakhs.
The company on paper
- Legal name
- Shree Balaji (Mala) Textiles Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 30 Sep 2005
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U17299WB2005PLC105711
- Sector
- Consumer Discretionary · Cotton saree manufacturing and B2B wholesale distribution
- Employees
- 47
- Registered office
- Kolkata, West Bengal
- Promoters
- Binod Kumar Kedia, Anita Kedia, Mrityunjay Commosales Private Limited
- Promoter holding, pre-issue
- 100.0%
- Promoter holding, post-issue
- 72.7%
- Website
- malasaree.com
The numbers
Financial performance
Revenue has compounded at 4.1% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹18.90 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹18.90 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 1,36,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 27.3% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹70.00
- Listed at
- ₹133.00
- Listing gain
- up 90.0%
- Since listing
- down 61.7%
- Against the issue price
- down 27.1%
Trading at ₹51.00 on 28 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 4,000
- At cut-off price
- ₹70.00
- Amount blocked
- ₹2,80,000
One lot is 2000 shares at ₹1,40,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,80,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~0.4%
chance of one lot, per application
- Retail subscription
- 228.24×
- Applicants per share available
- 228.2× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹133.00
listed at, 90.0% against the issue price
- Issue price
- ₹70.00
- Premium said
- —
- If allotted 2000 shares
- ₹1,26,000
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- EBITDA margin was 5.23% in FY24 (Rs 10.23 Cr on Rs 195.54 Cr), 6.84% in FY25 (Rs 13.20 Cr on Rs 193.04 Cr) and 7.31% in FY26 (Rs 15.50 Cr on Rs 211.97 Cr), higher at each of the two steps the record covers.
- Profit after tax was Rs 2.46 Cr in FY24, Rs 4.95 Cr in FY25 (101.22% higher) and Rs 5.85 Cr in FY26 (a further 18.18% higher); as a share of revenue that is 1.26%, 2.56% and 2.76%.
- Net worth was Rs 16.70 Cr in FY24, Rs 21.65 Cr in FY25 (29.64% higher) and Rs 27.51 Cr in FY26 (27.07% higher).
- The record's description states that as of 31 March 2026 the company reached roughly 3,000 retailers through about 105 brokers, 13 dealers and 69 wholesalers across the central, eastern, northern, north-eastern, southern and western parts of India, and sold around 74 lakh saree units in Fiscal 2026.
What to weigh against it
- Total borrowings were Rs 51.37 Cr in FY24, Rs 48.75 Cr in FY25 (5.10% lower) and Rs 69.08 Cr in FY26 (41.70% higher). Set against net worth of Rs 16.70 Cr, Rs 21.65 Cr and Rs 27.51 Cr, that is 3.08 times, 2.25 times and 2.51 times.
- The record states finance costs of Rs 741.67 lakhs in Fiscal 2026 against profit before tax of Rs 793.12 lakhs, so finance costs were 93.51% of profit before tax.
- The record's description states cotton sarees produced 90.75% of Fiscal 2026 revenue, that e-commerce was Rs 918.64 lakhs or 4.33% of Fiscal 2026 revenue from operations, and that approximately 95% of products are made by job workers, with the remainder at the company's own unit at Jetpur, Gujarat.
- The shares listed at Rs 133 and closed day one at Rs 126.35, 5.00% lower. The last traded price on record is Rs 45.83 on 23 October 2026: 65.54% below the Rs 133 listing price and 34.53% below the Rs 70 band top.
Easy to miss in the prospectus
- Only one subscription observation is on record — day three, 24 July 2026, at 113.55 times QIB, 249.47 times NII, 228.24 times retail and 200.34 times overall. Days one and two are absent, as is any anchor book.
- For Fiscal 2026 the record gives cost of materials consumed of Rs 10,343.18 lakhs (48.79% of revenue from operations of Rs 21,197.18 lakhs) and other expenses of Rs 7,966.90 lakhs (37.59%), but no expense breakdown for FY24 or FY25, and no total assets or operating cash flow for any of the three years.
- The record carries no valuation block, no allocation split, no offer objects and no peer set, so the Rs 18.9 Cr fresh issue cannot be priced off this record. For scale, Rs 18.9 Cr is 68.70% of FY26 net worth of Rs 27.51 Cr and 27.36% of FY26 borrowings of Rs 69.08 Cr; promoter holding is recorded as 100% pre-issue and 72.74% post-issue.
Straight from the filing
Read it yourself
The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.
The paperwork
Who is running the issue
- Lead managers
- GYR Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Built from 8 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.
- BSE cash-market bhavcopy, 29 July 2026 (listing day) - ISIN, market lot NewBrdLotQty, series MT, scrip 544835, listing-day OHLC · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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