Shree Balaji (Mala) Textiles Ltd. Share Price

Shree Balaji (Mala) Textiles 

• Shree Balaji (Mala) Textiles is coming out with an initial public offering (IPO) of 27,00,000 shares in a price band of Rs 66-70 per equity share.
• The issue will open on July 22, 2026 and will close on July 24, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 6.60 times of its face value on the lower side and 7.00 times on the higher side.
• Book running lead manager to the issue is GYR Capital Advisors.
• Compliance officer for the issue is Naina Saha.

Profile of the company

Shree Balaji (Mala) Textiles, is a contract manufacturer and wholesaler of cotton sarees in India’s B2B cotton sarees wholesale segment. Its Promoter’s experience in cotton sarees segment dates back to the year 1990’s, wherein its Promoter was engaged in the trading of cotton sarees. Gradually it shifted its business model from trading to pure play manufacturing of cotton sarees on job work basis and that is when along with getting manufacturing done at designated job work units, it also started its manufacturing facility in Jetpur in the name of Shree Brindavan Chandra Prints. Its products are recognised in textile industry under its own brand name ‘Mala Saree’. The company operates into B2B business model, focusing on selling its products through a network of around more than 105 brokers, around 13 dealers, 69 wholesaler and around 3000 retailers as of March 31, 2026 spread across Central, East, North, Northeast, South and West parts of India. 

Its products are manufactured through job workers as well as at its own manufacturing facility. The processes which are inherent in the manufacturing of cotton sarees are carried out both by the job workers and at its manufacturing facility. Around 95% of its products are manufactured through job workers. In the cotton saree manufacturing industry, a significant portion of manufacturing is carried out through job work units. This operating model is adopted to strategically leverage the inherent advantages of job work arrangements, primarily; i) contract manufacturers typically operate large-scale facilities that offer economies of scale, enabling cost efficient production, and ii) they are strategically located within established textile hubs, where access to raw materials, skilled labour, and efficient, cost-effective transportation infrastructure is readily available. By engaging job workers, it is able to optimize operational efficiency, manage costs effectively, and benefit from the well-developed textile ecosystem without incurring substantial capital expenditure on in-house manufacturing facilities. 

Proceed is being used for:

• Funding the working capital requirements of the company.
• General corporate purposes 

Industry overview

India’s textiles sector is one of the oldest and most diverse industries in the country, with roots stretching back centuries. It spans from traditional hand-spun and handwoven clusters to sophisticated capital-intensive mills, supported by a robust base of fibres and yarns ranging from cotton, jute, silk, and wool to polyester, viscose, and acrylic. The decentralised power loom, hosiery, and knitting segment remains the largest component, reflecting the industry’s ability to cater to multiple consumer markets. Its close linkage with agriculture, reliance on natural resources like cotton, and strong cultural heritage give the Indian textiles industry a unique identity compared to other manufacturing sectors. 

The market for Indian textiles and apparel is projected to grow at a 10% CAGR to reach $2.3 billion by 2030. India ranks among the top five global exporters in several textile categories, with exports expected to reach $100 billion. The textiles and apparel industry contribute around 2% of India’s GDP and about 11% of manufacturing GVA (Gross Value Added) as of February 2026. The textile industry in India is predicted to double its contribution to the GDP to around 5% by the end of this decade. Global fibre demand is expected to reach around 149 million tonnes in 2030, with increasing population and growth in per-capita consumption. 

The Indian Technical Textiles market is the fifth largest in the world. The technical textiles industry was valued at $29 billion in 2024 and is projected to grow to $45 billion by 2026, $123 billion by 2035, and $309 billion by 2047. The India mobiltech textile market (a division of technical textiles for automotive use) is projected to grow from $2.32 billion in FY25 to $4.57 billion by FY33, at a CAGR of 8.84%. This growth is driven by rising demand for advanced materials, electric vehicles, and sustainability focus.

Pros and strengths

Ability to buy in bulk quantities: The company possesses the capacity to procure products in large quantities from its weavers/ suppliers due to several key advantages including having the ability to provide its customers a variety of options, wide customer base and available operational cash flows. Its Mala saree showroom located in the heart of the city and hub of the cloth market in Kolkata collectively span over an aggregate area of 3774 sq. ft which enables it to realize several advantages such as ensuring consistent inventory availability and mitigating additional costs associated with placing frequent small orders. It also has 4 warehouses all located near its showroom that enables it to adequately store the inventory and also enables to and for movement of the inventory from the warehouse to the showroom. 

Wide Geographic presence: Since its promoters have been involved in this business for almost three decades, it has developed long standing relationships with its brokers, dealers, wholesalers and retailers. Its products are generally sold through a network of wholesalers located at different locations of the country. As on March 31, 2026, its dedicated Sales and Marketing team comprises of 19 members excluding the management, actively engaging with potential clients, building strong relationships through personal interactions and a deep understanding of their needs. By leveraging its local market connections, it taps into a vast network of wholesalers, which helps it expand its market presence. Its sales strategy ensures that it maintains a strong market presence, continuously identifying new opportunities while reinforcing its relationships with existing customers.

Vast and versatile product portfolio for women: Its product portfolio is vast and versatile in Indian wear for women’s apparel segment. The sarees products offered by it are further bifurcated by occasion, fabric, weave, pattern and most of its revenue is generated from sale of cotton sarees. It focuses on trending fashion designs with an emphasis on quality to offer new and varied products to its customers throughout the year. It has always aimed at offering its products across all culture, its products are finely created keeping in mind the festive occasions, by inculcating all traditional varieties. This has always been its strength over the years as it has always focused on reaching customers across all cultures and traditions, since India is a diverse land of cultures and traditions.

Risks and concerns

Revenue concentration on single product: Its business is currently highly concentrated on a single product, i.e., cotton sarees. Almost all its revenue is generated from the sale of cotton sarees. Its revenue generated from Cotton Saree segment for the period ended March 31, 2026, March 31, 2025 and March 31, 2024 is Rs 19,235.53 lakh (i.e. 90.75% of the total revenue), Rs 17,447.10 lakh (i.e. 90.39% of the total revenue) and Rs 18,272.29 lakh (i.e. 93.45% of the total revenue) respectively. Its results of operations are dependent on its ability to attract customers by anticipating and responding to changes in customer preferences and modify its existing products in line with changes in customer demands and preferences. The number of customers demanding women’s ethnic wear may not continue to increase. If it is unable to anticipate and gauge customer preferences, or if it is unable to adapt to such changes in a timely basis or at all, it may lose or fail to attract customers, its inventory may become obsolete and it may be subject to pricing pressure to sell its inventory at a discount.

Dependence on distribution channel partners: Its 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 its revenues from operations for the year ended March 31, 2026, March 31, 2025 and March 31, 2024. The composition and revenue generated from these retailers might change as it continues to add new partnership in normal course of business. Any decline in its quality standards, growing competition and any change in the demand for its products by these customers may adversely affect its ability to retain them. It has maintained good and long-term relationships with its customers. However, there can be no assurance that it will continue to have such a long-term relationship with them. Also, any delay or default in payment by these customers may adversely affect its business, financial condition and results of operations. It cannot assure that it shall generate the same quantum of business, or any business at all, from these customers, and loss of business from one or more of them may adversely affect its revenues and profitability.

Revenue concentration in the Eastern Region: The company has PAN India presence however its revenue is concentrated in the one region i.e.; Eastern India. It generated almost 90.97%, 89.27%, and 91.02% of the total Revenue generated for the financial year ended March 31, 2026, 2025 and 2024 respectively. Such geographical concentration of its business in the Eastern region heightens its exposure to adverse developments related to competition, as well as economic and demographic changes in the region, which may adversely affect its business prospects, financial conditions and results of operations.

Outlook

Shree Balaji (Mala) Textiles is engaged into designing, manufacturing and wholesale business of variety of high-quality cotton sarees. It manufactures its products through job workers who are mostly located in Jetpur, Mumbai, Kolkata, Rajkot and Surat and a majority of them have been working with it for a substantially long period of time. It also exercises regular supervision over the manufacturing operations at the facilities of its job workers through its personnel who are either stationed at such facilities or periodically visit these facilities for inspections, enabling it to efficiently carry out production changes in designs or quantity of products required. On the concern side, it has maintained a long-term relationship with many of its suppliers and it has been able to negotiate favourable credit terms from them due to increased order sizes and timely payments, it cannot assure that it shall be able to maintain such favourable credit terms in future. In this regard, for the financial year ended March 31, 2026, March 31, 2025 and March 31, 2024, its top 10 suppliers contributed around 47.83%, 57.52%, and 60.08% respectively of its purchases. Failure to successfully leverage its relationships with existing suppliers or to identify new suppliers could adversely affect its business operations.

The company is coming out with a maiden IPO of 27,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 66-70 per equity share. The aggregate size of the offer is around Rs 17.82 crore to Rs 18.90 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY25-26 was Rs 21,197.18 lakh as against Rs 19,304.37 lakh for FY24-25, an increase of 9.81%. Profit after tax for the FY25-26 was at Rs 585.42 lakh against profit after tax of Rs 494.61 lakh in FY24-25, a surge of 18.36%.

Meanwhile, in the realm of wholesale, robust inventory management practices are not just a part of the business; they are its very core. The ability to maintain the right mix and quantity of inventory at the store level is a fundamental driver of enhanced sales and profitability. Its strategic approach revolves around a continuous cycle of review, replenishment and product innovation to ensure a fresh and appealing selection is always available to its customers, thus preventing monotony and driving sustained interest. Going forward, it intends to focus on strengthening its sales through e-commerce channels to benefit from evolving customer trends. It intends to make investments in digital channels to build an omni-channel engagement experience for its customers (both B2B and B2C) and has a dedicated team for its e-commerce operations. It anticipates that such investments will increase its profitability and revenue from operations and diversify its revenue generating channels.

Vinod Texworld 

• Vinod Texworld is coming out with an initial public offering (IPO) of 45,56,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 94 per equity share.
• The issue will open on September 09, 2026 and will close on September 11, 2026.
• The shares will be listed on SME Platform of NSE.
• The share is priced at 9.40 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Novus Capital Advisors.
• Compliance Officer for the issue is Aditi Mittal.

Profile of the company

Vinod Texworld is engaged in the production of fabrics for fast fashion by combining modern technology, creative design, and traditional skills. It manages the entire process - from Greige Fabric to Dyed fabric and Printed fabric ensuring quality and the ability to quickly adapt to evolving market demands. Its key focus areas include fostering innovation, adopting a customer-centric approach, and driving research and development along with technological advancements. It has also undertaken certain initiatives aimed at incorporating sustainable practices, including steps towards the use of renewable energy across its operations. 

In addition to its manufacturing operations, the company is also engaged in trading of textile products, which involves procurement of finished goods from third-party suppliers and sale of such goods to customers. The trading activity complements the company’s manufacturing business by enabling it to offer a wider range of products and cater to diverse customer requirements. The company’s focus is on Innovation, Customer Orientation, R & D, Technology Up Gradation, Continuous Improvement and Moving towards Green Energy. The company manufactures and sells its products like Dyed Fabric and Printed Fabric. With a domestic network, the company serves various locations across India, including states such as Gujrat, Punjab, Haryana, Delhi, Rajasthan, Uttar Pradesh, and West Bengal, among others. It undertakes initiatives aimed at process improvement, adoption of new technologies, and operational efficiency. It has also initiated steps to incorporate green energy solutions with the objective of reducing its carbon footprint and improving energy efficiency across its operations. 

In addition to manufacturing and selling its own dyed and printed fabrics, it undertakes job work assignments for third parties. These primarily include dyeing, printing, and finishing of fabrics supplied by customers. It charges processing fees depending on the fabric type and process requirements. The job work business enables better utilization of installed capacity and contributes to steady cash flow. Besides, it undertakes product development based on sample specifications provided by existing and potential customers. The quality control and quality assurance team conducts various technical and manual tests on finished products to meet required standards and reduce the likelihood of rejections. It also carries out product testing, including durability tests, through its in-house laboratory. The quality assurance and quality control processes support its operations in both domestic and international markets. The narrow fabrics manufactured by it are supplied to customers across various industries.

Proceed is being used for:

• Expansion of existing plant.
• Repayment of loan.
• Meeting working capital requirement.
• General corporate purposes.
• Issue expenses.

Industry Overview

India’s textiles sector is one of the oldest and most diverse industries in the country, with roots stretching back centuries. It spans from traditional hand-spun and handwoven clusters to sophisticated capital-intensive mills, supported by a robust base of fibres and yarns ranging from cotton, jute, silk, and wool to polyester, viscose, and acrylic. The decentralised power loom, hosiery, and knitting segment remain the largest component, reflecting the industry’s ability to cater to multiple consumer markets. Its close linkage with agriculture, reliance on natural resources like cotton, and strong cultural heritage give the Indian textiles industry a unique identity compared to other manufacturing sectors. 

The market for Indian textiles and apparel is projected to grow at a 10% CAGR to reach $2.3 billion by 2030. India ranks among the top five global exporters in several textile categories, with exports expected to reach $100 billion. The textiles and apparel industry contribute around 2% of India’s GDP and about 11% of manufacturing GVA (Gross Value Added) as of February 2026. The textile industry in India is predicted to double its contribution to the GDP to around 5% by the end of this decade. Global fibre demand is expected to reach around 149 million tonnes in 2030, with increasing population and growth in per-capita consumption. The Indian Technical Textiles market is the fifth largest in the world. The technical textiles industry was valued at $29 billion in 2024 and is projected to grow to $45 billion by 2026, $123 billion by 2035, and $309 billion by 2047. 

Key government interventions intended to scale MMF fabric production and improve competitiveness include the Production Linked Incentive (PLI) Scheme for Textiles (notified 24-Sep-2021, outlay around Rs 10,683 crore) that specifically targets MMF apparel, MMF fabrics and technical textiles. The PLI program is being actively administered and periodically reopened to new applicants to accelerate capacity additions and attract investment into MMF fabric manufacturing - a structural support that benefits companies focused on fast fashion fabric production. Other central initiatives and cluster development schemes aim to modernize textile clusters, improve productivity and promote exports; these measures reduce industry fragmentation and improve the ability of organized manufacturers to scale fast-fashion fabric supply. 

Pros and strengths

Established client relationships and customer retention: The company has maintained long-standing relationships with key customers, contributing to repeat business and a stable revenue base. These relationships have facilitated customer retention and have been instrumental in supporting consistent order inflow from various categories, including retailers, semi-wholesalers, and wholesalers. 

Timely order fulfilment and operational efficiency: Timely delivery is critical in the textile sector. The company has implemented business processes to ensure adherence to delivery schedules while seeking to improve cost efficiency. Continuous monitoring of supply chain processes supports this objective. The company has not incurred any late delivery charges, nor experienced any material delays in delivery schedules attributable to it, during the preceding three financial years. 

Customer-centric operations: The average duration from manufacturing to delivery generally ranges from 15 to 20 days, depending upon product type, dyeing/printing process, and customer requirements. It has an organized sales structure comprising a dedicated sales team, allowing customers to directly communicate with the Sales Manager or the Directors, who are actively involved in the day-to-day operations of the business. For any concerns or complaints, customers can reach out through email or phone, and their issues are addressed promptly through a well-defined complaint redressal mechanism, wherein all complaints, if any, are systematically recorded by the marketing and sales team, reviewed by the quality control and production departments, and resolved through appropriate corrective actions and continuous feedback monitoring to maintain customer satisfaction and improve product quality.

Risks and concerns

Reliance on single production unit in Gujarat: Its production unit is located in the state of Ahmedabad, Gujarat, India. Its processing operations and consequently its business is dependent upon its ability to manage this unit, which is subject to operating risks, including those beyond its control. In the event of any disruptions at its unit, due to natural or man-made disasters, workforce disruptions, delay in regulatory approvals, fire, failure of machinery, lack of continued access to assured supply of electrical power and water at reasonable costs, changes in the policies of the states or local government or authorities or any significant social, political or economic disturbances or civil disruptions in and around Ahmedabad, Gujarat, its ability to produce its products may be adversely affected.

Exposure to rapidly changing fashion trends: It is engaged in the business of processing greige fabric into finished fabrics, which are ultimately used by clothing brands and other end-users. Its industry is highly competitive and characterized by rapidly changing consumer preferences, evolving fashion trends, and heightened sensitivity to quality and technical standards. In such an environment, its reputation, brand image, and goodwill play a critical role in maintaining customer relationships and securing new business. Any adverse change in customer preferences, expectations, or perceptions regarding the quality, authenticity, or finish of its products could negatively impact its reputation and credibility in the market. Similarly, its failure to anticipate or respond effectively to evolving consumer demands or quality expectations could result in reduced demand, loss of business, and a decline in revenues and profitability.

Geographic concentration of revenue in Gujarat: Its majority of revenue contribution comes from the Gujarat which contributed 58.83%, 64.60%, and 61.41% of its revenue from operations for the Fiscal 2026, 2025 and 2024, respectively. Its operations are susceptible to local and regional factors, including accidents, political developments, economic conditions, weather patterns, natural disasters, demographic shifts, outbreaks of infectious diseases, and other unforeseen events and circumstances. Such factors may have a material impact on demand, supply chain, and overall business performance in the regions where it operates.

Outlook

Vinod Texworld is involved in the business of processing of textile fabrics. It applies multiple quality tests, including colour fastness, residual shrinkage, stretchability, and skewness, to ensure product standards are maintained. This process enables the assessment of product performance under various conditions and supports quality consistency. On the concern side, it has significant levels of indebtedness, both secured and unsecured, and servicing this debt requires substantial cash flows. Any failure to meet its repayment and other obligations may adversely affect its business, financial condition, and results of operations. It is significantly dependent on short-term borrowings, including working capital financing, and any inability to obtain or renew such financing on favorable terms could adversely affect its business, operations, and financial condition.

The company is coming out with an IPO of 45,56,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 94 per equity share to mobilize Rs 42.83 crore. On performance front, its revenue from operations increased by 2.17% to Rs 34,263.62 lakh for FY 2026 from Rs 33,536.93 lakh for FY 2025. Profit after tax has increased by 12.71% from Rs 923.36 lakh for FY 2025 to Rs 1,040.74 lakh for FY 2026.

Meanwhile, a focus on cost optimization through improved production methods, supply chain efficiencies, and environmentally responsible practices is central to the Company’s strategy. Time and Motion studies and alternative sourcing methods are used to manage production costs. The Company also intends to leverage economies of scale for cost benefits in procurement and operations. Going forward, the company plans to enhance its production capacity by acquiring and installing new machinery, particularly in the Dye House segment. Expansion efforts are aimed at meeting increasing demand and supporting future business growth.

Vashishtha Luxury Fashion has informed that Anasuya Banerjee, Chief Financial Officer has tendered her resignation from the post of Chief Financial Officer vide resignation letter dated 08th September, 2026 with effect from 09th September, 2026 (Resignation Letter enclosed). Anasuya Banerjee will cease to be a Key Managerial Personnel under Section 203 of the Companies Act, 2013. The details required to be disclosed pursuant to Regulation 30 of the Listing Regulations read with SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 are enclosed as Annexure A.

The above information is a part of company’s filings submitted to BSE.