A West Bengal-based cotton saree manufacturer and wholesaler plans to raise Rs 18.90 crore via the BSE SME platform under the “Mala Saree” brand.
Shree Balaji (Mala) Textiles Ltd., a contract manufacturer and wholesaler of cotton sarees operating under the “Mala Saree” brand, opens for subscription on July 22 with the issue closing on July 24. The company is listing on the BSE SME platform. All proceeds are a fresh issue. The company raised Rs 5.35 crore from anchor investors ahead of the opening.
What the Company Does
Incorporated in 2005 and based in West Bengal — one of India’s major saree manufacturing hubs — Shree Balaji (Mala) Textiles manufactures and distributes cotton sarees through a B2B model. Its manufacturing is a combination of job-work undertaken by specialised weavers and production at its own manufacturing facility.
The company has built a distribution network spanning over 105 brokers, approximately 13 dealers, 69 wholesalers, and around 3,000 retailers as of March 31, 2026, spread across Central, East, North, Northeast, South, and West India. Its “Mala Saree” brand has built recognition in the trade segment.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | July 22, 2026 |
| Issue Closes | July 24, 2026 |
| Listing | BSE SME (July 31, 2026) |
| Price Band | Rs 66 – Rs 70 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 18.90 crore (100% Fresh Issue) |
| Lot Size | 2,000 shares (min 2 lots = 4,000 shares) |
| Min. Retail Investment | Rs 2,80,000 |
| BRLM | GYR Capital Advisors Pvt. Ltd. |
| Registrar | KFin Technologies Ltd. |
The GMP in the grey market ahead of subscription was in the range of Rs 11–19, reflecting positive but modest informal market sentiment.
Financial Performance
The company has posted average growth in its top and bottom lines across the reported periods. Listed peers in the saree and textile manufacturing segment trade at P/E multiples of approximately 15.7x and 9.06x as of mid-July 2026.
BRLM Track Record: This is the 37th mandate from GYR Capital. Of the last 11 listings, 2 listed at par and the rest with premiums ranging from 4.92% to 90% — a solid track record.
Risks to Consider
Cotton saree manufacturing is one of India’s most fragmented and unorganised textile segments, with intense competition from handloom weavers, powerloom units, and established brands. The segment is also seasonally driven — demand peaks around festivals and weddings, creating revenue lumpiness.
The company depends significantly on job-work contractors for a portion of production, creating supply chain dependency. Pricing power in the B2B wholesale channel is limited given the ease of substitution.
Analyst View
Analysts note that the company marked average growth in its top and bottom lines for the reported periods and is operating in a highly competitive and fragmented segment. The issue appears high priced based on recent financial data, say analysts.