Shree Balaji (Mala) Textiles IPO

Incorporated in 2005, Shree Balaji (Mala) Textiles is engaged in the manufacturing and wholesale distribution of cotton sarees in the B2B wholesale market of India under the brand name of "Mala Saree". The company follows an asset-light manufacturing model, with ~95% of its products manufactured through third-party job workers who are located in textile hubs.

The company offers cotton sarees, embroidery sarees and fancy sarees, with prices ranging from ₹175 to ₹600 and an average selling price of ~₹270. Cotton sarees remained the largest product category, contributing 90.75% of revenue, followed by embroidery sarees at 8.85% and fancy sarees at 0.41% in FY26. The company offers more than 600 saree designs at any point of time to cater to different occasions, fabrics, weaves, patterns and styles. The company has started distributing Garden Vareli sarees from June 1, 2025 to check demand in the synthetic saree segment.

The company procures its raw materials, which are white or grey unprocessed fabric, from more than 100 suppliers across India, with most purchases coming from Bhiwandi. It serves customers across Central, East, North, Northeast, South and West India with a distribution network of ~105 brokers, 13 dealers, 69 wholesalers and ~3,000 retailers as of March 31, 2026. The company makes most of its revenue from the East region, which contributed 90.9% of total revenue in FY26, with West Bengal being its largest market. Retailers contributed the highest share of revenue at 46.1%, followed by wholesalers at 27.8%, dealers at 21.7% and e-commerce at 4.3% in FY26. ~50% of revenue comes from direct customer relationships. The top 10 customers contributed 18.59% of revenue in FY26, compared with 14.48% in FY25.