Shree Balaji (Mala) Textiles made a stellar market debut on Wednesday, listing at Rs 133 per share on the BSE SME platform, a 90% premium over its issue price of Rs 70. The SME IPO, which was open for subscription from July 22 to July 24, received an overwhelming response, with the issue being subscribed 186.34 times overall.
The retail investor segment led the demand with 228.24 times subscription, followed by 185.23 times in the non-institutional investor (NII) category and 113.55 times in the qualified institutional buyer (QIB) portion.
The public issue was entirely a fresh issue of 27 lakh equity shares, raising Rs 18.90 crore. The company had fixed the IPO price band at Rs 66-70 per share.
Ahead of the issue, the company mobilised Rs 5.35 crore from anchor investors on July 21, providing an early vote of confidence before the public subscription opened.
IPO proceeds to strengthen working capital
The company plans to utilise the IPO proceeds primarily to support its working capital needs. Of the total funds raised, Rs 16.50 crore has been earmarked for working capital requirements, while the remaining amount will be used for general corporate purposes.
About Shree Balaji (Mala) Textiles
Founded in 2005, Shree Balaji (Mala) Textiles is engaged in the manufacturing and wholesale distribution of cotton sarees in India's B2B textile market. Headquartered in West Bengal, the company markets its products under the "Mala Saree" brand, catering to customers across multiple price segments.
The company has built a pan-India distribution network comprising over 105 brokers, 13 dealers, 69 wholesalers and nearly 3,000 retailers as of March 31, 2026. Its reach extends across Central, East, North, Northeast, South and West India.
Its portfolio includes cotton, embroidered and fancy sarees, serving both everyday and occasion wear segments across low, mid and premium price categories. The company has an average selling price of around Rs 270 per saree.
Manufacturing operations are based in Jetpur, Gujarat, where the company produces a wide range of cotton sarees featuring diverse designs, weaving styles and fabric variations. The focus on affordability, quality and product innovation has helped strengthen its presence in the organised saree market.
Financial performance
Shree Balaji (Mala) Textiles reported a healthy financial performance in FY26, with total income rising 9.8% year-on-year to Rs 212.40 crore, compared with Rs 193.44 crore in FY25, driven by higher business volumes.
Profit after tax (PAT) grew at an even faster pace, increasing 18.2% to Rs 5.85 crore from Rs 4.95 crore a year earlier. The improvement reflects stronger operating leverage, disciplined cost management and the company's ability to translate revenue growth into improved profitability.
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