In conversation with Binod Kumar Kedia, Managing Director and Chairman, and Shivam Kedia, CFO, Shree Balaji (Mala) Textiles Limited
After more than three decades of weaving cotton sarees for millions of Indian women, Shree Balaji (Mala) Textiles is stepping onto the public stage. With its SME IPO now open, the company—known for its trusted “Mala Saree” brand—is ready to write its next chapter. We spoke with Binod Kumar Kedia, Managing Director and Chairman, and Shivam Kedia, CFO, about the journey so far, the strategic rationale behind the listing, and how they plan to balance tradition with transformation in India’s fiercely competitive textile landscape.
Why Now? The Right Time for a Public Debut
“We have been in this industry for over 30 years—starting as traders, moving to manufacturing, and finally building a brand that reaches 20 states,” says Binod Kumar Kedia. “We believe our business has matured enough to take on the responsibilities and opportunities of a listed entity.”
He points to India’s resilient economic growth despite global headwinds, and the textile sector’s long-term potential, as key factors that made this the ideal moment. The IPO, he emphasises, is not just about raising funds—it is about building a stronger, more sustainable company with enhanced credibility among customers, suppliers, and bankers.
Working Capital: The Fuel for Expansion
The IPO proceeds—approximately ₹18.90 crore—are primarily allocated to working capital.
CFO Shivam Kedia explains the impact:
“Better working capital means faster raw material procurement, smoother production planning, and quicker deliveries. It shortens our business cycle and strengthens our relationships with dealers and retailers.”
With enhanced liquidity, the company can execute larger orders without operational friction, maintain optimal inventory, and respond to seasonal spikes more efficiently.
“This is the backbone of our growth,” he adds.
Adapting to a Changing Ethnic Wear Market
Fashion evolves, and so does Mala Saree.
Binod Kumar Kedia notes that the company now offers over 600 designs—including embroidery, zari work, and digitally printed sarees—to cater to shifting consumer tastes. While the core remains B2B wholesale, they are supporting customers who sell through online platforms.
“Our objective is to combine traditional craftsmanship with modern designs and technology,” he says. “Customers always look for quality, fresh designs, and timely delivery—and that is where we continue to focus.”
The Asset-Light Advantage
One of the company’s standout strategies is its integrated manufacturing model: an in-house facility combined with over 200 job-work partners in Jetpur, Gujarat—a renowned textile hub.
Around 95% of production is outsourced, yet every product undergoes strict quality inspection before dispatch.
“This gives us scalability and flexibility without heavy capital lock-in,” explains Shivam Kedia. “During peak seasons, we can ramp up quickly while maintaining the quality that defines the ‘Mala Saree’ brand.”
This asset-light approach has been central to their operational efficiency and margin resilience.
Growth Priorities: South India and Beyond
The company’s distribution network already spans over 20 states, with more than 105 brokers, 69 wholesalers, and nearly 3,000 retailers.
Going forward, they are eyeing South India—especially Hyderabad, Bengaluru, and Chennai—where cotton saree demand is robust.
“We are continuously introducing new collections to match regional tastes,” says Binod Kumar Kedia.
The strategy is to deepen existing relationships while expanding into new markets, supported by a strong design capability and a reputation for reliability.
Consistent Financial Performance and Disciplined Execution
Over the past three years, the company has delivered steady growth in revenue, EBITDA, and profitability.
Revenue touched around ₹212 crore, and PAT grew by over 18% in FY26.
Shivam Kedia attributes this to disciplined business practices:
“We focused on doing business with financially sound customers, which reduced bad debts and improved cash flow. Cost optimisation, better production planning, and an expanded design portfolio also contributed.”
Post-listing, he is confident that additional working capital, combined with strong governance, will sustain this momentum.
Navigating Challenges, Seizing Opportunities
The textile sector faces rising input costs and fluctuating cotton prices. But Binod Kumar Kedia sees bigger opportunities:
“Technology—AI-assisted designing, digital printing, and smarter supply chains—is reshaping the industry. Companies that focus on quality, working capital management, and customer relationships will thrive.”
He also notes with pride that many of their customers export Mala Saree products to Bangladesh, Nepal, Sri Lanka, and even the Middle East.
“Seeing our sarees displayed in Dubai markets during our visits has been a proud moment—it motivates us to build a brand recognised beyond India.”
A Message to Investors
As they list on the BSE SME, both leaders stress a philosophy rooted in quality, honesty, and long-term relationships.
“We are not trying to grow only by increasing sales,” says Binod Kumar Kedia. “We want to build a respected brand that creates value for everyone associated with it.”
Shivam Kedia adds,
“Becoming a listed company brings greater responsibility, but we are committed to transparency, good governance, and sustainable value creation for shareholders, customers, and employees alike.”
From a small trading setup in Jetpur to a pan-India brand with a public listing, Shree Balaji (Mala) Textiles has woven a story of resilience and ambition. With fresh capital, a clear strategy, and decades of trust, the company is ready to dress the future—one saree at a time.