Marri Retail IPO
Marri Retail IPO is a Mainboard book-built issue comprising a Fresh Issue of up to ₹522 crore and an Offer for Sale of up to 2.70 crore equity shares. The face value is ₹2 per share. The price band, lot size and final issue size are yet to be announced.
Marri Retail IPO Details
Marri Retail IPO is proposed to be listed on BSE and NSE. The company filed its Draft Red Herring Prospectus on February 1, 2026, comprising a fresh issue of up to ₹522 crore and an Offer for Sale of up to 2.70 crore equity shares by promoter Marri Venkat Reddy. The IPO bidding dates, price band, allotment date and listing date are yet to be announced.
Marri Retail IPO Timeline (Tentative)
Marri Retail IPO provides for not more than 50% of the Net Offer to Qualified Institutional Buyers, not less than 15% to Non-Institutional Bidders and not less than 35% to Retail Individual Bidders, subject to the terms and conditions specified in the offer document.
| Event | Tentative Date |
|---|---|
| IPO Opens | |
| IPO Closes | |
| Basis of Allotment | |
| Refund Initiation | |
| Credit of Shares to Demat | |
| Listing Date |
Marri Retail IPO Lot Size
The Marri Retail IPO lot size and minimum investment amount have not yet been announced. The application lot size, number of shares and corresponding investment amount will be updated after the company announces the IPO price band and lot size.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | |||
| Retail (Max) | |||
| S-HNI (Min) | |||
| S-HNI (Max) | |||
| B-HNI (Min) |
Marri Retail IPO Reservation
Marri Retail IPO provides for not more than 50% of the Net Offer to Qualified Institutional Buyers, not less than 15% to Non-Institutional Bidders and not less than 35% to Retail Individual Bidders, subject to the terms and conditions specified in the offer document.
Marri Retail IPO Subscription
Marri Retail IPO subscription details will be available once the IPO opens for bidding. The category-wise subscription will include Qualified Institutional Buyers, Non-Institutional Bidders and Retail Individual Investors, along with the overall subscription level.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About Marri Retail
Marri Retail Limited is an apparel and jewellery retailer headquartered in Hyderabad, Telangana. The company traces its origins to the “Jeans Corner” business started in 1999 and subsequently operated through different corporate structures before becoming Marri Retail Limited in January 2026. It operates large-format retail stores offering apparel and jewellery across a range of price points, including premium, mid-premium and value segments.
The company's apparel portfolio is sold through multiple store brands, including The Chennai Shopping Mall, JC Mall, J.C. Brothers and Jeans Corner. Its jewellery business operates under The Chennai Shopping Mall Jewellers and is also offered through jewellery store-in-store formats. The company provides products for weddings, festive occasions and everyday family requirements, combining apparel and jewellery in selected stores.
As of February 1, 2026, Marri Retail had 34 stores with an aggregate retail area of approximately 0.98 million square feet across 26 districts in Telangana, Andhra Pradesh, Karnataka and Maharashtra. The company had 19 stores in Telangana, 12 in Andhra Pradesh, two in Karnataka and one in Maharashtra. Its business model is based on sourcing finished apparel and jewellery products from third-party suppliers and selling them through its organized retail network.
As of September 30, 2025, the company operated 38 stores during the relevant financial period, with approximately 1.04 million square feet of total store area. The company generated 51.57% of FY2025 revenue from apparel and 48.43% from jewellery. It also derives a substantial portion of its revenue from Telangana and Andhra Pradesh, which together contributed 96.24% of revenue from operations during the six months ended September 30, 2025.
Strengths
- Differentiated retail model combining apparel and jewellery offerings.
- • Well-diversified product portfolio across premium, mid-premium and value price points through multiple store brands.
- • Strategically located stores providing visibility and customer accessibility.
- • Optimized store layouts and category segmentation designed to provide an integrated shopping experience.
- • Extensive procurement base supported by technology-driven supply chain management.
Risks to Consider
- The company derives a significant portion of its revenue from Telangana and Andhra Pradesh, creating geographical concentration.
- • Apparel sales represented 54.31% of revenue from operations for the six months ended September 30, 2025, making the company exposed to changes in apparel demand and consumer preferences.
- • Jewellery accounted for 45.69% of revenue from operations during the six months ended September 30, 2025, exposing the business to jewellery demand, precious-metal price movements and changing consumer preferences.
- • The Chennai Shopping Mall and The Chennai Shopping Mall Jewellers brands together contributed 92.64% of revenue from operations during the six months ended September 30, 2025, creating dependence on these brands.
- • The company does not manufacture its products and depends on third-party suppliers for apparel and jewellery procurement.
- • The company plans to establish standalone jewellery stores but has not previously operated standalone jewellery stores, creating execution and operational risks associated with this expansion.
Marri Retail Financials (₹ Cr)
Marri Retail reported revenue from operations of ₹1,900.85 crore in FY2023, which increased to ₹2,217.11 crore in FY2024 and ₹2,456.28 crore in FY2025. For the six months ended September 30, 2025, revenue from operations stood at ₹1,301.42 crore. PAT was ₹100.58 crore in FY2023, ₹114.52 crore in FY2024, ₹99.26 crore in FY2025 and ₹83.53 crore for the six months ended September 30, 2025.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2023 | 1,900.85 | 100.58 | 934.93 | 225.31 |
| FY2024 | 2,217.11 | 114.52 | 1,079.23 | 340.54 |
| FY2025 | 2,456.28 | 99.26 | 1,631.58 | 439.52 |
| H1 FY2026 | 1,301.42 | 83.53 | 1,521.99 | 523.74 |
KPIs & Valuation
Marri Retail reported an EPS of ₹7.27 for FY2025 and a NAV of ₹32.20 per share. The company reported a Return on Net Worth of 22.58%, ROE of 25.45% and ROCE of 14.72% for FY2025. The IPO valuation metrics such as Pre-IPO P/E and Post-IPO P/E will be available after the company announces the final IPO price band.
Objects of the Issue
The proposed ₹522 crore Fresh Issue is intended to support debt repayment, expansion of the company's retail network, lease and sub-lease rental payments for certain existing stores and the warehouse, and general corporate purposes. The Offer for Sale of up to 2.70 crore shares is being offered by promoter Marri Venkat Reddy.
- The company proposes to utilise the Net Proceeds for:
- • Repayment and/or prepayment, in full or part, of certain outstanding borrowings availed by the company – ₹115.60 crore.
- • Capital expenditure towards opening 10 new apparel stores, one Integrated Retail Store and two Jewellery Stores – ₹250.50 crore.
- • Expenditure towards lease/sub-lease rent payments for certain existing stores and the warehouse – ₹35.85 crore.
- • General corporate purposes.
Promoters, Lead Managers & Registrar
Marri Retail Limited is promoted by Marri Venkat Reddy, Marri Madhumathi, Venkata Krishna Pakalapati and Amrut Family Trust. Nuvama Wealth Management Limited, IIFL Capital Services Limited and Motilal Oswal Investment Advisors Limited are the Book Running Lead Managers to the issue, while KFin Technologies Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | 040-79615565 |
| marriretail.ipo@kfintech.com | |
| Website | https://ipostatus.kfintech.com/ |
Marri Retail IPO Review
Marri Retail has an established presence in the organized apparel and jewellery retail segment, with operations dating back to the launch of its “Jeans Corner” business in 1999. The company has developed a multi-brand retail network covering apparel and jewellery and had 34 stores across four states as of February 1, 2026. Its business model provides customers with apparel and jewellery offerings across different price points and occasions.
The company's financial performance shows growth in revenue from operations, which increased from ₹1,900.85 crore in FY2023 to ₹2,456.28 crore in FY2025. However, PAT declined from ₹114.52 crore in FY2024 to ₹99.26 crore in FY2025. For the six months ended September 30, 2025, the company reported revenue from operations of ₹1,301.42 crore and PAT of ₹83.53 crore.
A major part of the proposed Fresh Issue is intended for retail expansion, including 10 new apparel stores, one Integrated Retail Store and two standalone jewellery stores. The company also proposes to use ₹115.60 crore towards repayment or prepayment of borrowings and ₹35.85 crore towards certain lease and sub-lease rental payments. These planned uses are aimed at supporting store expansion and reducing certain borrowings.
However, investors should consider the company's geographical concentration, dependence on key brands, exposure to apparel and jewellery demand, third-party supplier dependence and working-capital requirements. The company also plans to enter standalone jewellery retail, an area in which it has not previously operated standalone stores. Since the price band has not yet been announced, valuation-based assessment of the IPO cannot be made from the DRHP alone.
How to Apply
Marri Retail IPO applications can be made through ASBA or UPI once the issue opens for subscription. The IPO bidding dates, price band and lot size have not yet been announced.
Through UPI
- Log in to your stockbroker app/website.
- Go to the IPO section.
- Select Marri Retail IPO once the issue opens.
- Enter the number of lots you want to apply for.
- Select the bid price.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's DRHP and subsequent IPO documents for detailed information about its business, financial performance, risk factors, management, IPO structure and utilisation of the issue proceeds. The DRHP was filed by Marri Retail Limited on February 1, 2026. The final RHP and Prospectus will contain the final issue details once published.
Last updated Sep 28, 2026.