Marri Retail IPO is a proposed Mainboard Book Built public issue by Marri Retail Limited. The proposed public issue comprises a fresh issue of equity shares aggregating up to ₹522 crore and an Offer for Sale of up to 27,000,000 equity shares by promoter selling shareholder Marri Venkat Reddy. The equity shares are proposed to be listed on both BSE and NSE.
The fresh issue proceeds are proposed to be used for repayment or prepayment of certain outstanding borrowings, opening new apparel and jewellery stores, lease or sub-lease rental payments for certain existing stores and warehouse, and general corporate purposes. The Offer for Sale proceeds will be received by the selling shareholder.
Marri Retail Limited is an apparel and jewellery retailer headquartered in Hyderabad, Telangana. The company operates retail stores under brands including Chennai Shopping Mall, J.C. Brothers and Jeans Corner, offering products across apparel and jewellery categories. Its retail model covers premium, mid-premium and value price points and is designed to serve wedding, festive and everyday family shopping requirements.
The company traces its origins to a store established under the name Jeans Corner in 1999. It subsequently operated through different corporate structures and became Marri Retail Limited in January 2026 after conversion into a public limited company. As of the date of the DRHP, the company operated 34 stores across Telangana, Andhra Pradesh, Karnataka and Maharashtra.
India’s organised apparel and jewellery retail market continues to develop due to rising disposable incomes, urbanisation, increasing brand awareness, changing consumer preferences and growth in organised retail. Regional retailers with established store networks can participate in this growth, while competition, inventory management, fashion trends, working capital requirements and consumer demand remain important factors affecting retail businesses.
Table of Contents
IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Marri Retail IPO |
| Company Name | Marri Retail Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹2 Per Equity Share |
| Price Band | |
| Issue Size | |
| Fresh Issue | Up to ₹522 Crore |
| Offer for Sale | Up to 27,000,000 Equity Shares |
| IPO Open Date | |
| IPO Close Date | |
| Anchor Investor Bidding | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date | |
| Listing Exchange | BSE & NSE |
| Lot Size | |
| Registrar | KFin Technologies Limited |
| Book Running Lead Managers | Nuvama Wealth Management Limited, IIFL Capital Services Limited and Motilal Oswal Investment Advisors Limited |
The DRHP proposes a fresh issue of equity shares aggregating up to ₹522 crore along with an Offer for Sale of up to 27 million equity shares by Marri Venkat Reddy. The final offer size and price will be determined through the book-building process. The company may also undertake a Pre-IPO Placement of up to ₹104.40 crore, subject to applicable conditions, and the fresh issue may be reduced by the amount raised through such placement.
Marri Retail IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | |
| IPO Opening Date | |
| IPO Closing Date | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date |
Marri Retail received SEBI observations for its proposed IPO on July 10, 2026. The company has not yet announced the final public issue schedule, including the opening date, closing date, allotment date and listing date.
Marri Retail IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% of the Net Offer |
| Non-Institutional Investors (NII) | Not Less Than 15% of the Net Offer |
| Retail Individual Investors (RII) | Not Less Than 35% of the Net Offer |
| Employee Reservation Portion |
The DRHP provides that not more than 50% of the Net Offer will be available for allocation to Qualified Institutional Buyers, not less than 15% to Non-Institutional Bidders and not less than 35% to Retail Individual Bidders, subject to the applicable SEBI ICDR Regulations. The offer also provides for a reservation for eligible employees, with the final number to be disclosed in the applicable offer documents.
Marri Retail IPO Lot Size
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | ||
| Retail Maximum | ||
| S-HNI Minimum |
The price band and minimum bid lot have not been announced. The minimum and maximum application amounts will be calculated after the company announces the final price band and lot size.
About Marri Retail Limited
Marri Retail Limited is an apparel and jewellery retailer headquartered in Hyderabad, Telangana. The company operates an organised retail business offering apparel and jewellery through its network of retail stores. Its product portfolio is positioned across premium, mid-premium and value price points.
The company traces its origins to 1999, when its business began under the Jeans Corner name. It was subsequently converted into a partnership firm and later into J.C. Brothers Retail Private Limited. The company changed its name to Marri Retail Private Limited in 2022 and was converted into a public limited company as Marri Retail Limited in January 2026.
Marri Retail operates multiple retail formats and brands, including Chennai Shopping Mall, J.C. Brothers and Jeans Corner. Its stores provide apparel and jewellery products intended to serve customers shopping for weddings, festivals and everyday family requirements.
As of the date of the DRHP, the company operated 34 stores across 26 districts in Telangana, Andhra Pradesh, Karnataka and Maharashtra. The company has also proposed expansion through new apparel stores, an integrated apparel store with a jewellery shop-in-shop format and standalone jewellery stores.
Business Operations
Marri Retail Limited operates an organised retail business across apparel and jewellery categories.
• Apparel Retail – The company sells apparel products through its retail stores across a range of price points, including premium, mid-premium and value segments.
• Jewellery Retail – The company operates jewellery retail formats and plans to expand its standalone jewellery presence as part of its proposed expansion programme.
• Chennai Shopping Mall – The company operates stores under the Chennai Shopping Mall brand, offering apparel and related products for family and occasion-based shopping.
• J.C. Brothers – J.C. Brothers is one of the retail formats through which the company operates its apparel business.
• Jeans Corner – Jeans Corner represents the company’s original retail business, from which the company traces its operating history.
• Integrated Retail Stores – The company plans to develop integrated retail stores combining apparel with jewellery shop-in-shop formats.
• Wedding and Festive Retail – The company targets customers purchasing apparel and jewellery for weddings, festivals and other special occasions.
• Value and Mid- Premium Retail – Its product portfolio covers multiple price segments, allowing it to serve customers with different spending preferences.
Industry Overview
India’s organised retail market has been expanding with rising household incomes, urbanisation, increasing consumer awareness, changing lifestyles and a gradual shift from unorganised to organised retail.
The apparel retail industry benefits from recurring consumer demand, wedding and festive spending, fashion trends and increasing preference for organised shopping environments. Jewellery retail is also supported by wedding purchases, festive occasions, cultural demand and increasing consumer preference for organised retailers.
Regional retailers can build competitive advantages through store locations, customer relationships, brand recognition, merchandise selection and local market knowledge. Store expansion can further increase geographic reach and improve customer access.
However, retail businesses are exposed to changing consumer preferences, inventory risks, working capital requirements, rental expenses, competition, discounting and fluctuations in discretionary spending. Efficient inventory management and store productivity remain important for sustained retail performance.
Business Strategy
Marri Retail focuses on expanding its organised retail footprint across apparel and jewellery categories while strengthening its presence in the markets in which it operates.
The company intends to open 10 new apparel stores, one new apparel store with a jewellery shop-in-shop format and two standalone jewellery stores using part of the fresh issue proceeds. The proposed expansion is intended to increase the company’s store network and retail presence.
The company also intends to use a portion of the fresh issue proceeds for repayment or prepayment of borrowings and lease or sub-lease rent payments for certain existing stores and its warehouse.
Its broader strategy includes strengthening its retail footprint, expanding its apparel and jewellery portfolio, improving store productivity, using technology-driven supply chain processes and increasing its presence in organised retail markets.
Marri Retail IPO Financial Information
A company’s financial performance provides valuable insights into revenue growth, profitability, operating efficiency and financial stability. For a retail company, investors should also evaluate store productivity, inventory levels, working capital requirements, margins and debt levels.
Marri Retail Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹1,900.85 Crore | ₹2,217.11 Crore | ₹2,456.28 Crore |
| Total Income | ₹1,917.64 Crore | ₹2,222.68 Crore | ₹2,464.87 Crore |
| EBITDA | ₹185.42 Crore | ₹231.18 Crore | ₹235.57 Crore |
| Profit Before Tax (PBT) | ₹137.29 Crore | ₹153.78 Crore | ₹133.63 Crore |
| Profit After Tax (PAT) | ₹100.58 Crore | ₹114.52 Crore | ₹99.26 Crore |
| Net Worth | |||
| Total Borrowings |
For the six months ended September 30, 2025, Marri Retail reported revenue from operations of ₹1,301.42 crore and total income of ₹1,311.89 crore. Restated profit for the period stood at ₹83.53 crore. The company reported revenue from operations of ₹2,456.28 crore in FY2025 compared with ₹2,217.11 crore in FY2024 and ₹1,900.85 crore in FY2023.
Revenue from apparel was ₹1,266.62 crore in FY2025, while revenue from gold and jewellery was ₹1,189.66 crore. The company’s revenue therefore comes from both major retail categories rather than being concentrated entirely in apparel.
The company reported a PAT margin of 4.04% in FY2025 compared with 5.17% in FY2024 and 5.29% in FY2023. Its EBITDA margin stood at 9.59% in FY2025 compared with 10.43% in FY2024 and 9.75% in FY2023.
Marri Retail IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors assess the company’s profitability, operating efficiency, financial strength and store-level performance. These financial ratios provide additional insights into the overall performance of the retail business.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 25.45% |
| Return on Capital Employed (ROCE) | 14.72% |
| Return on Net Worth (RONW) | 22.58% |
| EBITDA Margin | 9.59% |
| PAT Margin | 4.04% |
| Debt-to-Equity Ratio | 1.69 |
| Earnings Per Share (EPS) | ₹7.27 |
| Net Asset Value (NAV) Per Share | |
| Price to Earnings (P/E) |
The company’s FY2025 ROE was 25.45%, ROCE was 14.72%, RONW was 22.58%, EBITDA margin was 9.59% and PAT margin was 4.04%. The debt-to-equity ratio was 1.69 times. The restated basic and diluted EPS for FY2025 was ₹7.27 per equity share of face value ₹2.
Pre-IPO EPS
₹7.27 based on FY2025 restated diluted earnings per equity share.
Post-IPO EPS
The post-IPO EPS will depend on the final number of equity shares issued under the fresh issue and the resulting post-issue share capital.
Pre-IPO P/E
The pre-IPO P/E cannot be calculated until the company announces the final IPO price.
Post-IPO P/E
The post-IPO P/E will be calculated using the final IPO price and post-issue EPS.
Objects of the Marri Retail IPO
The company proposes to utilise the Net Proceeds from the fresh issue for the following purposes:
• Repayment or prepayment, in full or part, of certain outstanding borrowings availed by the company.
• Capital expenditure towards opening 10 new apparel stores.
• Capital expenditure towards opening one new apparel store with a jewellery shop-in-shop format.
• Capital expenditure towards opening two new standalone jewellery stores.
• Expenditure towards lease or sub-lease rent payments for certain existing stores and warehouse.
• General corporate purposes.
The proceeds from the Offer for Sale will be received by Marri Venkat Reddy, the promoter selling shareholder, and will not form part of the company’s funds.
Marri Retail IPO Listing Performance
The listing performance reflects how the company’s shares perform on the stock exchanges after the IPO. While the initial listing movement reflects market activity around the issue, long-term performance depends on revenue growth, profitability, store expansion, inventory management, consumer demand and execution.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | |
| Issue Price | |
| Listing Price | |
| Listing Gain | |
| Listing Gain (%) |
The listing performance will be available after Marri Retail completes its public issue and its equity shares commence trading on the stock exchanges.
Marri Retail IPO Subscription Status
The subscription figures indicate the level of investor participation received during the IPO bidding period. Subscription data across QIB, NII, retail and employee categories will become available only after the public issue opens for subscription.
Marri Retail IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | |
| Non-Institutional Investors (NII) | |
| Retail Individual Investors (RII) | |
| Employee Category | |
| Total Subscription |
The final subscription figures will be available after the IPO opens and closes for bidding.
Marri Retail IPO Review
Marri Retail Limited operates an organised apparel and jewellery retail business with a regional presence across Telangana, Andhra Pradesh, Karnataka and Maharashtra. The company has developed multiple retail formats and offers products across premium, mid-premium and value segments.
The company has demonstrated revenue growth over the last three completed financial years. Revenue from operations increased from ₹1,900.85 crore in FY2023 to ₹2,217.11 crore in FY2024 and ₹2,456.28 crore in FY2025. However, PAT declined from ₹114.52 crore in FY2024 to ₹99.26 crore in FY2025.
Marri Retail’s business is diversified between apparel and jewellery. In FY2025, apparel contributed ₹1,266.62 crore of revenue while gold and jewellery contributed ₹1,189.66 crore. This product mix provides exposure to two large retail categories and supports the company’s strategy of offering multiple products through its store network.
The proposed IPO provides fresh capital for debt repayment and store expansion. The company plans to add 13 stores or retail formats using the specified capital expenditure allocation, including 10 apparel stores, one integrated apparel store and two jewellery stores.
However, investors should also consider the company’s dependence on consumer spending, inventory requirements, store operating costs, competition, changing fashion preferences and execution risks associated with expansion. The final IPO valuation and price band will also be important factors once announced.
Marri Retail IPO Strengths
• Established regional retail business with operations dating back to 1999.
• Diversified product portfolio across apparel and jewellery.
• Presence across Telangana, Andhra Pradesh, Karnataka and Maharashtra.
• Revenue growth from ₹1,900.85 crore in FY2023 to ₹2,456.28 crore in FY2025.
• Proposed expansion through new apparel and jewellery stores.
• Multiple retail formats and brands serving different customer segments.
Marri Retail IPO Risk Factors
• The company operates in a highly competitive organised retail market.
• Retail operations require significant working capital and inventory investment.
• Changes in consumer preferences and fashion trends can affect product demand.
• Store expansion requires significant capital expenditure and successful execution.
• Rising rental, employee, marketing and operating costs may affect profitability.
• Jewellery and apparel businesses can be affected by fluctuations in consumer discretionary spending.
Marri Retail IPO Promoters
Marri Retail Limited is promoted by Marri Venkat Reddy, Marri Madhumathi, Venkata Krishna Pakalapathi and Amrut Family Trust. Marri Venkat Reddy is also the promoter selling shareholder under the proposed Offer for Sale.
Marri Retail IPO Promoters Details
| Promoter | Designation |
|---|---|
| Marri Venkat Reddy | Promoter |
| Marri Madhumathi | Promoter |
| Venkata Krishna Pakalapathi | Promoter |
| Amrut Family Trust | Promoter |
Marri Retail IPO Management Team
The company is led by a management team with experience in retail operations, apparel and jewellery merchandising, finance, business management and corporate governance.
| Name | Designation |
|---|---|
| Marri Venkat Reddy | Managing Director & Chairman |
| Venkata Krishna Pakalapathi | Non-Executive Non-Independent Director |
| Pooja Gadhia | Company Secretary & Compliance Officer |
The management and board details are based on the company’s IPO disclosures and corporate information.
Marri Retail IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, crediting equity shares to successful applicants, initiating refunds, and handling investor-related services.
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Website | https://www.kfintech.com |
| IPO Allotment Status | |
| Email ID | [email protected] |
| Contact Number | +91 40 6716 2222 / 1800 309 4001 |
KFin Technologies Limited has been appointed as the Registrar to the Offer.
Marri Retail IPO Lead Manager Details
The Book Running Lead Managers are responsible for managing the IPO process, coordinating regulatory compliance, and assisting the company throughout the public issue.
| Particular | Details |
|---|---|
| Lead Managers | Nuvama Wealth Management Limited, IIFL Capital Services Limited and Motilal Oswal Investment Advisors Limited |
The DRHP identifies Nuvama Wealth Management Limited, IIFL Capital Services Limited and Motilal Oswal Investment Advisors Limited as the Book Running Lead Managers.
Marri Retail Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Marri Retail Limited |
| Registered Office | Unit No. 901-904, 9th Floor, Tower 1, Vasavi Shalom Skycity, Survey No. 17, Gachibowli Circle, K.V. Rangareddy, Seri Lingampally, Hyderabad, Telangana – 500032 |
| Website | https://marriretail.com |
| Email ID | [email protected] |
The registered and corporate office is located in Gachibowli, Hyderabad, Telangana. The company website and contact details are disclosed in its DRHP.
How to Check Marri Retail IPO Allotment Status
Investors can check the IPO allotment status after the basis of allotment is finalised through the registrar’s website or the BSE IPO portal.
Through KFin Technologies Limited
- Visit the official KFin Technologies IPO allotment portal.
- Select Marri Retail IPO from the IPO list.
- Choose PAN Number, Application Number, or DP/Client ID.
- Enter the required details.
- Click Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Marri Retail IPO from the list of IPOs.
- Enter your PAN Number or Application Number.
- Complete the verification process if required.
- Click Search to view the allotment result.
Marri Retail IPO Conclusion
Marri Retail IPO provides investors with an opportunity to participate in the proposed public listing of an established regional apparel and jewellery retailer. The company has developed a multi-brand retail business serving customers across several states in South India and western India.
The company has recorded revenue growth from ₹1,900.85 crore in FY2023 to ₹2,456.28 crore in FY2025. Its business is diversified between apparel and jewellery, with FY2025 revenue of ₹1,266.62 crore from apparel and ₹1,189.66 crore from gold and jewellery.
The proposed fresh issue of up to ₹522 crore is intended to support debt repayment, new store expansion, rental payments and general corporate purposes. The OFS comprises up to 2.7 crore equity shares offered by promoter Marri Venkat Reddy.
The company operates in the organised retail sector, where growth can be supported by increasing consumer spending, urbanisation and the shift toward organised shopping. At the same time, investors should consider inventory management, working capital requirements, competition, consumer demand, store expansion execution and profitability.
A detailed assessment of the company’s financial performance, final IPO price band, valuation, store economics, product mix, expansion strategy and industry outlook can help investors evaluate the IPO according to their own investment objectives.
Marri Retail IPO FAQs
What is Marri Retail IPO?
Marri Retail IPO is the proposed Mainboard public issue of Marri Retail Limited, an apparel and jewellery retailer operating stores across Telangana, Andhra Pradesh, Karnataka and Maharashtra.
What is the price band of Marri Retail IPO?
The price band of Marri Retail IPO has not been announced yet.
What is the issue size of Marri Retail IPO?
The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹522 crore and an Offer for Sale of up to 27,000,000 equity shares by promoter Marri Venkat Reddy. The final total offer size will depend on the final offer price and number of fresh shares issued.
When will the Marri Retail IPO open?
The Marri Retail IPO opening date has not been announced yet.
When will the Marri Retail IPO close?
The Marri Retail IPO closing date has not been announced yet.
On which stock exchanges will Marri Retail shares be listed?
Marri Retail’s equity shares are proposed to be listed on BSE and NSE.
Who is the registrar for the Marri Retail IPO?
KFin Technologies Limited is the Registrar to the Marri Retail IPO.
What is the face value of Marri Retail IPO shares?
The face value of each Marri Retail equity share is ₹2.
What does Marri Retail Limited do?
Marri Retail Limited is an apparel and jewellery retailer operating multiple retail formats and brands, including Chennai Shopping Mall, J.C. Brothers and Jeans Corner.
What are the objects of the Marri Retail IPO?
The fresh issue proceeds are proposed to be used for repayment or prepayment of borrowings, opening 10 new apparel stores, one integrated apparel store with a jewellery shop-in-shop format, two standalone jewellery stores, lease or sub-lease rental payments for certain existing stores and warehouse, and general corporate purposes.
