Editor’s Note
Marri Retail’s planned IPO, aiming to raise ₹522 crore, marks a significant step in its expansion within India’s competitive retail landscape. The funds are earmarked for new stores, debt reduction, and operational improvements, highlighting a strategic push to capitalize on the sector’s current growth.
Marri Retail’s filing of preliminary documents for an Initial Public Offering (IPO) signals a major strategy to strengthen its position in India’s vast and growing organized retail market, particularly in the apparel and jewellery segments. The company aims to raise ₹522 crore through this IPO, which will be used to open new stores, reduce existing debt, and further improve operations.
This move comes amid the ongoing boom in the Indian retail sector. It is estimated that the Indian apparel market will reach nearly ₹16 lakh crore by 2030, with organized retail and e-commerce showing the fastest growth rates. Similarly, the jewellery market, valued at over ₹6 lakh crore, is also rapidly formalizing, creating significant growth opportunities for companies like Marri Retail.
Under its strategy, Marri Retail will aggressively expand in both apparel and jewellery. The company is preparing to open 10 new apparel stores, one integrated apparel and jewellery ‘store-in-store’ (SIS) concept, and 2 new jewellery stores. Approximately ₹250.5 crore will be spent on this expansion.
In the six months ended September 2025, the apparel segment contributed 54% to the company’s revenue, while jewellery accounted for over 45%.
For the half-year ended September 2025, Marri Retail’s revenue stood at ₹1,301.4 crore, while net profit was recorded at ₹84.2 crore.
In the financial year ended March 2025, the company’s revenue increased by 10.8% to reach ₹2,456.3 crore. However, net profit for the same period declined by 14.1% to ₹99 crore from ₹115.2 crore in the previous year.
As of December 2025, the company had total outstanding debt of ₹310.7 crore.
The company’s Debt-to-Equity Ratio has improved, from 2.08x in FY 2023 to 1.08x as of September 2025.
Operating Margin has also improved, reaching 9.41% in FY 2024, compared to 7.84% in FY 2023. This is a result of better store management and reduced promotional expenses.
The company is also using Artificial Intelligence (AI) to improve its inventory and vendor management processes.
Competition in the retail sector is intense, where Marri Retail faces competition from regional giants like RS Brothers, Chandana, and Kalamandir, as well as national chains like Style Baazar, Westside, and Lifestyle Stores. In the jewellery market, large brands like Tanishq and Kalyan Jewellers dominate, and new players are also rapidly entering the market.
The Indian IPO market was quite active in 2025, but the post-listing performance of shares is proving crucial for investors.
Growth in organized retail for both apparel and jewellery is assured due to rising incomes and digitization. Meanwhile, trends in value fashion and the e-commerce market are changing rapidly. The surge in global gold prices has directly impacted the jewellery market.
The ₹522 crore raised from the IPO will be allocated as follows:
₹115.6 crore for debt repayment,
₹250.5 crore for opening new stores,
₹35.8 crore for rental payments, and the remaining amount will be used for general corporate purposes.
This capital investment will help Marri Retail accelerate its expansion plans, benefit from the formalization trend in the jewellery market, and capitalize on the projected growth of organized apparel retail.
The company’s established regional presence and multi-brand strategy are expected to help it benefit from growing consumer demand and a tilt towards branded retail experiences. The performance of this IPO will be a key barometer for understanding investor interest in the Indian retail sector.