Shankesh Jewellers IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Shankesh Jewellers

Price band

₹88 – ₹93

Lot size

160 shares

Min investment

₹14,880

Issue size

₹367.18 Cr

About the company

Shankesh Jewellers Limited was started in 2005. The company makes handmade gold jewellery on order. It works mainly in 22 karat and 18 karat gold and makes bangles, bridal jewellery, chokers, jhumkas, necklace sets, mangalsutras, rings and full sets in antique, semi antique, Calcutta, temple and gheru polish designs. The company does not sell to the public directly. It supplies across India to other jewellers, including well known names such as Joyalukkas, P. N. Gadgil & Sons, Kalyan Jewellers, Novel Jewels of the Aditya Birla Group and Manoj Vaibhav Gems N Jewellers. It also does job work, where the client gives the gold and the design and the company only makes the jewellery for a charge. The company follows an asset light model. It gives the making work to skilled local karigars and jobworkers, and keeps design, gold sourcing, quality check and delivery in its own hands. All jewellery is BIS hallmarked. As on 31 May 2026 the company had 46 permanent employees and worked with 72 jobworkers.

Shankesh Jewellers Limited makes customised handcrafted 22 karat and 18 karat gold jewellery. It does not sell to the public but supplies across India to leading jewellers such as Joyalukkas, Kalyan Jewellers, P. N. Gadgil & Sons and Novel Jewels of the Aditya Birla Group.

IPO details

Issue price: ₹93
Price band: ₹88 – ₹93
Face value: ₹5
Lot size: 160
Min investment: ₹14,880
Issue size: ₹367.18 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7889
NSE symbol: SHANKESH.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	160	₹14,880
Retail (Max)	13	2,080	₹1,93,440
S-HNI (Min)	14	2,240	₹2,08,320
B-HNI (Min)	68	10,880	₹10,11,840

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50.00% of the Net Offer
Retail	Not less than 35.00% of the Net Offer
NII	Not less than 15.00% of the Net Offer

Objects of the issue

1Repayment/pre-payment, in full or part, of certain borrowings158.00

2Funding working capital requirements38.00

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	403.76	249.56	177.07
Total Income	1,630.93	1,403.94	1,061.91
Profit After Tax	106.68	40.31	12.82
EBITDA	157.90	65.35	28.60
NET Worth	209.43	100.60	60.29
Reserves and Surplus	150.65	90.83	57.50
Total Borrowing	167.30	145.63	109.81

Key performance indicators

P/E Ratio

12.81

EPS (₹)

7.26

RoE

50.94%

RoCE

41.57%

RoNW

50.94%

PAT Margin

6.54%

EBITDA Margin

9.68%

Debt / Equity

0.80

NAV (₹)

17.82

✓ Strengths

• Profit has grown fast for two years in a row. Profit after tax went from Rs 12.82 crore in FY2024 to Rs 40.31 crore in FY2025 and then to Rs 106.68 crore in FY2026.

• Sales have also grown steadily, from Rs 1,061.91 crore in FY2024 to Rs 1,403.94 crore in FY2025 and Rs 1,630.93 crore in FY2026.

• EBITDA improved sharply, from Rs 28.60 crore in FY2024 to Rs 65.35 crore in FY2025 and Rs 157.90 crore in FY2026.

• The customer list has reputed jewellery brands such as Joyalukkas, Kalyan Jewellers, P. N. Gadgil & Sons and Novel Jewels of the Aditya Birla Group.

• RoNW was 40.07% in FY2026.

• The asset light model keeps the fixed cost low. Making work is given to karigars instead of running a large own factory.

• At the upper band of Rs 93 the post issue P/E is about 12.81 times on an EPS of Rs 7.26.

• Out of the Rs 367.18 crore issue, Rs 274 crore is fresh money, and Rs 158 crore of it will repay borrowings, which will bring down interest cost.

⚠ Risks

• Profit grew much faster than sales. In FY2026 income rose only 16% but profit after tax rose 165%. Such a jump in margin may not repeat every year.

• PAT margin is only 2.87%. This is a low margin business where most of the sale value is the gold itself.

• Borrowing is high against own funds. Total borrowing was Rs 167.30 crore as on 31 March 2026 against a net worth of Rs 209.43 crore.

• The company depends on outside karigars. It has only 46 permanent employees and works with 72 jobworkers, so production is not fully in its own control.

• Sales depend on a small number of large jewellery houses. If one or two big clients cut orders, the effect will be felt immediately.

• Job work is a service with a fixed making charge and gives lower margin than selling own jewellery.

• Rs 93.18 crore of the issue is an offer for sale and that amount will not come to the company.

• Gold price movement affects both working capital need and customer ordering.

Promoters & holding

Kantilal Kheemraj Jain, Mahavir Kantilal Jain and Manoj Kantilal Jain

Pre-issue promoter holding

95.48%

Post-issue promoter holding

69.53%

Data refreshed 07 Nov 2026, 05:05 pm IST. GMP is unofficial market sentiment, not investment advice.