Shankesh Jewellers
Shankesh Jewellers is a leading manufacturer of handcrafted 22-karat and 18-karat gold jewellery based in Mumbai. The company operates in the luxury jewelry sector, specializing in diverse traditional and modern designs for both corporate and non-corporate clients across India.
Price Band
ā¹88 - ā¹93
Lot Size
160 Shares
Issue Size
ā¹367.18 Cr
Fresh Issue
ā¹274.18 Cr
OFS
ā¹93.00 Cr
Registrar
AI Sentiment Score
Current GMP
+ā¹1
Est. Listing: ā¹94 (+1.1%)
š
IPO Timeline
ā
Open
Aug 18
ā
Close
Aug 20
3
Allotment
Aug 21
4
Refund
Aug 24
5
Demat
Aug 24
6
Listing
Aug 25
āØ AI Analysis & Prediction
-3.8%
predicted listing gain
The listing gain is adjusted upward from the 1.08% GMP baseline due to exceptional financial quality (ROE > 50%) and a strong fresh-issue component. However, the gain is capped by very low institutional QIB demand (1.32x) and a medium-sized float that prevents a liquidity squeeze.
šŖ Strengths
- Exceptional ROE (50.94%) and ROCE (41.57%)
- Strong B2B partnerships with top brands like Kalyan and Joyalukkas
- Rapid PAT growth from ā¹12.82Cr to ā¹106.68Cr in 3 years
ā ļø Weaknesses
- Low institutional demand (QIB subscription 1.32x)
- Relatively low PAT margin (6.54%) despite high growth
š Opportunities
- Expansion into new jewelry designs and PAN-India corporate markets
- Debt reduction through IPO proceeds to improve net margins
š”ļø Threats
- Volatility in gold prices affecting raw material costs
- High dependence on a few large corporate jewelry houses
šÆ Objectives of the IPO
| Requirement / Purpose | Amount (ā¹ Cr) |
|---|---|
| Repayment/pre-payment, in full or part, of certain borrowings | ā¹158.00 |
| Funding working capital requirements | ā¹38.00 |
| General Corporate Purposes | ā¹171.18 |
š Financial Overview
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue (ā¹ Cr) | Rs 1,062.00 Cr | Rs 1,404.00 Cr | Rs 1,631.00 Cr |
| Net Profit / PAT (ā¹ Cr) | Rs 13.00 Cr | Rs 40.00 Cr | Rs 107.00 Cr |
| EBITDA / Op. Profit (ā¹ Cr) | Rs 29.00 Cr | Rs 65.00 Cr | Rs 158.00 Cr |
| Borrowings (ā¹ Cr) | Rs 110.00 Cr | Rs 146.00 Cr | Rs 168.00 Cr |
| Total Assets (ā¹ Cr) | Rs 177.00 Cr | Rs 250.00 Cr | Rs 404.00 Cr |
| ROCE % | 18.00% | 31.00% | 50.00% |
Debt/Equity
0.80
š Live Subscription Status
QIB
1.32x
NII
6.46x
Retail
2.42x
Total
2.80x
Updated: Aug 22, 2026 8:06 AM
š¼ Reservation Quota
QIB
50.00%
Retail
35.00%
NII
15.00%
š Shareholding & Anchor Lock-In
š Important Links & Lead Managers
- Check Allotment StatusCheck Now ā
- Registrar WebsiteVisit ā
- Download DRHP ProspectusDownload PDF š„
- Download RHP ProspectusDownload PDF š„
Lead Managers / Merchant Bankers
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
Incorporated in 2005, Shankesh Jewellers has built a legacy of over 30 years of experience in the jewelry industry. The company has evolved into a prominent manufacturer of high-quality handcrafted gold ornaments, leveraging skilled local karigars and job workers to maintain artisanal precision.
Its extensive product portfolio includes a wide array of jewelry such as bangles, bridal sets, chokers, jhumkas, necklace sets, and mangalsutras. The company specializes in various styles, including antique, semi-antique, Calcutta, temple, gheru polish, and yellow, rhodium, or rose gold finishes.
The company operates a B2B-heavy business model, supplying to some of India's most prestigious jewelry houses. Key clients include Joyalukkas India Limited, P. N. Gadgil & Sons Limited, Kalyan Jewellers India Limited, Novel Jewels Limited (Aditya Birla Group), and Manoj Vaibhav Gems āNā Jewellers Limited.
Based in Zaveri Bazar, Mumbai, the firm maintains a PAN-India reach, catering to both corporate entities and individual non-corporate clients. Its operational strength lies in its ability to combine traditional craftsmanship with a scalable manufacturing approach.
The company is led by promoters Kantilal Kheemraj Jain, Mahavir Kantilal Jain, and Manoj Kantilal Jain, who have steered the company's growth from a local entity to a major supplier for national jewelry chains.
Shankesh Jewellers is launching a Mainboard IPO to raise approximately ā¹367.18 Crores. The issue is structured as a combination of a ā¹274.18 Crore fresh issue and an Offer for Sale (OFS) of 1,00,00,000 equity shares. The price band is set between ā¹88 and ā¹93 per share, with a minimum lot size of 160 shares. The IPO is scheduled to open on August 18, 2026, and close on August 20, 2026, with listing on BSE and NSE on August 25, 2026.
The proceeds from the fresh issue are primarily earmarked for the repayment or pre-payment of certain borrowings, totaling ā¹158.00 Crores, with ā¹38.00 Crores allocated toward funding working capital requirements. This indicates a strategic focus on deleveraging the balance sheet.
Financial performance has shown aggressive growth. Revenue increased from ā¹1,061.91 Crore in FY24 to ā¹1,630.93 Crore in FY26. More impressively, the Profit After Tax (PAT) surged from ā¹12.82 Crore in FY24 to ā¹40.31 Crore in FY25, reaching ā¹106.68 Crore in FY26, demonstrating significant margin expansion.
From a valuation perspective, the company boasts an impressive ROE of 50.94% and ROCE of 41.57%. While a specific P/E ratio is not provided, the basic EPS for FY26 stands at ā¹9.09. When compared to peers like Shanti Gold and Sky Gold, the company's operational efficiency appears highly competitive.
Key investment strengths include the strong client roster of national jewelry brands and an explosive growth trajectory in net profits. However, risks include the inherent volatility of gold prices and the concentration of revenue among a few large corporate clients.
Overall, the IPO presents a blend of high growth and fundamental strength. Investors should weigh the rapid profit growth against the general risks of the jewelry sector and the moderate institutional subscription levels.