Shankesh Jewellers

Incorporated in 2005, Shankesh Jewellers has evolved over two decades into a prominent name in the Indian gold jewellery landscape. With over 30 years of cumulative industry experience, the firm has established a reputation for excellence in craftsmanship, utilizing skilled local karigars and job workers to create intricate designs.

The company's extensive product portfolio includes 22-karat and 18-karat gold jewellery such as bangles, bridal sets, chokers, jhumkas, necklace sets, and mangalsutras. They specialize in various styles, including antique, semi-antique, Calcutta, temple, and gheru polish, as well as yellow, rose, and rhodium gold finishes.

Operating on a PAN-India scale, Shankesh Jewellers serves a high-profile clientele of established jewellery houses. Their major corporate clients include industry giants such as Joyalukkas India Limited, P. N. Gadgil & Sons Limited, Kalyan Jewellers India Limited, and Novel Jewels Limited of the Aditya Birla Group.

The business model focuses on B2B and B2C segments, leveraging a strong network of skilled artisans to maintain high quality and design differentiation. This operational scale allows them to cater to the demanding standards of large-scale jewellery retailers across the country.

The company is promoted by Kantilal Kheemraj Jain, Mahavir Kantilal Jain, and Manoj Kantilal Jain, who provide the strategic leadership and industry expertise necessary to navigate the competitive gold jewellery market.

Shankesh Jewellers is launching a Mainboard IPO to raise approximately ₹367.18 Crores. The issue is structured with a fresh issue of ₹274.18 Crores and an offer for sale (OFS) of 1,00,00,000 equity shares. The price band is set between ₹88 and ₹93 per share, with a minimum lot size of 160 shares costing ₹14,880. The IPO is scheduled to open on August 18, 2026, and close on August 20, 2026, with listing on the BSE and NSE on August 25, 2026.

The proceeds from the fresh issue are primarily earmarked for debt reduction and liquidity management. Specifically, ₹158.00 Crores will be utilized for the repayment or prepayment of certain borrowings, while ₹38.00 Crores will be used to fund working capital requirements to support business growth.

Financial performance shows an impressive growth trajectory. Revenue increased from ₹1,061.91 Crores in FY24 to ₹1,630.93 Crores in FY26. More strikingly, the PAT has seen exponential growth, rising from ₹12.82 Crores in FY24 to ₹40.31 Crores in FY25, and reaching ₹106.68 Crores in FY26.

From a valuation perspective, the company boasts an exceptional ROE of 50.94% and ROCE of 41.57%. While a formal P/E ratio was not provided, the Basic EPS for FY26 stands at ₹9.09. When compared to peers like Shanti Gold and Sky Gold, Shankesh demonstrates strong profitability margins and aggressive top-line growth.

Key investment strengths include the prestigious client list and a massive jump in net profit over the last three years. However, investors should consider the inherent volatility of gold prices and the company's debt-to-equity ratio of 0.8 as potential risk factors.

Overall, the IPO presents a balanced profile with strong fundamentals and a significant portion of the issue being fresh capital for debt repayment, which generally improves the balance sheet post-listing.