Shankesh Jewellers
Shankesh Jewellers is a leading manufacturer of handcrafted 22-karat and 18-karat gold jewellery specializing in antique, temple, and bridal designs. The company operates in the luxury jewellery sector, supplying high-end handcrafted pieces to major corporate jewellery houses PAN-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
Listing Price
ā¹103.30
vs Issue: ā¹93 (+11.08%)
š
IPO Timeline
ā
Open
Aug 18
ā
Close
Aug 20
ā
Allotment
Aug 21
ā
Refund
Aug 24
ā
Demat
Aug 24
ā
Listing
Aug 25
āØ AI Analysis & Prediction
-3.1%
predicted listing gain
The predicted gain is adjusted upwards from the low GMP baseline due to exceptional financial quality (ROE 50.94%) and a strong fresh-issue component (74.7%). While institutional demand is currently TBD (0.0x), the massive growth in PAT from ā¹12.82 Cr to ā¹106.68 Cr over three years provides a fundamental valuation cushion.
šŖ Strengths
- Exceptional ROE of 50.94% and ROCE of 41.57%
- Strong client roster including Kalyan Jewellers and Joyalukkas
ā ļø Weaknesses
- Dependence on skilled local karigars for production
- Moderate debt-to-equity ratio of 0.8
š Opportunities
- Expansion of PAN-India corporate client base
- Growth in demand for handcrafted 18k/22k gold jewellery
š”ļø Threats
- Volatility in global gold prices
- Intense competition from organized jewellery retail chains
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 25, 2026 5:03 PM
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 evolved over two decades to become a prominent name in the handcrafted gold jewellery segment. With over 30 years of foundational experience in the craft, the company has scaled its operations to cater to both corporate and non-corporate clients across India.
The business model focuses on the manufacturing of a diverse product portfolio, including bangles, bridal jewellery, chokers, jhumkas, necklace sets, and mangalsutras. They specialize in various traditional and modern styles such as antique, semi-antique, Calcutta, temple, gheru polish, and rose gold jewellery.
Shankesh Jewellers maintains a strong B2B market position, serving some of the most prestigious names in the Indian jewellery industry. Its major clients include Joyalukkas India Limited, P. N. Gadgil & Sons Limited, Kalyan Jewellers India Limited, and Novel Jewels Limited (Aditya Birla Group), along with Manoj Vaibhav Gems āNā Jewellers Limited.
Operationally, the company leverages a network of skilled local karigars and job workers to maintain the intricacy and quality of its handcrafted 22k and 18k gold products. This reliance on specialized craftsmanship allows them to differentiate their offerings in a competitive luxury market.
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 volatile gold and luxury goods market.
Shankesh Jewellers is launching a Mainboard IPO to raise approximately ā¹367.18 Crores. The issue structure consists of a fresh issue of ā¹274.18 Crores and an Offer for Sale (OFS) of up to 1,00,00,000 equity shares. The price band is set between ā¹88 to ā¹93 per share, with a minimum retail lot size of 160 shares requiring an application amount of ā¹14,880. 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 corporate debt reduction and operational liquidity. Specifically, ā¹158.00 Crores will be used for the repayment or pre-payment of certain borrowings, while ā¹38.00 Crores is allocated toward funding working capital requirements.
Financial performance has shown an aggressive upward trajectory. Revenue increased from ā¹1,061.91 Crores in FY24 to ā¹1,630.93 Crores in FY2026. More impressively, the Profit After Tax (PAT) surged from ā¹12.82 Crores in FY24 to ā¹40.31 Crores in FY25, and reached ā¹106.68 Crores in FY26, indicating significant margin expansion.
From a valuation perspective, the company reports a Basic EPS of ā¹9.09 and a high ROE of 50.94%. While a formal P/E ratio is not provided, the company compares itself to peers like Shanti Gold and Sky Gold & Diamonds. The high Return on Net Worth (RoNW) suggests efficient capital utilization.
Key strengths include a prestigious client base of Tier-1 jewellery brands and exceptional profitability growth. However, risks include the inherent volatility of gold prices and the reliance on local job workers for production.
Overall, the IPO presents a mix of strong financial growth and a healthy fresh-issue ratio, though investors should weigh the fast-growing PAT against the cyclical nature of the jewellery industry.