Shankesh Jewellers
Shankesh Jewellers is a leading manufacturer of handcrafted 22-karat and 18-karat gold jewellery specializing in traditional and antique designs. The company operates in the luxury jewellery sector, supplying high-end products to major established jewellery houses 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
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 baseline GMP of 2.15% is adjusted upward due to exceptional financial quality (ROE > 50%) and a strong fresh issue component (74.7%). While current subscription data is null, the significant jump in PAT and healthy ROCE provide a fundamental cushion that outweighs the medium float size.
šŖ Strengths
- Exceptional ROE (50.94%) and ROCE (41.57%)
- Strong B2B client base including Kalyan Jewellers and Joyalukkas
- Rapid PAT growth from ā¹12.82 Cr to ā¹106.68 Cr in 3 years
ā ļø Weaknesses
- Debt to equity ratio of 0.8 indicates moderate leverage
- Dependence on local karigars for handcrafted production
š Opportunities
- Expansion of product lines in 18k and 22k gold segments
- Potential to increase direct corporate client acquisitions
š”ļø Threats
- Volatility in gold prices impacting raw material costs
- Intense competition from organized national jewellery 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 specialist in the manufacturing of handcrafted gold jewellery. With over 30 years of combined ancestral and operational experience, the firm has built a reputation for quality in the 22k and 18k gold segments.
The company's business model centers on the production of a diverse product portfolio, including bridal jewellery, chokers, jhumkas, necklace sets, mangalsutras, and rings. They specialize in various artistic styles such as antique, semi-antique, Calcutta, temple, and gheru polish, as well as yellow, rodium, and rose gold finishes.
Operating on a PAN-India scale, Shankesh Jewellers serves a prestigious B2B client base. Their major customers include industry giants such as 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.
To maintain its high standards of craftsmanship, the company leverages a network of skilled local karigars and job workers. This operational setup allows them to produce intricate designs while maintaining the flexibility required for high-value handcrafted jewellery.
The company is led by its promoters, Kantilal Kheemraj Jain, Mahavir Kantilal Jain, and Manoj Kantilal Jain, who provide the strategic vision and industry expertise necessary to navigate the competitive Indian gold jewellery market.
Shankesh Jewellers is launching a Mainboard IPO to raise approximately ā¹367.18 Crore. The issue is structured as a combination of a fresh issue of ā¹274.18 Crore 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 costing 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 liquidity management. Specifically, the company intends to utilize ā¹158.00 Crore for the repayment or prepayment of certain borrowings and ā¹38.00 Crore to fund working capital requirements, indicating a focus on strengthening the balance sheet.
Financial performance over the last three years shows an aggressive growth trajectory. Revenue increased from ā¹1,061.91 Crore in 2024 to ā¹1,630.93 Crore in 2026. Even more impressive is the PAT growth, which surged from ā¹12.82 Crore in 2024 to ā¹40.31 Crore in 2025, and finally to ā¹106.68 Crore in 2026, demonstrating significant margin expansion.
In terms of valuation, the company reports a basic EPS of ā¹9.09 for FY2026. While a formal P/E ratio is not explicitly provided, the high ROE of 50.94% and ROCE of 41.57% suggest a highly efficient capital utilization compared to peers like Shanti Gold and Sky Gold & Diamonds.
The key investment strengths lie in the company's blue-chip client list and the sharp increase in profitability. However, investors should consider the risks associated with the gold industry's volatility and the moderate debt-to-equity ratio of 0.8.
Overall, the issue presents a balanced profile with strong growth metrics and a healthy mix of fresh capital infusion, though investors should evaluate the sustainability of the recent profit surge before committing to a long-term position.