All IPOs

Shankesh Jewellers

Mainboard · NSE open
Closes tomorrow · 20 Aug 2026
₹3.5
GMP* · 19 Aug, 05:20 pm
Price Band
₹88 – ₹93
Issue Size
₹367 Cr
1 lot at upper band
₹14,880
Lot Size
160
Open
18 Aug 2026
Close
20 Aug 2026
Allotment
—
Listing
25 Aug 2026

Scheduled dates

  1. Open
    18 Aug 2026
  2. Close
    20 Aug 2026
  3. Refund
    24 Aug 2026
  4. Demat credit
    24 Aug 2026
  5. Listing
    25 Aug 2026

GMP Trend*

Daily grey market premium (₹). Unofficial.

Latest GMP: ₹3.5 10 sessions

Subscription (times)

Latest per-category subscription · as of 19 Aug, 05:20 pm IST.

QIB 0.80x
NII 0.76x
BHNI 0.63x
SHNI 0.96x
RII 1.11x
Total 0.93x

About Shankesh Jewellers

The company is engaged in the business of hand-crafted gold jewellery and providing customisation services to clients, depending on third party jobworkers for production and manufacturing of products. The company operates an asset-light business model, wherein Karigars hand craft jewellery according to client requirements and acts as principal contractor, managing the design, material sourcing, and finished jewellery making process for clients. The company offers a diverse range of high-quality hand-crafted gold jewellery in 22-karat and 18-karat across various categories including Bangles, Bridal Jewellery, Chokers, Jhumkas, Long and Short Necklace sets, Mangal Sutra and Rings.

www.shankeshjewellers.com ↗

Strengths

  • Strong historical financial results
    The company has demonstrated robust financial performance with revenue growing from ₹10,617.83 million in Fiscal 2024 to ₹16,307.87 million in Fiscal 2026, EBITDA increasing from ₹285.99 million to ₹1,579.00 million, and profit after tax rising from ₹128.16 million to ₹1,066.81 million over the same period.
  • Long Term Relation with local Jobworkers for handling custom hand-crafted gold jewellery making process
    The company collaborates with 66 Jobworkers, majority in Mumbai, Maharashtra, maintaining long-term stable relationships with consistent engagement of 90 job workers in Fiscal 2024, 87 in Fiscal 2025 and 72 in Fiscal 2026, with low attrition rates.
  • Asset-Light business model
    The company operates an asset-light model leveraging Karigars to hand craft jewellery according to client requirements, enabling better inventory management, efficient demand fluctuation handling, reduced capital expenditure requirements, and mitigation of operational risks.
  • Wide product range in hand crafted gold jewellery
    The company supplies comprehensive range of high-quality hand-crafted gold jewellery including Antique, Calcutta, Gheru, Semi Antique, Temple, and Yellow/Rhodium/Rose Gold categories with products like Bangles, Bridal jewellery, Chokers, Jhumkas, Necklace sets, and customized pieces under one roof.
  • Commitment to Quality and Customer Satisfaction
    The company exclusively deals in BIS Hallmark certified jewellery, conducts regular quality checks, and maintains limited product returns of 7.22%, 5.23%, and 4.36% of revenue in Fiscals 2026, 2025, and 2024 respectively, primarily from customer preference adjustments rather than quality issues.
  • Established relations with corporate and non- corporate jewellery clients
    The company has fostered strong relationships with corporate clients like Joyalukkas India Limited, Kalyan Jewellers India Limited, and non-corporate clients, with revenue from top 10 clients representing 39.56%, 30.48%, and 30.62% of operations in Fiscals 2026, 2025, and 2024 respectively.
  • Experienced Promoters and management team with execution capabilities
    The company is led by Kantilal Kheemraj Jain with over three decades of experience since 1992, along with Manoj Kantilal Jain and Mahavir Kantilal Jain bringing around two decades of combined experience, with Promoters collectively holding 74.25% of pre-issue equity share capital.
  • Established marketing setup
    The company has built strong customer relationships through experienced Sales & Marketing team operating under direct supervision of Directors Mahavir Kantilal Jain and Manoj Kantilal Jain, with reputation for timely delivery, design quality of 22 karat and 18 karat jewellery helping retain and expand client base.

Risk Factors

  • Negative Cash Flow from Operating Activities
    The company experienced negative net cash flow from operating activities of ₹231.05 million in Fiscal 2025, primarily due to increased working capital deployment toward trade receivables and inventories. This cash flow volatility could have a material adverse effect on the company's business, prospects, financial condition, and results of operations.
  • Significant Indebtedness and Restrictive Covenants
    As of March 31, 2026, the company had total outstanding borrowings of ₹1,672.96 million with restrictive covenants that limit operational flexibility. The debt-to-equity ratio was 0.81 in Fiscal 2026, and failure to comply with financial ratios could trigger cross-default provisions and accelerate repayment obligations.
  • Dependence on Third-Party Jobworkers and Skilled Karigars
    The company is entirely dependent on third-party Jobworkers for manufacturing all products, working with 72 Jobworkers during Fiscal 2026. Any disruption in operations or shortage of skilled Karigars in Maharashtra could materially impact manufacturing and business operations.
  • High Customer Concentration Risk
    The company's top 10 customers contributed 39.56%, 30.48%, and 30.62% of revenue in Fiscals 2026, 2025, and 2024 respectively. The company operates without long-term contracts or exclusivity arrangements, making it vulnerable to customer loss or reduced demand.
  • Geographic Revenue Concentration
    A significant portion of revenue is concentrated in the top 5 states (Tamil Nadu, Maharashtra, Uttar Pradesh, Bihar, and Odisha), contributing 67.84% of revenue in Fiscal 2026. This concentration exposes the company to regional economic, cultural, and geopolitical risks.
  • Gold Price Volatility Impact
    The company's inventory value and profitability are significantly affected by gold price fluctuations. In 2025, domestic gold prices reached record-high levels, creating uncertainty in pricing and procurement decisions across the jewellery industry, potentially affecting sales volumes and margins.
  • Quality Control and Product Returns
    The company experienced product returns of ₹1,177.56 million (7.22% of revenue), ₹733.98 million (5.23%), and ₹462.72 million (4.36%) in Fiscals 2026, 2025, and 2024 respectively. Quality defects could result in order cancellations, customer loss, and damage to reputation.
  • High Working Capital Requirements
    The company requires significant working capital, with inventory of ₹2,399.58 million as of Fiscal 2026 (62.06% of current assets). The company intends to utilize ₹380.00 million from Net Proceeds for working capital, and inability to meet these requirements could adversely impact operations.
  • Security Risks in High-Value Commodity Operations
    Operating in the high-value gold jewellery sector exposes the company to security risks including potential theft, loss, or damage during transit and delivery. While insured up to ₹4,762.50 million, any losses exceeding coverage limits could materially affect financial condition.
  • Discretionary Nature of Jewellery Purchases
    Jewellery purchases are discretionary and perceived as luxury items, making the business vulnerable to economic downturns, changes in consumer spending patterns, and macroeconomic conditions that could significantly reduce demand during adverse economic conditions.

Objects of the Issue

  • Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company
    The company intends to repay/prepay certain outstanding borrowings to reduce overall indebtedness and debt servicing obligations, resulting in lower interest costs and improvement in profitability and cash flows.
    158.00 crores
  • Funding working capital requirements of the Company
    The company plans to fund incremental working capital requirements due to business growth in the working capital intensive gold jewellery industry, maintaining sufficient inventories for immediate delivery to clients.
    38.00 crores
  • General Corporate Purposes
    The company proposes to deploy funds towards strategic initiatives, partnerships, joint ventures, acquisitions, meeting business exigencies, renovating facilities, and brand promotion activities as approved by the Board.

Financial Snapshot

Annual values as reported in the offer document.

Year endRevenueRev. growthProfitProfit growthAssetsEquityOperating cash flow
31/03/20261630.93+16.2%106.68+164.6%403.76209.430.33
31/03/20251403.94+32.2%40.31+214.4%249.56100.60-23.11
31/03/20241061.91—12.82—177.0760.291.47
Units: crores

Issue Details

Face Value
₹5
P/E
13.70
ROCE
50.00%
Shares / Lot
160
Minimum Bid
160 shares
Refund
24 Aug 2026
Credit to Demat
24 Aug 2026
ISIN
INE1WFC01025
CIN
U36910MH2005PLC154679
Registrar
Kfin Technologies Ltd.
Lead Managers
Aryaman Financial Services Ltd.
Registered Office
Office No. 12, 3rd Floor, 101 Mumbadevi Diamond Premises Co- Op, Society Ltd., Zaveri Bazar, Mumbai, Maharashtra, India, 400002
RHP ↗DRHP ↗

Management

Kantilal Kheemraj JainCEO
Mahavir Kantilal JainCOO
Manoj Kantilal JainMD
Nikhil Ramesh ParmarDirector
Sanjay Babulal JainDirector
Sunita Amit ModakDirector
Chandrashekhar Koraga ShettyCFO
Shweta Dattatray RavankarDirector
Chetan Vijay AdwankarDirector of Operations
Dinesh Kamal JainDirector of HR
Kunal Ramesh JainVP of Sales
Mulesh Roopchand JainDirector of Operations
Nitya Lalit JainVP of Marketing
Suraj Shivprasad MouryaDirector
Vikas KumarDirector of Operations
Sunil JainCTO

* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.