Shankesh Jewellers
- Issue price
- ₹ 93
- Issue size
- ₹ 367.18 Cr.
- Min. investment
- ₹ 14,880
- Listing price
- ₹ 103.3
- Subscribed
- 2.8x
- Lot size
- 160 shares
- P/E
- 12.81
- RoNW
- 50.94%
- RoCE
- 41.57%
- Debt / Equity
- 0.80
- PAT margin
- 6.54%
- EBITDA margin
- 9.68%
- RoE
- 50.94%
- EPS
- ₹ 7.26
- NAV
- ₹ 17.82
- Promoter stake
- 69.53%
About
Shankesh Jewellers Limited was started in 2005. The company makes handmade gold jewellery on order. It works mainly in 22 karat and 18 karat gold and makes bangles, bridal jewellery, chokers, jhumkas, necklace sets, mangalsutras, rings and full sets in antique, semi antique, Calcutta, temple and gheru polish designs. The company does not sell to the public directly. It supplies across India to other jewellers, including well known names such as Joyalukkas, P. N. Gadgil & Sons, Kalyan Jewellers, Novel Jewels of the Aditya Birla Group and Manoj Vaibhav Gems N Jewellers. It also does job work, where the client gives the gold and the design and the company only makes the jewellery for a charge. The company follows an asset light model. It gives the making work to skilled local karigars and jobworkers, and keeps design, gold sourcing, quality check and delivery in its own hands. All jewellery is BIS hallmarked. As on 31 May 2026 the company had 46 permanent employees and worked with 72 jobworkers.
Timeline
- doneOpens18 Aug
- doneCloses20 Aug
- doneAllotment21 Aug
- doneRefunds24 Aug
- doneDemat credit24 Aug
- doneListing25 Aug
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 8 on 13 Aug 2026
- Lowest
- ₹ 1 on 21 Aug 2026
- First quoted
- ₹ 7 on 12 Aug 2026
Subscription
How many times each investor group bid for its share, as of 25 Aug 2026, 06:31 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 160 | ₹ 14,880 |
| Retail (Max) | 13 | 2,080 | ₹ 1,93,440 |
| S-HNI (Min) | 14 | 2,240 | ₹ 2,08,320 |
| B-HNI (Min) | 68 | 10,880 | ₹ 10,11,840 |
Company overview
Financials
| Assets | 403.76 | 249.56 | 177.07 |
| Total Income | 1,630.93 | 1,403.94 | 1,061.91 |
| Profit After Tax | 106.68 | 40.31 | 12.82 |
| EBITDA | 157.9 | 65.35 | 28.6 |
| NET Worth | 209.43 | 100.6 | 60.29 |
| Reserves and Surplus | 150.65 | 90.83 | 57.5 |
| Total Borrowing | 167.3 | 145.63 | 109.81 |
Strengths
- Profit has grown fast for two years in a row. Profit after tax went from Rs 12.82 crore in FY2024 to Rs 40.31 crore in FY2025 and then to Rs 106.68 crore in FY2026.
- Sales have also grown steadily, from Rs 1,061.91 crore in FY2024 to Rs 1,403.94 crore in FY2025 and Rs 1,630.93 crore in FY2026.
- EBITDA improved sharply, from Rs 28.60 crore in FY2024 to Rs 65.35 crore in FY2025 and Rs 157.90 crore in FY2026.
- The customer list has reputed jewellery brands such as Joyalukkas, Kalyan Jewellers, P. N. Gadgil & Sons and Novel Jewels of the Aditya Birla Group.
- RoNW was 40.07% in FY2026.
- The asset light model keeps the fixed cost low. Making work is given to karigars instead of running a large own factory.
- At the upper band of Rs 93 the post issue P/E is about 12.81 times on an EPS of Rs 7.26.
- Out of the Rs 367.18 crore issue, Rs 274 crore is fresh money, and Rs 158 crore of it will repay borrowings, which will bring down interest cost.
Risks
- Profit grew much faster than sales. In FY2026 income rose only 16% but profit after tax rose 165%. Such a jump in margin may not repeat every year.
- PAT margin is only 2.87%. This is a low margin business where most of the sale value is the gold itself.
- Borrowing is high against own funds. Total borrowing was Rs 167.30 crore as on 31 March 2026 against a net worth of Rs 209.43 crore.
- The company depends on outside karigars. It has only 46 permanent employees and works with 72 jobworkers, so production is not fully in its own control.
- Sales depend on a small number of large jewellery houses. If one or two big clients cut orders, the effect will be felt immediately.
- Job work is a service with a fixed making charge and gives lower margin than selling own jewellery.
- Rs 93.18 crore of the issue is an offer for sale and that amount will not come to the company.
- Gold price movement affects both working capital need and customer ordering.
What the money is for
| Repayment/pre-payment, in full or part, of certain borrowings | 158 |
| Funding working capital requirements | 38 |
| General Corporate Purposes | — |
Promoters
- Kantilal Kheemraj Jain
- Mahavir Kantilal Jain
- Manoj Kantilal Jain
Anchor investors
14 anchors put in ₹ 110.19 Cr..
| TIGER STRATEGIES FUND 1 | 18,42,840 | 17.14 | 15.56% |
| NECTA BLOOM VCC-NECTA BLOOM ONE | 16,12,960 | 15 | 13.62% |
| VENUS INVESTMENTS VCC-VENUS STELLAR FUND | 10,75,680 | 10.03 | 9.08% |
| ZEAL GLOBAL OPPORTUNITIES FUND | 10,75,360 | 10.01 | 9.08% |
| ASAS GLOBAL FUND INCORPORATED VCC SUB FUND | 10,75,360 | 10.01 | 9.08% |
| UNI GROWTH FUND | 8,60,320 | 8 | 7.26% |
| SUNRISE INVESTMENT TRUST-SUNRISE INVESTMENT OPPORTUNITIES FUND | 5,37,760 | 5 | 4.54% |
| INNOVATIVE VISION TRUST | 5,37,760 | 5 | 4.54% |
| NEXUS GLOBAL OPPORTUNITIES FUND | 5,37,760 | 5 | 4.54% |
| ARNESTA GLOBAL OPPORTUNITIES FUND PCC-ARNESTA GLOBAL FUND 1 | 5,37,760 | 5 | 4.54% |
| NOVA GLOBAL OPPORTUNITIES FUND PCC-TOUCHSTONE | 5,37,760 | 5 | 4.54% |
| COMPACT STRUCTURE FUND | 5,37,760 | 5 | 4.54% |
| 31 DEGREES NORTH GROWTH FUND | 5,37,760 | 5 | 4.54% |
| VINEY GROWTH FUND | 5,37,760 | 5 | 4.54% |
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 5 a share
- Registrar
- KFin Technologies Limited
- Lead managers
- Smart Horizon Capital Advisors, Aryaman Financial Services Limited
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.