Shankesh Jewellers Ltd IPO
Diamond, Gems and Jewellery
Price Band
₹88 – ₹93
Lot Size
160
Minimum Bid Quantity
160
Minimum Investment
₹14880
Issue Size
₹367.18Cr
Opens
2026-08-18
Closes
2026-08-20
Listing
25-08-2026
Subscription Status
Qualified Institutional Buyers
1.32 x
Non-Institutional Investor
5.63 x
Retail Individual Investor
2.37 x
Total
2.77 x
IPO Details
Issue Type
EQUITY
Face Value
₹5
Tick Size
1
ISIN
INE1WFC01025
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Shankesh Jewellers Limited is engaged in the business of hand-crafted gold jewellery and provides jewellery customisation and job work services. The company offers 22-karat and 18-karat gold jewellery, including bangles, bridal jewellery, chokers, jhumkas, necklace sets, mangalsutras, rings and combined jewellery sets. Its portfolio includes antique, semi-antique, Calcutta, temple, Gheru polish, and yellow, rhodium, and rose gold jewellery. The company follows an asset-light model and does not manufacture jewellery in-house. Production is outsourced to specialised karigars through third-party job workers, while the company manages designing, material sourcing, customisation and delivery of finished jewellery. Shankesh Jewellers operates from its office in Mumbai, Maharashtra, and supplies its products to corporate and non-corporate clients across India. Its customer network spans 21 states and four Union Territories. Use of proceeds: This is a combination of a fresh issue of shares and an offer for sale. Therefore, the net proceeds from the offer for sale will go to the selling shareholders, whereas the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company — Rs 158 crore Funding working capital requirements of the company — Rs 38 crore General corporate purposes
Pros
- • The company has recorded growth in revenue and profitability over the last three fiscals. Revenue from operations increased from Rs 1,061.78 crore in FY24 to Rs 1,403.83 crore in FY25 and Rs 1,630.79 crore in FY26, while PAT increased from Rs 12.82 crore to Rs 40.31 crore and Rs 106.68 crore, respectively.
- • Shankesh Jewellers follows an asset-light model, with jewellery production outsourced to karigars through job workers instead of maintaining in-house manufacturing infrastructure. This allows the company to limit capital expenditure associated with manufacturing facilities while retaining responsibility for design, sourcing, and finished jewellery delivery.
- • The company has an established network of job workers for its hand-crafted jewellery operations. It engaged 72 job workers in FY26, of which 66 had entered into agreements with the company, providing access to karigars specialising in different types of jewellery.
Cons
- • The company has a high dependence on its top five suppliers, which accounted for Rs 1,327.38 crore, Rs 1,088.82 crore and Rs 774.15 crore of purchases in FY26, FY25 and FY24, representing 88.43%, 82.29% and 77.97% of total purchases, respectively. The company does not have long-term agreements with its suppliers, and so, any disruption in supply or increase in raw material costs could affect its operations, cash flows and ability to meet customer demand.
- • Shankesh Jewellers is entirely dependent on third-party job workers and karigars for manufacturing, as it does not manufacture jewellery in-house. It was associated with 72, 87 and 90 job workers in FY26, FY25 and FY24, respectively, and only 66 job workers had entered into prescribed agreements with the company as of the RHP date. Delays, quality issues, shortages of skilled karigars or inability to retain these job workers could disrupt production and adversely affect its business, profitability, and reputation.
- • The company's revenue is geographically concentrated in five states, viz., Tamil Nadu, Maharashtra, Bihar, Uttar Pradesh, and Odisha. These states contributed Rs 1,106.33 crore, Rs 893.85 crore and Rs 658.29 crore in FY26, FY25 and FY24, representing 67.84%, 63.67% and 62.00% of its revenue from operations, respectively. Economic, regulatory, political, or other adverse developments in these regions could disrupt operations and sales and adversely affect its business, cash flows and financial condition.
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