About the Company: Handcrafted Gold Jewellery Manufacturer
Incorporated in 2005, Shankesh Jewellers Limited is engaged in manufacturing and supplying customized, handcrafted 22-karat and 18-karat gold jewellery. The company offers a wide product portfolio including bangles, bridal sets, chokers, jhumkas, necklace sets, mangalsutras, and rings across diverse styles such as antique, semi-antique, Calcutta, temple, gheru polish, and rose gold jewellery.
Shankesh Jewellers distributes its products PAN-India to corporate and non-corporate retail partners. Its client network includes major Indian jewellery houses such as Joyalukkas India Limited, P. N. Gadgil & Sons Limited, Kalyan Jewellers India Limited, Novel Jewels Limited (Aditya Birla Group), and Manoj Vaibhav Gems ‘N’ Jewellers Limited. The company operates an asset-light model, leveraging local skilled karigars and jobworkers while managing design, raw material sourcing, and quality assurance in-house. As of May 31, 2026, the company employed 46 full-time staff and worked with 72 jobworkers.
- Established relationships with premier national corporate jewellery chains.
- Diverse product portfolio spanning 22k and 18k handcrafted gold designs and custom job work services.
- Asset-light production model leveraging specialized local artisan networks (karigars).
- 100% BIS-hallmarked product quality assurance adhering to regulatory standards.
The company’s promoters are Kantilal Kheemraj Jain, Mahavir Kantilal Jain, and Manoj Kantilal Jain.
Financial Trends & Performance
Shankesh Jewellers Ltd.’s revenue increased by 16% while profit after tax (PAT) surged by 165% between the financial years ending March 31, 2026, and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | ₹403.76 Cr | ₹249.56 Cr | ₹177.07 Cr |
| Total Income | ₹1,630.93 Cr | ₹1,403.94 Cr | ₹1,061.91 Cr |
| Profit After Tax (PAT) | ₹106.68 Cr | ₹40.31 Cr | ₹12.82 Cr |
| EBITDA | ₹157.90 Cr | ₹65.35 Cr | ₹28.60 Cr |
| Net Worth | ₹209.43 Cr | ₹100.60 Cr | ₹60.29 Cr |
| Reserves and Surplus | ₹150.65 Cr | ₹90.83 Cr | ₹57.50 Cr |
| Total Borrowings | ₹167.30 Cr | ₹145.63 Cr | ₹109.81 Cr |
All figures in ₹ Crore | Source: Chittorgarh / DRHP (Restated Standalone)
Key Performance Indicators & Valuation (FY2026)
Competitive Strengths
- Strong Financial Growth: Net profit surged 165% to reach ₹106.68 Cr in FY26.
- High Return Efficiency: Superior return ratios with ROE reaching 50.94% and ROCE at 41.57% in FY26.
- Asset-Light Scalability: Minimal capital expenditure requirements owing to skilled artisan partnerships for manufacturing.
- Trusted B2B Network: Deep relationships with leading corporate jewellery retailers across India.
Issue Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Net Offer |
| Retail Shares Offered | Not less than 35.00% of the Net Offer |
| NII Shares Offered | Not less than 15.00% of the Net Offer |
IPO Structure & Use of Proceeds
The ₹367.18 Cr issue comprises a Fresh Issue of ₹274.18 Cr (2,94,82,000 shares) and an Offer for Sale of ₹93.00 Cr (1,00,00,000 shares) by promoter selling shareholders Kantilal Kheemraj Jain and Manoj Kantilal Jain. The fresh proceeds are proposed to be allocated as follows:
- Repayment/pre-payment, in full or part, of certain borrowings ₹158.00 Cr
- Funding working capital requirements ₹38.00 Cr
- General Corporate Purposes Balance
Bidding opens on August 18, 2026 and closes on August 20, 2026. Minimum retail application lot size is fixed at 160 shares (₹14,880 based on upper price band).
Shankesh Jewellers Limited has established a profitable B2B manufacturing niche supplying handcrafted gold jewellery to India’s top retail jewellery chains.
The company exhibits exceptional return metrics (ROE of 50.94% and ROCE of 41.57%) and strong earnings expansion, with FY26 revenue at ₹1,630.93 Cr and PAT at ₹106.68 Cr. Allocating ₹158 Cr of fresh issue proceeds toward debt repayment will significantly reduce borrowing costs, further improving net margins. With a reasonable Post-IPO P/E of 12.81x, investors seeking exposure to the growing organized gold jewellery ecosystem can consider evaluating this issue.
