Shankesh Jewellers IPO

Shankesh Jewellers IPO is a book-built issue worth ₹367.18 crore. The IPO comprises a fresh issue of 2.95 crore equity shares aggregating to ₹274.18 crore and an offer for sale of 1.00 crore shares aggregating to ₹93.00 crore. 

Aryaman Financial Services Limited and Smart Horizon Capital Advisors Private Limited are the lead managers to the issue, while KFin Technologies Limited is the registrar. For detailed information on the company's financials, business operations and associated risks, investors are advised to refer to the Shankesh Jewellers IPO RHP.

About Shankesh Jewellers Limited

Shankesh Jewellers Limited was originally incorporated as H. K. Gold Private Limited on July 11, 2005, under the Companies Act, 1956. The company subsequently changed its name to Shankesh Jewellers Private Limited on August 9, 2006, and was later converted into a public limited company as Shankesh Jewellers Limited on April 23, 2025.

The company is a Mumbai-based business-to-business (B2B) gold jewellery manufacturer and wholesaler, catering to jewellery retailers and large organised jewellery chains across India. It specialises in handcrafted gold jewellery and has established a pan-India presence through its extensive customer network.

Shankesh Jewellers offers a diverse portfolio of jewellery products, including bangles, bridal sets, chokers, jhumkas, rings, mangalsutras and other traditional and contemporary designs. The company manufactures jewellery in various styles such as antique, temple, Calcutta and gheru-finish jewellery, primarily in 22K and 18K gold.

The company follows an asset-light business model, wherein jewellery manufacturing is outsourced to specialised jobworkers and skilled karigars. This enables it to focus on jewellery design, quality control, inventory management and customer relationships while maintaining operational flexibility.

Shankesh Jewellers serves several prominent jewellery brands and organised retail chains, including customers such as Joyalukkas, Kalyan Jewellers, P N Gadgil and other leading jewellery retailers. Its operations span 21 states and 4 union territories, helping it cater to diverse regional jewellery preferences across India.

The company’s growth strategy is focused on expanding its customer base, strengthening working capital, enhancing design capabilities, increasing penetration across geographies and leveraging long-standing relationships with organised jewellery retailers. Through its extensive product portfolio and nationwide distribution network, the company aims to capitalise on the growing formalisation of India’s jewellery industry.

Industry Outlook

• India's gems and jewellery industry remains one of the largest globally, with gold jewellery accounting for nearly 80% of the overall jewellery market value, making it a key driver of sector growth.
• The Indian gold jewellery market was estimated at approximately ₹7,907.7 billion in CY2025, supported by rising incomes, urbanisation and strong cultural demand for gold jewellery.
• Weddings, festivals and religious occasions continue to be the primary demand drivers for gold jewellery, with bridal jewellery contributing over half of the industry's demand.
• The industry is witnessing increasing formalisation, with organised jewellers steadily gaining market share due to stronger brand trust, hallmarking requirements and regulatory compliance.
• BIS hallmarking regulations and rising consumer awareness regarding purity and authenticity are encouraging a shift from unorganised players towards organised and compliant jewellery manufacturers.
• Growing adoption of innovative designs, lightweight jewellery and customised offerings is creating opportunities for specialised manufacturers that possess strong design and execution capabilities.
• Despite short-term challenges from gold price volatility, the long-term outlook for the Indian jewellery sector remains favourable due to rising disposable incomes, expanding retail networks and sustained cultural affinity towards gold.

Shankesh Jewellers IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• Repayment and/or prepayment, in full or in part, of certain outstanding borrowings of the company amounting to approximately ₹1,580 million.
• Funding the company's incremental working capital requirements of approximately ₹380 million.
• Strengthening the balance sheet through reduction of debt and improvement in financial flexibility.
• Supporting future business growth through improved liquidity and enhanced operating capacity.
• Providing adequate capital to manage inventory, receivables and other working capital-intensive requirements associated with the jewellery business.
• Supporting expansion of customer relationships and operational scale across multiple geographies in India.
• Meeting general corporate purposes, subject to applicable regulatory limits.

Financial Performance of Shankesh Jewellers Limited

Shankesh Jewellers Limited Peer Details Comparison

Strengths and Opportunities of Shankesh Jewellers IPO

1. The company has demonstrated strong financial growth, with revenue increasing from ₹10,617.83 million in FY24 to ₹16,307.87 million in FY26.
2. Profitability has improved significantly, with PAT rising from ₹128.16 million in FY24 to ₹1,066.81 million in FY26.
3. EBITDA margin expanded from 2.69% in FY24 to 9.68% in FY26, indicating improved operational efficiency.
4. The company follows an asset-light business model, reducing the need for large investments in manufacturing infrastructure.
5. It maintains relationships with several leading jewellery retail chains, providing a stable customer base and recurring business opportunities.
6. The company has a diversified product portfolio catering to different regional tastes and preferences across India.
7. Operations span 21 states and 4 union territories, providing broad geographic reach and market access.
8. Debt levels have improved considerably, with the debt-to-equity ratio reducing from 1.82x in FY24 to 0.80x in FY26.
9. The ongoing formalisation of the jewellery industry and increasing preference for organised players could create long-term growth opportunities for the company.

Risks and Threats of Shankesh Jewellers IPO

1. The business is highly exposed to gold price volatility, which can impact margins, inventory valuation and customer demand.
2. Operations are working-capital intensive and require significant funding to maintain inventory and receivables.
3. The company is dependent on third-party jobworkers and karigars for manufacturing, creating execution and quality-control risks.
4. Top customers contribute a significant portion of revenue, making the company vulnerable to customer concentration risk.
5. The jewellery industry is highly competitive, with organised as well as unorganised manufacturers competing on price and design.
6. Product returns have been relatively high, amounting to 7.2% of revenue in FY26, which could affect profitability.
7. Any disruption in the supply of gold or changes in import duties and regulatory policies could adversely affect operations.
8. A significant portion of revenue is concentrated in a few key states, exposing the business to regional economic and market risks.
9. Security risks associated with storing and transporting high-value gold jewellery may result in losses, even though the company maintains insurance coverage.

Shankesh Jewellers IPO Reservation

Shankesh Jewellers IPO Promoter Holding

The promoters of the company are Kantilal Kheemraj Jain, Mahavir Kantilal Jain and Manoj Kantilal Jain.

Shankesh Jewellers IPO Prospectus

• Shankesh Jewellers IPO RHP

Shankesh Jewellers IPO Registrar and Lead Managers

Shankesh Jewellers IPO Lead Managers

• Aryaman Financial Services Limited
• Smart Horizon Capital Advisors Private Limited

Registrar for Shankesh Jewellers IPO

KFin Technologies Limited

• Contact Number: 040-79615565
• Email Address: ipo@kfintech.com

Shankesh Jewellers IPO Registrar

How To Apply for Shankesh Jewellers IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Shankesh Jewellers IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of the Shankesh Jewellers IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

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Contact Details of Shankesh Jewellers IPO

Registered Office: Office No. 12, 3rd Floor, 101 Mumbadevi Diamond Premises Co-Op, Society Ltd, Zaveri Bazar, Mumbai, Maharashtra, 400002.

Phone: +91 22234700089

E-mail: cs@shankeshjewellers.com