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₹93 - 93
Shankesh Jewellers Ltd
Diamond, Gems and JewelleryIPO
₹93 - 93
We are engaged in the business of hand crafted gold jewellery and providing customisation services to our clients such as Joyalukkas India Limited, P. N. Gadgil & Sons Limited, Kalyan Jewellers India Limited and Novel Jewels Limited (Aditya Birla Group) amongst others. We offer a diverse range of high- quality hand crafted gold jewellery in 22-karat and 18-karat. Our product portfolio encompasses an extensive collection of Bangles, Bridal Jewellery, Chokers, Jhumkas, Long and Short Necklace sets, Mangal Sutra and Rings and combined jewellery sets in categories of Antique and Semi-Antique Jewellery, Calcutta Jewellery, Temple Jewellery, Gheru Polish and Coloured options.
Lot160Min Invest₹14,880Face Value₹5Issue Size₹367 CrFresh Issue₹274 CrOffer for Sale₹93 CrListing Price₹102CMP₹99
Timeline
18 Aug
Bidding opens
20 Aug
Bidding closes
21 Aug
Allotment
24 Aug
Refund & demat credit
25 Aug
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹367 Cr3.95 Cr shares
Fresh Issue₹274 Cr
Offer for Sale₹93 Cr
Face Value₹5
Lot Size160 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,8801-13 lots
sNII₹2,08,320from 14 lots
bNII₹10,11,840from 68 lots
Managers & Registrar
Lead ManagerAryaman Financial Services Limited
Co-ManagerSmart Horizon Capital Advisors Private Limited
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrKantilal Kheemraj JainPRMTR48,00,00044.64Manoj Kantilal JainPRMTR52,00,00048.36Total1,00,00,00093.00
Shareholding
CategoryPre IPOPost IPOPromoter Group95.5%87%Public4.5%13%
Objects of the Issue
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by its Company
- Funding working capital requirements of the Company
- General corporate purposes
Anchor Book
Bid Date17-Aug-2026
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| RevenueCr | 909 | 1,062 | 1,404 | 1,631 |
| Operating ProfitCr | 23 | 29 | 65 | 158 |
| OPM% | 2.5 | 2.7 | 4.7 | 9.7 |
| PBTCr | 14 | 17 | 54 | 143 |
| PATCr | 10 | 13 | 40 | 107 |
| EPS | 1 | 1 | 3 | 9 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity CapitalCr | 3 | 3 | 10 | 59 |
| ReservesCr | 45 | 58 | 91 | 151 |
| BorrowingsCr | 98 | 110 | 146 | 168 |
| Total AssetsCr | 174 | 177 | 250 | 404 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Operating Cash FlowCr | -8 | 1 | -23 | 0 |
| Investing Cash FlowCr | 0 | -1 | -3 | -13 |
| Financing Cash FlowCr | 8 | 0 | 26 | 12 |
| Net Cash FlowCr | 0 | 0 | 0 | 0 |
Strengths & Risks
Strengths · as stated in the DRHP
- Strong historical financial results.
- Long Term Relation with local Jobworkers for handling custom hand crafted gold jewellery making process.
- Asset-Light business model.
- Wide product range in hand crafted gold jewellery.
- Commitment to Quality and Customer Satisfaction.
- Established relations with corporate and non- corporate jewellery clients.
Strategies · as stated in the DRHP
- Capturing market opportunities in the growing jewellery industry.
- Augment our fund-based capacities and reduce our dependence on debt in order to create long term shareholder value and be able scale up business operations.
- Continue to invest in our marketing and brand building initiatives.
Risks · as stated in the DRHP
- The company's business and the demand for its product is reliant on the success of the company's customers' products with end consumers, and any decline in the demand for the end-products could have an adverse impact on its business, results of operations, cash flows and financial condition.
- Jewellery purchases are discretionary and often perceived as luxury purchases. Any factor negatively impacting discretionary spending by consumers may adversely affect the company's business, results of operations, financial condition and prospects.
- A significant portion of the company's business operations and revenue generation is concentrated in the Top 5 states (Tamil Nadu, Maharashtra, Uttar Pradesh, Bihar and Odissa) which contributed to 67.84%, 63.67% and 62.00% of its revenue from operations in Fiscal 2026, 2025 and Fiscal 2024. This regional concentration could expose the Company to economic, cultural, geopolitical and local market risks.
- The company operates in a high-value commodity sector and there are certain security risks associated with the transit and delivery of gold jewellery, including potential loss or theft.
- The company is dependent on third party Jobworkers for the production and manufacturing of all of its products. Any disruptions at such third-party production or manufacturing facilities, or shortage or scarcity of Karigars employed or deployed such Jobworkers in the jewellery industry in Maharashtra or failures of such third parties to adhere to the relevant quality standards may have a negative effect on the company's reputation, business and financial condition and results of operations.
- The company is subject to strict quality requirements, and sales of its products is dependent on the company's quality controls and standards, which has resulted in certain instances of its products being returned by the company's customers amounting to Rs. 1,177.56 million, Rs.733.98 million and Rs.462.72 million in Fiscals 2026, 2025 and 2024, respectively. Any failures to comply with quality standards may adversely affect the company's business prospects, cash flows and financial performance, including cancellation of existing and future orders.