Shankesh Jewellers IPO
Listed +11.1%18–20 Aug 2026
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Our IPO analysis
What stands out in the offer document
The five questions
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1How it makes money₹64 of every ₹100 of sales comes from its "Corporate Client" segment.
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2Is it growing, and is profit turning into cash?Sales rose 54% from FY 2024 to FY 2026 (₹1,062 cr → ₹1,631 cr). Over 3 years it made ₹160 cr of profit and brought in −₹21.3 cr of cash from operations.
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3How much cushion does it have?It owes ₹0.80 for every ₹1 of its own money. The line for retail is ₹2.
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4What you pay, and who gets the moneyOf every ₹100 raised, ₹25 goes to existing shareholders selling. At ₹93 you pay about ₹10 for every ₹1 of last year's profit. The listed peers the document names: ₹22 (middle of 2).
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5Who controls it, and what is on record?Promoters own 74% before the IPO. The document discloses 1 legal matter.
From the draft document. The final prospectus may change it.
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Latest update:
Listed at ₹103 vs ₹93 issue price (+11.1%) · Day-one close ₹95 · Subscribed 2.77× (QIB 1.3× · NII 5.7× · Retail 2.4×) · Price band ₹88–₹93 · Closed 20 Aug 2026 · Listed 25 Aug 2026 (Confirmed)
How it actually listed
₹103 on open, against a ₹93 issue price +11.1%
It ended its first day at ₹95 (+2.0% against the issue price), per the NSE's price archive.
On the BSE it opened at ₹102 and closed at ₹95, per the BSE's price archive.
We were not recording a grey-market premium before it listed.
What Shankesh Jewellers does
Shankesh Jewellers Limited is a B2B hand-crafted gold jewellery company based in Mumbai's Zaveri Bazaar with a pan-India presence. The company specializes in hand-crafted gold jewellery, offering bangles, bridal sets, chokers, jhumkas, rings, mangalsutras, and more across diverse categories and finishes, operating on an asset-light model by outsourcing manufacturing to third-party job workers.
Shankesh Jewellers financials
Rs crore · Annual| FY 2024 | FY 2025 | FY 2026 | ||
|---|---|---|---|---|
| Sales | 1,062 | 1,404 | 1,631 | |
| Operating Profit | 29 | 65 | 158 | |
| OPM % | 2.7% | 4.7% | 9.7% | |
| Net Profit | 13 | 40 | 107 | |
| Total Debt | 109 | 145 | 167 |
Shankesh Jewellers IPO offer structure
Total: ₹367 cr. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
The document states these as share counts against a blank amount, because the price band is announced separately. Converted here at the cap of ₹93, with each count cited to its page.
Use of proceeds- Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company: ₹158 cr
- Funding working capital requirements of our Company: ₹38 cr
- General Corporate Purposes
Shankesh Jewellers promoters and holding
- KANTILAL KHEEMRAJ JAIN: Chairman and Non-Executive Director
- MAHAVIR KANTILAL JAIN: Whole Time Director
- MANOJ KANTILAL JAIN: Managing Director
Shankesh Jewellers risks and strengths
- Our business and the demand for our product is reliant on the success of our customers’ products with end consumers. (p.25)
- Jewellery purchases are discretionary and often perceived as luxury purchases, which may be affected by consumer spending. (p.25)
- A significant portion of our business operations and revenue generation is concentrated in the Top 5 states. (p.25)
Shankesh Jewellers peer comparison: DRHP median P/E 22.4x
DRHP data only| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Shanti Gold International Limited | — | 10.0x | — | — | DRHP |
| Sky Gold & Diamonds Limited | — | 34.9x | — | — | DRHP |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Shankesh Jewellers market and competition
Shankesh Jewellers is a B2B company based in Mumbai’s Zaveri Bazaar, with a pan-India presence, specializing in hand-crafted gold jewellery across diverse categories and finishes.
Shankesh Jewellers outlook, as the document states it
Our current growth strategies include capturing market opportunities in the growing jewellery industry, augmenting our fund-based capacities and reducing our dependence on debt, and continuing to invest in our marketing and brand building initiatives.
Shankesh Jewellers IPO: common questions
When does the Shankesh Jewellers IPO open and close?
The Shankesh Jewellers IPO is open from 18 Aug 2026 to 20 Aug 2026.
What is the Shankesh Jewellers IPO price band?
The price band is ₹88–₹93 per share.
How much is the Shankesh Jewellers IPO subscribed?
As of 10 Oct 2026 the total subscription is 2.77×.
When does the Shankesh Jewellers IPO list?
The listing date is 25 Aug 2026.
How do I check the Shankesh Jewellers IPO allotment status?
On the allotment status page published by KFin Technologies, this issue's registrar, and on the exchange's basis of allotment. Those are the primary sources. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. We do not hold allotment data and cannot look yours up. How allotment is actually decided →
Shankesh Jewellers IPO allotment status
Listed 25 Aug 2026. Allotment is decided and published by the registrar, not by us. This issue's registrar is KFin Technologies.
Check your allotment on the registrar's own page ↗
We do not hold allotment data and cannot look yours up. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. How allotment is actually decided →