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Managing DirectorManoj Kantilal Jain
Shankesh Jewellers IPO
₹14,080
0.16 xOver-subscribedBidding Dates 18 Aug, 26 -20 Aug, 26
Min Investment ₹14,080
Lot Size160
Price Range ₹88 – ₹93
Issue Size ₹367.18 Cr.
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IPO Subscription Details
Retail Subscription Details
0.3 x
Non-Institutional Buyers (sHNI)
0.13 x
Non-Institutional Buyers (bHNI)
0.04 x
Qualified Institutional Buyers (QIB)
0 x
Total0.16 x
0.16 x IPO Timeline
IPO Offer Start
18 Aug,26
IPO Offer Ends
20 Aug,26
Allotment Finalisation
21 Aug,26
Refund Initiation
24 Aug,26
Listing of Shares
25 Aug,26
IPO Analysis
Strengths
The company has demonstrated robust financial performance with revenue growing from ₹10,617.83 million in Fiscal 2024 to ₹16,307.87 million in Fiscal 2026, EBITDA increasing from ₹285.99 million to ₹1,579.00 million, and profit after tax rising from ₹128.16 million to ₹1,066.81 million over the same period.
The company collaborates with 66 Jobworkers, majority in Mumbai, Maharashtra, maintaining long-term stable relationships with consistent engagement of 90 job workers in Fiscal 2024, 87 in Fiscal 2025 and 72 in Fiscal 2026, with low attrition rates.
The company operates an asset-light model leveraging Karigars to hand craft jewellery according to client requirements, enabling better inventory management, efficient demand fluctuation handling, reduced capital expenditure requirements, and mitigation of operational risks.
Risks
The company experienced negative net cash flow from operating activities of ₹231.05 million in Fiscal 2025, primarily due to increased working capital deployment toward trade receivables and inventories. This cash flow volatility could have a material adverse effect on the company's business, prospects, financial condition, and results of operations.
As of March 31, 2026, the company had total outstanding borrowings of ₹1,672.96 million with restrictive covenants that limit operational flexibility. The debt-to-equity ratio was 0.81 in Fiscal 2026, and failure to comply with financial ratios could trigger cross-default provisions and accelerate repayment obligations.
The company is entirely dependent on third-party Jobworkers for manufacturing all products, working with 72 Jobworkers during Fiscal 2026. Any disruption in operations or shortage of skilled Karigars in Maharashtra could materially impact manufacturing and business operations.
Objectives
The company intends to repay/prepay certain outstanding borrowings to reduce overall indebtedness and debt servicing obligations, resulting in lower interest costs and improvement in profitability and cash flows.
The company plans to fund incremental working capital requirements due to business growth in the working capital intensive gold jewellery industry, maintaining sufficient inventories for immediate delivery to clients.
The company proposes to deploy funds towards strategic initiatives, partnerships, joint ventures, acquisitions, meeting business exigencies, renovating facilities, and brand promotion activities as approved by the Board.
About Shankesh Jewellers
The company is engaged in the business of hand-crafted gold jewellery and providing customisation services to clients, depending on third party jobworkers for production and manufacturing of products. The company operates an asset-light business model, wherein Karigars hand craft jewellery according to client requirements and acts as principal contractor, managing...more