Shankesh Jewellers IPO

Strong Historical Financial Performance: The company has recorded significant growth in revenue, EBITDA and profit after tax, with PAT increasing from Rs. 40.31 crore in FY2025 to Rs. 106.68 crore in FY2026.

Asset-Light Business Model: Shankesh Jewellers works with local karigars and jobworkers for manufacturing while managing key functions such as design, material sourcing and delivery internally.

Established Client Relationships: The company has relationships with several established jewellery brands, including Joyalukkas India, Kalyan Jewellers India and other reputed jewellery houses.

Wide Product Portfolio: Its portfolio includes multiple categories of handcrafted gold jewellery, covering traditional and contemporary designs in 22-karat and 18-karat gold.

Experienced Management: The promoters and management team have experience in the handmade jewellery business and have developed long-standing industry relationships.

Dependence on Gold Prices: The company's business is exposed to fluctuations in gold prices, which can affect product costs, margins and customer demand.

Dependence on Jobworkers: The asset-light model relies on local karigars and jobworkers for manufacturing. Any disruption in their availability or capacity could affect production.

Working Capital Requirements: The jewellery business requires substantial working capital, and the company has reported total borrowings of Rs. 167.30 crore as of March 31, 2026.

High Promoter Holding Before IPO: Promoters and promoter group shareholders hold 95.48% of the company before the IPO. Although this reduces to 69.53% after the issue, promoter control will remain significant.

Offer for Sale by Promoters: The IPO includes an OFS of 1 crore shares worth Rs. 93 crore, where Kantilal Kheemraj Jain and Manoj Kantilal Jain are selling shareholders.