Shankesh Jewellers Limited (originally incorporated as "H. K. Gold Private Limited" in July 2005, renamed "Shankesh Jewellers Private Limited" in August 2006, and subsequently converted into a public limited company in April 2025) is a wholesale B2B gold jewelry supplier based in Mumbai’s historic Zaveri Bazaar. The company's core value proposition revolves around the wholesale trade of plain and studded hand-crafted gold jewelry, specializing in 18-karat and 22-karat ornaments. It operates an asset-light, artisan-led business model where it coordinates design catalogs, bullions procurement, quality assurance, and customer acquisition, while completely outsourcing physical fabrication to local jobworkers to maintain minimal capital overheads. As of Fiscal 2026, the company partnered with 72 Jobworkers (66 of whom have structured contracts) to leverage a highly skilled, regional artisan network.
The company's target market is domestic, with its customer network spanning 21 states and 4 union territories in India. Its primary B2B client segment includes prominent national corporate jewelry retail chains and large independent retailers, with its partner network including Joyalukkas India Limited, Kalyan Jewellers India Limited, P. N. Gadgil & Sons Limited, P N Gadgil Jewellers Limited, Manoj Vaibhav Gems 'N' Jewellers Limited, and Novel Jewels Limited (Aditya Birla Group). In Fiscal 2026, corporate clients accounted for 64.25% of revenues, while non-corporate clients made up 35.76%. Geographically, the largest sales regions are Maharashtra (25.46% of revenue in FY26), Bihar (17.07%), and Tamil Nadu (9.36%).
Because Shankesh Jewellers operates a 100% outsourced manufacturing model, the company does not own or operate physical factories or production plants. Its operations are run from a registered corporate office in Mumbadevi, Mumbai. Since there is no automated machinery, traditional installed manufacturing capacity and capacity utilization metrics are not applicable to the company's business profile. Instead, its operational volume is driven by jobworker capacity; the physical quantity of gold processed stood at 1,397.48 Kgs in FY26, down from 1,935.92 Kgs in FY25.
The company's creative operations are led by 3 in-house designers who coordinate with clients to develop custom-crafted regional designs, including Calcutta, Antique, and Temple jewelry. Raw material procurement relies on purchasing pure gold bullions from accredited bullion houses across India. Finished ornaments undergo strict quality checks, including X-ray fluorescence (XRF) purity verification, and are hallmarked by the Bureau of Indian Standards (BIS) to ensure compliance. In addition to outright sales, the company offers job-work customization services where clients supply their own gold bullion and are charged conversion/labor fees. In Fiscal 2026, product sales generated Rs 16,169.80 million, while job-work service income contributed Rs 138.07 million.
As per financial performance, Shankesh Jewellers Limited has posted total income / net profits of Rs 1,061.91 Cr / Rs 12.82 Cr (FY24), Rs 1,403.94 Cr / Rs 40.31 Cr (FY25) and Rs 1,630.93 Cr / Rs 106.68 Cr (FY26). So as per previous financials data, the company has shown consistent top-line growth and a significant net profit expansion in the latest fiscal year, alongside total outstanding borrowings increasing from Rs 108.58 Cr in FY24 to Rs 167.30 Cr in FY26 to finance expanding operations. Company has an average EPS of Rs 5.87 and average RoNW of 42.37% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 5.22 as per NAV of Rs 17.82 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.83. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 106.69, 33.92, and 12.82 respectively. As per RHP, a comparison between listed peers shows comparable competitors Sky Gold & Diamonds Limited and Shanti Gold International Limited trade at P/E multiples of 34.86x and 10.04x respectively, with the industry average standing at 22.45x, making Shankesh Jewellers' FY26 post-issue P/E of 12.82x highly competitive.
On BRLM's front, Aryaman Financial Services Limited and Smart Horizon Capital Advisors Private Limited are associated with this IPO, and Smart Horizon Capital Advisors Private Limited has handled 22 IPOs in the last three fiscal years. (as on 11.08.26)
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