Shankesh Jewellers IPO: Price band fixed at ₹88 to ₹93, issue date, size and key details

Summary:

Shankesh Jewellers IPO opens on August 18, 2026, at a price band of ₹88 to ₹93 per share. The ₹367.18 crore issue combines a ₹274.18 crore fresh issue with a ₹93 crore offer for sale, closes August 20, and lists tentatively August 25 on BSE and NSE.

Introduction

Incorporated in 2005 and headquartered in Zaveri Bazar, Mumbai, Shankesh Jewellers manufactures customised handcrafted gold jewellery in 22 karat and 18 karat gold, supplying bangles, bridal sets, chokers, jhumkas, necklace sets, mangalsutras and rings to jewellery retailers across India.

Shankesh Jewellers IPO: Key highlights

Shankesh Jewellers IPO dates and timeline

Shankesh Jewellers IPO price band, lot size and minimum investment

Face value ₹5, price band ₹88 to ₹93. Retail investors can bid at the cut-off price. HNI categories bid at a specific price within the band.

QIB gets not more than 50% of the offer, retail not less than 35%, and NII not less than 15%.

Shankesh Jewellers IPO issue size and offer structure

The OFS is split between two promoters. Manoj Kantilal Jain is selling around ₹48.36 crore worth of shares, and Kantilal Kheemraj Jain is selling around ₹44.64 crore. The promoter and promoter group holding drops from 95.48% pre-issue to 69.53% post-issue.

Shankesh Jewellers IPO: Objectives of the issue

Only the fresh issue proceeds of ₹274.18 crore reach the company. The OFS money goes to the two selling promoters. Fresh proceeds go toward repayment or prepayment of certain borrowings, funding working capital requirements, and general corporate purposes.

About Shankesh Jewellers Limited

Incorporated in 2005, Shankesh Jewellers manufactures customised handcrafted gold jewellery out of Zaveri Bazar, Mumbai, a locality synonymous with India's bullion and jewellery trade.

Products span 22-karat and 18-karat gold jewellery across bangles, bridal jewellery, chokers, jhumkas, necklace sets, mangalsutras and rings, in finishes including antique, semi-antique, Calcutta, temple, gheru polish and yellow, rhodium and rose gold. The company distributes PAN India to corporate and non-corporate clients, with a client list that includes Joyalukkas India, P N Gadgil and Sons, Kalyan Jewellers India, and Novel Jewels, part of the Aditya Birla Group. Three promoters run the company: Kantilal Kheemraj Jain, Mahavir Kantilal Jain and Manoj Kantilal Jain.

Shankesh Jewellers financial performance

Revenue grew 16% in FY26. PAT grew 165%. That gap between top-line and bottom-line growth is the number worth sitting with. Margins have expanded sharply over just two years, and net worth has more than tripled since FY24. Borrowings have risen too, though at a slower pace than profit.

A few recently listed gems and jewellery names offer a rough comparison. Advit Jewels listed at ₹138 with a P/E of 18.41x. Shringar House of Mangalsutra is listed at ₹165 with a P/E of 19.47x. PNGS Reva Diamond Jewellery is listed at ₹386 with a P/E of 10.96x. Shankesh Jewellers, at 12.81x, sits toward the lower end of that range, though scale and product mix differ enough to make direct comparisons rough.

Strengths of Shankesh Jewellers

• PAT grew 165% in FY26 against 16% revenue growth. Margins are expanding, not just revenue
• ROE above 50% and ROCE above 41% are strong for a manufacturing business
• Established supplier relationships with large jewellery retailers, including Joyalukkas and Kalyan Jewellers
• Net worth has more than tripled between FY24 and FY26
• The product range spans multiple gold categories and finishes, not a single design line

Risks associated with Shankesh Jewellers IPO

• At 12.81x post-issue P/E and 10.84x price-to-book, the book value multiple runs well ahead of earnings-based valuation
• FY26's sharp jump in profitability is recent. Whether it holds up over a longer stretch is unproven
• A debt/equity of 0.80 and rising borrowings mean leverage is not negligible for the sector
• Revenue depends on a business-to-business model built around large retail clients rather than direct consumer sales
• Promoter holding drops close to 26 percentage points post-issue, a meaningful dilution
• Gold jewellery manufacturing carries direct exposure to gold price movements and working capital cycles

Should you consider the Shankesh Jewellers IPO?

The recent numbers are hard to ignore. Improving margins, a sharp rise in profit, and reduced leverage relative to net worth all point in the same direction. The company has close to two decades of operating history and a client list that includes some of India's largest jewellery retailers.

The valuation is not without questions. A price-to-book value above 10x leaves little room for the FY26 profit trajectory to falter, even as the earnings multiple itself looks reasonable against listed peers. Investors weighing this issue would do well to separate the strength of one exceptional year from a longer, harder-to-verify track record.

Read the RHP before applying. The pace of FY26's margin expansion and the size of promoter dilution are the two things worth sitting with before bidding.

Conclusion

Shankesh Jewellers brings a fast-growing gold jewellery manufacturing business to market at ₹88 to ₹93, with bidding running August 18 to 20 and listing set for August 25. The sharp profit growth in FY26 and an established retail client base are the positives. The price-to-book multiple leaves limited room for error, and the recency of the margin improvement means the durability of that growth is still to be tested. How the market prices it at listing will be the real signal.