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Shankesh Jewellers IPO
3.22xsubscribed

Shankesh Jewellers IPO

Diamond & Jewellery
listed
₹14,080Min. investment

Shankesh Jewellers Limited IPO Details

SectorDiamond & Jewellery
Price range₹88.00 – ₹93.00
IPO type
Regular
Lot size160 shares
Issue size₹367Cr
Red Herring Prospectus
Read
Market cap
₹1,367CrLower than sector avg
RevenueApr 2025 - Mar 2026
₹1,630CrLower than sector avg
Growth rate3Y CAGR
23.93%Higher than sector avg

Shankesh Jewellers IPO Subscription Status

Date
QIB
NII
Retail
Total
18-Aug-26
0.03 times (X)
0.3 times (X)
0.42 times (X)
0.28 times (X)
19-Aug-26
0.58X
1.13X
0.87X
0.79X
20-Aug-26
1.29X
16.19X
2.36X
3.22X

As on 18-Aug-26, 5:30 PM

Shankesh Jewellers IPO Timeline

  1. Pre-apply
    17 Aug 2026
  2. Bid start
    18 Aug 2026
  3. Bid end
    20 Aug 2026
  4. Allotment
    21 Aug 2026
  5. Release of funds
    24 Aug 2026
  6. Demat transfer
    24 Aug 2026
  7. Listing
    25 Aug 2026

About Shankesh Jewellers Limited

Shankesh Jewellers, incorporated in July 2005, is in the business of hand-crafted gold jewellery and customisation of jewellery for its clients, adopting an asset-light business model in which the karigars hand-craft the jewellery according to the client’s requirements, with the company serving as the principal contractor handling design, procurement of material, and finally making the jewellery.
The products available at Shankesh Jewellers include hand-crafted gold jewellery in 22-carat and 18-carat such as antique, semi-antique, Calcutta, temple, gheru polish, and yellow/rhodium/rose gold jewellery, which consists of bangles, bridal sets, chokers, jhumkas, necklaces, mangal sutras, and rings; all of them are BIS hallmarked.
The clientele of Shankesh Jewellers includes renowned corporate houses such as Joyalukkas India Limited, P.N. Gadgil & Sons, Kalyan Jewellers India Limited, Novel Jewels Limited (Aditya Birla Group), and D.P. Abhushan Limited, along with non-corporates like Verma Jewellers and Sham Jewellers.
In-house manufacturing facilities did not exist, and the company had to depend upon job-workers for manufacturing. During FY26, the company worked with 72 job-workers compared to 87 during FY25 and 90 in FY24. Out of these 72 job-workers, 66 job-workers have signed the prescribed formal agreement of the company and have access to multiple karigars. Job-worker attrition saw a steep increase from 1.10% in FY24 to 17.24% in FY26. A contract with job workers is a single assignment/job order contract without any fixed duration. Job-worker manufacturing plants are mostly located in Mumbai, Maharashtra.
The company's revenues come from direct sales (22-karat and 18-karat) and job-work services. For FY26, 22-carat sales amounted to ₹1,396 crore and 18-carat sales amounted to ₹220.98 crore, whereas job work accounted for ₹13.81 crore, making the total revenues ₹1,630.79 crore. The contribution from corporate customers stood at 64.2% in FY26, and that from non-corporate customers was 35.7% in FY26. In geographical terms, Maharashtra provided 25.4% of revenues, followed by Bihar with 17.1%, Uttar Pradesh with 10.7%, Tamil Nadu with 9.3%, and Odisha with 5.2%.
The company had 418 customers in FY26 (84 new and 334 repeat customers). Even though revenues increased during FY26, the total number of customers decreased, and the repeat customer share went up to 80%. The top 10 customers' share increased to 39.5% in FY26 from 30.6% in FY24.
The gems & jewellery industry in India is an important sector of the national economy, accounting for about 7% of the GDP and about 15% of merchandise exports, wherein gold jewellery constitutes 80% of the total gems & jewellery market by type of materials used. The value of the domestic gold jewellery industry in CY25 stood at ₹7,90,770 crore, having increased at a CAGR of 9.5% from CY20 to CY25 and is estimated to increase further at a CAGR of 11.4% to reach ₹13,57,580 crore in CY30P. Out of which, the value of the wholesale gold jewellery industry, wherein the handcrafted B2B jewelleries get manufactured, was estimated at ₹2,17,610 crore in CY25 and is projected to grow at a CAGR of 13.1% to reach ₹4,02,470 crore in CY30P. The wholesale gold jewellery industry continues to remain largely unorganised (constituting ~86.9% of the wholesale market), but the organised side is gaining momentum due to the implementation of GST, BIS hallmarking and consumer preference towards branded, certified and differentially designed jewellery.
Shankesh Jewellers has an advantage over its competitors in making use of these favourable conditions within the industry, given its presence in the industry through its B2B handcrafted gold jewellery business. Its clientele comprises leading corporate jewellery retailers, including companies like Joyalukkas, Kalyan Jewellers, P.N. Gadgil, and D.P. Abhushan, and other players. With more and more organised retail chains entering tier II and III cities in order to cater to the demand for certified and hallmarked jewellery, Shankesh Jewellers will definitely make gains by virtue of its job worker-driven production model, with a focus on design, sourcing, and quality checks. Also, given its varied portfolio of products that includes bridal sets, mangalsutras, bangles, chokers, and rings in both 22-carat and 18-carat gold, the firm has managed to target the core demand generators of the industry, namely, weddings, festivals, and everyday wear.
Now, Shankesh Jewellers is launching its initial public offering (IPO), which consists of a fresh issue of ₹274.18 crore and an offer for sale of ₹93 crore. The total issue size of the IPO is ₹367.18 crore. Its shares will be listed on the NSE and BSE.

How to pre-apply for Shankesh Jewellers IPO?

You can pre-apply for Shankesh Jewellers IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
  • Login to your Upstox account, using your six-digit PIN
  • After successfully logging in, click on ‘Discover’
  • On the Discover tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Shankesh Jewellers IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Pre-Apply’
  • Accept the mandate on your UPI app

How to apply for Shankesh Jewellers IPO?

If you are interested in this investment opportunity but unsure how to apply for Shankesh Jewellers IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Shankesh Jewellers IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Shankesh Jewellers IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

How to check allotment status for Shankesh Jewellers IPO?

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the Shankesh Jewellers IPO allotment status:
  • Login to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, you will find the ‘View all’ option
  • Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
  • In the ‘IPO’ tab, click on ‘My applications’
  • In ‘My applications’, under the History section, your Shankesh Jewellers IPO allotment status will be mentioned.

Shankesh Jewellers Limited IPO Analysis

IPO REVIEW

Shankesh Jewellers IPO | Analysis Video

Should you apply?

Watch our analysts break down the Shankesh Jewellers Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Long-term relationships with Jobworkers

The company has engaged 72 job workers in FY26, of which 66 have executed the company’s prescribed agreements as of FY26, providing access to a network of karigars for handcrafted gold jewellery manufacturing.

Asset-light operating model

Manufacturing is entirely outsourced to karigars through Jobworkers, with the company acting as principal contractor managing design, material sourcing and quality control across a 2-3 round verification process, without any in-house manufacturing capacity.

Wide product range under one roof

The company offers hand-crafted gold jewellery across six major categories, from antiques to temple jewellery, comprising bridal jewellery, chokers, Mangal Sutra, etc., supported by in-house design and customisation capabilities.

Established corporate and non-corporate client relationships

Revenue from non-corporate clients contributed 35.7% of revenue in FY26, while corporate clients, including Joyalukkas India Limited, P.N. Gadgil & Sons Limited and Kalyan Jewellers India Limited, accounted for the rest of the revenue.

Quality assurance & low returns

All products are BIS Hallmark certified with multi-level quality inspections. Product returns were low and stood at 7.2% of sales in FY26, mainly owing to preference changes.

Objectives of Shankesh Jewellers Limited IPO

Repayment of debt
57.60%
The company will use ₹158 crore for repayment of certain borrowings availed by the company.
General corporate purposes
28.50%
Part of the IPO proceeds will be used for general corporate purposes and issue expenses.
Working capital
13.80%
The company will use ₹38 crore for funding working capital requirements of the business.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹1,630Cr23.93%₹106Cr₹1,367Cr10.230.80
This sector (avg.)₹7,172.77Cr0.03%₹66.45Cr₹7,398.94Cr45.820.57
₹60,456Cr---₹3,337Cr₹3,52,813.4Cr85.471.79
₹25,045.07Cr---₹714.17Cr₹37,346.24Cr40.101.03
₹4,910.58Cr---₹118.71Cr₹10,321.1Cr42.340.72

*Revenue for financial year 2025-26. Lower P/E and D/E ratios are generally preferred.

Shankesh Jewellers IPO Contact Details

Company NameShankesh Jewellers Limited

How to apply for Shankesh Jewellers IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Shankesh Jewellers Limited IPO FAQs

Investors can apply for the Shankesh Jewellers IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Shankesh Jewellers IPO is 367 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Shankesh Jewellers IPO will be open between 2026-08-18 and 2026-08-20.
Shankesh Jewellers IPO allotment date is 2026-08-24. For Shankesh Jewellers IPO allotment status check, you can visit the website of the registrar of the IPO.
For Shankesh Jewellers IPO, the IPO registrar is KFIN Technologies Limited. You can check Shankesh Jewellers IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Shankesh Jewellers IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Shankesh Jewellers IPO lot size is 160 and minimum order quantity is 160.
Shankesh Jewellers IPO has set the price band for its IPO at 93 per equity share with a face value of 5.