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Listed
Gems, Jewellery And Watches
Shankesh Jewellers Limited IPO
₹367 Cr · Fresh Issue & OFS · Gems, Jewellery And Watches
Price Band
₹88 – ₹93
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹367 Cr
Fresh Issue & OFS
Market Cap
₹1367.39 Cr
At upper band
P/E Ratio
12.8x
P/S: 0.8x
Listing Date
25 Aug 2026
BSE & NSE
IPO Timeline
✓
Opens
18 Aug 2026
✓
Closes
20 Aug 2026
✓
Allotment
21 Aug 2026
✓
Refund
24 Aug 2026
✓
Listing
25 Aug 2026
IPO India Hub: Subscribe
Conviction
8/10
The company trades at 0.56× sector midpoint with exceptional PAT growth of 188.5% over two years and strong ROCE of 26.28%, well below fair valuation thresholds. Key risk is thin EBITDA margin of 4.65% and moderate leverage at 1.44× D/E, which debt repayment should improve.
Listing Performance
Issue Price
₹93
Allotment price
Listing Price
₹102.2
+9.89% on listing day
Current Price (CMP)
₹91.37
-1.8% vs issue
Listed On
25 Aug 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profit growth trajectory
Net profit surged from ₹12.8 Cr (FY-2) to ₹106.7 Cr (FY0), a 188.5% CAGR over two years, demonstrating strong operational leverage and margin expansion. This growth significantly outpaces the 23.9% revenue CAGR, indicating improving operational efficiency and pricing power in the jewellery segment.
✓ Strength
Deep valuation discount to peers
At 12.8× P/E, the company trades at 0.56× the niche sector midpoint of 23×, placing it in the Subscribe zone despite modest net margins. The P/S ratio of 0.8× further confirms undervaluation relative to jewellery retail comparables, offering a margin of safety.
⚠ Risk
Thin operating margins limit upside
EBITDA margin of 4.65% and NPM of 6.5% are materially below the 15% threshold that would justify premium valuations. Any commodity price volatility or competitive pressure could compress these already-thin margins, limiting earnings growth sustainability.
⚠ Risk
Moderate leverage and working capital intensity
D/E of 1.44× is acceptable but not conservative, and the jewellery business is inherently working-capital intensive. While ₹158 Cr of the ₹282 Cr proceeds target debt repayment, the company must maintain sufficient liquidity for inventory and receivables as it scales.
₹ Valuation
Valuation well below sector midpoint
At 12.8× P/E against a niche sector midpoint of 23×, the company is valued at 0.56× midpoint—comfortably in Subscribe territory. Even accounting for 6.5% NPM (below the 15% threshold for premium multiples), the valuation offers a 44% discount to fair value, supported by 23.9% revenue CAGR.
👁 Watch
Monitor margin trajectory post-listing
Track quarterly EBITDA and net margins closely; any decline below 4.5% EBITDA or sustained pressure on NPM would signal operational stress. Also watch debt reduction progress—the company should demonstrate meaningful D/E improvement within 12–18 months to validate the IPO thesis.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Shankesh Jewellers Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹1630.79 Cr
Net Profit
₹106.68 Cr
Industry
Gems, Jewellery And Watches
Issue Type
Fresh Issue & OFS
Promoters
KANTILAL KHEEMRAJ JAIN, MAHAVIR KANTILAL JAIN AND MANOJ KANTILAL JAIN
Lead Managers
Aryaman Financial Services and Smart Horizon Capital Advisors
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.56× sector midpoint with exceptional PAT growth of 188.5% over two years and strong ROCE of 26.28%, well below fair valuation thresholds. Key risk is thin EBITDA margin of 4.65% and moderate leverage at 1.44× D/E, which debt repayment should improve.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹88 – ₹93.
The IPO opens on 18 Aug 2026. It closes on 20 Aug 2026. Allotment is expected on 21 Aug 2026. Refunds initiate on 24 Aug 2026. Listing on BSE and NSE is on 25 Aug 2026.
The lead managers for the IPO are Aryaman Financial Services and Smart Horizon Capital Advisors. Check the SEBI filing for the registrar details.
The IPO listed on 25 Aug 2026 at ₹102.2 against an issue price of ₹93 (+9.89% on listing day). The current market price (CMP) is approximately ₹91.37 (+-1.8% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 20 Aug 2026. The company trades at 0.56× sector midpoint with exceptional PAT growth of 188.5% over two years and strong ROCE of 26.28%, well below fair valuation thresholds. Key risk is thin EBITDA margin of 4.65% and moderate leverage at 1.44× D/E, which debt repayment should improve.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 20 Aug 2026. The IPO is priced at a P/E of 12.8x. Market cap at issue price is ₹1367.39 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 20 Aug 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Shankesh Jewellers Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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