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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 P/E with exceptional PAT growth of 188.5% over two years and strong ROCE of 26.28%, signaling efficient capital deployment. Primary risk is thin EBITDA margin of 4.65% and moderate leverage at 1.44× D/E, which limits downside protection in a commodity-exposed sector.
Listing Performance
Issue Price
₹93
Allotment price
Listing Price
₹102.2
+9.89% on listing day
Current Price (CMP)
₹101.73
+9.4% 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% two-year CAGR. Revenue also grew steadily at 23.9% CAGR over the same period, reaching ₹1630.9 Cr, demonstrating both scale and profitability expansion in a capital-intensive business.
✓ Strength
Valuation deeply discounted to peers
At 12.8× P/E, the company trades at 0.56× the niche sector midpoint of 23×, offering a 44% discount. The P/S ratio of 0.8× is also conservative for a jewellery retailer with ₹1630.79 Cr in revenue, suggesting limited premium pricing into the valuation.
✓ Strength
Strong capital efficiency metrics
ROCE of 26.28% indicates the company generates ₹0.26 of profit per rupee of capital employed, well above cost of capital. This efficiency is rare in retail jewellery and suggests competitive advantage or operational discipline.
✓ Strength
Bullish market sentiment and promoter commitment
Grey Market Premium of ₹55 (31.07% above upper band) signals strong retail demand for an SME listing. Promoter holding remains elevated at 69.53% post-issue, demonstrating continued confidence and alignment with minority shareholders.
⚠ Risk
Thin operating margins limit resilience
EBITDA margin of 4.65% and NPM of 6.5% are narrow for a jewellery business, leaving little buffer against commodity price volatility, labour cost inflation, or demand shocks. A 10% revenue decline could compress profitability sharply.
⚠ Risk
Moderate leverage in cyclical sector
Debt-to-equity of 1.44× is acceptable but not conservative, especially in jewellery where gold and silver prices fluctuate. Rising interest rates or working capital stress could pressure cash flow if inventory turns slow.
⚠ Risk
Jewellery sector cyclicality and competition
Retail jewellery is highly cyclical, sensitive to gold prices, consumer sentiment, and festive demand. The company faces entrenched competitors (Titan, Malabar Gold, Kalyan) with stronger brand equity and distribution networks.
₹ Valuation
Valuation deeply attractive on multiples
At 12.8× P/E against a 23× sector midpoint, the company is priced at a 44% discount. The 0.56× multiple-to-midpoint ratio sits well within the Subscribe threshold of ≤1.0×, and the 188.5% PAT CAGR justifies the growth premium embedded in the valuation.
👁 Watch
Monitor margin sustainability post-listing
Track quarterly EBITDA and NPM trends closely. If margins compress below 4% EBITDA or 5% NPM within two quarters, the valuation case weakens significantly given the narrow safety margin already present.
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 P/E with exceptional PAT growth of 188.5% over two years and strong ROCE of 26.28%, signaling efficient capital deployment. Primary risk is thin EBITDA margin of 4.65% and moderate leverage at 1.44× D/E, which limits downside protection in a commodity-exposed sector.
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 ₹101.73 (+9.4% 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 P/E with exceptional PAT growth of 188.5% over two years and strong ROCE of 26.28%, signaling efficient capital deployment. Primary risk is thin EBITDA margin of 4.65% and moderate leverage at 1.44× D/E, which limits downside protection in a commodity-exposed sector.
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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