| Reviewer | Recommendation |
| IPOWatch | May Apply |
| Capital Market | Neutral |
| Swastika Investmart Ltd. | Neutral |
| Beacon Capital Advisors Pvt. Ltd. (Equivision) | Not Rated |
| Dilip Davda | Not Rated |
Shankesh Jewellers designs a wide range of 22-karat and 18-karat gold jewellery. All of their designs are made with a rare combination of art and rich craftsmanship and undergo several quality checks.
For medium- to long-term investment, this IPO might be a good fit. Overall, investors should carefully evaluate the company’s fundamentals, strengths, risks, and growth prospects before making any investment decision.
Strengths:
- Its product portfolio includes a diverse range of high-quality gold jewellery, including Bangles, Bridal Jewellery, Chokers, Jhumkas, Long and Short Necklace sets, Mangal Sutra and Rings, and Antique Jewellery, Semi-Antique Jewellery, Calcutta Jewellery, Temple Jewellery, Gheru Polish, Yellow/ Rodium/ Rose Gold Jewellery, and customized jewellery.
- The company has showed strong growth in revenue and profitability, achieving revenue of ₹1,630.79 crore in FY26. EBITDA rose to ₹157.90 crore, and PAT increased to ₹106.68 crore.
- The firm has maintained long-standing relationships with 66 job workers for making customised, handcrafted gold jewellery as per the company’s requirements.
- Shankesh Jewellers has maintained a strong relationship with corporate and non-corporate jewellery clients such as Joyalukkas India Limited, P. N. Gadgil & Sons Ltd., Kalyan Jewellers India Limited, Bhima Jewellers Madurai, etc.
Weaknesses:
- In FY26, around 67.84% of the company’s revenue derives from its top 5 states: Tamil Nadu, Maharashtra, Uttar Pradesh, Bihar and Odisha, which exposes it to a geographical concentration risk.
- Since the business deals in precious gold products, risks like loss or theft of products while transporting and delivering can lead to financial loss.
- The firm is highly dependent on third-party workers (Karigars) for designing all of its products. Any interruption, shortage of skilled karigars, or any issues in the quality of the products can adversely affect the company’s performance and its reputation.
- About 39.56% of the company’s revenue depends on the top 10 customers. Loss of any of the major customers for any reason can negatively impact the company’s business, profits, financial position, and cash flows.
Disclaimer
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.