Shankesh JewellersIPO Review — Financials, Valuation & Peers
A data-only look at the Shankesh Jewellers IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 1,061.91 | 12.82 | 28.6 | 60.29 | 177.07 | 109.81 | — |
| FY 2025 | 1,403.94 | 40.31 | 65.35 | 100.6 | 249.56 | 145.63 | — |
| FY 2026 | 1,630.93 | 106.68 | 157.9 | 209.43 | 403.76 | 167.3 | 9.08 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 10.24x
- P/E (post-issue)
- 12.81x
- RoNW
- 50.94%
- RoE
- 50.94%
- RoCE
- 41.57%
- Debt / Equity
- 0.8
- EPS (pre-issue)
- ₹9.08
- EPS (post-issue)
- ₹7.26
- EBITDA Margin
- 9.68%
- PAT Margin
- 6.54%
- P/BV
- 10.84x
- NAV / share
- ₹17.82
- Market Cap
- ₹1,367.39 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Shankesh Jewellers | 9.09 | 17.82 | — | 50.97% | — | Standalone |
| Shanti Gold International Limited | 21.22 | 83 | 9.76x | 23.42% | 2.61x | Consolidated |
| Sky Gold And Diamonds Limited | 18.07 | 77.8 | 35.42x | 23.37% | 8.36x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Kantilal Kheemraj Jain, Mahavir Kantilal Jain, Manoj Kantilal Jain</p>
- Holding (pre-issue)
- 95.48%
- Holding (post-issue)
- 69.53%
- Dilution
- 25.95%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Shankesh Jewellers IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
14 anchor investors participated in the Shankesh Jewellers IPO ahead of the public offer, together allocated ₹110.19 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to TIGER STRATEGIES FUND 1 (₹17.14 crore), NECTA BLOOM VCC-NECTA BLOOM ONE (₹15 crore) and VENUS INVESTMENTS VCC-VENUS STELLAR FUND (₹10.03 crore). Investor categories represented include Other and FII/FPI. The lock-in on half the anchor shares ends on 20 Sept 2026, with the remainder locked until 19 Nov 2026.
Analyst view tally
ipostation tracks 1 third-party reviewer on the Shankesh Jewellers IPO, including Capital Market. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Shankesh Jewellers operates at an EBITDA margin of 9.68% and a net (PAT) margin of 6.54% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 41.57% and a return on equity (RoE) of 50.94%. At the upper band, the post-issue market capitalisation works out to about ₹1,367.39 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward repayment/pre-payment, in full or part, of certain borrowings (₹158 crore), alongside funding working capital requirements (₹38 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Shankesh Jewellers reported revenue of ₹1,630.93 crore and a net profit of ₹106.68 crore. Revenue grew from ₹1,061.91 crore in FY2024 to ₹1,630.93 crore in FY2026 (+54.0%). Net worth stood at ₹209.43 crore at the end of FY2026. At the upper band, that puts the issue at roughly 10.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 12.81× post-issue earnings and 10.84× book value, against a return on net worth of 50.94% and a debt-to-equity ratio of 0.8. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Shanti Gold International Limited and Sky Gold And Diamonds Limited, with a median peer P/E of about 22.6×. The issue's own post-issue P/E works out to 12.81×.
Promoters
The promoters of the company are <p>Kantilal Kheemraj Jain, Mahavir Kantilal Jain, Manoj Kantilal Jain</p>. Promoter holding stands at 95.48% before the issue and comes down to 69.53% after listing.
Frequently asked questions
- What is the reservation split in the Shankesh Jewellers IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%.
- Who are the promoters of Shankesh Jewellers and what is their holding?
- The promoters are <p>Kantilal Kheemraj Jain, Mahavir Kantilal Jain, Manoj Kantilal Jain</p>. Promoter holding is 95.48% before the issue and 69.53% after listing.
- What is the P/E ratio of the Shankesh Jewellers IPO?
- At the upper price band, the Shankesh Jewellers IPO is valued at 10.24× pre-issue earnings and 12.81× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Shankesh Jewellers IPO?
- The net proceeds go primarily toward repayment/pre-payment, in full or part, of certain borrowings, among 3 disclosed objects.