Shankesh Jewellers Ltd(SHANKESH)

NSE: SHANKESHBSE: 544882

₹ 91.2-4.40%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,341 crWebsite: www.shankeshjewellers.comUpdated: 24 Oct 2026

About

Shankesh Jewellers Ltd is an Indian jewellery manufacturer and supplier serving organised retail jewellery players across India, with revenue from operations of ₹424 Cr in Q1 FY27, up 55% year-on-year. The company operates an asset-light model built around a karigar network and sells predominantly to corporate clients, with pan-India reach across West, East, South and North India. It listed on NSE and BSE on 25 August 2026.^[1]

Customer mix

Corporate clients (organised jewellery retailers) contributed 66% of Q1 FY27 revenue (₹280 Cr), up from 64% in FY26 and 55% in FY24, reflecting deepening relationships with established players.^[1]
Remaining revenue comes from non-corporate clients; management describes the corporate share shift as a deliberate long-term strategy.^[1]

Product mix

18-karat jewellery revenue grew from ₹18 Cr in FY24 to ₹221 Cr in FY26 and reached ₹85 Cr (20% of revenue) in Q1 FY27; management notes 18-karat commands slightly higher margins than 22-karat.^[1]
Festive-season intricate designs (e.g., Akshaya Tritiya) command a premium making charge, driving Q1 FY27 EBITDA margin expansion of 279 bps YoY to 14.4%.^[1]
Company is researching entry into 14-karat and 9-karat jewellery categories as market demand develops.^[1]

Key operating numbers

Inventory turns approximately 8 times per year as of Q1 FY27, supporting the asset-light model.^[1]
Trade receivables at approximately 22 days as of Q1 FY27.^[1]
Gross margin was 15.6% in Q1 FY27, up 323 bps year-on-year.^[1]
Volume growth was approximately flat year-on-year in Q1 FY27; revenue growth of 55% was driven by product mix and gold price tailwinds rather than volume.^[1]

Operations and capacity

Production relies on a karigar (artisan) network that management says can support 30 - 50% incremental volume growth without a proportionate increase in fixed infrastructure.^[1]
ROCE was 41.6% and ROE was 50.9% in FY26, which management attributes to the asset-light structure where capital is concentrated in inventory.^[1]

Geographic reach

FY26 revenue by region: West India 32%, East India 28%, South India 21%, North India 18%, giving pan-India coverage.^[1]
Haryana, Punjab and Himachal Pradesh are identified as high-growth focused markets targeted for increased penetration.^[1]

Recent developments

Shankesh Jewellers listed on NSE and BSE on 25 August 2026; Q1 FY27 earnings call was the company's first post-IPO call.^[1]
Post-IPO equity approximately doubled to ₹450 Cr from ₹209 Cr in FY26; IPO proceeds are earmarked to fund working capital.^[1]
Debt-to-equity ratio improved to 0.8x in FY26 from 2.1x in FY23.^[1]

Market Cap

₹1,341 Cr

High / Low

₹116 / 87

Promoter holding

69.5%

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