Aryaman Financial Services Ltd.
Smart Horizon Capital Advisors Pvt.Ltd.

Incorporated in 2005, Shankesh Jewellers Limited is a B2B manufacturer and custom creator of high-end handcrafted gold jewellery. Leveraging a legacy of over three decades in the handmade jewellery segment, the company specializes in 22-karat and 18-karat gold across a wide variety of aesthetics, including Antique, Semi-Antique, Calcutta, Temple, Gheru Polish, and multi-tone gold (Yellow, Rhodium, and Rose Gold). Its core product ecosystem spans bridal sets, chokers, jhumkas, necklace sets, mangalsutras, bangles, rings, and combined sets.

Institutional Client Base & PAN-India Distribution

The company operates a nationwide distribution network catering to major corporate retail chains and leading regional jewellers. Shankesh Jewellers maintains a marquee corporate clientele, supplying prominent retail brands such as Joyalukkas India Limited, Kalyan Jewellers India Limited, P. N. Gadgil & Sons Limited, Novel Jewels Limited (Aditya Birla Group), and Manoj Vaibhav Gems ‘N’ Jewellers Limited. Long-standing customer relationships and customized design capabilities serve as key entry barriers in its core B2B markets.

Asset-Light Operating Model & Revenue Structure

Shankesh Jewellers executes a flexible, asset-light manufacturing model by partnering with independent local karigars (artisans) and job workers for actual crafting, while retaining in-house control over high-value functions including design, raw material/bullion sourcing, quality control, and client relationship management. All product output complies with regulatory standards through 100% BIS hallmarking.

The company generates revenues across two primary business verticals:

• Outright Sales: Direct manufacturing and sale of proprietary 18K and 22K handcrafted gold jewellery.
• Custom Job Work Services: Processing client-supplied bullion into customized finished designs.

Operational Scale & Human Capital

As of May 31, 2026, the company supported its operational and corporate setup with 46 permanent employees across key functions—including key managerial personnel (KMP), sales & marketing, client servicing, design, finance, and quality assurance—supplemented by an active network of 72 contract job workers.

For the year/period ended (Rs. in Cr.)

For year/ period ended ( in Cr.)

*Market cap @upper band

• Strong historical financial performance.
• Long-term relationships with local job workers for handcrafted gold jewellery manufacturing.
• Asset-light business model.
• Wide product range in handcrafted gold jewellery.
• Strong focus on quality and customer satisfaction.
• Established relationships with corporate and non-corporate jewellery clients.
• Experienced promoters and management team with proven execution capabilities.
• Established marketing setup.

The Company IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:

• Repayment/pre-payment, in full or part, of certain borrowings (Rs 158 Cr)
• Funding working capital requirements (Rs 38 Cr)
• General Corporate Purposes.

At the upper band of IPO ₹93, the stock is valued at 10.24 P/E multiple. Hence, well-informed investors subscribe for medium to long term perspective.