Shankesh Jewellers Ltd
Shankesh Jewellers is a B2B handcrafted gold jewellery manufacturer based in Mumbai, supplying 22-karat and 18-karat gold jewellery to prominent corporate clients across India through an asset-light business model.
Overview
About the Company
Incorporated in 2005, Shankesh Jewellers Limited operates as a business-to-business manufacturer of customized handcrafted gold jewellery. The company specializes in producing 22-karat and 18-karat gold ornaments including bangles, bridal jewellery, chokers, jhumkas, necklace sets, mangalsutras, and rings. Its product range spans multiple categories such as antique, semi-antique, Calcutta, temple, and gheru polish designs, available in yellow, rhodium, and rose gold finishes. The company serves a pan-India client base comprising both corporate and non-corporate customers, including prominent jewellery brands like Joyalukkas India, P N Gadgil & Sons, Kalyan Jewellers, Novel Jewels (Aditya Birla Group), and Manoj Vaibhav Gems 'N' Jewellers. Shankesh Jewellers employs an asset-light operational strategy by engaging skilled local artisans and job workers for manufacturing while retaining design, raw material sourcing, and delivery functions internally. Beyond direct product sales, the company provides job work services where clients supply bullion and specify design requirements. All products carry BIS hallmark certification. The firm maintains a legacy of over three decades in the handmade jewellery segment, having cultivated strong relationships with leading jewellery houses through consistent delivery of design excellence and craftsmanship. As of May 31, 2026, the company employed 46 permanent staff across executive, financial, administrative, sales, design, and quality functions, alongside 72 associated job workers.
Company Details
📋 Objects of Issue (Use of Proceeds)
- › Repayment or pre-payment of certain borrowings amounting to ₹158.00 crores
- › Funding working capital requirements of ₹38.00 crores
- › General corporate purposes
✅ Strengths
- ✓ Strong historical financial performance with 16% revenue growth and 165% PAT growth between FY2025 and FY2026
- ✓ Long-term relationships with local jobworkers enabling quality handcrafted gold jewellery manufacturing
- ✓ Asset-light business model reducing capital expenditure requirements
- ✓ Wide product range covering diverse handcrafted gold jewellery categories
- ✓ Strong emphasis on quality standards and customer satisfaction
- ✓ Established relationships with prominent corporate and non-corporate jewellery clients
- ✓ Experienced promoters and management team with proven execution capabilities
- ✓ Well-developed marketing infrastructure supporting pan-India operations
⚠️ Risks
- ! Business success heavily dependent on B2B customers' ability to sell products to end consumers
- ! Financial stability exposed to risks from gold price volatility
- ! Working capital intensive operations requiring substantial funding
- ! Heavy reliance on third-party artisans for all jewellery manufacturing
- ! Intense competition from both organized and unorganized sector players in the jewellery market