{"id":14506,"date":"2026-08-18T09:44:07","date_gmt":"2026-08-18T09:44:07","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=14506"},"modified":"2026-08-18T09:52:34","modified_gmt":"2026-08-18T09:52:34","slug":"shankesh-jewellers-ipo","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/shankesh-jewellers-ipo\/","title":{"rendered":"Shankesh Jewellers IPO: Caught in a Gold Rush"},"content":{"rendered":"<p>Shankesh Jewellers Limited is filing a \u20b9367 Cr IPO on August 18, 2026. Shankesh has run its entire hand-crafted gold jewellery business without owning a single factory for 34 years, outsourcing every piece to a network of Mumbai jobworkers, and its client list includes Kalyan Jewellers, Joyalukkas and P.N. Gadgil &amp; Sons, some of India&#8217;s largest listed jewellery retailers.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"ipo-summary\">IPO Summary<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!UIXn!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65ebb409-4b78-4555-b2bf-89ddb8497a95_1680x1284.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!UIXn!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65ebb409-4b78-4555-b2bf-89ddb8497a95_1680x1284.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!UIXn!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65ebb409-4b78-4555-b2bf-89ddb8497a95_1680x1284.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!UIXn!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65ebb409-4b78-4555-b2bf-89ddb8497a95_1680x1284.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!UIXn!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65ebb409-4b78-4555-b2bf-89ddb8497a95_1680x1284.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!UIXn!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65ebb409-4b78-4555-b2bf-89ddb8497a95_1680x1284.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!UIXn!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65ebb409-4b78-4555-b2bf-89ddb8497a95_1680x1284.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!UIXn!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65ebb409-4b78-4555-b2bf-89ddb8497a95_1680x1284.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!UIXn!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65ebb409-4b78-4555-b2bf-89ddb8497a95_1680x1284.png 1456w\" alt=\"\" width=\"597\" height=\"456.3605769230769\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/65ebb409-4b78-4555-b2bf-89ddb8497a95_1680x1284.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1113,&quot;width&quot;:1456,&quot;resizeWidth&quot;:597,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-big-picture\">The Big Picture<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<p>India\u2019s gems and jewellery industry contributes close to\u00a0<mark data-color=\"#ffe599\">7% of the country\u2019s GDP.<\/mark><\/p>\n<p>On the manufacturing side,<mark data-color=\"#ffe599\">\u00a0unorganised manufacturers still supply around 87% of India\u2019s wholesale gold jewellery\u00a0<\/mark>as of CY25, with organised players such as Kalyan Jewellers, Malabar Gold and Diamonds, Joyalukkas and Titan\u2019s Tanishq making up the rest.<\/p>\n<p>Shankesh Jewellers operates within the wholesale manufacturing segment of this industry, supplying hand-crafted gold jewellery to jewellers across India.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"business-model-explained\">Business Model Explained<\/h2>\n<p>The company is a\u00a0<mark data-color=\"#ffe599\">B2B supplier of hand-crafted gold jewellery<\/mark>\u00a0and does not manufacture in-house.<\/p>\n<p>Its design team creates jewellery designs, and production is handed to a network of third-party jobworkers, who in turn engage skilled karigars (artisans) to craft the finished pieces.<\/p>\n<blockquote><p>The company acts as a middleman between manufacturers and retailers:<br \/>\n<em><mark data-color=\"#ffe599\">Sources bullion \u2192 manages design \u2192 outsources making to jobworkers\u2192 checks quality of pieces \u2192 delivers to clients.<\/mark><\/em><\/p><\/blockquote>\n<p>The product range covers jewellery across diverse categories such as Antique, Semi-Antique, Calcutta, Temple and Gheru jewellery, made in 22-karat and 18-karat gold.<\/p>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!aMjI!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc9536e-efad-4c71-97a0-48f3542bf101_961x715.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!aMjI!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc9536e-efad-4c71-97a0-48f3542bf101_961x715.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!aMjI!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc9536e-efad-4c71-97a0-48f3542bf101_961x715.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!aMjI!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc9536e-efad-4c71-97a0-48f3542bf101_961x715.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!aMjI!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc9536e-efad-4c71-97a0-48f3542bf101_961x715.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!aMjI!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc9536e-efad-4c71-97a0-48f3542bf101_961x715.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!aMjI!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc9536e-efad-4c71-97a0-48f3542bf101_961x715.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!aMjI!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc9536e-efad-4c71-97a0-48f3542bf101_961x715.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!aMjI!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc9536e-efad-4c71-97a0-48f3542bf101_961x715.png 1456w\" alt=\"\" width=\"453\" height=\"337.03954214360044\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/0dc9536e-efad-4c71-97a0-48f3542bf101_961x715.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:715,&quot;width&quot;:961,&quot;resizeWidth&quot;:453,&quot;bytes&quot;:1194237,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/ipoanalysis.substack.com\/i\/211674201?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc9536e-efad-4c71-97a0-48f3542bf101_961x715.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<p>Shankesh sells to two kinds of clients:<br \/>\n<strong>1.\u00a0<mark data-color=\"#ffe599\">Corporate Clients:<\/mark><\/strong><mark data-color=\"#ffe599\">\u00a0<\/mark>They consist of organised retail chains such as Joyalukkas India, P.N. Gadgil &amp; Sons, Kalyan Jewellers India, P N Gadgil Jewellers, Manoj Vaibhav Gems \u2018N\u2019 Jewellers and Novel Jewels of the Aditya Birla Group.<\/p>\n<p><strong>2.\u00a0<mark data-color=\"#ffe599\">Non-Corporate Clients:<\/mark><\/strong>\u00a0They are smaller independent jewellers.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"unit-economics\">Unit Economics<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!xUoI!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F670478d5-62b8-4b4c-adeb-2f3cfcc30bec_2048x961.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!xUoI!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F670478d5-62b8-4b4c-adeb-2f3cfcc30bec_2048x961.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!xUoI!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F670478d5-62b8-4b4c-adeb-2f3cfcc30bec_2048x961.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!xUoI!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F670478d5-62b8-4b4c-adeb-2f3cfcc30bec_2048x961.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!xUoI!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F670478d5-62b8-4b4c-adeb-2f3cfcc30bec_2048x961.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!xUoI!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F670478d5-62b8-4b4c-adeb-2f3cfcc30bec_2048x961.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!xUoI!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F670478d5-62b8-4b4c-adeb-2f3cfcc30bec_2048x961.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!xUoI!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F670478d5-62b8-4b4c-adeb-2f3cfcc30bec_2048x961.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!xUoI!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F670478d5-62b8-4b4c-adeb-2f3cfcc30bec_2048x961.png 1456w\" alt=\"\" width=\"665\" height=\"311.94711538461536\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/670478d5-62b8-4b4c-adeb-2f3cfcc30bec_2048x961.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:683,&quot;width&quot;:1456,&quot;resizeWidth&quot;:665,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<ul>\n<li><mark data-color=\"#ffe599\">The jump in per-gram revenue and profit is due to rise in gold prices<\/mark>. In reality the quantity of gold processed actually fell, from 1,936 kg in FY25 to 1,397 kg in FY26, even as revenue rose 16%.<\/li>\n<\/ul>\n<blockquote><p><em>Look at the below table to help you understand better as to how increase in gold price helps increase their overall revenue (Revenue = Units sold x Price)<\/em><\/p><\/blockquote>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!l1Dx!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2bb593c-9bee-49e1-b628-b6063ac39694_2048x619.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!l1Dx!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2bb593c-9bee-49e1-b628-b6063ac39694_2048x619.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!l1Dx!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2bb593c-9bee-49e1-b628-b6063ac39694_2048x619.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!l1Dx!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2bb593c-9bee-49e1-b628-b6063ac39694_2048x619.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!l1Dx!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2bb593c-9bee-49e1-b628-b6063ac39694_2048x619.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!l1Dx!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2bb593c-9bee-49e1-b628-b6063ac39694_2048x619.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!l1Dx!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2bb593c-9bee-49e1-b628-b6063ac39694_2048x619.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!l1Dx!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2bb593c-9bee-49e1-b628-b6063ac39694_2048x619.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!l1Dx!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2bb593c-9bee-49e1-b628-b6063ac39694_2048x619.png 1456w\" alt=\"\" width=\"607\" height=\"183.46337890625\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/f2bb593c-9bee-49e1-b628-b6063ac39694_2048x619.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:619,&quot;width&quot;:2048,&quot;resizeWidth&quot;:607,&quot;bytes&quot;:123519,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"operating-metrics\">Operating Metrics<\/h2>\n<ul>\n<li><strong><mark data-color=\"#ffe599\">Revenue by client type:\u00a0<\/mark><\/strong>Corporate clients now contribute ~64% of revenue, up from just over half in FY24.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!YcGd!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F94904700-c86f-4bc2-80a2-7cd6a98c6beb_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!YcGd!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F94904700-c86f-4bc2-80a2-7cd6a98c6beb_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!YcGd!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F94904700-c86f-4bc2-80a2-7cd6a98c6beb_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!YcGd!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F94904700-c86f-4bc2-80a2-7cd6a98c6beb_600x371.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!YcGd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F94904700-c86f-4bc2-80a2-7cd6a98c6beb_600x371.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!YcGd!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F94904700-c86f-4bc2-80a2-7cd6a98c6beb_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!YcGd!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F94904700-c86f-4bc2-80a2-7cd6a98c6beb_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!YcGd!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F94904700-c86f-4bc2-80a2-7cd6a98c6beb_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!YcGd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F94904700-c86f-4bc2-80a2-7cd6a98c6beb_600x371.png 1456w\" alt=\"\" width=\"604\" height=\"373.47333333333336\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/94904700-c86f-4bc2-80a2-7cd6a98c6beb_600x371.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:371,&quot;width&quot;:600,&quot;resizeWidth&quot;:604,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<ul>\n<li><strong><mark data-color=\"#ffe599\">Jobworker network:\u00a0<\/mark><\/strong>The jobworker base has shrunk each year. This trend is worth watching given the industry\u2019s reliance on informally trained karigars.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!81S5!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8fb62c3-e1df-41ff-9f64-39a75d71a513_559x346.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!81S5!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8fb62c3-e1df-41ff-9f64-39a75d71a513_559x346.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!81S5!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8fb62c3-e1df-41ff-9f64-39a75d71a513_559x346.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!81S5!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8fb62c3-e1df-41ff-9f64-39a75d71a513_559x346.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!81S5!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8fb62c3-e1df-41ff-9f64-39a75d71a513_559x346.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!81S5!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8fb62c3-e1df-41ff-9f64-39a75d71a513_559x346.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!81S5!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8fb62c3-e1df-41ff-9f64-39a75d71a513_559x346.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!81S5!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8fb62c3-e1df-41ff-9f64-39a75d71a513_559x346.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!81S5!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8fb62c3-e1df-41ff-9f64-39a75d71a513_559x346.png 1456w\" alt=\"\" width=\"549\" height=\"339.8103756708408\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/e8fb62c3-e1df-41ff-9f64-39a75d71a513_559x346.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:346,&quot;width&quot;:559,&quot;resizeWidth&quot;:549,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<ul>\n<li><strong><mark data-color=\"#ffe599\">Repeat customer rate:\u00a0<\/mark><\/strong>The total client count declined slightly to 418. This year\u2019s growth came almost entirely from more business with existing repeat clients.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!D1FF!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F055fcfc2-c0c6-43fb-99fc-35d402597b19_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!D1FF!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F055fcfc2-c0c6-43fb-99fc-35d402597b19_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!D1FF!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F055fcfc2-c0c6-43fb-99fc-35d402597b19_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!D1FF!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F055fcfc2-c0c6-43fb-99fc-35d402597b19_600x371.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!D1FF!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F055fcfc2-c0c6-43fb-99fc-35d402597b19_600x371.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!D1FF!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F055fcfc2-c0c6-43fb-99fc-35d402597b19_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!D1FF!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F055fcfc2-c0c6-43fb-99fc-35d402597b19_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!D1FF!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F055fcfc2-c0c6-43fb-99fc-35d402597b19_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!D1FF!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F055fcfc2-c0c6-43fb-99fc-35d402597b19_600x371.png 1456w\" alt=\"\" width=\"546\" height=\"337.61\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/055fcfc2-c0c6-43fb-99fc-35d402597b19_600x371.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:371,&quot;width&quot;:600,&quot;resizeWidth&quot;:546,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-financial-stuff-revenue-to-pat\">The Financial Stuff: Revenue to PAT<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!rCO4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F083c7afc-1201-426a-8cab-cfa7a7883222_2048x1056.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!rCO4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F083c7afc-1201-426a-8cab-cfa7a7883222_2048x1056.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!rCO4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F083c7afc-1201-426a-8cab-cfa7a7883222_2048x1056.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!rCO4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F083c7afc-1201-426a-8cab-cfa7a7883222_2048x1056.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!rCO4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F083c7afc-1201-426a-8cab-cfa7a7883222_2048x1056.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!rCO4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F083c7afc-1201-426a-8cab-cfa7a7883222_2048x1056.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!rCO4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F083c7afc-1201-426a-8cab-cfa7a7883222_2048x1056.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!rCO4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F083c7afc-1201-426a-8cab-cfa7a7883222_2048x1056.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!rCO4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F083c7afc-1201-426a-8cab-cfa7a7883222_2048x1056.png 1456w\" alt=\"\" width=\"627\" height=\"323.404532967033\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/083c7afc-1201-426a-8cab-cfa7a7883222_2048x1056.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:751,&quot;width&quot;:1456,&quot;resizeWidth&quot;:627,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"shankesh-jewellers-peers\">Shankesh Jewellers\u2019 Peers<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Rv0g!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43e5cbe3-7198-4bc3-a916-57d02e7c6aff_2304x1420.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Rv0g!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43e5cbe3-7198-4bc3-a916-57d02e7c6aff_2304x1420.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Rv0g!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43e5cbe3-7198-4bc3-a916-57d02e7c6aff_2304x1420.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Rv0g!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43e5cbe3-7198-4bc3-a916-57d02e7c6aff_2304x1420.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Rv0g!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43e5cbe3-7198-4bc3-a916-57d02e7c6aff_2304x1420.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Rv0g!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43e5cbe3-7198-4bc3-a916-57d02e7c6aff_2304x1420.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Rv0g!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43e5cbe3-7198-4bc3-a916-57d02e7c6aff_2304x1420.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Rv0g!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43e5cbe3-7198-4bc3-a916-57d02e7c6aff_2304x1420.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Rv0g!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43e5cbe3-7198-4bc3-a916-57d02e7c6aff_2304x1420.png 1456w\" alt=\"\" width=\"611\" height=\"376.41964285714283\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/43e5cbe3-7198-4bc3-a916-57d02e7c6aff_2304x1420.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:897,&quot;width&quot;:1456,&quot;resizeWidth&quot;:611,&quot;bytes&quot;:166154,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/ipoanalysis.substack.com\/i\/211674201?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43e5cbe3-7198-4bc3-a916-57d02e7c6aff_2304x1420.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>Shankesh Jewellers is the smallest of the three by revenue but posts the highest ROE and PAT margin in FY26, though this partly reflects the timing of the gold price cycle discussed in the unit economics section rather than a superior model.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"key-risks\">Key Risks<\/h2>\n<ul>\n<li><strong>Dependence on third-party jobworkers:<br \/>\n<\/strong>The company owns no manufacturing capacity and relies entirely on third-party jobworkers to make their products.<\/li>\n<li><strong>Gold price volatility:<br \/>\n<\/strong>As a business built around processing physical gold, the value of inventory, working capital requirements and sales volumes are all sensitive to swings in gold prices.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"conclusion\">Conclusion<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<p>Shankesh Jewellers is a three-decade-old, B2B supplier of hand-crafted gold jewellery to large organised retail chains and independent jewellers across India.<\/p>\n<p>Profitability has improved over the years, aided by a rise in gold prices rather than a change in the business model.<\/p>\n<p>Whether the FY26 margin and return levels hold will depend on the trajectory of gold prices, the durability of the company\u2019s relationships with its clients and its ability to manage jobworker network.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shankesh Jewellers Limited is filing a \u20b9367 Cr IPO on August 18, 2026. Shankesh has run its entire hand-crafted gold jewellery business without owning a single factory for 34 years, outsourcing every piece to a network of Mumbai jobworkers, and its client list includes Kalyan Jewellers, Joyalukkas and P.N. Gadgil &amp; Sons, some of India&#8217;s [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":14507,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-14506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Shankesh Jewellers IPO: Caught in a Gold Rush - InCred Money<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.incredmoney.com\/blog\/shankesh-jewellers-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shankesh Jewellers IPO: Caught in a Gold Rush - InCred Money\" \/>\n<meta property=\"og:description\" content=\"Shankesh Jewellers Limited is filing a \u20b9367 Cr IPO on August 18, 2026. 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