Severeconcentrationpage 36
Extreme supplier concentration - top 1 = 55.30%
Top 1 Supplier 8,300.79 55.30% ... Top 5 Supplier 13,273.83 88.43% ... Top 10 Supplier 13,692.49 91.22%
ListedMainboardDiamond & JewellerySHANKESH
Shankesh Jewellers IPO
Shankesh Jewellers IPO is a mainboard IPO raising ₹367 Cr at ₹88 – ₹93 a share. It listed on 25 Aug 2026 at ₹103, +11.1% against its issue price of ₹93, and trades at ₹98 today (+5.8% since issue). It was subscribed 2.80× in total.
₹93
Issue price
₹98
Price now
+5.8%
Since issue price
25 Aug 2026
Listed on
2.80×Subscribed (final) · all exchanges
2.8 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 426-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 42 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeconcentrationpage 28
Revenue concentrated in 5 states (67.84%)
A significant portion of our business operations and revenue generation is concentrated in the Top 5 states (Tamil Nadu, Maharashtra, Uttar Pradesh, Bihar and Odissa) which contributed to 67.84%, 63.67% and 62.00% of our revenue from operations in Fiscal 2026, 2025 and Fiscal 2024.
Severeconcentrationpage 37
93% raw material purchase concentration in gold bars
Gold Bar 13,999.10 93.27%...nature of our business requires us to maintain sufficient inventories resulting into high inventory costs
Severeoperationalpage 29
All manufacturing outsourced to Mumbai-based Jobworkers/Karigars
Our Jobworkers and Karigars have been based out of Mumbai, Maharashtra for the last three Fiscals
Severeoperationalpage 42
Jewellery designs unregistered under Design Act - IP leakage risk
we do not register these designs under the Design Act, 2000, since we develop multiple designs per month on a regular basis...it becomes difficult for us to enforce intellectual property rights over these designs, leaving us vulnerable to imitation or infringement by competitors
Severeoperationalpage 38
Registered office lease not stamped or registered
our lease agreement of our Registered and Corporate office is not adequately stamped or registered, and we may not be able to enforce them in a court of law in case there is any dispute with a counter-party, as it may render it inadmissible as evidence in legal proceedings
Highoperationalpage 30
High product returns eroding revenue
certain instances of our products being returned by our customers amounting to ₹ 1,177.56 million, ₹733.98 million and ₹462.72 million in Fiscals 2026, 2025 and 2024, respectively
Highmarketpage 33
Gold price volatility with record highs
In 2025, domestic gold prices in India experienced unprecedented and sustained increases and reached record-high levels, reflecting a different pricing environment.
Highconcentrationpage 34
Top 10 customer concentration rising (39.56%) without long-term contracts
Our top 10 customers contributed to 39.56%, 30.48% and 30.62% in the Fiscals 2026, 2025 and 2024, respectively ... we do not enter into long-term contracts with our customers and have no exclusivity arrangement with any of them.
Highfinancialpage 31
Negative operating cash flow in FY25
negative net cash flow from operating activities of ₹ 231.05 million in Fiscal 2025
Highfinancialpage 32
Indebtedness of ₹1,672.96M with restrictive covenants
As of March 31, 2026, we had total outstanding borrowings of ₹ 1,672.96million
Highfinancialpage 37
Inventory days rose sharply to 54 from 45
Inventory Days 54 42 45 ...we generally maintain a large inventory. Furthermore, we expect to include a wider variety of products in our inventory, which will make it more challenging for us to manage our inventory effectively
Highpromoterpage 42
Reliance on three named Promoters for operations
we rely heavily on our Promoters namely Kantilal Kheemraj Jain, Mahavir Kantilal Jain and Manoj Kantilal Jain...It may be challenging to find a suitable replacement for one or more of these Promoters in a timely and economical manner
Highlitigationpage 47
Outstanding legal proceedings against company and promoters
There are certain taxation proceedings involving our Company and outstanding criminal and taxation proceedings involving two of our Promoters and Directors
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹6.6 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 2 | 0 | ₹1.1 Cr |
| Promoters | 0 | 0 | 1 | ₹5.5 Cr |
| Directors | 0 | 0 | 0 | — |
case₹5.5 Crpage 338
Writ Petition No. 1942 of 2024 filed by promoters (Jugji Creators LLP and 5 individual Petitioners including Kantilal Jain, Manoharlal Daga) against Brihanmumbai Municipal Corporation before Bombay High Court challenging demand notice of Rs. 5,51,05,500 (Rs. 5.51 crore) towards One Time Premium for excess chargeable area on redevelopment of Serene Villa property
case₹1.1 Crpage 337
Income Tax AY 2019-2020: Direct tax case filed by Company involving Rs. 10.64 million (Rs. 1.064 crore) — Notice under Section 250 of the Income-tax Act, 1961 (Appeal stage)
casepage 337
Income Tax AY 2025-2026: Direct tax case filed against Company — Notice under Section 143(2) of the Income-tax Act, 1961 (amount not ascertainable, stated as NIL)
All statutory/regulatory authority counts are NIL across Company, Promoters and Directors. Litigation against KMP and Senior Management is NIL in all categories. Disciplinary actions by SEBI/stock exchanges against Promoters in last 5 FYs: NIL. Trade payables: 32 creditors total Rs. 30.07 million (Rs. 3.007 crore); 3 MSMEs (Rs. 3.08 million = Rs. 0.308 crore) and 29 other creditors (Rs. 26.99 million = Rs. 2.699 crore); no 'material' creditors. Conversion: 1 crore = 100 lakh = 10 million.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.
Prospectus on SEBI ↗
The full prospectus — business, financials, risk factors and litigation.
Anchor investor allocation ↗
Which institutions were allotted shares before bidding opened, and how many.
Bidding centres ↗
Where physical applications could be submitted.
Basis of issue price (peer ratios) ↗
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
Red Herring Prospectus ↗
The full prospectus — business, financials, risk factors and litigation.