SHANKESH JEWELLERS Q1 FY27 results: net profit ₹43.23 crore

How did SHANKESH JEWELLERS perform in Q1 FY27?

Shankesh Jewellers reported standalone revenue of ₹423.58 crore for Q1 FY27, compared with ₹273.2 crore in the year-ago quarter and ₹500.4 crore in the previous quarter. The year-on-year increase was 55%, while the quarter-on-quarter change was -15%. EBITDA was ₹61.15 crore, up 92% from ₹31.8 crore in the year-ago quarter and 30% from ₹47.0 crore in Q4 FY26.

The EBITDA margin was 14.4%, compared with 11.6% in Q1 FY26 and 9.4% in Q4 FY26. Profit before tax was ₹57.96 crore, compared with ₹28.8 crore in the year-ago quarter and ₹43.3 crore in the previous quarter. Net profit was ₹43.23 crore, against ₹21.6 crore in the year-ago quarter and ₹31.8 crore in Q4 FY26.

Basic EPS was ₹3.68, compared with ₹1.84 in the year-ago quarter and ₹2.71 in the previous quarter. The results were prepared on a standalone basis. The investor presentation showed revenue from operations of ₹423.6 crore and gross profit of ₹66.2 crore, with a gross margin of 15.6%.

The same-day investor presentation also stated that Q1 FY26 revenue was ₹273 crore, gross profit was ₹34 crore, EBITDA was ₹32 crore and profit after tax was ₹22 crore. It presented these figures as comparison periods alongside Q1 FY27 revenue of ₹424 crore, gross profit of ₹66 crore, EBITDA of ₹61 crore and profit after tax of ₹43 crore.

What else did the company announce?

The board approved the unaudited standalone financial results for the quarter ended 30 June 2026 and the related limited review report at its meeting on 10 September 2026. The limited review report stated that nothing had come to the reviewers’ attention that caused them to believe the required information had not been disclosed or that the statement contained any material misstatement.

The board also approved shifting the registered office from Office No. 12, 3 Floor, 101 Mumbadevi Diamond Premises Co-Op Society Ltd., Zaveri Bazar, Mumbai-400002, Maharashtra, India, to Floor G-i, Plot-211/213, Raja Bahadur Goverdhanlal Bansilal Building, Kalbadevi Road, Bhuleshwar, Mumbai-400002, Maharashtra, India, with effect from 10 September 2026.

The same-day filing contained the company’s investor presentation for Q1 FY27. The related board meeting intimation filed on 7 September 2026 had stated that the trading window for directors, promoters, designated persons and their immediate relatives was closed from 25 August 2026 and would remain closed until 48 hours after the results declaration. The available filings did not announce a dividend, fund raise or appointment.

What did SHANKESH JEWELLERS's management say?

Management said the maiden post-listing earnings call provided no forward quantitative guidance. It described the business as an asset-light handcrafted jewellery model using 72 contract manufacturers and a network of 700–800 karigars. Corporate customers accounted for 66% of revenue in Q1 FY27, compared with 55% in FY24, while the 18-karat segment increased from ₹18 crore in FY24 to ₹221 crore in FY26.

Management identified customer consolidation as a risk if large retailers bring karigars in-house. It also noted quarterly EBITDA volatility linked to product mix and the festive calendar, and said the business requires continuous working-capital funding as it scales. When asked to explain the EBITDA-margin expansion from FY23 to Q1 FY27, management could not quantify the change and offered separate follow-up calls.

Management said the company’s priorities included increasing wallet share with existing corporate customers, product innovation, design capabilities and customisation, while retaining its asset-light approach and karigar network. It also cited pan-India diversification, with West, East, South and North India contributing 32%, 28%, 21% and 18% of FY26 revenue, respectively.

On the earnings call, Chief Strategic Officer Sunil Jain said, “Whatever is being sold during the day is being immediately bought at the current market price. So, that is the hedging policy where we follow in the company right now.” Whole-Time Director Mahavir Kantilal Jain said the Q1 FY27 call was the company’s first investor call after its listing on NSE and BSE on 25 August 2026.

How did SHANKESH JEWELLERS shares react?

The filing appeared after market hours from a pre-results close of ₹104.40. The shares fell 0.8% after 5 minutes and 0.5% after 15 minutes, before rising 3.3% after 30 minutes. By the reaction day’s close, the stock was up 2.9% from the pre-results close.

From the same pre-results close, the shares were down 3.8% by the next day’s close and down 7.0% by the fifth session’s close. The Nifty Microcap 250 rose 0.1% on the reaction day, fell 3.2% by the next day’s close and fell 1.1% by the fifth session’s close. The stock therefore moved more negatively than the market index over the next-day and five-session periods.