Investor presentationSep 2026
Sep 2026 · PPT
Source: Bse
Shankesh Jewellers Limited (SHANKESH)
Micro CapConsumer stocks · Micro cap · NSE
Shankesh Jewellers Limited is engaged in handcrafted gold jewellery, offering bridal, festive, contemporary, and bespoke items via an asset-light model utilizing a network of skilled local karigars. It serves corporate and non-corporate clients pan-India and recently completed its public listing on NSE and BSE.
Data qualityFresh enough for analysisQuote updated 04 Nov, 03:31 pm ISTDetails
Quote04 Nov, 03:31 pm IST
Base fundamentals03 Nov 2026 · screener
Score05 Nov, 04:30 am IST · v4.3-runtime-valuation
Tags20 Sept 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 20.7 (n=455)
Technical timing lens
Trend score and candlestick chart
45NeutralSMA20 +1.7% / mo · MACD − · sector -5.2pp vs Nifty 500 (3M)
Stock trend: 52
Sector RS: 35
Sector 3M: -9.3% vs Nifty 500 -4.1%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SHANKESHD candles · FIT view-1.3%Latest close ₹93.58 on 2026-11-04
Daily history is available from 2026-08-25; the requested 1Y window is partially covered.
Bar
+2.6%
RSI
51
MACD hist
-0.45
52W pos
24%
2026-11-04O ₹91.20H ₹94.50L ₹90.12C ₹93.58Vol 16.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SHANKESHNifty Consumer DurablesNifty 500
- SHANKESH
- -1.3%
- Nifty 500
- -3.6%
- Nifty Consumer Durables
- -10.6%
- Vs Nifty 500
- +2.3 pp
Chart stats
4 Nov 2026- From 52W high
- -19.3%
- 52W range position
- 24%
- ATR (14)
- 5.4%
- Volume vs 20D
- 0.40x
- Avg traded value
- ₹38.5 Cr
- 20D price channel
- ₹87.3 - ₹106.4
₹115.9
₹86.6 - ₹115.9
₹5
Latest completed session
20-session average
54.0% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management trust is not scored yet, price trend is neutral, and result consistency is still building.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED71
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
pending—
No classified quarterly result is available yet.
Technical
Neutral45
Price trend and sector-relative-strength timing.
Valuation
Legacy model+66.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
pending—
Management reliability not computed yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarterly result analysis pending
No classified quarterly result is available yet. Financial-history charts below may still contain upstream data.
Fundamentals
Valuation
- P/E
- 12.30
- P/B
- —
- EV/EBITDA
- 9.31
- Market Cap
- 1312.00Cr
Profitability
- ROE
- 68.80%
- ROCE
- 50.30%
- ROA
- 26.49%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 21.52%
- EPS 5Y
- 120.36%
- Revenue 3Y
- 22.00%
- EPS 3Y
- 117.00%
Balance Sheet
- Debt/Equity
- 0.80
- Interest Coverage
- 12.15×
- Altman Z
- 9.06
- Book Value
- —
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- —
- EPS TTM
- 9.08
Shareholding
- Promoter Hold
- 69.53%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 9%
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 51.
- SMA20 rising (~1.7% over last month) — short-term momentum positive.
- RSI(14) at 51 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 19% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
-
RS percentile
Insufficient history
1M return
+1.5%
3M return
-
6M return
-
1Y return
-
RS 1D
-
RS 20D
-
Sector rank
#9
Industry rank
#52
Stage evidence
- At least 170 daily sessions are required for the trend-stage read.
50-DMA
unavailable
200-DMA
unavailable
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
49 observations
04 Nov 2026Value 102.34+2.20%
RS vs Nifty 500102
Valuation & peers
U-Score 71 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 71 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation18/30
Growth20/25
Quality20/20
Balance Sheet9/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
71
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
71/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 66.8%.
- Quality contributes 20/20 to the score.
- Growth contributes 20/25 to the score.
Main drags
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 18/30; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
12.3
PB
—
EV/EBITDA
9.3
ROE
68.8%
ROCE
50.3%
FCF Yield
—
Debt/Equity
0.8
MoS
+66.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 05 Nov 2026
v4.3-runtime-valuation
Final score
71
Previous: 71
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+66.8%
Previous: +66.8%
Score history
12 stored score snapshots. Latest stored move: -1 points.
05 Nov 2026
v4.3-runtime-valuation
72
72
72
72
72
74
74
74
72
72
72
71
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
31.1
Growth-justified Value
₹281.93
+66.8% MoS
PEG
0.10
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
UDAYJEW
Micro
Uday Jewellery Industries Limited
Consumer Durables
match 104
55
22.5
19.4%
+39%
FAIR VALUE
NITYAS
Micro
Nityas Gems and Jewellery Limited
Consumer Durables
match 102
66
16.9
54.4%
+59%
UNDERVALUED
PRIORITY
Micro
Priority Jewels Limited
Consumer Durables
match 102
49
28.8
12.9%
+33%
FAIR VALUE
AGOL
Micro
Ashapuri Gold Ornament Limited
Consumer Durables
match 101
73
8.0
11.7%
+73%
UNDERVALUED
VARMORA
Micro
Varmora Granito Limited
Consumer Durables
match 64
30
30.3
8.1%
-17%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-29T01:40:39.418Z
Management commentary snapshot
Q1FY27 delivered robust performance with Revenue up 55% YoY to Rs 424 Cr, EBITDA surging 92% YoY to Rs 61 Cr with margin expansion to 14.4%, and PAT doubling 100% YoY to Rs 43 Cr, driven by strong B2B relationships and operating leverage.
The growth thesis remains intact backed by robust Q1FY27 financial metrics, structural tailwinds from industry formalisation, high return ratios (FY26 ROE at 50.9%), and strong corporate client traction. Asset-light operations via karigar networks continue to support margin expansion.
Current business mix
Revenue by Product Category
Latest issuer-disclosed distribution across 3 reported categories.
22 Karat79.0%
18 Karat20.0%
Job Work1.0%
Growth engines
Corporate Client Penetration
ActiveCorporate clients contributed 66% of Q1FY27 revenue (Rs 280 Cr), supported by co-creation and bulk order execution capabilities.
Asset-Light Karigar Network
ActiveA network of Mumbai-based karigars with relationships spanning 10-30 years supports scaling without heavy fixed capital expenditure.
Geographic Footprint Expansion
ActivePan-India presence across North, South, East, and West India, with focused expansion in high-growth markets like Haryana, Punjab, and Himachal Pradesh.
Product Portfolio Evolution
ActiveContinuous introduction of new designs, lightweight variants, Antique, Semi-Antique, Temple, and 18/22 Karat collections.
Tailwinds
Industry Formalisation
PositiveOngoing shift towards the organised jewellery ecosystem driven by mandatory BIS hallmarking and quality assurance.
Bridal and Occasion Demand Resilience
PositiveBridal-led and occasion-wear demand remains relatively inelastic and supportive of gold jewellery consumption.
Risk radar
Working Capital Intensity
MonitoringTrade receivables stood at Rs 126.4 Cr and inventories at Rs 240.0 Cr as of March 31, 2026, indicating significant working capital requirements.
Customer Concentration Risk
MonitoringHigh reliance on corporate clients, who account for 66% of total revenue in Q1FY27.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Year-over-Year comparison highlights structural business scaling and margin improvements, while Quarter-over-Quarter comparison reveals sequential revenue adjustments and working capital/margin dynamics.
Sector KPIs management disclosed
Revenue Growth
PositiveQ1FY27 Revenue from Operations grew 55% YoY to Rs 423.6 Cr compared to Rs 273.2 Cr in Q1FY26.
Gross Margin
PositiveQ1FY27 Gross Margin expanded by 323 bps YoY to 15.6% (Rs 66.2 Cr) from 12.4% in Q1FY26.
EBITDA Margin
PositiveQ1FY27 EBITDA Margin expanded by 279 bps YoY to 14.4% (Rs 61.2 Cr) from 11.6% in Q1FY26.
Return on Equity (ROE)
PositiveFY26 ROE stood at 50.9%, demonstrating strong capital efficiency.
Management forward view
Confidence in Listed Journey
PositiveManagement highlights successful listing on NSE and BSE in August 2026 as a validation of business resilience and customer relationships.
Operating Leverage Benefits
PositiveManagement notes that improving operating leverage and profitability are reflected in expanded EBITDA and PAT margins.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Corporate vs Non-Corporate Mix | 66% Corporate / 34% Non-Corporate (Q1FY27) | Diversification across client segments and sustainability of corporate wallet share. |
| Working Capital (Inventories & Receivables) | Inventories at Rs 240 Cr and Receivables at Rs 126.4 Cr as of Mar-26 | Efficient inventory turns and timely realization of trade receivables. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
Trust profile pending
Trust asks a simple question: can investors rely on management behaviour and financial delivery? Trust Lite uses promoter alignment, cash conversion, leverage, and result consistency. Full transcript-based claim matching appears after enough documents are ingested.
Continue researching Shankesh Jewellers Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptSep 2026
Sep 2026 · Transcript
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Registered Office Address 10 Sep - Board approved Q1 FY27 results and shifted Mumbai registered office effective September 10, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep - Intimation of Schedule of Analyst/Institutional Investor Meetings under the SEBI (LODR), Regulations 2015
Source: Bse
Concall transcript
Earnings-call transcript · Shankesh Jewellers Limited has informed the Exchange about Transcript of Earnings Call held on September 11, 2026
Source: Nse
Investor presentationJun 2026
Jun 2026 · Investor presentation · Shankesh Jewellers Limited has informed the Exchange about Investor Presentation
Source: Nse
Credit rating
Credit-rating report · Shankesh Jewellers Limited has informed the Exchange about Credit Rating
Source: Nse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Sep - Copy of Newspaper Publication of Financial Results for the quarter ended June 30, 2026
Source: Bse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Company Ir
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.