Shankesh Jewellers Q1FY27: Listing milestone and a sharp step up in profitability

It is a B2B handcrafted gold jewellery manufacturer and supplier, producing bridal, festive, contemporary and bespoke jewellery through an asset-light karigar network.

Revenue from operations was Rs 423.6 crore, EBITDA was Rs 61.2 crore (14.4% margin), and profit after tax was Rs 43.2 crore (10.2% margin).

Corporate clients contributed 66% of revenue and non-corporate clients contributed 34% in Q1 FY27, as per the investor presentation.

Q1 FY27 revenue comprised Rs 337 crore from 22 Karat jewellery, Rs 85 crore from 18 Karat jewellery, and Rs 3 crore from job work.

Management stated it follows a practice of buying gold at current market prices immediately after sales (buy what you sell) and values inventory using a weighted average method.

Management indicated inventory turnover of approximately 8 times a year during the Q1 FY27 earnings call.