Shankesh Jewellers Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Shankesh Jewellers Ltd filed with BSE on 17 Sept 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Shankesh Jewellers reported Q1 FY27 revenue of Rs 424 crore, up 55% year-on-year, with EBITDA of Rs 61 crore and PAT of Rs 43 crore. Management attributed margin expansion largely to product mix, including a higher share of 18-karat and festive-collection jewellery, while stating sales volumes were roughly flat year-on-year. This was the company's maiden earnings call following its listing on the NSE and BSE in August 2026.
Numbers mentioned
Revenue from operations: INR424 crores (Q1 FY27)
p. 6
“revenue from operations at IINR424 crores, growing 55% year-on-year from INR273 crores in Q1 FY26”
Sunil Jain, page 6 of the filed PDF · View the filing
Gross profit: INR66 crores (Q1 FY27)
p. 6
“gross profit at INR66 crores, up by 95% year-on-year and 7% quarter-on-quarter, accompanied by gross margin expansion of 323 basis points”
Sunil Jain, page 6 of the filed PDF · View the filing
EBITDA: INR61 crores (Q1 FY27)
p. 6
“EBITDA stood at INR61 crores, increasing 92% year-on-year and 30% quarter-on-quarter”
Sunil Jain, page 6 of the filed PDF · View the filing
PAT: INR43 crores (Q1 FY27)
p. 6
“PAT increased to INR43 crores in Q1 FY27 from INR22 crores from Q1 FY26, showing increase of 100% year-on-year and 36% quarter-on-quarter”
Sunil Jain, page 6 of the filed PDF · View the filing
Corporate customer revenue contribution: 66% (Q1 FY27)
p. 6
“corporate customers contributed 66% of our Q1 FY27 revenue, while non-corporate customer contribute 34%”
Sunil Jain, page 6 of the filed PDF · View the filing
22-karat jewellery contribution: approximately 80% (Q1 FY27)
p. 6
“22-karat jewellery contributes approximately 80%, and 18-karat jewellery contributes approximately 20%”
Sunil Jain, page 6 of the filed PDF · View the filing
Revenue 3-year CAGR: approximately 21.5% (FY23-FY26)
p. 6
“representing a 3-year CAGR of approximately 21.5%”
Sunil Jain, page 6 of the filed PDF · View the filing
EBITDA CAGR: approximately 90.1% (FY23-FY26)
p. 7
“EBITDA has increased from INR23 crores in financial year '23 to INR158 crores in financial year '26, representing a CAGR of approximately 90.1%”
Sunil Jain, page 7 of the filed PDF · View the filing
PAT CAGR: approximately 120% (FY23-FY26)
p. 7
“PAT has increased from INR10 crores to INR107 crores over the same period, representing a CAGR of approximately 120%”
Sunil Jain, page 7 of the filed PDF · View the filing
ROCE: 41.6% (FY26)
p. 7
“The financial year '26 ROCE stood at 41.6% and ROE at 50.9%”
Sunil Jain, page 7 of the filed PDF · View the filing
Debt-to-equity ratio: 0.8x (FY26)
p. 7
“our debt-to-equity ratio has improved significantly from 2.1x in financial year '23 to 0.8x in financial year '26”
Sunil Jain, page 7 of the filed PDF · View the filing
18-karat jewellery revenue: INR221 crores (FY26)
p. 5
“revenue increasing from INR18 crores in financial year '24 to INR221 crores in financial year '26”
Mahavir Kantilal Jain, page 5 of the filed PDF · View the filing
Inventory turnover: approximately 8 turns
p. 19
“Inventory turnover is right now it's approximately 8 turns”
Sunil Jain, page 19 of the filed PDF · View the filing
Post-IPO equity: approximately INR450 crores (FY27)
p. 20
“it was like INR209 crores as on financial year '26, and after IPO, it will be approximately INR450 crores”
Sunil Jain, page 20 of the filed PDF · View the filing
Trade receivable days: approximately 20 to 22 days
p. 22
“the trade receivable is approximately 20 to 22 days”
Sunil Jain, page 22 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Product mix / 14-karat and 9-karat jewellery
stated conditionally by Mahavir Kantilal Jain
p. 10
“if the market demands, then we will definitely go in that line as well, sir”
Mahavir Kantilal Jain, page 10 of the filed PDF · View the filing
Studded diamond segment
stated conditionally by Mahavir Kantilal Jain
p. 10
“As of now, not thought of it, sir. As the, if the market is requiring, for sure, we'll get into that sector as well.”
Mahavir Kantilal Jain, page 10 of the filed PDF · View the filing
Employee cost — around INR3.3 crores or less · upcoming quarters
stated firmly by Sunil Jain
p. 24
“Yes, even less.”
Sunil Jain, page 24 of the filed PDF · View the filing
Growth pace — future
stated as an aspiration by Mahavir Kantilal Jain
p. 8
“our future expectations also stays down the same line that we grow at a certain pace, which is almost similar or something better to what we have done earlier”
Mahavir Kantilal Jain, page 8 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said volume was roughly consistent and growth came from product mix and gold price, not volume.
Answered by Sunil Jain
Asked by Nishita: How much of Q1 FY27's 55% year-on-year growth came from volume versus price increases?
p. 7
“We kept the volume consistent, even though the prices of golds have increased.”
Sunil Jain, page 7 of the filed PDF · View the filing
Management said margins vary with product mix each quarter and focused on absolute profit rather than percentage margin.
Answered by Mahavir Kantilal Jain
Asked by Nishita: What is the sustainable long-term EBITDA/PAT margin given quarterly fluctuations?
p. 8
“the EBITDA margins on quarter-on-quarter will keep on changing regarding on the product mix what we sell”
Mahavir Kantilal Jain, page 8 of the filed PDF · View the filing
Management said corporate clients sometimes provide advances, depending on order size, otherwise billed through sales bills.
Answered by Mahavir Kantilal Jain
Asked by Amit: Does the corporate clientele provide advances or higher working capital requirements?
p. 9
“Certain times, they do give us certain advance for the development, and it depends.”
Mahavir Kantilal Jain, page 9 of the filed PDF · View the filing
Management said they immediately repurchase gold at market price when they sell, avoiding hedging losses.
Answered by Mahavir Kantilal Jain
Asked by Amar Nath: How does the company hedge against gold price fluctuations given it holds its own inventory?
p. 11
“We buy what we sell. Basically, if I've sold something today, we immediately procure it at the current market price.”
Mahavir Kantilal Jain, page 11 of the filed PDF · View the filing
Management said profits are ploughed back into the business to fund working capital, alongside bank facilities.
Answered by Sunil Jain
Asked by Amar Nath: How is growth funded once IPO working capital proceeds are spent, and how is inventory financed?
p. 13
“It's not that right now the requirement is there and tomorrow it won't be there. So, we are growing, the business is growing, so there is a requirement of more working capital.”
Sunil Jain, page 13 of the filed PDF · View the filing
Management said the handcrafted karigar network, design capability and decades of relationships differentiate them from in-house manufacturing.
Answered by Mahavir Kantilal Jain
Asked by Amar Nath: Is the risk of corporate customers integrating karigars in-house a threat to the outsourcing model?
p. 14
“The karigar network what we have, the creativity what we have, the designing structure what we have, it is not that today we download it from a computer and it's made it in two days.”
Mahavir Kantilal Jain, page 14 of the filed PDF · View the filing
Management attributed margin gains broadly to gold price gains and product mix but did not provide granular figures.
Answered by Mahavir Kantilal Jain
Asked by Bijal Shah: Can management provide a mathematical breakdown of how product mix explains the large margin expansion from FY23 to now?
p. 16
“The gold price has also helped us to achieve a certain percentage of margin in our profit percentage, what you say today.”
Mahavir Kantilal Jain, page 16 of the filed PDF · View the filing
Management said they use a minimal amount of 3D printing but remain focused on handcrafted work, and see no near-term bottleneck.
Answered by Mahavir Kantilal Jain
Asked by Mohammed Nameer: How does the company manage scalability and labor constraints given reliance on handcrafted manufacturing versus automated peers?
p. 18
“our major focus will still stay into the handcrafted segment only, sir”
Mahavir Kantilal Jain, page 18 of the filed PDF · View the filing
Management said working capital needs were currently well met through ploughed-back profits and bank facilities.
Answered by Mahavir Kantilal Jain
Asked by Aniket Salunke: What would become the first constraint to growth — working capital or customer acquisition?
p. 19
“currently, for the short term, our working capital requirements are well met”
Mahavir Kantilal Jain, page 19 of the filed PDF · View the filing
Management said the Q4 figure included a one-time ex-gratia payment to directors that will not recur.
Answered by Sunil Jain
Asked by Ajit Sahu: Why did employee costs decline sharply quarter-on-quarter from Q4 FY26 to Q1 FY27?
p. 24
“That is because of the ex-gratia payment taken by the directors. This time, we already decided that there won't be an ex-gratia, and the employee cost will be substantially low.”
Sunil Jain, page 24 of the filed PDF · View the filing
Risks flagged
Business growth requires increasing working capital, currently funded through ploughed-back profits and bank facilities rather than long-term funding.
p. 13
“we don't have any long-term funding”
Sunil Jain, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.
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- Shankesh Jewellers Ltd: filed results and exchange announcements
- Q1 FY27 results for every company Parakho holds
More Q1 FY27 earnings calls, in alphabetical order