Shankesh Jewellers LimitedConsumer GoodsSHANKESH
Q1 FY27 concall · earnings callShankesh Jewellers Limited
Shankesh Jewellers reported Q1 FY27 revenue of INR424 crores up 55% year-on-year with expanded margins, attributing performance to its asset-light handcrafted B2B model and festive product mix.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from operations | ₹424 Cr | +55% YoY from ₹273 Cr in Q1 FY26 | |
| Gross profit | ₹66 Cr | +95% YoY | |
| EBITDA | ₹61 Cr | +92% YoY | |
| PAT | ₹43 Cr | +100% YoY from ₹22 Cr in Q1 FY26 |
TL;DR
- Revenue from operations at INR424 crores, growing 55% year-on-year from INR273 crores in Q1 FY26
- Gross profit at INR66 crores up 95% year-on-year; EBITDA at INR61 crores up 92% year-on-year; PAT at INR43 crores from INR22 crores, up 100% year-on-year
- Corporate customers contributed 66% of Q1 FY27 revenue; 22-karat jewellery approximately 80% and 18-karat approximately 20%
- Pure B2B handcrafted gold jewellery maker using asset-light karigar network; listed on NSE and BSE on 25th of August, 2026
- Management gave no quantified forward guidance and declined to quantify volume outlook or sustainable margins
Said on the call
“We buy what we sell.”
From the Q&A
| Topic | What management said |
|---|---|
| Volume versus price growth | Management said volumes were approximately same as Q1 FY26 and growth came from product mix and customer relationships, not quantified volume. |
| Margin sustainability | Management attributed Q1 margin expansion to festive Akshaya Tritiya collections with intricate handcrafted designs commanding premium; said quarter-on-quarter margins will vary by product mix and they focus on absolute profit rather than percentage. |
| Corporate mix and working capital | Management said corporate customers were 66% of Q1 FY27 revenue; sales are billed from own inventory with advances sometimes depending on order size. |
| Gold price hedging and inventory | Management said policy is to buy what is sold at current market price; inventory valued on weighted average method which is below market price; no separate hedging seen as required. |
| In-house manufacturing risk and moat | Management said handcrafted bridal focus, co-creation and preferred-vendor relationships differentiate from in-house manufacturing; serves 800-plus customers. |
| Scalability and funding | Management said asset-light model with 72 contract manufacturers in FY26 can scale 30%, 40%, 50% growth; no bottleneck seen; working capital currently met, banks and equity available if needed; inventory turnover approximately 8 turns and receivables 20 to 22 days. |
| Employee cost decline | Management said Q4 employee cost of INR11.3 crores included director ex-gratia and Q1 cost of INR3.3 crores is the normalized base, expected to stay similar or lower. |
Guidance
- Continue to focus on handcrafted jewellery only for now
- Researching 14-karat and 9-karat for future introduction if market requires; currently only in 18-karat and 22-karat
- No current plans for studded diamond jewellery
- Aim to deepen existing corporate relationships, expand geographic presence and grow volumes through asset-light karigar ecosystem
Source
Summary written from the transcript filed by Shankesh Jewellers Limited for the call held on 11 Sept 2026; published 17 Sept 2026, 19:40 IST.
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