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SHANTIGOLD - Shanti Gold

📊 NSE: SHANTIGOLD 🏢 Gems, Jewellery And Watches 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Shanti Gold Q4 FY26 Update: Revenue Surges 120% YoY, Volumes Up 25%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 14 Apr 2026, 05:23 PM

Shanti Gold International reported its strongest-ever quarterly performance in Q4 FY26, with revenue soaring over 120% YoY. This growth was driven by a 25% increase in volumes and high gold prices during the peak wedding season. For the full year FY26, the company achieved an 80% revenue increase and 15% volume growth. The company is successfully expanding its client base in Northern India and benefiting from the shift towards organized retail sourcing.

Q4 FY26 revenue grew by over 120% YoY, marking the strongest quarterly performance in the company's history.
Gold volumes increased by 25% YoY in Q4 FY26 and 15% YoY for the full fiscal year 2026.
Full-year FY26 revenue rose by over 80% YoY, aided by volume expansion and elevated gold prices.
Successfully onboarded new clients in the Northern region, enhancing pan-India presence within the organized retail ecosystem.

💡 Investors should look for the upcoming audited financial results to confirm if the massive revenue growth translates into proportional margin expansion. The company's strong traction with organized retailers makes it a key beneficiary of the sector's formalization.

Shanti Gold International Submits SEBI Regulation 74(5) Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Apr 2026, 12:43 PM

Shanti Gold International Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Bigshare Services Private Limited, confirms that share certificates received for dematerialization during the quarter ended March 31, 2026, were processed correctly. The registrar confirmed that the names of depositories were substituted in the register of members within the mandated 15-day timeframe. This is a standard administrative filing required for all listed companies in India to maintain transparency in shareholding records.

Compliance certificate submitted for the quarter ended March 31, 2026.
Registrar Bigshare Services Private Limited confirmed all dematerialization requests were handled within 15 days.
Physical security certificates were mutilated and cancelled as per SEBI guidelines after verification.
The filing ensures the company is in compliance with SEBI (Depositories and Participants) Regulations, 2018.

💡 No action is required as this is a routine regulatory filing. Investors should monitor the company's upcoming full-year financial results for more significant performance indicators.

Shanti Gold Delays Dubai Subsidiary Incorporation to June 30, 2026

🔵 WATCH ⭐ 5/10

EXPANSION 📅 31 Mar 2026, 06:07 PM

Shanti Gold International Limited has announced a revision in the timeline for incorporating its wholly owned subsidiary in Dubai, UAE. The expected completion date has been pushed from March 31, 2026, to June 30, 2026, representing a three-month delay. The company attributed this postponement to ongoing geopolitical tensions and conflict in the region, which have disrupted administrative processes and licensing. Management is currently working with local authorities to navigate these logistical bottlenecks and complete the process.

Expected date of incorporation for Dubai subsidiary revised from March 31, 2026, to June 30, 2026.
Delay is caused by regional geopolitical tensions and war-like situations affecting UAE operations.
Administrative bottlenecks include delays in license issuance and documentation verification by local authorities.
The subsidiary is intended to be a wholly owned entity of Shanti Gold International Limited.

💡 Investors should monitor the geopolitical situation in the Middle East as it remains the primary hurdle for the company's international expansion. Track the new June 30 deadline for confirmation of successful incorporation.

Shanti Gold to Close Trading Window from April 1, 2026, for FY26 Financial Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Mar 2026, 05:18 PM

Shanti Gold International Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the company's financial results for the quarter and full year ending March 31, 2026. The window will remain closed for all designated persons, including directors and promoters, until 48 hours after the results are made public. This is a standard regulatory procedure to prevent insider trading during the sensitive period before earnings are announced.

Trading window closure starts effective April 1, 2026.
Closure pertains to the financial results for the quarter and year ending March 31, 2026.
Window to reopen 48 hours after the official declaration of financial results.
Applies to all Directors, Promoters, Promoter Group, and Designated Persons.

💡 No action is required as this is a routine regulatory compliance filing. Investors should watch for the upcoming announcement of the board meeting date to review the FY26 financial performance.

Shanti Gold Proposes 5-Year Re-appointment and Pay Hike for MD and Whole-Time Director

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 24 Mar 2026, 01:07 PM

Shanti Gold International Limited has issued a postal ballot notice to seek shareholder approval for the re-appointment of its top leadership for five-year terms starting September 1, 2026. The resolutions include the re-appointment of Mr. Pankajkumar Jagawat as Managing Director and Mr. Manojkumar Jain as Whole-Time Director. Significantly, the company is also proposing an increase in remuneration for both directors, effective retroactively from February 1, 2026. Shareholders are invited to vote on these ordinary resolutions via electronic means between March 25 and April 23, 2026.

Proposed 5-year re-appointment of MD Pankajkumar Jagawat from Sept 1, 2026, to Aug 31, 2031
Proposed 5-year re-appointment of WTD Manojkumar Jain from Sept 1, 2026, to Aug 31, 2031
Increase in remuneration for both directors effective from February 1, 2026
E-voting period scheduled from March 25, 2026, to April 23, 2026, with a cut-off date of March 20, 2026

💡 Investors should review the specific remuneration figures in the explanatory statement to ensure the pay hikes are commensurate with the company's financial performance and industry benchmarks. While management continuity is positive, the impact of increased managerial costs on net margins should be monitored.

Shanti Gold Re-appoints MD & WTD for 5-Year Terms; Approves Remuneration Hike

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 19 Mar 2026, 05:14 PM

The Board of Shanti Gold International has approved the re-appointment of Mr. Pankajkumar Jagawat as Managing Director and Mr. Manojkumar Jain as Whole-time Director for a five-year tenure from September 2026 to August 2031. Both leaders have been with the company since its inception and possess over 20-25 years of experience in the jewellery industry. The board also approved an increase in their remuneration effective February 1, 2026, subject to shareholder approval via postal ballot. This move ensures management stability and continuity for the company's long-term operations.

Re-appointment of Mr. Pankajkumar Jagawat as MD for a 5-year term starting September 1, 2026.
Re-appointment of Mr. Manojkumar Jain as Whole-time Director for a 5-year term starting September 1, 2026.
Increase in remuneration for both directors approved with effect from February 1, 2026.
MD Pankajkumar Jagawat brings over 25 years of experience in jewellery manufacturing and finance.
WTD Manojkumar Jain has over 20 years of experience in product development and operations.

💡 Investors should take confidence in the leadership continuity provided by these re-appointments of the company's founding leaders. Monitor the upcoming postal ballot for details on the specific quantum of the remuneration increase.

Shanti Gold Re-appoints MD and WTD for 5-Year Terms; Approves Remuneration Hike

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 19 Mar 2026, 05:09 PM

The Board of Shanti Gold International has approved the re-appointment of Mr. Pankajkumar Jagawat as Managing Director and Mr. Manojkumar Jain as Whole-time Director for five-year terms starting September 1, 2026. Both leaders have been with the company since its inception and bring over 20-25 years of industry experience. Additionally, the board has approved an increase in their remuneration effective February 1, 2026. These decisions are subject to final approval from shareholders via a Postal Ballot.

Re-appointment of Mr. Pankajkumar Jagawat as MD for a 5-year term from 2026 to 2031
Re-appointment of Mr. Manojkumar Jain as Whole-time Director for a 5-year term from 2026 to 2031
Remuneration increase for both key directors approved effective from February 1, 2026
Leadership continuity secured with executives holding 20-25+ years of industry experience

💡 Investors should view the leadership continuity as a positive sign for long-term strategic stability. However, they should review the specific remuneration details in the upcoming postal ballot to ensure the hikes are commensurate with the company's financial performance.

Shanti Gold Q3 FY26 Revenue Surges 110% to ₹637 Cr; Announces 4,000 kg Capacity Expansion

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 17 Feb 2026, 04:59 PM

Shanti Gold International reported a stellar Q3 FY26 with revenue growing 110% YoY to ₹636.93 crore, driven by strong demand from organized retailers. The company's 9-month revenue of ₹1,359.78 crore has already surpassed the total revenue for the previous full fiscal year. Profitability saw a significant boost, with 9M PAT rising over 200% to ₹108.64 crore. To sustain growth, the company is expanding its manufacturing capacity by 4,000 kg per annum and entering the high-margin Mangalsutra segment.

Q3 FY26 Revenue grew 110.06% YoY to ₹636.93 crore, while PAT increased to ₹40.08 crore.
9M FY26 volumes reached 1,285 kg, with revenue already exceeding the entire FY25 performance.
Announced a major capacity expansion of 4,000 kg per annum to meet rising demand from organized retail partners.
Credit rating upgraded by CARE Ratings to 'A- (Stable)' from 'BBB+', reflecting an improved financial profile.
Diversifying product portfolio with entry into the Mangalsutra category and a new mass-market product line.

💡 Investors should view the massive capacity expansion and shift towards organized retail as strong growth catalysts. Monitor the execution of the new capacity and the impact of gold price volatility on short-term margins.

Shanti Gold to Participate in Dolat Capital Investor Conference on February 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Feb 2026, 05:28 PM

Shanti Gold International Limited has scheduled a meeting with analysts and institutional investors on February 18, 2026. The management will participate in the 'Corporate Conference 2026: Decoding Growth Strategies' organized by Dolat Capital in Mumbai. The interaction is a physical group meeting scheduled between 2:00 p.m. and 4:00 p.m. IST. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this event.

Meeting scheduled for February 18, 2026, from 2:00 p.m. to 4:00 p.m. IST
Participation in Dolat Capital's 'Corporate Conference 2026: Decoding Growth Strategies'
The event is a physical group meeting involving institutional investors in Mumbai
Management confirms no unpublished price sensitive information will be disclosed

💡 Investors should watch for any post-meeting presentations or transcripts uploaded to the exchange to understand the company's growth outlook. This meeting indicates active management engagement with the institutional investment community.

Shanti Gold to Invest Rs 4.28 Cr in Golkunda Diamonds via Convertible Warrants

🟢 POSITIVE ⭐ 6/10

M&A 📅 13 Feb 2026, 05:00 PM

Shanti Gold International Limited has approved a strategic investment of Rs 4.28 Crores in Golkunda Diamonds & Jewellery Limited. The company will acquire 2,00,000 convertible warrants at a price of Rs 214 per warrant through a private placement. Upon full conversion of these warrants into equity, Shanti Gold will hold a 2.42% stake in the target entity. This investment aligns with Shanti Gold's focus on the jewellery sector, where the target company reported a turnover of Rs 252.44 Crores in FY25.

Investment of Rs 4.28 Crores for 2,00,000 convertible warrants at Rs 214 each.
Post-conversion stake estimated at 2.42% of Golkunda Diamonds' paid-up capital.
Target company Golkunda Diamonds reported a PAT of Rs 11.81 Crores for FY 2024-25.
The acquisition is a cash consideration and does not involve a related party transaction.
Golkunda Diamonds is a listed entity with a consistent turnover exceeding Rs 230 Crores over the last three years.

💡 Investors should view this as a positive capital allocation move into a profitable peer within the jewellery industry. Monitor the conversion of warrants and any potential operational synergies between the two entities.

Shanti Gold Releases Audio Recording of Q3FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Feb 2026, 05:42 PM

Shanti Gold International Limited has released the audio recording of its Q3FY26 earnings conference call held on February 11, 2026. The call discussed the company's financial performance for the quarter ended December 31, 2025. This disclosure is a standard regulatory requirement under SEBI Listing Regulations to ensure transparency for all shareholders. Investors can access the recording via the company's official website to hear management's detailed commentary.

Audio link for the Q3FY26 earnings call is now live on the company's website.
The conference call was conducted on February 11, 2026, at 12:00 P.M. IST.
The update follows the financial results for the quarter ended December 31, 2025.
The filing is in compliance with SEBI (LODR) Regulations 30 and 46(2).

💡 Investors interested in the company's operational details should listen to the audio recording for management's outlook and clarification on Q3 performance. This is a routine update and does not require immediate portfolio changes.

Shanti Gold Q3 FY26 PAT Surges 128% YoY to ₹40.08 Cr; Revenue More Than Doubles

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 01:16 PM

Shanti Gold reported a stellar Q3 FY26 with revenue jumping 110% YoY to ₹636.93 crore, driven by strong festive demand and a 31% increase in volumes. Profitability saw a significant boost as PAT rose 128% YoY to ₹40.08 crore, supported by a favorable product mix and gold price environment. The company's 9-month performance is equally robust, with PAT growing over 200% to ₹108.64 crore. Additionally, the company is expanding its manufacturing capacity by 4,000 kg to meet rising demand from organized retailers.

Revenue from operations grew 110.06% YoY to ₹636.93 crore in Q3 FY26
Net Profit (PAT) increased by 127.97% YoY to ₹40.08 crore
Volume growth recorded at 31% YoY and 25% QoQ, reflecting strong market traction
Announced a significant capacity expansion of approximately 4,000 kg to service organized retail
9M FY26 EBITDA margins improved significantly to 11.71% from 7.49% in the previous year

💡 Investors should view the strong volume growth and margin expansion as positive indicators of the company's scaling capabilities in the organized jewellery sector. Monitor the execution of the 4,000 kg capacity expansion as it will be a key driver for future revenue growth.

Shanti Gold Q3 FY26: Revenue Jumps 98% YoY; Jaipur Expansion Underway

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Feb 2026, 01:12 PM

Shanti Gold International Limited reported a massive 98% year-on-year revenue surge for Q3 FY26, though net profit growth remained modest at 2%. For the nine-month period (9M FY26), revenue grew by 96% while profits increased by 4%, indicating significant top-line momentum but potential margin pressure. The company is actively expanding its manufacturing footprint with a new facility under construction in Jaipur and is targeting North Indian and export markets. Key financial health indicators include a Return on Equity (ROE) of 19.36% and a Return on Capital Employed (ROCE) of 17.97%.

Q3 FY26 revenue grew by 98% YoY, while 9M FY26 revenue increased by 96% YoY
Net profit growth lagged behind revenue at 2% for Q3 FY26 and 4% for 9M FY26
Current manufacturing capacity is 2,700 kgs per annum across a 13,448 sq. ft. facility
New manufacturing facility in Jaipur is currently under construction to drive future growth
Maintained healthy financial ratios with ROE at 19.36% and ROCE at 17.97%

💡 Investors should monitor the company's ability to translate high revenue growth into better bottom-line margins as the Jaipur facility comes online. The stock shows strong market demand, but operational efficiency will be key to long-term value creation.

Shanti Gold Q3 FY26 Net Profit Rises 11% QoQ to ₹3.38 Crore; Revenue up 12%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Feb 2026, 12:00 PM

Shanti Gold International reported a steady growth in its financial performance for the quarter ended December 31, 2025. Revenue from operations increased by 11.9% sequentially to ₹202.01 crore compared to ₹180.41 crore in the previous quarter. Net profit for the quarter stood at ₹3.38 crore, reflecting a growth of 10.9% over the ₹3.05 crore reported in Q2 FY26. The company, which listed in August 2025, continues to maintain its growth trajectory in the gold ornament manufacturing and wholesaling segment.

Revenue from operations grew 11.9% QoQ to ₹202.01 crore in Q3 FY26.
Net Profit increased to ₹3.38 crore from ₹3.05 crore in the preceding quarter.
Total income for the nine months ended December 2025 reached ₹502.38 crore.
Earnings Per Share (EPS) for the quarter stood at ₹0.56 on a face value of ₹10.
Total expenses for the quarter were ₹197.84 crore, with cost of materials being the primary driver.

💡 Investors should monitor the company's ability to maintain margins amidst fluctuating gold prices and competitive pressures in the wholesale market. As a newly listed entity, consistent quarterly performance is a positive sign for long-term stability.

Shanti Gold Q3 FY26 Net Profit Rises 8.6% QoQ to ₹8.44 Crore; Revenue Up 9.2%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Feb 2026, 11:54 AM

Shanti Gold International reported a steady performance for the quarter ended December 31, 2025, with revenue from operations reaching ₹113.67 crore, a 9.2% increase from the previous quarter. Net profit for the period stood at ₹8.44 crore, up from ₹7.77 crore in Q2 FY26. The company, which listed in August 2025, maintains a single-segment focus on gold ornament manufacturing and wholesaling. For the nine-month period, total income reached ₹312.26 crore with a cumulative net profit of ₹23.12 crore.

Revenue from operations grew 9.2% QoQ to ₹113.67 crore in Q3 FY26
Net profit increased to ₹8.44 crore compared to ₹7.77 crore in the preceding quarter
Earnings Per Share (EPS) improved to ₹1.40 from ₹1.29 in Q2 FY26
Total income for the nine months ended December 2025 stood at ₹312.26 crore
Profit Before Tax (PBT) for the quarter was healthy at ₹11.31 crore

💡 Investors should monitor the company's ability to sustain this growth momentum post-IPO and track gold price volatility which may impact margins. The steady quarter-on-quarter growth is a positive signal for this recent market entrant.

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💰 Financial Performance

Revenue Growth by Segment

The company reported a 61.6% YoY growth in total revenue for Q2 FY26, reaching INR 430 crores compared to INR 266 crores in Q2 FY25. H1 FY26 revenue grew 42.8% YoY to INR 722.85 crores from INR 505.9 crores. While specific segment percentages aren't split, the bridal collection is identified as the primary driver for high-margin growth.

Geographic Revenue Split

Domestic India remains the primary market, but the company is expanding into international markets including the USA and UAE to build brand recognition. Specific percentage splits per region are not disclosed in available documents.

Profitability Margins

Net Profit Margin (PAT) improved significantly to 10.19% in Q2 FY26 from 3.46% in Q2 FY25. For H1 FY26, PAT margin stood at 9.47% compared to 3.15% in H1 FY25, an improvement of 587 basis points. This was driven by lower inventory cost bases and a rally in gold prices.

EBITDA Margin

EBITDA margin for Q2 FY26 was 14.75%, a 740 basis point increase from 7.24% in Q2 FY25. H1 FY26 EBITDA margin stood at 14.23%, up 708 basis points YoY. The margin expansion is attributed to the high-premium bridal collection and inventory markup gains of 7-8%.

Capital Expenditure

The company is planning a new manufacturing facility in Jaipur to expand capacity. Historical tangible net worth increased from INR 72.43 crores in FY23 to INR 105.73 crores in FY24, reflecting reinvestment of profits.

Credit Rating & Borrowing

The company holds an IVR BBB/Stable rating for long-term bank facilities (INR 86.12 Cr) and IVR A3+ for short-term facilities (INR 50.00 Cr). Blended cost of interest ranges between 8.3% and 8.4%.

⚙️ Operational Drivers

Raw Materials

Gold (primarily 22KT) and CZ (Cubic Zirconia) studded stones are the primary raw materials. Gold constitutes the bulk of the input cost, though specific percentage of total cost is not disclosed.

Capacity Expansion

Current gold manufacturing capacity is 3,000 Kg per annum. The company is actively pursuing capacity expansion through a new facility in Jaipur and has recently listed to fuel growth toward a target of INR 1,900 crores in sales by March 2026.

Raw Material Costs

Raw material costs are managed through a 'natural hedging' strategy. In Q2 FY26, profitability was boosted by a low inventory cost base procured during the IPO period, allowing the company to capture gains from the upward gold rally.

Manufacturing Efficiency

The company focuses on design complexity and finesse in 22KT CZ studded jewellery, which allows for higher value-add compared to plain gold jewellery.

Logistics & Distribution

The company utilizes trade exhibitions and partnerships to distribute products globally, particularly in the USA and UAE.

📈 Strategic Growth

Expected Growth Rate

47.6%

Growth Strategy

The company aims to reach INR 1,900 crores in revenue by March 2026 by expanding manufacturing capacity in Jaipur, increasing geographical reach in the USA and UAE, and aggressively marketing through a newly appointed Pan-India marketing head. The strategy focuses on high-margin bridal collections and 22KT CZ studded jewellery.

Products & Services

22KT CZ studded gold jewellery, bridal jewellery collections, and aesthetic designer gold pieces.

Brand Portfolio

Shanti Gold International Limited (SGIL).

New Products/Services

Continuous rollout of new designs every month, with a specific focus on expanding the premium bridal collection which commands higher EBITDA margins.

Market Expansion

Targeting Pan-India market expansion and international presence in the UAE and USA through trade exhibitions and strategic partnerships.

Market Share & Ranking

Identified as one of the largest manufacturers of CZ studded gold jewellery in India.

Strategic Alliances

Maintains long-standing relationships with marquee customers such as Joyalukkas India Limited and Lalithaa Jewellery Mart (P) Ltd.

🌍 External Factors

Industry Trends

The industry is shifting toward branded jewellery and organized players. The market is currently growing, driven by weddings and festivals, with Shanti Gold positioning itself as a high-design, high-finesse manufacturer to capture this shift.

Competitive Landscape

Faces intense competition from both organized national brands and fragmented unorganized local players who dominate regional markets.

Competitive Moat

The moat is built on design complexity, craftsmanship, and a 20+ year track record. This is sustainable because high-end bridal designs are difficult for unorganized players to replicate with the same finesse and 22KT quality.

Macro Economic Sensitivity

Highly sensitive to gold price fluctuations and consumer disposable income trends in India, which drive wedding-related jewellery demand.

Consumer Behavior

Increasing preference for branded and hallmarked jewellery over unorganized local sources, especially in the 22KT CZ segment.

Geopolitical Risks

Trade barriers or changes in international gold trading policies could affect the expansion into UAE and USA markets.

⚖️ Regulatory & Governance

Industry Regulations

Operations are susceptible to government policies on gold imports, hallmarking mandates, and regulatory changes in the jewellery sector which have been frequent in India.

Taxation Policy Impact

Subject to Indian corporate tax rates; specific fiscal impacts not detailed beyond standard compliance.

Legal Contingencies

No specific pending court cases or case values were disclosed in the provided documents.

⚠️ Risk Analysis

Key Uncertainties

Volatility in gold and diamond prices poses a significant risk to margins. Regulatory changes in India regarding gold trading could impact operations by up to 5-10% of profitability.