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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 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 The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this event.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Management confirms no unpublished price sensitive information will be disclosed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.

Shanti Gold International to Host Q3 FY26 Earnings Call on February 11, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 06 Feb 2026, 12:47 PM

Shanti Gold International Limited has scheduled its earnings conference call for Wednesday, February 11, 2026, at 12:00 PM IST. The call will focus on the company's unaudited financial results for the third quarter and nine months ended December 31, 2025. Key management personnel, including the Chairman & Managing Director and the CFO, will be present to discuss performance and answer investor queries. This event is a standard procedure following the release of quarterly financial results to provide transparency to the investment community.

Earnings call scheduled for February 11, 2026, at 12:00 PM IST to discuss Q3 FY26 results.
Management representation includes CMD Mr. Pankajkumar H Jagawat and CFO Mr. Shriram Kannan Iyengar.
Universal dial-in numbers provided are +91 22 6280 1102 and +91 22 7115 8003.
International toll-free numbers available for investors in the USA, UK, Singapore, and Hong Kong.

💡 Investors should participate in the call or review the subsequent transcript to assess management's outlook on the gold market and the company's operational efficiency. Pay close attention to commentary regarding revenue growth and margin sustainability for the 9M FY26 period.

Shanti Gold Clarifies Credit Rating; Maintains CARE A- (Stable) Rating After Agency Switch

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 05 Feb 2026, 11:44 AM

Shanti Gold International Limited clarified that its credit rating remains CARE A- (Stable) for long-term bank facilities. The company recently switched its rating agency from Infomerics to CARE Ratings Limited, leading to a procedural 'Issuer Not Cooperating' status from Infomerics. This status is a technicality due to the discontinued engagement and does not reflect financial deterioration. The new ratings, including CARE A2+ for short-term facilities, were officially assigned in late January 2026.

Maintains CARE A- (Stable) rating for Long Term Bank Facilities assigned by CARE Ratings.
Assigned CARE A2+ rating for Short Term Bank Facilities as of January 24, 2026.
Clarified 'Issuer Not Cooperating' status from Infomerics is a procedural outcome of agency switching.
Management confirms no deterioration in financial strength or fundamentals despite the agency change.

💡 Investors should disregard the 'Issuer Not Cooperating' tag as it is a technical result of switching agencies. The current CARE A- (Stable) rating should be used as the valid benchmark for the company's creditworthiness.

CARE Ratings Assigns 'CARE A-; Stable' to Shanti Gold's ₹223.53 Cr Bank Facilities

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 24 Jan 2026, 02:05 PM

CARE Ratings has assigned a 'CARE A-; Stable' rating to Shanti Gold International's long-term bank facilities and 'CARE A2+' to short-term facilities totaling ₹223.53 crore. The company demonstrated strong growth with FY25 revenue reaching ₹1,107.1 crore and H1FY26 revenue at ₹722.85 crore. Following its ₹309 crore IPO in July 2025, the company's capital structure improved significantly, with overall gearing dropping from 1.62x to 0.32x. The ratings reflect the promoters' extensive experience and a diversified client base, though the business remains working capital intensive.

CARE assigned 'CARE A-; Stable' for ₹2.53 crore long-term and ₹221 crore long/short-term bank facilities.
Overall gearing improved to 0.32x in H1FY26 from 1.62x in FY25, supported by ₹309 crore IPO proceeds.
PBILDT margins strengthened to 14.2% in H1FY26 compared to 8.3% in FY25, aided by inventory gains.
Total Operating Income grew at a 31% CAGR over the last five years, reaching ₹1,107.1 crore in FY25.
Company is investing ₹46 crore in a new Jaipur facility to add 1,200 kg/annum capacity by Q2FY27.

💡 Investors should note the investment-grade rating and significantly improved debt-to-equity ratio as positive indicators of financial stability post-listing. Monitor the company's ability to maintain margins amidst gold price volatility and the timely execution of the Jaipur capacity expansion.

CARE Ratings Assigns 'A-; Stable' Rating to Shanti Gold's ₹223.53 Cr Bank Facilities

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 23 Jan 2026, 10:44 AM

CARE Ratings has assigned investment-grade ratings to Shanti Gold International Limited's bank facilities totaling ₹223.53 crore. The long-term facilities received a 'CARE A-; Stable' rating, while the combined long/short-term facilities were assigned 'CARE A-; Stable / CARE A2+'. This initial rating assignment indicates a stable credit profile and provides the company with validated creditworthiness for its significant working capital requirements. The rated facilities include term loans and fund-based/non-fund-based limits from major lenders like HDFC, Yes Bank, and Saraswat Bank.

Assigned 'CARE A-; Stable' rating for long-term bank facilities of ₹2.53 crore
Assigned 'CARE A-; Stable / CARE A2+' for long-term/short-term facilities of ₹221.00 crore
Total bank facilities covered under the rating exercise amount to ₹223.53 crore
Significant credit lines include ₹124.50 crore from Saraswat Bank and ₹50.00 crore from HDFC Bank

💡 The 'A-' investment-grade rating suggests a healthy credit profile; investors should monitor if this helps the company lower its borrowing costs or secure better terms for future expansions.

Shanti Gold Announces Capacity Expansion of 4,000 Kgs Per Annum

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 22 Jan 2026, 11:58 AM

Shanti Gold International Limited has announced a significant capacity expansion of its manufacturing facility by approximately 4,000 kgs per annum. This move is strategically designed to meet the rising demand from organized jewellery retailers and support the company's expanding portfolio of long-term partnerships. The expansion leverages the ongoing structural shift in the Indian market toward organized retail and customized jewellery designs. Currently operating a 13,448 sq. ft. facility in Mumbai, the company aims to enhance its service capabilities for both domestic and international markets.

Proposed manufacturing capacity expansion of approximately 4,000 kgs per annum.
Strategic alignment with the structural shift towards organized jewellery retail in India.
Expansion aimed at servicing leading retail chains with consistent quality and customized designs.
Current manufacturing infrastructure spans over 13,448 sq. ft. in Mumbai.
Focus on deepening existing relationships and pursuing new strategic partnerships in international markets.

💡 Investors should view this as a positive growth signal indicating strong demand visibility from organized retailers. Monitor the execution timeline and the subsequent impact on the company's top-line growth and market share.

Shanti Gold to Expand Jewellery Capacity by 4,000 kg/annum with ₹8.50 Cr Investment

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 22 Jan 2026, 11:54 AM

Shanti Gold International has approved a major capacity expansion of its jewellery manufacturing facility, adding 4,000 kg per annum to its current 2,700 kg capacity. The expansion requires an investment of approximately Rs. 8.50 crore, which the company plans to fund entirely through internal accruals. Targeted for completion by Q2 FY 2026-27, this move will more than double the company's total production potential. The strategy aims to capitalize on the structural shift towards organized jewellery retail in India.

Proposed addition of 4,000 kg per annum, representing a 148% increase over the current 2,700 kg capacity
Total project cost estimated at Rs. 8.50 crore, to be funded entirely through internal accruals
Expansion project is expected to be completed and operational by Q2 FY 2026-27
Current capacity utilization stands at 68.25%, providing a solid base for the planned scale-up
Strategic focus on catering to organized retail chains and design-led customized jewellery segments

💡 This expansion signals strong management confidence in future demand from organized retail chains and is being funded without debt. Long-term investors should monitor the execution timeline and the company's ability to maintain utilization levels as the new capacity comes online in late 2026.

Shanti Gold Q3 FY26 Update: Revenue Surges 110% YoY, Volumes Up 30%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 22 Jan 2026, 11:38 AM

Shanti Gold International Limited reported an exceptional performance for Q3 FY26, with revenue growing approximately 110% YoY. This growth was driven by a robust 30% increase in sales volumes and elevated gold prices during the quarter. The company benefited significantly from the wedding season demand, particularly in the bridal jewellery segment, and steady B2B orders. For the nine-month period (9M FY26), the company maintained strong momentum with revenue and volume growth of 65% and 12% respectively.

Q3 FY26 revenue increased by approximately 110% YoY, driven by volume and price tailwinds.
Operational volumes for the quarter grew by over 30% YoY due to strong B2B traction.
9M FY26 revenue grew by over 65% YoY, while volumes saw a 12% increase.
Strong demand in the bridal jewellery segment was a key contributor during the wedding season.
Management remains optimistic about future demand, focusing on design innovation and B2B partnerships.

💡 The significant revenue and volume growth indicate strong market share gains and operational tailwinds; investors should watch the upcoming full financial results for margin performance. The stock remains a high-growth play in the jewellery manufacturing sector given its robust B2B pipeline.

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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.