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Silgo Retail Limited (SILGO)

₹69.61 +0.49% last close, 16 Oct

📊 NSE: SILGO 🏢 Diamond Cutting / Jewellery 📢 Latest filing: 15 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, Silgo Retail's revenue was ₹13.4 Cr (-19.1% year on year, +21.2% on the previous quarter), and net profit ₹1.9 Cr (+9.2% year on year); the operating margin was 25.3%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹13.4	-19.1%	+21.2%
Operating profit	₹3.4	+32.4%	+83.5%
Net profit	₹1.9	+9.2%	+49.9%
EPS (₹)	0.59	-18.1%	-1.7%
Operating margin	25.3%	—	—

Full quarterly financials → Results calendar →

SILGO delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 57.45% of the SILGO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.57%. That is close to its usual level. Turnover was only ₹5 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal.

57.45%Delivery, 16 Oct

51.57%Own 20-session average

0.1×Volume vs its average

₹69.61NSE close · +0.49%

Delivery in the last 5 sessions: 14.5% · 44.7% · 62.8% · 51.1% · 57.5%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Silgo Retail Reports Substantial Share Acquisition Disclosure by Dempal Bhawin Shah

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 15 Oct 2026, 06:33 PM

Silgo Retail Limited has received a shareholding disclosure under Regulation 29(1) of SEBI SAST Regulations, 2011 from investor Ms. Dempal Bhawin Shah. Regulation 29(1) disclosures are triggered when an acquirer's holding crosses the 5% threshold in a listed entity. Specific acquisition quantum and post-transaction shareholding details were omitted from the provided document extract. The company currently has a market capitalization of Rs 182 Cr with promoter holding at 40.54% as of June 2026.

Disclosure submitted on October 15, 2026 pursuant to Regulation 29(1) and 29(3) of SEBI SAST Regulations
Acquisition disclosure filed by shareholder Ms. Dempal Bhawin Shah
Company currently operates with a market capitalization of Rs 182 Cr and TTM revenue of Rs 47 Cr
Exact number of acquired shares and updated stake percentage not disclosed in the filing extract

💡 Monitor subsequent detailed exchange filings or quarterly shareholding patterns to confirm the exact equity stake acquired by the non-promoter shareholder.

Silgo Retail Submits Regulation 74(5) Dematerialisation Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 12 Oct 2026, 11:40 AM

Silgo Retail Limited submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent Bigshare Services Private Limited on October 08, 2026, confirms that security certificates received for dematerialisation were confirmed and processed within 15 days. This is a recurring administrative filing that has no operational or financial impact on the company.

Regulation 74(5) dematerialisation certificate submitted for the quarter ended September 30, 2026
Issued by Registrar and Share Transfer Agent Bigshare Services Private Limited on October 08, 2026
Dematerialisation requests confirmed and mutilated within the required 15-day period

💡 No action is needed as this is a standard regulatory submission; investors should focus on upcoming Q2 FY27 financial results.

Silgo Retail Promoters Execute Inter-Se Transfer of 93,750 Equity Shares (0.29%)

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Sep 2026, 04:06 PM

Silgo Retail Limited reported an inter-se promoter transfer under SEBI SAST regulations involving 93,750 equity shares (0.29% of equity capital) executed on September 29, 2026. Promoter Bela Agrawal transferred her entire individual holding of 93,750 shares to promoter Nitin Jain. Post-transaction, Nitin Jain's direct equity shareholding increased from 24.57% (78,40,649 shares) to 24.86% (79,34,399 shares), or 57.74% on a fully diluted basis. The total aggregate promoter group holding remains unchanged as this was an internal re-alignment.

Inter-se promoter transfer of 93,750 equity shares (0.29% voting capital) completed on September 29, 2026
Bela Agrawal disposed of 93,750 shares, reducing her reported direct holding to 0%
Nitin Jain acquired 93,750 shares, increasing direct equity voting rights from 24.57% to 24.86%
Total diluted holding of Nitin Jain stands at 2,59,34,399 instruments or 57.74% of diluted capital

💡 Track subsequent quarterly shareholding patterns to confirm promoter group aggregate stability and monitor execution of the proposed Rights Issue.

Silgo Retail Promoters Execute Inter-Se Transfer of 93,750 Equity Shares (0.29%)

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Sep 2026, 04:03 PM

Inter-se promoter transfer of 93,750 equity shares (0.29% voting capital) completed on September 29, 2026
Bela Agrawal disposed of 93,750 shares, reducing her reported direct holding to 0%
Nitin Jain acquired 93,750 shares, increasing direct equity voting rights from 24.57% to 24.86%
Total diluted holding of Nitin Jain stands at 2,59,34,399 instruments or 57.74% of diluted capital

💡 Track subsequent quarterly shareholding patterns to confirm promoter group aggregate stability and monitor execution of the proposed Rights Issue.

Promoter Inter-Se Transfer: Nitin Jain Acquires 0.29% Stake in Silgo Retail at ₹69.25/Share

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Sep 2026, 06:15 PM

Silgo Retail promoter Nitin Jain acquired 93,750 equity shares (0.29% stake) from co-promoter Bela Agrawal via an inter-se transfer on September 29, 2026. The transaction was executed at ₹69.25 per share, representing a total transaction value of approximately ₹0.65 crore. Following the acquisition, Nitin Jain's individual holding increased from 40.24% (1,28,40,649 shares) to 40.53% (1,29,34,399 shares), while Bela Agrawal's stake reduced to zero. Overall promoter group holding remains effectively unchanged as this was an internal restructuring.

Inter-se promoter transfer of 93,750 equity shares representing 0.29% of diluted share capital
Acquisition price of ₹69.25 per share, amounting to approximately ₹0.65 crore in total deal value
Nitin Jain's direct holding rises from 40.24% (1,28,40,649 shares) to 40.53% (1,29,34,399 shares)
Seller Bela Agrawal fully exits individual holding, decreasing from 93,750 shares (0.29%) to nil

💡 Track subsequent quarterly shareholding patterns to confirm aggregate promoter group holding stability and monitor upcoming quarterly financial performance.

Promoter Nitin Jain Buys 2 Lakh Shares (Rs 1.4 Cr) via Inter-Se Transfer

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Sep 2026, 04:55 PM

Silgo Retail disclosed insider trading filings regarding an inter-se promoter transfer executed on September 15, 2026. Managing Director Nitin Jain acquired 2,00,000 equity shares at Rs 70.05 per share, representing a total transaction value of Rs 1.40 crore. The shares were sold by fellow promoter Bela Agrawal, reducing her stake from 0.92% (2,93,750 shares) to 0.29% (93,750 shares). Consequently, Nitin Jain's direct holding rose from 39.61% to 40.24% of the company's equity capital.

Inter-se promoter transfer of 2,00,000 equity shares executed on September 15, 2026
Transaction price of Rs 70.05 per share, totaling Rs 1,40,10,000
Managing Director Nitin Jain increased shareholding from 39.61% to 40.24%
Promoter Bela Agrawal's shareholding decreased from 0.92% to 0.29%

💡 Track overall promoter group holdings in upcoming quarterly shareholding patterns to confirm aggregate promoter group equity levels remain stable.

Promoter Nitin Jain Acquires 0.62% Stake in Silgo Retail via Inter-se Transfer

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Sep 2026, 04:44 PM

Silgo Retail disclosed an inter-se transfer of 2,00,000 equity shares (0.62% stake) between promoters on September 15, 2026. Promoter Bela Agrawal sold 2,00,000 shares, decreasing her direct holding from 0.92% (2,93,750 shares) to 0.29% (93,750 shares). The shares were acquired by promoter Nitin Jain, lifting his direct voting shareholding from 23.94% (76,40,649 shares) to 24.57% (78,40,649 shares). Because the transaction is an internal transfer among promoters, overall promoter group holding remains unchanged.

2,00,000 shares representing 0.62% of paid-up equity transferred on September 15, 2026
Acquisition conducted via inter-se transfer between promoter group members
Nitin Jain's voting shareholding increases from 23.94% (76,40,649 shares) to 24.57% (78,40,649 shares)
Bela Agrawal's shareholding reduces from 0.92% (2,93,750 shares) to 0.29% (93,750 shares)
Total voting capital of the company stands at 3,19,08,860 equity shares

💡 Track subsequent quarterly shareholding patterns to confirm aggregate promoter group levels and monitor any further inter-se realignments.

Promoter Nitin Jain Acquires 0.62% Stake in Silgo Retail via Inter-Se Transfer at ₹70.05/Share

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 15 Sep 2026, 03:52 PM

Silgo Retail promoter Mr. Nitin Jain has acquired 2,00,000 equity shares (0.62% of share capital) from fellow promoter Mrs. Bela Agrawal via an off-market inter-se transfer on September 15, 2026. The transaction was executed at ₹70.05 per share, representing a total value of ₹1.40 crore. Following the transfer, Nitin Jain's individual stake increases from 39.61% to 40.24%, while Bela Agrawal's stake drops from 0.92% to 0.29%. Overall promoter group holding remains unchanged as this is merely an internal restructuring.

2,00,000 equity shares (0.62% of diluted share capital) transferred inter-se between promoters
Acquisition price of ₹70.05 per share, totaling ₹1.40 crore
Acquirer Nitin Jain's stake increases from 39.61% (1,26,40,649 shares) to 40.24% (1,28,40,649 shares)
Transferor Bela Agrawal's stake reduces from 0.92% (2,93,750 shares) to 0.29% (93,750 shares)
Transaction exempted under SEBI SAST Regulation 10(1)(a)(ii)

💡 Track the upcoming quarterly shareholding patterns to confirm promoter group aggregates and monitor execution of the company's planned operational expansions.

Promoter Nitin Jain Acquires 0.62% Stake via Inter-se Transfer from Promoter Bela Agrawal

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Sep 2026, 12:43 PM

Silgo Retail Limited submitted disclosures under SEBI SAST Regulations regarding an inter-se transfer of 2,00,000 equity shares (0.62% of paid-up capital) on September 09, 2026. Promoter Nitin Jain acquired these shares, increasing his direct equity voting holding from 23.31% (74,40,649 shares) to 23.94% (76,40,649 shares). Promoter Bela Agrawal disposed of the 2,00,000 shares, decreasing her equity stake from 1.54% (4,93,750 shares) to 0.92% (2,93,750 shares). Because the transaction is entirely an inter-se transfer among promoters, aggregate promoter group ownership remains unchanged.

Inter-se promoter transfer involving 2,00,000 equity shares (0.62% of total share capital)
Acquirer Nitin Jain increased equity shareholding from 74,40,649 shares (23.31%) to 76,40,649 shares (23.94%)
Seller Bela Agrawal reduced equity holding from 4,93,750 shares (1.54%) to 2,93,750 shares (0.92%)
Transaction executed off-market/inter-se on September 09, 2026
Total diluted share capital post-transaction remains 4,49,08,860 shares

💡 Track quarterly shareholding filings to confirm cumulative promoter group levels and watch for any dilution from the 1,30,00,000 outstanding convertible instruments.

Promoter Nitin Jain Acquires 0.62% Stake in Silgo Retail via Inter-Se Transfer

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Sep 2026, 12:41 PM

Silgo Retail promoter Nitin Jain acquired 2,00,000 equity shares (0.62% stake) on September 09, 2026, through an inter-se transfer amongst promoters. The shares were offloaded by co-promoter Bela Agrawal, reducing her stake from 1.54% (4,93,750 shares) to 0.92% (2,93,750 shares). Following this transaction, Nitin Jain's direct voting shareholding increased from 23.31% (74,40,649 shares) to 23.94% (76,40,649 shares). Because the transaction was entirely an inter-se transfer within the promoter group, aggregate promoter holding remains unchanged.

Inter-se transfer of 2,00,000 equity shares (0.62% of paid-up capital) between promoters on September 09, 2026
Acquirer Nitin Jain's shareholding increases from 23.31% (74,40,649 shares) to 23.94% (76,40,649 shares)
Seller Bela Agrawal's shareholding decreases from 1.54% (4,93,750 shares) to 0.92% (2,93,750 shares)
Total diluted share capital remains unchanged at 4,49,08,860 equity shares

💡 Track upcoming quarterly shareholding patterns to verify overall promoter group holding stability and monitor execution of the proposed operational expansion.

Promoter Nitin Jain Acquires 0.62% Stake in Silgo Retail via Inter-se Transfer at Rs 71.25/share

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Sep 2026, 02:46 PM

Silgo Retail promoter Mr. Nitin Jain has acquired 2,00,000 equity shares (0.62% stake) through an inter-se promoter transfer from Mrs. Bela Agrawal on September 09, 2026. The transaction was executed at a price of Rs 71.25 per share, amounting to approximately Rs 1.43 crore. Following this transaction, Nitin Jain's shareholding has increased from 38.98% (1,24,40,649 shares) to 39.61% (1,26,40,649 shares), while Bela Agrawal's stake declined to 0.92%. Because this is an internal rearrangement among existing promoters, overall aggregate promoter holding remains unaffected.

2,00,000 equity shares (0.62% of diluted share capital) transferred inter-se between promoters
Acquisition price of Rs 71.25 per share, representing a total consideration of ~Rs 1.43 crore
Acquirer Nitin Jain's holding rises from 38.98% to 39.61% (1,26,40,649 shares)
Seller Bela Agrawal's holding decreases from 1.54% to 0.92% (2,93,750 shares)

💡 Monitor upcoming quarterly shareholding patterns to confirm aggregate promoter group holdings and track operational execution under the company's silver jewellery expansion strategy.

Silgo Retail Promoters Execute Inter-Se Transfer of 2,00,000 Equity Shares (0.62% Stake)

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Sep 2026, 02:21 PM

Silgo Retail has disclosed an inter-se transfer of 2,00,000 equity shares (0.62% of paid-up capital) between promoters on September 07, 2026. Promoter Bela Agrawal disposed of 2,00,000 shares, bringing her stake down from 2.17% to 1.54%. The shares were acquired by promoter Nitin Jain, whose direct shareholding increased from 22.69% to 23.31%. Because this transaction was executed internally between promoters, overall promoter group holding remains unchanged.

Inter-se promoter transfer of 2,00,000 equity shares (0.62% of total voting capital)
Bela Agrawal's shareholding decreased from 6,93,750 shares (2.17%) to 4,93,750 shares (1.54%)
Nitin Jain's direct voting shares increased from 72,40,649 (22.69%) to 74,40,649 (23.31%)
Transaction took place on September 07, 2026 with no change to the overall promoter group pool

💡 Track the upcoming quarterly shareholding patterns to verify overall promoter group stability and warrant conversion timelines.

Promoter Nitin Jain Acquires 0.62% Stake in Silgo Retail via Inter-se Transfer

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Sep 2026, 02:20 PM

Silgo Retail disclosed an inter-se transfer of 2,00,000 equity shares (0.62% stake) between promoters on September 07, 2026. Promoter Bela Agrawal sold 2,00,000 shares, reducing her voting rights holding from 2.17% to 1.54%. The shares were acquired by promoter Nitin Jain, increasing his direct equity voting holding from 22.69% to 23.31%. Because this transaction is an internal realignment within the promoter group, the overall aggregate promoter holding remains unaffected.

2,00,000 equity shares (0.62% of total share capital) transferred inter-se between promoters on September 07, 2026
Seller Bela Agrawal's shareholding decreased from 6,93,750 shares (2.17%) to 4,93,750 shares (1.54%)
Acquirer Nitin Jain's direct voting shares increased from 72,40,649 shares (22.69%) to 74,40,649 shares (23.31%)
Total voting capital remained constant at 3,19,08,860 equity shares (fully diluted capital at 4,49,08,860 shares)

💡 Track subsequent quarterly shareholding patterns to confirm overall promoter group stability and warrant conversion timelines.

Promoter Inter-Se Transfer: Nitin Jain Acquires 0.62% Stake for ₹1.46 Cr at ₹72.84/Share

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Sep 2026, 06:03 PM

Promoter Mr. Nitin Jain has acquired 2,00,000 equity shares (0.62% of total share capital) of Silgo Retail Limited from co-promoter Mrs. Bela Agrawal via an inter-se transfer on September 07, 2026. The transaction took place at ₹72.84 per share, translating to a total deal value of approximately ₹1.46 crore. Following the transfer, Nitin Jain's individual stake increased from 38.35% to 38.98%, while Bela Agrawal's stake decreased from 2.17% to 1.54%. This is an internal promoter shareholding restructuring and does not alter the aggregate promoter group ownership.

Inter-se transfer of 2,00,000 equity shares (0.62% diluted share capital) between promoters
Executed at ₹72.84 per share on September 07, 2026 (deal value of ~₹1.46 crore)
Acquirer Nitin Jain's shareholding increased from 1,22,40,649 shares (38.35%) to 1,24,40,649 shares (38.98%)
Seller Bela Agrawal's shareholding decreased from 6,93,750 shares (2.17%) to 4,93,750 shares (1.54%)

💡 No action required; investors can review upcoming quarterly shareholding patterns to monitor overall promoter group holding stability.

Silgo Retail Issues Notice for 11th AGM on Sept 29, 2026; No Final Dividend Declared

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Sep 2026, 07:29 PM

Silgo Retail Limited has scheduled its 11th Annual General Meeting for September 29, 2026, to be held via Video Conferencing. Key agenda items include the adoption of FY26 financial statements, the reappointment of non-executive director Ms. Anisha Jain, and special resolutions to approve annual remuneration for independent directors Mr. Liladhar Kumawat (Rs 2.40 lakh) and Mr. Anil Kumawat (Rs 1.80 lakh). The company confirmed that no final dividend has been recommended for FY26. The share transfer books and register of members will remain closed from September 23 to September 29, 2026.

11th AGM scheduled for Tuesday, September 29, 2026 at 1:30 PM IST via VC/OAVM
No final dividend recommended by the Board of Directors for FY26
Special resolution to approve non-executive independent director remuneration of Rs 2,40,000 p.a. for Mr. Liladhar Kumawat
Special resolution to approve non-executive independent director remuneration of Rs 1,80,000 p.a. for Mr. Anil Kumawat
Book closure period set from September 23, 2026 to September 29, 2026

💡 Track shareholder e-voting outcomes and scrutinizer report post-September 29, 2026, alongside upcoming Q2 FY27 operational results.

View All SILGO Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations grew 26.66% YoY to INR 44.37 Cr (4437.48 Lakhs) in FY25, primarily driven by branded, lightweight silver jewellery sales.

Geographic Revenue Split

The company is expanding its digital presence and D2C capabilities across Tier-2 and Tier-3 cities in India while actively working to reduce export reliance.

Profitability Margins

Net Profit Margin improved to 10.09% in FY25 from 8.99% in FY24. Profit After Tax (PAT) grew 42.04% YoY to INR 4.48 Cr.

EBITDA Margin

EBITDA margin stood at 14.14% in FY25 (INR 6.27 Cr), compared to 15.76% in FY24, reflecting an 11.97% YoY growth in absolute EBITDA.

Capital Expenditure

The company follows an asset-light model; fixed assets stood at INR 0.13 Cr (13.36 Lakhs) as of March 31, 2025.

Credit Rating & Borrowing

The company accepted an Inter-Corporate Deposit (ICD) loan of up to INR 15 Cr in November 2025. It also provided an inter-corporate loan to an associate at an interest rate of 12% p.a.

⚙️ Operational Drivers

Raw Materials

Silver is the primary raw material, with global industrial consumption expected to exceed 700 million ounces in 2025.

Capacity Expansion

The company is increasing its Authorized Share Capital from INR 18.50 Cr to INR 45 Cr to support operational expansion.

Raw Material Costs

Silver markets are projected to run a deficit of 117.6 million ounces in 2025, which may impact procurement costs.

Manufacturing Efficiency

The company utilizes an asset-light model to enhance resilience and scalability in a competitive environment.

📈 Strategic Growth

Expected Growth Rate

26.66%

Growth Strategy

Growth will be achieved through a Rights Issue to raise funds for operational purposes, expanding digital and D2C capabilities in Tier-2/3 cities, and a strategic investment of up to INR 64.26 Cr in an associate company for solar energy and business continuity.

Products & Services

Branded, lightweight, and design-led silver jewellery targeted at millennials and Gen Z consumers.

Brand Portfolio

SILGO

New Products/Services

Contemporary designs and lightweight collections are being launched to capture demand from younger demographics.

Market Expansion

Targeting Tier-2 and Tier-3 cities in India where demand for affordable silver jewellery is rising sharply.

Strategic Alliances

Strategic investment and loan agreement with associate company M/s Hare Krishna Creative Realty Private Limited.

🌍 External Factors

Industry Trends

The silver market is entering its fifth consecutive year of deficit (117.6 million ounces), while industrial demand is at record highs.

Competitive Landscape

The industry is witnessing a shift from unorganised to organised silver jewellery markets in India.

Competitive Moat

Moat is built on brand trust, design-led offerings, and an asset-light model that allows for rapid scaling with low capital intensity.

Macro Economic Sensitivity

Revenue is sensitive to rising disposable incomes and aspirational spending trends in India.

Consumer Behavior

Millennials and Gen Z are showing a growing preference for branded, lightweight silver jewellery over traditional heavy pieces.

Geopolitical Risks

Regulatory uncertainties regarding customs duties and export market dynamics could disrupt operations.

⚖️ Regulatory & Governance

Industry Regulations

Strict adherence to BIS hallmarking mandates, traceability, and ethical sourcing (child labour scrutiny).

Environmental Compliance

The company follows ESG standards and is investing in solar energy objects via an associate company to future-proof operations.

Taxation Policy Impact

The effective tax rate for FY25 was approximately 26.2% based on a PBT of INR 6.07 Cr and PAT of INR 4.48 Cr.

⚠️ Risk Analysis

Key Uncertainties

The company has approved a material related party transaction to loan up to INR 64.26 Cr to an associate, representing 144.82% of its annual consolidated turnover.