| Q2 Revenue | ₹746 Cr73.5% YoY Growth |
|---|---|
| Net Profit (H1) | ₹80 Cr32.5% YoY Growth |
| Market Cap | ₹2,048 CrGems & Jewellery |
| PE Ratio | 11.9xSector PE 33.3x |
Key highlights
- Q2 revenue from operations grew 73.5% YoY to ₹745.95 crore, with H1 revenue up 102.3% to ₹1,462.3 crore
- Manufacturing volumes increased 25.4% in Q2 and 41% in H1, reaching 1,057.6 kg for the half-year period
- Net profit for Q2 stood at ₹29.56 crore, representing a 13.5% YoY increase as margin growth lagged revenue
- Management revised FY27 EBITDA margin guidance to 5–7% from previous higher expectations due to expansion costs
- Proceeds of ₹99.83 crore from a recent rights issue were fully deployed for working capital requirements
Marol Expansion Fuels Triple-Digit First Half Revenue
Shanti Gold International's aggressive expansion strategy bore fruit in the first half of FY27, with revenue from operations hitting ₹1,462.3 crore, a 102.3% increase compared to H1 FY26. This surge was anchored by the commercial commencement of the Marol, Mumbai facility expansion in June 2026, which added 4,000 kg per annum to the company's manufacturing capacity. Total manufacturing volumes for the half-year reached 1,057.6 kg.
While revenue growth outpaced volume growth due to higher gold prices, the company solidified its position with organized retail chains, which now demand consistent quality and traceability at scale.
Margin Compression and Revised FY27 Guidance
- H1 EBITDA stood at ₹114 crore, representing an approximately 7.8% margin compared to 12.2% in the previous year
- Management has guided for a sustainable EBITDA margin range of 5–7% for the full year FY27
- Transition costs and upfront investments in new product verticals are cited as primary margin headwinds
- FY27 full-year revenue guidance is maintained between ₹3,200 crore and ₹3,500 crore
- The company maintains a debt-to-equity comfort level of up to 1.0x to fuel inventory requirements
Operational Roadblocks and Future Milestones
The commissioning of the Jaipur manufacturing facility, originally expected by late 2026, has been delayed to January or February 2027 due to ongoing interior and electrical work. The three-acre Jaipur site is designated for premium machine-made plain gold jewellery. Internationally, the company has completed all approvals for its Dubai office, with volumes expected to commence once regional market conditions stabilize.
Despite the delay in Jaipur, management reported a record order book of ₹1,765 crore as of November 2026, highlighting strong festive and wedding season demand from its B2B retail partners.
Management on Strategic Transition
Our focus remains on becoming a more dependable manufacturing partner to organized retail chains and large jewellery players. The commencement of operations at our expanded manufacturing facility in Marol added capacity and flexibility to our operations.
| Date | Announcement | Amount |
|---|---|---|
| 03 Nov 2026 | Q2 FY27 standalone revenue from operationsSource: BSE filing | ₹745.95 Cr |
| 14 Aug 2026 | FY27 top-line revenue growth guidance (50% to 60%) reiterated on Q1 earnings callSource: BSE filing | – |
| 13 Aug 2026 | Q1 FY27 standalone revenue from operationsSource: 5paisa.com | ₹716.38 Cr |
| 22 May 2026 | FY27 revenue guidance (Rs 3,000 to 3,500 crore) announced on Q4 earnings callSource: arthneeti.com | – |
| 21 May 2026 | Q4 FY26 standalone revenue from operationsSource: univest.in | ₹658.93 Cr |
| 10 Feb 2026 | Q3 FY26 standalone revenue from operationsSource: scanx.trade | ₹636.93 Cr |
What to watch next
- Commissioning of the Jaipur manufacturing facility expected in January or February 2027
- Expansion of export revenue share towards the guided 6–7% range via the Dubai office
- Introduction of 'Advanced Gold' product vertical to enhance high-margin product mix
- Stabilization of EBITDA margins within the new 5–7% guidance range by Q4 FY27
“We have seen healthy traction from our retail partners in the run-up to the festive season and we remain optimistic about demand through the second half of the year.”
“The Jaipur facility is in a land of 3 acres and the building which is coming up around 65,000 square feet... Once it is finished, it should commence operations.”
| Share price | ₹266.9 |
|---|---|
| Market capitalisation | ₹2,048.18 Cr |
| Revenue (annual) | ₹2,018.71 Cr |
| Net profit (annual) | ₹140.15 Cr |
| Revenue (latest quarter) | ₹745.95 Cr+4.13% vs previous quarter |
| Net profit (latest quarter) | ₹29.56 Cr-41.44% vs previous quarter |
| P/E (TTM) | 11.9×Sector 33.33× |
| Promoter holding | 70.35%-4.54% QoQ |
| FII holding | 2.22%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Shanti Gold International Limited announcing Q2 and H1 FY27 financial results and investor call transcript. Market figures from a third-party data provider.
