Sky Gold And Diamonds Q2 Net Profit Surges 93% to ₹129 Cr; Plans ₹1,800 Cr Fundraise

Key numbers

PE TTM	52.79Industry PE 56.34
Market Cap	₹14,534.92 CrGems & Jewellery
1Yr Price Change	156.7%Outperforming
Promoter Holding	51.74%No pledge

Key highlights

• Net profit grew 93.1% year-on-year to ₹129 crore from ₹67.0 crore in the same period last year
• Revenue from operations surged 61% YoY to ₹2,391 crore, reflecting significant scaling of operations
• Board approved a fundraise up to ₹1,800 crore through QIP or other permissible equity modes
• Operating margins expanded to 6.9% in Q2 FY27, up from 5.9% in the year-ago quarter
• Exceptional loss of ₹7.4 crore recorded due to a sophisticated deep-fake financial fraud incident
• Company completed 100% acquisition of Purvi Gems & Jewellery (India) Private Limited on October 7, 2026

Strong Top-Line Momentum and Margin Expansion

Sky Gold and Diamonds reported a substantial increase in its consolidated revenue from operations, which reached ₹2,391 crore in Q2 FY27, compared to ₹1,484 crore in Q2 FY26. This 61% year-on-year growth was accompanied by a sequential rise of 18.7% from the preceding quarter. The company's focus on operational efficiency is reflected in its operating margins, which improved by 100 basis points year-on-year to 6.9%.

This expansion allowed the net profit to reach ₹129 crore, even after accounting for a one-time exceptional charge related to a fraud incident at one of its subsidiaries.

Strategic Growth Initiatives and Capital Raising

• Board approval obtained to raise up to ₹1,800 crore via Qualified Institutions Placements (QIP) or equity issuance
• An Extra-Ordinary General Meeting (EGM) is scheduled for November 18, 2026, to seek shareholder approval for the fundraise
• Completed the 100% acquisition of Purvi Gems & Jewellery (India) Private Limited shortly after the quarter-end
• Management has fixed November 11, 2026, as the cut-off date for e-voting eligibility for the upcoming EGM
• The proposed funds are intended to support the company's long-term revenue guidance of ₹18,000–19,000 crore by FY30

Exceptional Item: Deep-fake Fraud Incident

The quarterly results include an exceptional loss of ₹7.4 crore (₹735.49 lakhs) resulting from a fraud incident at Starmangalsutra Private Limited, a wholly-owned subsidiary. The company disclosed that the incident involved the unauthorized compromise of an employee's mobile and laptop through advanced deep-fake methodologies, including profile cloning and coercion. Out of the total unauthorized fund transfers aggregating to ₹10.70 crore, the company has successfully recovered ₹3.34 crore with the assistance of the Cyber Police, with the unrecovered balance recognized as a loss during the quarter.

Market Context and Long-term Guidance

• Company reiterated FY27 revenue guidance of approximately ₹8,100 crore as of August 2026
• Targets a PAT margin of 5.25%+ and revenue of ₹18,000–19,000 crore by FY30
• Institutional holding remains stable at 17.14%, with Mutual Fund participation at 10.25%
• Stock is trading at a PE TTM of 52.79, slightly below the industry average of 56.34
• Promoter holding remains unchanged at 51.74% with zero pledged shares

What to watch next

• Extra-Ordinary General Meeting (EGM) results on November 18, 2026
• Updates on the execution and pricing of the ₹1,800 crore QIP fundraise
• Integration milestones for the newly acquired Purvi Gems & Jewellery
• Progress toward the reiterated FY27 revenue guidance of ₹8,100 crore

“The incident involved the unauthorized compromise of a company-issued mobile phone and laptop used by an employee. This was done by using very advanced deep-fake methodologies like profile cloning & coercion to get the transfers done.”

Sky Gold And Diamonds · financial snapshot

Share price	₹938.5
Market capitalisation	₹14,534.92 Cr
Revenue (annual)	₹6,294.89 Cr
Net profit (annual)	₹275.32 Cr
Revenue (latest quarter)	₹2,012.79 Cr+5.30% vs previous quarter
Net profit (latest quarter)	₹103.28 Cr+22.54% vs previous quarter
P/E (TTM)	52.79×Sector 48.95×
Promoter holding	51.74%0.00% QoQ
FII holding	4.7%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.