SHANTIGOLD

Shanti Gold International share price & financials

Price
₹219.48
Market cap
₹2.1k Cr
Sector
Consumer Durables
Calls analysed
4
Latest concall · Q1 FY27 · call held 20 Aug 2026

Shanti Gold International Limited Q1 FY27

Revenue from Operations ₹716.38 cr +145%EBITDA ₹71.45 cr +39%EBITDA Margin 9.97% Profit After Tax ₹50.48 cr +47%

What went well

  • Strong revenue growth of 144.69% YoY, reaching INR716.38 crores.
  • Healthy PAT growth of 46.94% YoY to INR50.48 crores.
  • Successful commencement of operations at the new Marol manufacturing facility, enhancing capabilities.

What to watch

  • EBITDA margin guidance for the full year is 7.5-8%, lower than the reported 9.97% for Q1 FY27, due to a one-time inventory gain.
  • Negative cash flow is a result of the business model requiring ready stock, which management acknowledges.
Read the full call →

What Shanti Gold International Limited does

Shanti Gold International designs, casts, and finishes CZ (cubic zirconia) and plain gold jewellery -- bangles, necklaces, rings and jewellery sets -- at its integrated manufacturing facility in Andheri, Mumbai, covering every step from CAD design through casting, polishing, hallmarking and packing under one roof. It earns by supplying wholesale and on a job-work basis to national and regional retail jewellers, including marquee clients such as Joyalukkas, Lalithaa, Alukkas, Vysyaraju and Shree Kalptaru, rather than through its own retail stores. Distribution spans a pan-India retailer network as well as a handful of international markets. The company is building additional capacity at a new Jaipur facility and a second Mumbai unit, and has recently entered machine-made plain gold jewellery as a new product line.

Segments

  • Domestic wholesale
  • International / export
Installed manufacturing capacity (Andheri, Mumbai facility)
2,700 kg per annum
Manufacturing facility area
13,448 sq. ft. (Andheri, Mumbai)
In-house CAD design team
96 designers
New jewellery designs generated
400+ per month
Domestic distribution footprint
15 states and 2 Union Territories
International markets served
4 countries
Founded 2003Headquarters Andheri (East), Mumbai, Maharashtra Company website

Guidance record · Q1 FY27

what the last two calls moved 17 tracked 2 delivered 2 missed 13 open
  • Operations went quiet said Q4 FY26 Promised: initially few months to start with, it's going to be around 100 kgs per month Q1 FY27: Ghosted. Management confirmed the Marol facility commenced operations in June, but did not provide any data on the initial production rate, failing to confirm if the 100kg/month target was met.
  • Operations delayed said Q2 FY26 Promised: Ready by May-June '26 Q1 FY27: Delayed again. Management now states the facility 'should be operational around November, mid-November or December'. This is another 1-2 month slip from the prior quarter's guidance.
  • Revenue on track said Q2 FY26 Promised: INR2,800 crores to INR3,000 crores (more likely INR3,000 crores) in FY27 Q1 FY27: Reiterated. Management is 'sticking to the guidance of INR3,500 crores'. Q1 revenue of ₹716.38 cr puts the company on track to meet the annual target, especially with new capacity coming online.

All 17 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 144.4%, net profit up 100.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue266 303 297 293 430 +62%637 +110%659 +122%716 +144%
EBITDA17 28 21 38 61 +259%60 +114%67 +219%71 +87%
Net profit9 18 9 25 44 +389%40 +122%52 +478%50 +100%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +14.3% 1Y

₹150₹200₹250Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 6 Nov 2025Q3 FY26 — 11 Feb 2026Q4 FY26 — 22 May 2026Q1 FY27 — 20 Aug 2026

1Y: ₹225.88 on 10 Sept 2025 → ₹258.17. High ₹270.72 (7 Sept 2026), low ₹156.63 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+5.1%
20 Aug
Q4 FY26
+0.8%
22 May
Q3 FY26
+0.4%
11 Feb
Q2 FY26
−2.9%
6 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 82.5% a year over 1 year, FY25 to FY26. Operating margin widened to 11.2%.

Year endingFY25FY26
Revenue₹1.1k Cr₹2.0k Cr
Operating profit₹81 Cr₹226 Cr
Operating margin7.3%11.2%
Interest₹20 Cr₹17 Cr
Depreciation₹4 Cr₹6 Cr
Net profit₹45 Cr₹161 Cr
Net margin4.1%8.0%
Cash from operations₹-15 Cr₹-261 Cr
Free cash flow₹-19 Cr₹-267 Cr
ROCE26.0%33.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹9 Cr₹9 Cr₹9 Cr₹9 Cr₹72 Cr₹72 Cr
Reserves₹42 Cr₹41 Cr₹61 Cr₹88 Cr₹470 Cr₹526 Cr
Borrowings₹116 Cr₹144 Cr₹165 Cr₹211 Cr₹184 Cr₹216 Cr
Other liabilities₹30 Cr₹20 Cr₹22 Cr₹18 Cr₹42 Cr₹42 Cr
Total liabilities₹197 Cr₹214 Cr₹257 Cr₹325 Cr₹768 Cr₹856 Cr
Fixed assets₹29 Cr₹43 Cr₹42 Cr₹60 Cr₹55 Cr₹59 Cr
Capital work in progress₹14 Cr₹4 Cr₹6 Cr₹8 Cr₹9 Cr₹10 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹154 Cr₹167 Cr₹208 Cr₹257 Cr₹704 Cr₹787 Cr
Total assets₹197 Cr₹214 Cr₹257 Cr₹325 Cr₹768 Cr₹856 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Sep 2025, the public added +3.18 pp while DIIs trimmed −2.43 pp. The shareholder count shrank 15% to 30,274.

Promoters
74.9%
FIIs
1.9%
DIIs
1.6%
Public
21.6%

Since Sep 2025

  • Public +3.18 pp
  • DIIs −2.43 pp
  • FIIs −0.76 pp

How it drifted, 4 quarters

Over this window the public went from 18.4% to 21.6% — +3.2 pp.

Sep '25Dec '25Jun '26

Ownership split by quarter, oldest first. Sep '25: Promoters 74.9%, FIIs 2.7%, DIIs 4.0%, Public 18.4%.Dec '25: Promoters 74.9%, FIIs 2.2%, DIIs 2.3%, Public 20.6%.Mar '26: Promoters 74.9%, FIIs 2.2%, DIIs 2.1%, Public 20.8%.Jun '26: Promoters 74.9%, FIIs 1.9%, DIIs 1.6%, Public 21.6%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Shanti Gold International Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Manojkumar N Jain 37.43%unchanged
Pankajkumar Hastimal Jagawat 37.43%unchanged
Krish Pankaj Jagawat 0.01%unchanged
Shashank Bhawarlal Jagawat 0.01%unchanged
Vansh Manojkumar Jain 0.01%unchanged
Praveen Kumar Jain 0.00%unchanged
Mir Pankaj Jagawat 0.00%unchanged
Veena Sanjay Jain 0.00%unchanged
Uzuri Jewels Private Limited 0.00%unchanged
Shantilal Jagawat HUF 0.00%unchanged
Ganesh Gold 0.00%unchanged
Shanti Developers 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹258, this stock must grow earnings at -0% every year for 7 years. Our analysis caps realistic growth at ~258%. At that growth it is worth ₹1230094 — upside of 476367%.

Growth the price implies
-0.3% a year
for 7 years, fading to 4%
It has actually compounded at
257.8% a year
net profit, FY25–FY26
The gap
-2.6 pp
476367% downside if it only repeats history
Price today ₹258.17 Value at the reference growth ₹12,30,093.76

Change the assumptions yourself →

All earnings calls (4)

Read the Q1 FY27 call →

Learn to analyse Shanti Gold International Limited

Guides on how to read this kind of business and the numbers that matter.