Financial Performance Highlights

Standalone Results (Amount in ₹ millions):

Quarter Ended September 30, 2026:

  • Revenue from Operations: ₹7,459.52
  • Other Income: ₹59.98
  • Total Income: ₹7,519.50
  • Profit Before Tax: ₹380.73
  • Total Tax Expense: ₹85.13
  • Profit for the Period: ₹295.60
  • Basic EPS: ₹3.99
  • Diluted EPS: ₹3.99

Half Year Ended September 30, 2026:

  • Revenue from Operations: ₹14,623.31
  • Other Income: ₹76.77
  • Total Income: ₹14,700.09
  • Profit Before Tax: ₹1,033.29
  • Total Tax Expense: ₹232.87
  • Profit for the Period: ₹800.42
  • Basic EPS: ₹10.96
  • Diluted EPS: ₹10.96

Comparative Performance:

  • Q2 FY2026 Revenue grew 73.4% YoY from ₹4,300.78 million in Q2 FY2025
  • Q2 FY2026 Net Profit grew 13.7% YoY from ₹260.03 million in Q2 FY2025
  • H1 FY2026 Revenue grew 102.3% YoY from ₹7,228.54 million in H1 FY2025
  • H1 FY2026 Net Profit grew 32.6% YoY from ₹603.60 million in H1 FY2025

Consolidated Results:

The consolidated results show minimal difference from standalone results due to the subsidiary's immaterial operations.

Key Financial Metrics

Cost Structure (Q2 FY2026):

  • Cost of materials consumed: ₹8,595.63 million
  • Changes in inventories: -₹1,620.80 million
  • Employee benefits expenses: ₹22.62 million
  • Finance costs: ₹84.80 million
  • Depreciation and amortization: ₹19.62 million
  • Other Expenses: ₹36.90 million

Other Income Components:

Other income for Q2 and H1 FY2026 includes net gain of ₹26.48 million on fair valuation of investments in listed equity shares and warrants measured at fair value through profit and loss.

Capital Structure Changes

  • Paid-up Equity Share Capital increased to ₹767.39 million as of September 30, 2026 from ₹720.96 million as of March 31, 2026
  • Weighted average number of shares: 74,013,955 for Q2 FY2026

Subsidiary Information

The Company incorporated a wholly owned subsidiary in Dubai, United Arab Emirates, under the name Shanti Gold Jewellery Trading L.L.C S.O.C on May 13, 2026. The subsidiary is engaged in trading in gold and silver jewellery, diamonds, pearls, precious stones and used jewellery. The Company holds 100% of the paid-up share capital of AED 300,000.

The subsidiary's financials are immaterial to the Group with total assets of ₹37.25 million, total net loss after tax of ₹(0.01) million for Q2 FY2026, and net cash inflows of ₹7.25 million for the period from May 13, 2026 to September 30, 2026.

Corporate Actions

  • The Board approved a Rights Issue of 4,643,471 fully paid-up equity shares of face value of ₹10 each at an issue price of ₹215 per share (including premium) at its meeting held on July 31, 2026
  • The Board approved a voluntary change in accounting policy for valuation of inventories from FIFO method to Weighted Average method at its meeting held on May 11, 2026

Assets and Liabilities Position (Standalone as of September 30, 2026)

  • Total Assets: ₹12,643.56 million
  • Inventories: ₹5,300.70 million
  • Trade receivables: ₹5,351.17 million
  • Cash and cash equivalents: ₹5.14 million
  • Other bank balances: ₹563.51 million
  • Borrowings: ₹4,039.93 million (current) + ₹80.66 million (non-current)
  • Equity: ₹7,775.08 million

Cash Flow Analysis (Half Year Ended September 30, 2026)

  • Net cash used in operating activities: ₹-2,615.58 million
  • Net cash used in investing activities: ₹-291.47 million
  • Net cash from financing activities: ₹2,896.10 million
  • Net decrease in cash and cash equivalents: ₹-10.95 million

Auditor Review

The financial results were subjected to limited review by the statutory auditors, J. Kala & Associates, Chartered Accountants, who issued an unmodified conclusion.

Business Segment

The Company operates as a single segment business engaged in wholesale and manufacturing of gold ornaments.