Date: 27th May 2026

Financial Performance Highlights (Consolidated)

Q4 FY26 Performance:

  • Revenue: ₹1,907 crore
  • EBITDA: ₹140.7 crore (7.4% margin), up 123.3% YoY
  • Reported PBT: ₹126.2 crore (6.6% margin), up 151.4% YoY
  • Reported PAT: ₹90.7 crore, up 137.4% YoY
  • Operational PBT: 6.4% margin
  • Operational PAT: ₹87.0 crore (4.6% margin)
  • Other Income: ₹16.6 crore (including ₹3.7 crore gain on sale of investments)

Full Year FY26 Performance:

  • Revenue: ₹6,295 crore, up 77% YoY
  • EBITDA: ₹434.3 crore (6.90% margin), up 121.1% YoY
  • Reported PBT: ₹379.1 crore (6.0% margin), up 117.6% YoY
  • Reported PAT: ₹281.8 crore, up 112.4% YoY
  • Operational PBT: 6.0% margin
  • Operational PAT: ₹278.1 crore (4.4% margin)

Operational Performance & Growth Drivers

Cash Flow and Working Capital:

  • Cash Flow from Operations (CFO): Negative ₹45 crore in FY26 (significant improvement from negative ₹272 crore in FY25)
  • Target CFO: Positive ₹180-225 crore in FY27
  • Working Capital Cycle: Improved to <60 days
  • Working Capital Optimization: Driven by higher share of advance gold business, export operations, and better control on customer terms

Strategic Initiatives:

  • Sky Gold 3.0: Transitioned to asset-light leased manufacturing expansion model leading to land monetization
  • Debt Reduction: Targeting 50%+ reduction in net borrowings by next year-end through operational cash generation
  • Credit Rating Upgrade: India Ratings upgraded to IND A/Stable / IND A1
  • Governance Framework: Appointed M S K A & Associates LLP (BDO International member firm) as Statutory Auditors
  • Employee Ownership: Introduced ESOP programme for eligible employees

Manufacturing and Design Capabilities:

  • 150+ designers
  • 1,30,000 sq. ft. of manufacturing space
  • Design library of 900,000+ SKU's
  • Specializes in lightweight, design-led and studded jewellery

Management Commentary

Mr. Mangesh Chauhan, Managing Director, commented on the strong performance driven by:

  • Increasing partnerships with organized retail players
  • Strong acceptance of lightweight and value-added jewellery
  • Sustained execution across manufacturing platform
  • Resilient demand trends despite elevated gold prices
  • Early focus on organized shift in jewellery manufacturing and retail

Future Outlook

  • Focus on improving cash flows and reducing debt
  • Growth through operational efficiency and prudent capital allocation
  • Target FY30 profitability aspirations of ₹945 crore
  • Confidence in sustaining healthy growth momentum through strong customer relationships, creativity, technology and manufacturing excellence

Company Background

Established in 2008 and headquartered in Mumbai, Sky Gold and Diamonds Limited is one of India's fastest-growing B2B jewellery manufacturers, serving India's leading jewellery retailers and expanding into global markets.