Trading Symbol

SKYGOLD

Financial Performance Highlights

Q2 FY27 Performance (Consolidated)

  • Revenue from Operations: ₹2,390.7 crore, up 61.0% YoY (Q2 FY26: ₹1,484.5 crore) and 18.8% QoQ (Q1 FY27: ₹2,012.8 crore)
  • EBITDA: ₹189.8 crore, up 90.0% YoY (Q2 FY26: ₹99.9 crore) and 21.1% QoQ (Q1 FY27: ₹156.7 crore)
  • EBITDA Margin: 7.9%, improved by 120 bps YoY (6.7% in Q2 FY26) and 10 bps QoQ (7.8% in Q1 FY27)
  • Reported PAT: ₹129.4 crore, up 93.2% YoY (Q2 FY26: ₹67.0 crore) and 23.4% QoQ (Q1 FY27: ₹104.9 crore)
  • Reported PAT Margin: 5.4%, improved by 90 bps YoY (4.5% in Q2 FY26) and 20 bps QoQ (5.2% in Q1 FY27)
  • Operational PAT: ₹134.9 crore, up 101.3% YoY (Q2 FY26: ₹67.0 crore) and 28.6% QoQ (Q1 FY27: ₹104.9 crore)
  • Operational PAT Margin: 5.6%, improved by 110 bps YoY (4.5% in Q2 FY26) and 40 bps QoQ (5.2% in Q1 FY27)
  • Gross Profit: ₹229.1 crore, up 87.1% YoY (Q2 FY26: ₹122.5 crore) and 22.2% QoQ (Q1 FY27: ₹187.5 crore)
  • Gross Profit Margin: 9.6%, improved by 133 bps YoY (8.2% in Q2 FY26) and 27 bps QoQ (9.3% in Q1 FY27)

H1 FY27 Performance (Consolidated)

  • Revenue from Operations: ₹4,403.5 crore, up 68.3% YoY (H1 FY26: ₹2,615.7 crore)
  • EBITDA: ₹346.5 crore, up 102.3% YoY (H1 FY26: ₹171.3 crore)
  • EBITDA Margin: 7.9%, improved by 140 bps YoY (6.5% in H1 FY26)
  • Reported PAT: ₹234.3 crore, up 111.9% YoY (H1 FY26: ₹110.6 crore)
  • Reported PAT Margin: 5.3%, improved by 110 bps YoY (4.2% in H1 FY26)
  • Operational PAT: ₹239.8 crore, up 116.8% YoY (H1 FY26: ₹110.6 crore)
  • Operational PAT Margin: 5.4%, improved by 120 bps YoY (4.2% in H1 FY26)
  • Gross Profit: ₹416.6 crore, up 94.8% YoY (H1 FY26: ₹213.8 crore)
  • Gross Profit Margin: 9.5%, improved by 129 bps YoY (8.2% in H1 FY26)

Balance Sheet Position (as of 30-Sept-26)

  • Total Assets: ₹2,894.3 crore (31-Mar-26: ₹2,195.0 crore)
  • Inventories: ₹1,002.5 crore (31-Mar-26: ₹785.9 crore)
  • Trade Receivables: ₹855.8 crore (31-Mar-26: ₹562.6 crore)
  • Cash and Cash Equivalents: ₹38.6 crore (31-Mar-26: ₹7.9 crore)
  • Total Equity: ₹1,422.4 crore (31-Mar-26: ₹1,205.9 crore)
  • Borrowings (Current): ₹821.5 crore (31-Mar-26: ₹799.8 crore)
  • Borrowings (Non-Current): ₹117.9 crore (31-Mar-26: ₹48.1 crore)
  • MSME Dues Outstanding: ₹182.3 crore (31-Mar-26: ₹64.9 crore)
  • Other than MSME Dues Outstanding: ₹255.2 crore (31-Mar-26: ₹27.3 crore)

Cash Flow Statement (H1 FY27)

  • Net Cash from Operating Activities: ₹136.7 crore (H1 FY26: negative ₹100.9 crore)
  • Cash Flow used in Investing Activities: negative ₹127.5 crore (H1 FY26: negative ₹75.0 crore)
  • Cash Flow from Financing Activities: ₹22.6 crore (H1 FY26: ₹179.5 crore)
  • Net increase in Cash & Cash equivalents: ₹31.7 crore (H1 FY26: ₹3.6 crore)

Corporate Developments

Acquisition

  • Acquired 100% stake in Purvi Gems for ₹9 crore to expand presence in lightweight uncut and precia jewellery
  • Strategic rationale: Strengthens export opportunities, particularly in the Middle East, while enabling cross-selling through Sky Gold's customer network
  • Provides access to established business, customer relationships, manufacturing capabilities and experienced team

Appointments

  • Appointed M/s Doshi Jain & Co. as Internal Auditor to strengthen corporate governance, risk management, and internal control framework
  • Appointed M S K A & Associates LLP, Chartered Accountant (member firm of BDO International) as Statutory Auditors
  • Current quarter's financials reviewed by the new statutory auditors

Management Compensation Policy

  • Promoters will not draw salaries from FY27
  • All promoter payouts will be solely through dividends generated from operating cash flows
  • Approach aligns promoter outcomes with cash generation and balance sheet strength

Operational Highlights

  • Current mix of natural and lab-grown diamond jewellery is ~2.3%
  • Scaling of asset-light, capital-efficient Advance Gold model supporting profitable growth and improved ROCE
  • Showcased product portfolio at Asiana UK-India Jewellery Expo, London, generating strong order interest from UK and European buyers
  • Manufacturing footprint expanded to 150,000 sq. ft.
  • Opening of Dubai Office
  • Design talent pool doubled to ~180 professionals over last three years
  • Implemented ERP to monitor operational KPIs, leading to reduction of gold loss

Historical Performance Context

  • FY26 Performance: Revenue ₹6,294.9 crore, EBITDA ₹434 crore (6.9% margin), PAT ₹282 crore (4.5% margin)
  • FY25 Performance: Revenue ₹3,548 crore, EBITDA ₹196.4 crore (5.5% margin), PAT ₹132.7 crore (3.7% margin)
  • FY24 Performance: Revenue ₹1,745.5 crore, EBITDA ₹77.2 crore (4.4% margin), PAT ₹40.5 crore (2.3% margin)

Guidance vs Actual Performance

  • Original FY27 revenue target of ₹5,000 crore surpassed a year early (H1 FY27 already at ₹4,403.5 crore)
  • EBITDA margin guidance: 7.0-7.5% vs Actual Q2 FY27: 7.9% (exceeded)
  • PAT margin guidance: 4.5-4.75% vs Actual Q2 FY27: 5.6% (exceeded)
  • ROCE guidance: ~30-35% vs Actual FY26: 36% (achieved early)
  • Operating cash flow guidance: Positive vs Actual H1 FY27: ₹136.7 crore (achieved)

Acquisition Performance Summary

| Acquisition | Pre-Acquisition Scale | Post-Acquisition Progress |

| Sparkling Chains Pvt. Ltd. | Turnover: ₹201 crore (Mar 2024), PAT: ₹0.1 crore | Turnover: ₹760 crore (Mar 2026), PAT: ₹22.3 crore |

| Starmangalsutra Pvt. Ltd. | Turnover: ₹171 crore (Mar 2024), PAT: ₹0.07 crore | Turnover: ₹622 crore (Mar 2026), PAT: ₹22.9 crore |

| Speed Bangle Pvt. Ltd. | Turnover: ₹0.87 crore (Mar 2025), PAT: ₹0.07 crore | Turnover: ₹42 crore (Mar 2026), PAT: ₹16.6 crore |

| Shri Rishab Gold | Turnover: ₹49 crore (Mar 2025), PAT: ₹1.60 crore | Turnover: ₹175 crore (Mar 2026), PAT: ₹18.8 crore |

Safe Harbor Statement

The presentation contains forward-looking statements subject to known and unknown risks, uncertainties and assumptions. The company assumes no obligation to update any forward-looking information.