SHANTI GOLD INTERNATION L

Manufactures gold jewellery on a contract basis for organized jewellery retailers, with FY26 revenue of ₹2,018.71 crore and Q4 FY26 at ₹658.93 crore, the highest quarterly figure on record. The product mix splits roughly 70% into bridal and other studded jewellery and 30% into plain gold pieces, with newer lines added in machine-made plain gold, Mangalsutra and Turkish-style designs. Manufacturing capacity is being tripled from the current 2,700 kg per annum at the Andheri facility to 7,900 kg per annum, via a new Marol unit (4,000 kg) and a Jaipur unit (1,200 kg), with a Dubai subsidiary targeted to lift the export share from 10% to 20%. The customer base spans 400+ organized retailers that are increasingly outsourcing manufacturing rather than producing in-house, and management has flagged plans to approach Titan as a new client. Gold is the dominant cost, accounting for 98.8% of revenue, making the business heavily exposed to gold prices and inventory valuation methodology (recently switched from FIFO to weighted average cost).