NSE: SHANTIGOLD · BSE: 544459
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). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Bridal and other studded jewellery, Plain gold jewellery. Asset-light, inventory-heavy B2B gold jewellery contract manufacturer exposed to gold price moves.
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · consolidated |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q1 FY27 |
|---|---|
| Revenue | 716 |
| Profit before tax | 65 |
| Net profit | 50 |
| EPS (₹) | 7.00 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 3,87,605 | 67.5 | 24.68 | 45.2 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 51,637 | 36.0 | 8.19 | 19.5 | 21.4 | 22.1 | 33.0 | 6.5 |
| PC JEWELLER LTD | 16,168 | 16.8 | 1.98 | 19.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| THANGAMAYIL JEWELLERY LTD | 14,841 | 38.0 | 10.48 | — | 24.8 | 30.3 | — | 5.4 |
| SKY GOLD AND DIAMONDS LTD | 14,248 | 42.4 | 11.82 | 32.1 | 23.4 | 29.8 | — | 8.2 |
| BLUESTONE JEWEL LFSTL LTD | 11,457 | 225.8 | 6.35 | 27.5 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD | 7,785 | 17.5 | 3.97 | 13.3 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 6,516 | 61.9 | 3.91 | 25.3 | 5.8 | 7.0 | — | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 48.4 | 22.3 | 23 of 29 | 21% |
| EBITDA margin | 10.2 | 10.7 | 16 of 30 | 48% |
| Market cap | 2444 | 2897 | 17 of 30 | 45% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · RTA certificate for dematerialized securities for Q3 FY2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Shanti Gold International Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 28, 2026. Further, the company has informed the Exchange regarding voting results. | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Shanti Gold 13th AGM held; FY26 revenue up 82.5% to Rs 2,018 cr; 4 resolutions passed | board shareholder meetings | medium | — | — |
| 26 Sept 2026 · Trading window closed for Q2 FY26-27 results | compliance | minimal | — | — |
| 26 Sept 2026 · Shanti Gold acquires 0.37% stake in Ratnaveer Precision for Rs 8.83 cr | strategic transactions | medium | — | — |
| 23 Sept 2026 · Clarification on Q1 FY27 results format and identical standalone and consolidated figures | regulatory legal | medium | — | — |
| 8 Sept 2026 · NSE seeks clarification from Shanti Gold on quarterly results | regulatory legal | high | — | — |
| 4 Sept 2026 · Newspaper ad for 13th AGM notice and FY26 annual report dispatch | compliance | minimal | — | — |
| 3 Sept 2026 · Annual Report letters sent to shareholders without email registration | compliance | minimal | — | — |
| 3 Sept 2026 · Letter to shareholders sharing Annual Report web link for FY 2025-26 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.