NSE: SILGO
SILGO RETAIL LIMITED
Operates in silver jewellery, classified under Gems Jewellery And Watches. Revenue for FY26 stood at Rs 47.03 crore, with profit after tax of Rs 5.70 crore and an EBITDA margin of 18.74%. The cost base is dominated by materials at 90.7% of revenue (Rs 42.64 crore), consistent with a precious-metal business where silver and other inputs are the largest expense; employee cost is just 1.2% of revenue and other operating expenses 4.3%. The company is looking beyond its core silver jewellery line: in June 2026, the board approved acquiring 49% stakes each in two newly incorporated solar energy companies, Terraverde Renewables and Bluesky Renewables (about Rs 49 lakh each in cash), with a call option to take the remaining 51% after a one-year lock-in. A Rs 22.14 crore rights issue (part of a Rs 44.29 crore total issue at Rs 60 per share) was completed during the year, with proceeds earmarked for an SPV, Hare Krishna Creative Realty Private Limited. An inter-corporate deposit of Rs 15 crore from Ashika Credit Capital was also extended by 90 days. Total assets were Rs 161.66 crore with debt-to-equity of 0.15. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Manufacturing of Silver Jewellery. Small silver jewellery business pivoting into solar power and real-estate-linked investments
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 47 |
| EBITDA (ex other income) | 9 |
| margin % | 18.6 |
| Owners' profit | 0 |
| EPS, as reported (₹) | 2.37 |
| ROE % · ROCE % | 4.1 · 6.4 |
| Debt / equity (x) | 0.15 |
| Cash from operations | (67) |
| Capex | 0 |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|
| Revenue | 12 | 11 | 13 | 12 | 28 |
| Profit before tax | 2 | 2 | 3 | 3 | 6 |
| Net profit | 1 | 1 | 2 | 2 | 5 |
| EPS (₹) | 0.60 | 0.51 | 0.72 | 0.71 | 1.47 |
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 | 4,45,000 | 63.3 | 24.37 | 54.5 | 22.8 | 23.8 | 32.3 | 14.5 |
| KALYAN JEWELLERS IND LTD | 61,009 | 42.5 | 9.67 | 24.6 | 21.4 | 22.1 | 33.0 | 6.0 |
| PC JEWELLER LTD | 15,447 | 15.3 | 1.66 | 24.4 | 5.9 | 5.9 | 3.5 | 29.4 |
| SKY GOLD AND DIAMONDS LTD | 14,681 | 37.1 | 10.32 | 35.8 | 16.5 | 19.3 | — | 7.9 |
| THANGAMAYIL JEWELLERY LTD | 12,910 | 32.9 | 8.58 | — | 9.6 | 12.0 | — | 4.5 |
| BLUESTONE JEWEL LFSTL LTD | 10,863 | 103.8 | 5.91 | 29.5 | 0.1 | 0.1 | — | 12.7 |
| P N GADGIL JEWELLERS LTD | 8,672 | 16.5 | 3.03 | 16.6 | 7.9 | 9.9 | — | 7.8 |
| ETHOS LIMITED | 7,091 | 67.4 | 4.26 | 33.4 | 5.8 | 7.0 | — | 13.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.1 | 21.7 | 14 of 29 | 54% |
| P/B | 1.4 | 2.8 | 8 of 28 | 74% |
| Debt / Equity | 0.1 | 0.3 | 10 of 28 | 67% |
| EBITDA margin | 27.1 | 9.0 | 2 of 30 | 97% |
| Revenue growth | 144.0 | 40.8 | 3 of 26 | 92% |
| Profit growth | 222.0 | 44.1 | 2 of 26 | 96% |
| Market cap | 230 | 2841 | 26 of 30 | 14% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Silgo Retail consolidated Q2: revenue up 39.7%, profit after tax up 70.8%, margin expands | results | high | — | — |
| 6 Nov 2026 · Consolidated quarter ended September 30, 2026: revenue up 40% year on year; profit after tax up 71% | results | high | — | — |
| 4 Nov 2026 · Nitin Jain acquires 1,093,750 Silgo shares from Bela Agrawal | ownership changes | medium | — | — |
| 15 Oct 2026 · Non-promoter Dempal Shah crosses 5% in Silgo Retail via open market | ownership changes | medium | — | — |
| 12 Oct 2026 · Routine compliance certificate for Q2 FY27 dematerialisation | compliance | minimal | — | — |
| 3 Oct 2026 · Insider trading compliance certificate filed for September 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · Trading Window closed for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 1 Oct 2026 · AGM results: all 4 resolutions passed with 99.99% approval | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Silgo Retail AGM 2026 voting results: all 4 resolutions passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Promoter Nitin Jain Buys Shares via Inter-se Transfer | ownership changes | medium | — | — |
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.