NSE: SKYGOLD · BSE: 541967
SKY GOLD AND DIAMONDS LTD
Manufactures and sells gold and diamond jewellery in India, generating Rs. 6,294.8868 crore of revenue in FY26. Raw materials — primarily gold and diamonds — account for 95.2% of revenue, which is typical for a jewellery business where precious-metal and stone content drives the top line. EBITDA margin was 7.4782% and net profit was Rs. 281.8309 crore on total assets of Rs. 2,195.0317 crore. It runs a subsidiary called Starmangalsutra Private Limited, pointing to an offering beyond plain gold jewellery into segment-specific products such as mangalsutra (traditional Indian wedding necklaces). Employee costs are low at 0.9% of revenue and capex was 1.5% of revenue, indicating limited fixed-asset intensity. The promoter group, led by Managing Director Mangesh Chauhan, holds 51.74% of the equity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gold and diamond jewellery, Mangalsutra and allied products. Materials-heavy, asset-light gems and jewellery manufacturer
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 1,154 | 1,745 | 3,548 | 6,295 |
| EBITDA (ex other income) | 36 | 77 | 196 | 434 |
| margin % | 3.1 | 4.4 | 5.5 | 6.9 |
| Owners' profit | 0 | 40 | 133 | 275 |
| EPS, as reported (₹) | 17.32 | 70.36 | 19.04 | 18.07 |
| ROE % · ROCE % | 19.0 · 30.6 | 16.6 · 27.2 | 19.4 · 30.3 | 23.4 · 36.0 |
| Debt / equity (x) | 1.49 | 1.27 | 0.92 | 0.72 |
| Cash from operations | (6) | (138) | (273) | (45) |
| Capex | (2) | (20) | 0 | (95) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 769 | 998 | 1,058 | 1,131 | 1,484 | 1,768 | 1,912 | 2,013 |
| Profit before tax | 46 | 49 | 50 | 59 | 88 | 106 | 126 | 135 |
| Net profit | 37 | 37 | 38 | 44 | 67 | 81 | 91 | 105 |
| EPS (₹) | 34.58 | 2.52 | 5.20 | 2.97 | 4.38 | 5.20 | 5.44 | 6.67 |
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) | 42.4 | 22.3 | 21 of 29 | 29% |
| P/B | 11.8 | 2.7 | 25 of 28 | 11% |
| ROCE | 29.8 | 16.7 | 4 of 28 | 89% |
| ROE | 23.4 | 14.6 | 5 of 28 | 85% |
| Debt / Equity | 0.7 | 0.3 | 23 of 28 | 19% |
| EBITDA margin | 8.2 | 10.7 | 19 of 30 | 38% |
| Revenue growth | 77.9 | 45.7 | 2 of 25 | 96% |
| Profit growth | 140.7 | 49.8 | 3 of 25 | 92% |
| Market cap | 14248 | 2897 | 5 of 30 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 profit up 93.2%; H1 revenue up 68.3% and profit up 111.9% | compliance | minimal | — | — |
| 27 Oct 2026 · EGM on 18 November 2026 seeks approval for ₹1,800 crore fundraising | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Company grants 3,480 employee stock options | general | low | — | — |
| 27 Oct 2026 · Board approves up to Rs 1,800 crore QIP and September 2026 results | fund raising | high | — | — |
| 27 Oct 2026 · Q2 profit rises 93%; Board plans Rs 1,800 crore fundraise | results | high | — | — |
| 27 Oct 2026 · Board approves ₹1,800 crore fundraising plan and September results | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board to review September results and consider raising funds | results | low | — | — |
| 16 Oct 2026 · Change of internal auditor at Sky Gold and Diamonds | management changes | medium | — | — |
| 16 Oct 2026 · Internal auditor change at Sky Gold and Diamonds | management changes | low | — | — |
| 8 Oct 2026 · RTA compliance certificate for quarter ended September 2026 | 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.