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S. M. Gold Q2 FY27 results: net profit up 123.3% to ₹0.96 crore, revenue up 46.4%
S. M. Gold Limited reported standalone Q2 FY27 revenue of ₹65.44 crore, up 46.4% from Q2 FY26, with net profit of ₹0.96 crore and basic EPS of ₹0.72. EBITDA was ₹1.32 crore at a 2.0% margin, while the company reported no exceptional item.
Key points
- Revenue rose 46.4% year on year to ₹65.44 crore and 190.8% from the previous quarter.
- EBITDA was ₹1.32 crore, up 120.0% from ₹0.60 crore, with margin at 2.0% versus 1.3%.
- Net profit rose to ₹0.96 crore from ₹0.43 crore, and basic EPS increased to ₹0.72 from ₹0.43.
- Profit before tax was ₹1.16 crore, up 110.9% from ₹0.55 crore in Q2 FY26.
- Total expenses were ₹64.28 crore, including other expenses of ₹1.01 crore, employee cost of ₹0.48 crore and finance costs of ₹0.16 crore.
How did S. M. Gold perform in Q2 FY27?
S. M. Gold reported standalone revenue of ₹65.44 crore in Q2 FY27, compared with ₹44.69 crore in Q2 FY26 and ₹22.50 crore in Q1 FY27. EBITDA was ₹1.32 crore at a 2.0% margin, against ₹0.60 crore and 1.3% a year earlier and ₹0.70 crore and 3.1% in the previous quarter. The margin was lower than in Q1 FY27 despite higher revenue.
Net profit was ₹0.96 crore in Q2 FY27, compared with ₹0.43 crore in Q2 FY26 and ₹0.53 crore in Q1 FY27. Profit before tax was ₹1.16 crore against ₹0.55 crore and ₹0.62 crore, respectively, while basic EPS was ₹0.72 against ₹0.43 and ₹0.40. The results are standalone; the filing also presents half-year figures for the period ended 30 September 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 65.44 | 22.50 | 44.69 | +46.4% | +190.8% |
| Other income | 0 | 0 | 0.03 | ||
| Total expenses | 64.28 | 21.88 | 44.17 | +45.5% | +193.8% |
| EBITDA | 1.32 | 0.70 | 0.60 | +120.0% | +88.6% |
| EBITDA margin | 2.0% | 3.1% | 1.3% | +0.7 pp | −1.1 pp |
| Profit before tax | 1.16 | 0.62 | 0.55 | +110.9% | +87.1% |
| Tax | 0.20 | 0.09 | 0.12 | +66.7% | +122.2% |
| Net profit | 0.96 | 0.53 | 0.43 | +123.3% | +81.1% |
| EPS (₹) | 0.72 | 0.40 | 0.43 | +67.4% | +80.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in S. M. Gold's costs and profit?
Total expenses rose to ₹64.28 crore from ₹44.17 crore in Q2 FY26, an increase of ₹20.11 crore, or 45.5%. Other expenses increased by ₹0.97 crore to ₹1.01 crore, employee cost increased by ₹0.49 crore to ₹0.48 crore, and finance costs increased by ₹0.09 crore to ₹0.16 crore. Cost of materials consumed was unchanged at no cost in the comparative figures, while depreciation was unchanged at no cost.
Other income fell by ₹0.03 crore to no income in Q2 FY27 from ₹0.03 crore in Q2 FY26. There was no exceptional item. Tax expense increased by ₹0.08 crore to ₹0.20 crore from ₹0.12 crore, while profit before tax increased by ₹0.61 crore to ₹1.16 crore. The filing states the figures but does not give reasons for the changes in these cost lines or other income.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 0.48 | −0.01 | +0.49 | |
| Finance costs | 0.16 | 0.07 | +0.09 | +128.6% |
| Depreciation | 0 | 0 | 0 | |
| Other expenses | 1.01 | 0.04 | +0.97 | +2425.0% |
| Total expenses | 64.28 | 44.17 | +20.11 | +45.5% |
| Other income | 0 | 0.03 | −0.03 | |
| Tax | 0.20 | 0.12 | +0.08 | +66.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹46.67 crore, compared with ₹52.26 crore at 31 March 2026. Total equity was ₹31.36 crore against ₹34.99 crore, borrowings were ₹13.85 crore against ₹15.76 crore, and cash was ₹1.91 crore against ₹1.40 crore. Inventories fell to ₹14.02 crore from ₹38.06 crore, while trade receivables were ₹24.69 crore against ₹0.04 crore.
For H1 FY27, operating cash flow was ₹2.59 crore, compared with ₹0.62 crore in H1 FY26. Investing cash flow was negative ₹0.01 crore in both periods, while financing cash flow was negative ₹2.06 crore in H1 FY27 compared with negative ₹0.63 crore in H1 FY26. The filing does not provide a closing cash figure for the half-year periods.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 46.67 | 52.26 |
| Total equity | 31.36 | 34.99 |
| Borrowings | 13.85 | 15.76 |
| Cash and equivalents | 1.91 | 1.40 |
| Inventories | 14.02 | 38.06 |
| Trade receivables | 24.69 | 0.04 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 2.59 | 0.62 |
| Cash from investing | −0.01 | −0.01 |
| Cash from financing | −2.06 | −0.63 |
| Capital expenditure | 0 | 0 |
Source: Company's results filing (XBRL).
How has S. M. Gold done over the last 8 quarters?
Revenue reached ₹65.44 crore in Q2 FY27, the highest level in the supplied quarterly series, after ₹22.50 crore in Q1 FY27. The lowest revenue in the series was ₹14.67 crore in Q4 FY25. Profit was ₹0.96 crore in Q2 FY27, compared with ₹0.53 crore in Q1 FY27 and a low of ₹0.10 crore in Q4 FY25.
The EBITDA margin reached 3.6% in Q4 FY26 and was 3.1% in Q1 FY27, before easing to 2.0% in Q2 FY27. The lowest margin was 0.8% in Q3 FY25. Profit rose year on year in each of the last four quarters, according to the supplied trend data.
How did S. M. Gold shares react?
Earlier reaction-day moves were 0.3% on 8 August 2026, 1.6% on 29 May 2026, negative 2.2% on 11 February 2026, 1.7% on 13 November 2025, 0.3% on 11 August 2025, negative 2.3% on 28 May 2025, 0.0% on 22 July 2024 and 0.2% on 30 May 2024.
| After the filing | Stock | Gems, Jewellery And Watches median |
|---|---|---|
| 5 minutes | +0.0% | |
| 15 minutes | +6.7% | |
| 30 minutes | +6.2% | |
| Reaction day | +5.5% | +0.0% |
| Next day | +7.5% | +0.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 8 August 2026 | +0.3% |
| 29 May 2026 | +1.6% |
| 11 February 2026 | −2.2% |
| 13 November 2025 | +1.7% |
| 11 August 2025 | +0.3% |
| 28 May 2025 | −2.3% |
| 22 July 2024 | +0.0% |
| 30 May 2024 | +0.2% |
Source: MarketPing price-reaction measurement.
How did other Gems, Jewellery And Watches companies do?
Among the 13 Gems, Jewellery And Watches companies compared for the quarter, the median revenue growth was 14.2%. Eight peers grew more slowly than S. M. Gold and five grew faster than S. M. Gold. Of the 11 peers for which profit was compared, seven reported higher profit. The peer comparison was as of 4 November 2026.
| S. M. Gold revenue growth (YoY) | +46.4% |
|---|---|
| Median of 13 other Gems, Jewellery And Watches companies | +14.2% |
| Companies with slower revenue growth than S. M. Gold | 8 of 13 |
| Companies with faster revenue growth than S. M. Gold | 5 of 13 |
| Companies whose net profit rose | 7 of 11 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was S. M. Gold's revenue in Q2 FY27?
Revenue from operations was ₹65.44 crore, up 46.4% from ₹44.69 crore in Q2 FY26 (standalone).
Did S. M. Gold make a profit in Q2 FY27?
Yes. Net profit was ₹0.96 crore, against a net profit of ₹0.43 crore in Q2 FY26.
What was S. M. Gold's EPS in Q2 FY27?
Basic earnings per share were ₹0.72, against ₹0.43 in Q2 FY26.
How did S. M. Gold shares react to the Q2 FY27 results?
On the reaction day the stock moved +5.5% from the previous close; the median Gems, Jewellery And Watches stock moved +0.0%.
When did S. M. Gold announce its Q2 FY27 results?
On 28 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval And Consideration Of Unaudited Financial Results For The Quarter And Half Year Ended 30Th Sep, 2026. (BSE, 23 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On Today Wednesday, 28Th October, 2026 (BSE, 28 October 2026) · PDF
- Financial Result For Quarter And Half Year Ended 30Th September, 2026. (BSE, 28 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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