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Shanti Gold International Q2 FY27 results: net profit down 32.5% to ₹29.56 crore, revenue up 73.4%
Shanti Gold International Limited reported standalone Q2 FY27 revenue of ₹745.95 crore, up 73.4% from Q2 FY26, while EBITDA fell 29.8% to ₹42.52 crore and net profit declined 32.5% to ₹29.56 crore. EBITDA margin narrowed to 5.7% from 14.1%, and the company also filed consolidated results for the quarter and first half ended 30 September 2026.
Key points
- Standalone Q2 FY27 revenue was ₹745.95 crore, up 73.4% from ₹430.08 crore in Q2 FY26 and 4.1% from ₹716.38 crore in Q1 FY27.
- EBITDA was ₹42.52 crore, down 29.8% year on year and 40.5% from the previous quarter, while EBITDA margin fell to 5.7% from 14.1% and 10.0%.
- The company reported a net profit of ₹29.56 crore, down 32.5% from ₹43.82 crore in Q2 FY26 and 41.4% from ₹50.48 crore in Q1 FY27; basic EPS was ₹3.99.
- H1 FY27 revenue rose 102.3% to ₹1,462.33 crore, while net profit increased 16.9% to ₹80.04 crore and EPS fell 3.9% to ₹10.96.
- The balance sheet closed with total assets of ₹1,264.36 crore, total equity of ₹777.51 crore and borrowings of ₹412.06 crore, while cash was ₹0.51 crore.
How did Shanti Gold International perform in Q2 FY27?
Shanti Gold International reported standalone revenue of ₹745.95 crore in Q2 FY27, up ₹315.87 crore or 73.4% from ₹430.08 crore in Q2 FY26 and up ₹29.57 crore or 4.1% from ₹716.38 crore in Q1 FY27. Total income was ₹751.95 crore, against ₹432.75 crore a year ago and ₹718.06 crore in the previous quarter.
EBITDA declined to ₹42.52 crore from ₹60.60 crore in Q2 FY26 and ₹71.45 crore in Q1 FY27. The EBITDA margin fell to 5.7% from 14.1% a year ago and 10.0% in the previous quarter, declines of 8.4 percentage points and 4.3 percentage points, respectively.
Profit before tax was ₹38.07 crore, down from ₹57.62 crore in Q2 FY26 and ₹65.26 crore in Q1 FY27. The company reported a net profit of ₹29.56 crore, against ₹43.82 crore and ₹50.48 crore, respectively, while basic EPS was ₹3.99 compared with ₹7.30 and ₹7.00. The board also approved consolidated results for the quarter and half-year ended 30 September 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 745.95 | 716.38 | 430.08 | +73.4% | +4.1% |
| Other income | 6 | 1.68 | 2.67 | +124.7% | +257.1% |
| Total expenses | 713.88 | 652.80 | 375.12 | +90.3% | +9.4% |
| EBITDA | 42.52 | 71.45 | 60.60 | −29.8% | −40.5% |
| EBITDA margin | 5.7% | 10.0% | 14.1% | −8.4 pp | −4.3 pp |
| Profit before tax | 38.07 | 65.26 | 57.62 | −33.9% | −41.7% |
| Tax | 8.51 | 14.77 | 13.80 | −38.3% | −42.4% |
| Net profit | 29.56 | 50.48 | 43.82 | −32.5% | −41.4% |
| EPS (₹) | 3.99 | 7.00 | 7.30 | −45.3% | −43.0% |
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 Shanti Gold International's costs and profit?
Total expenses increased by ₹338.76 crore or 90.3% to ₹713.88 crore from ₹375.12 crore in Q2 FY26, outpacing the increase in revenue. Cost of materials was the largest movement, rising ₹377.44 crore or 78.3% to ₹859.56 crore from ₹482.12 crore.
Finance costs increased ₹4.26 crore or 100.9% to ₹8.48 crore, employee costs rose ₹0.55 crore or 32.2% to ₹2.26 crore, and depreciation increased ₹0.53 crore or 37.1% to ₹1.96 crore. Other expenses rose ₹0.85 crore or 29.9% to ₹3.69 crore.
Other income increased ₹3.33 crore or 124.7% to ₹6 crore from ₹2.67 crore, while tax expense fell ₹5.29 crore or 38.3% to ₹8.51 crore from ₹13.80 crore. There was no exceptional item in either quarter. The filings do not state why the reported cost movements occurred.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 859.56 | 482.12 | +377.44 | +78.3% |
| Employee cost | 2.26 | 1.71 | +0.55 | +32.2% |
| Finance costs | 8.48 | 4.22 | +4.26 | +100.9% |
| Depreciation | 1.96 | 1.43 | +0.53 | +37.1% |
| Other expenses | 3.69 | 2.84 | +0.85 | +29.9% |
| Total expenses | 713.88 | 375.12 | +338.76 | +90.3% |
| Other income | 6 | 2.67 | +3.33 | +124.7% |
| Tax | 8.51 | 13.80 | −5.29 | −38.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, standalone revenue rose 102.3% to ₹1,462.33 crore from ₹722.85 crore in H1 FY26, an increase of ₹739.48 crore. Total income increased 102.3% to ₹1,470.01 crore from ₹726.68 crore.
Profit before tax increased 14.1% to ₹103.33 crore from ₹90.54 crore, while net profit rose 16.9% to ₹80.04 crore from ₹68.46 crore. Basic EPS declined 3.9% to ₹10.96 from ₹11.40, a fall of ₹0.44.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,462 | 722.85 | +102.3% |
| Profit before tax | 103.33 | 90.54 | +14.1% |
| Net profit | 80.04 | 68.46 | +16.9% |
| EPS (₹) | 10.96 | 11.40 | −3.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As on 30 September 2026, total assets were ₹1,264.36 crore compared with ₹856.48 crore on 31 March 2026, and total equity was ₹777.51 crore compared with ₹598.39 crore. Borrowings rose to ₹412.06 crore from ₹205.60 crore, while cash fell to ₹0.51 crore from ₹1.61 crore.
Inventories increased to ₹530.97 crore from ₹347.49 crore, trade receivables rose to ₹535.12 crore from ₹362.94 crore, and trade payables increased to ₹26.82 crore from ₹10.13 crore. In H1 FY27, operating cash flow was negative ₹261.56 crore, compared with negative ₹246.92 crore in H1 FY26.
Investing cash flow was negative ₹29.15 crore in H1 FY27 against ₹2.98 crore in H1 FY26, while financing cash flow was ₹289.61 crore against ₹252.54 crore. Capital expenditure was ₹9.18 crore, compared with ₹0.15 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,264 | 856.48 |
| Total equity | 777.51 | 598.39 |
| Borrowings | 412.06 | 205.60 |
| Cash and equivalents | 0.51 | 1.61 |
| Inventories | 530.97 | 347.49 |
| Trade receivables | 535.12 | 362.94 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −261.56 | −246.92 |
| Cash from investing | −29.15 | 2.98 |
| Cash from financing | 289.61 | 252.54 |
| Capital expenditure | 9.18 | 0.15 |
Source: Company's results filing (XBRL).
How has Shanti Gold International done over the last 6 quarters?
Revenue increased in each of the last two quarters on a year-on-year basis. It rose from ₹292.77 crore in Q1 FY26 to a series high of ₹745.95 crore in Q2 FY27, while net profit reached a series low of ₹29.56 crore in Q2 FY27 after peaking at ₹51.93 crore in Q4 FY26.
EBITDA margin moved from 13.1% in Q1 FY26 to a peak of 14.1% in Q2 FY26, fell to 9.4% in Q3 FY26, and ended at 5.7% in Q2 FY27. Revenue and net profit both increased sequentially from Q1 FY27, but the margin and profit were lower.
What else did the company announce?
On 3 November 2026, the board approved the unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2026, and took on record the limited review reports of J. Kala & Associates. The company also filed an investor presentation for the earnings call scheduled for 4 November 2026.
The presentation stated that the company raised ₹100 crore through a rights issue and established Shanti Gold Jewellery Trading L.L.C. S.O.C. in Dubai, UAE. No dividend, new appointment or other same-day board action is stated in the provided filings.
What did Shanti Gold International's management say?
Management lowered its EBITDA-margin outlook to a cautious 5–7% for FY27 and the near future, citing product mix, design launches, market conditions and pricing. The financial adviser said the strategy remained focused on gaining market share rather than optimising short-term margins, while the chairman said priorities included strengthening manufacturing, deepening customer relationships and onboarding retail partners.
Management identified higher working-capital needs, product-mix diversification, facility ramp costs, gold-price volatility and possible geopolitical delays to the Dubai export ramp as risks. It said the current debt-equity ratio was about 0.5x and could rise to as much as 1x for growth funding, with gold-metal loans potentially used for up to 30% of inventory versus 15–20% currently.
How did Shanti Gold International shares react?
The results were filed after market hours. The stock was up 0.1% after five minutes and down 1.2% after both 15 and 30 minutes from the price when the filing appeared. It closed 8.4% below the previous close on the reaction day and was 7.4% below that close by the next day’s close.
On the reaction day, the industry’s median move was 2.5%, leaving Shanti Gold International 11.0 percentage points behind the sector. By the next day’s close, the industry median was up 4.7%, while the stock’s relative move was negative 12.1 percentage points. Earlier reaction-day moves were 8.0% on 13 August 2026, 1.7% on 21 May 2026, negative 2.4% on 10 February 2026, negative 5.0% on 4 November 2025 and 1.6% on 20 August 2025.
| After the filing | Stock | Gems Jewellery And Watches median |
|---|---|---|
| 5 minutes | +0.1% | |
| 15 minutes | −1.2% | |
| 30 minutes | −1.2% | |
| Reaction day | −8.4% | +2.5% |
| Next day | −7.4% | +4.7% |
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 |
|---|---|
| 13 August 2026 | +8.0% |
| 21 May 2026 | +1.7% |
| 10 February 2026 | −2.4% |
| 4 November 2025 | −5.0% |
| 20 August 2025 | +1.6% |
Source: MarketPing price-reaction measurement.
How did other Gems Jewellery And Watches companies do?
Twelve other Gems Jewellery And Watches companies had filed results for the quarter by 6 November 2026. Their median revenue growth was 33.8%, compared with Shanti Gold International’s year-on-year revenue growth of 73.4%.
Eleven peers grew revenue more slowly than Shanti Gold International, while one grew faster. Ten of the 12 peers reported higher profit, from a group in which profit was compared for 12 companies.
| Shanti Gold International revenue growth (YoY) | +73.4% |
|---|---|
| Median of 12 other Gems Jewellery And Watches companies | +33.8% |
| Companies with slower revenue growth than Shanti Gold International | 11 of 12 |
| Companies with faster revenue growth than Shanti Gold International | 1 of 12 |
| Companies whose net profit rose | 10 of 12 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Shanti Gold International's revenue in Q2 FY27?
Revenue from operations was ₹745.95 crore, up 73.4% from ₹430.08 crore in Q2 FY26 (standalone).
Did Shanti Gold International make a profit in Q2 FY27?
Yes. Net profit was ₹29.56 crore, against a net profit of ₹43.82 crore in Q2 FY26.
What was Shanti Gold International's EPS in Q2 FY27?
Basic earnings per share were ₹3.99, against ₹7.30 in Q2 FY26.
How did Shanti Gold International shares react to the Q2 FY27 results?
On the reaction day the stock moved −8.4% from the previous close; the median Gems Jewellery And Watches stock moved +2.5%.
When did Shanti Gold International announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Meeting To Be Held On Tuesday, November 03, 2026 (BSE, 29 October 2026) · PDF
- Board Meeting Outcome for Board Meeting Held On Tuesday, November 03, 2026 (BSE, 3 November 2026) · PDF
- Results - Financial Results For The Quarter And Half-Year Ended September 30, 2026 (BSE, 3 November 2026) · PDF
- The earnings call (4 November 2026)
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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