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- Q2 FY27 results
SKY GOLD AND DIAMONDS Q2 FY27 results: net profit up 93.1% to ₹129.35 crore, revenue up 61.0%
SKY GOLD AND DIAMONDS LTD reported consolidated Q2 FY27 revenue of ₹2,391 crore, up 61.0% from Q2 FY26, while net profit rose 93.1% to ₹129.35 crore. EBITDA increased 90.0% to ₹189.77 crore and the EBITDA margin widened 1.2 percentage points to 7.9%.
Key points
- Consolidated revenue was ₹2,391 crore in Q2 FY27, up ₹906.20 crore or 61.0% from Q2 FY26 and ₹377.87 crore or 18.8% from Q1 FY27.
- EBITDA was ₹189.77 crore, up ₹89.88 crore or 90.0% year on year, while the margin rose 1.2 percentage points to 7.9%.
- Net profit was ₹129.35 crore, up ₹62.36 crore or 93.1% from Q2 FY26, and basic EPS increased ₹3.88 to ₹8.26.
- H1 FY27 revenue was ₹4,403.45 crore, up 68.3% from H1 FY26, while net profit rose 111.8% to ₹234.25 crore.
- The board approved a fund raise of up to ₹1,800 crore through a QIP or other permissible modes, subject to shareholder and regulatory approvals.
How did SKY GOLD AND DIAMONDS perform in Q2 FY27?
SKY GOLD AND DIAMONDS reported consolidated revenue of ₹2,391 crore for Q2 FY27, up ₹906.20 crore or 61.0% from Q2 FY26. EBITDA rose ₹89.88 crore or 90.0% to ₹189.77 crore, while the margin increased 1.2 percentage points to 7.9%. Net profit was ₹129.35 crore, up ₹62.36 crore or 93.1%, and basic EPS rose ₹3.88 to ₹8.26.
Against Q1 FY27, revenue increased ₹377.87 crore or 18.8% to ₹2,391 crore and EBITDA rose ₹33.04 crore or 21.1% to ₹189.77 crore. The margin increased 0.1 percentage points to 7.9%, profit before tax rose ₹31.23 crore or 23.2% to ₹166.03 crore, and net profit increased ₹24.45 crore or 23.3% to ₹129.35 crore. Basic EPS was ₹8.26, up ₹1.59 from Q1 FY27.
On a standalone basis, Q2 FY27 revenue was ₹1,824.55 crore, down 6.9%, while profit after tax was ₹85.37 crore against ₹87.42 crore in the year-ago quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,391 | 2,013 | 1,484 | +61.0% | +18.8% |
| Other income | 14.43 | 7.95 | 7.99 | +80.6% | +81.5% |
| Total expenses | 2,232 | 1,886 | 1,405 | +58.9% | +18.3% |
| EBITDA | 189.77 | 156.73 | 99.89 | +90.0% | +21.1% |
| EBITDA margin | 7.9% | 7.8% | 6.7% | +1.2 pp | +0.1 pp |
| Profit before tax | 166.03 | 134.80 | 87.90 | +88.9% | +23.2% |
| Tax | 36.68 | 29.90 | 20.91 | +75.4% | +22.7% |
| Net profit | 129.35 | 104.90 | 66.99 | +93.1% | +23.3% |
| EPS (₹) | 8.26 | 6.67 | 4.38 | +88.6% | +23.8% |
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 SKY GOLD AND DIAMONDS's costs and profit?
Total expenses were ₹2,232 crore, up ₹827.15 crore or 58.9% from Q2 FY26. Cost of materials increased ₹974.52 crore or 81.2% to ₹2,175 crore, employee cost rose ₹7.05 crore or 53.8% to ₹20.15 crore, and finance costs increased ₹7.92 crore or 45.1% to ₹25.50 crore.
Depreciation rose ₹2.91 crore or 120.7% to ₹5.32 crore, while other expenses increased ₹10.83 crore or 130.3% to ₹19.14 crore. Other income was ₹14.43 crore, up ₹6.44 crore or 80.6% from Q2 FY26, and the company reported a ₹7.35 crore exceptional charge.
Tax expense increased ₹15.77 crore or 75.4% to ₹36.68 crore. Management said the exceptional charge related to an INR10.70 crores fraud at Star Mangalsutra, of which INR3.35 crores was recovered. The filing did not state a further reason for the increase in cost of materials.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 2,175 | 1,201 | +974.52 | +81.2% |
| Employee cost | 20.15 | 13.10 | +7.05 | +53.8% |
| Finance costs | 25.50 | 17.58 | +7.92 | +45.1% |
| Depreciation | 5.32 | 2.41 | +2.91 | +120.7% |
| Other expenses | 19.14 | 8.31 | +10.83 | +130.3% |
| Total expenses | 2,232 | 1,405 | +827.15 | +58.9% |
| Other income | 14.43 | 7.99 | +6.44 | +80.6% |
| Tax | 36.68 | 20.91 | +15.77 | +75.4% |
| Exceptional items | −7.35 (charge) | none |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹4,403.45 crore, up ₹1,787.75 crore or 68.3% from H1 FY26, while total income rose 68.4% to ₹4,425.84 crore. Profit before tax increased 105.0% to ₹300.83 crore.
Net profit for the first half was ₹234.25 crore, up ₹123.67 crore or 111.8% from H1 FY26, and EPS increased ₹7.54 to ₹14.92.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 4,403 | 2,616 | +68.3% |
| Profit before tax | 300.83 | 146.77 | +105.0% |
| Net profit | 234.25 | 110.58 | +111.8% |
| EPS (₹) | 14.92 | 7.38 | +102.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased from ₹2,195.03 crore on 31 March 2026 to ₹2,894.29 crore on 30 September 2026, while total equity rose from ₹1,205.88 crore to ₹1,422.43 crore. Borrowings increased from ₹869.11 crore to ₹964.07 crore and cash from ₹7.91 crore to ₹38.56 crore.
Inventories rose from ₹785.87 crore to ₹1,002.52 crore, trade receivables from ₹562.62 crore to ₹855.84 crore, and trade payables from ₹90.82 crore to ₹437.47 crore. H1 FY27 operating cash flow was ₹136.66 crore against negative ₹100.87 crore in H1 FY26; investing cash flow was negative ₹127.49 crore and financing cash flow was ₹22.57 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,894 | 2,195 |
| Total equity | 1,422 | 1,206 |
| Borrowings | 964.07 | 869.11 |
| Cash and equivalents | 38.56 | 7.91 |
| Inventories | 1,003 | 785.87 |
| Trade receivables | 855.84 | 562.62 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 136.66 | −100.87 |
| Cash from investing | −127.49 | −74.98 |
| Cash from financing | 22.57 | 179.48 |
| Capital expenditure | 17.29 | 132.45 |
Source: Company's results filing (XBRL).
How has SKY GOLD AND DIAMONDS done over the last 8 quarters?
Revenue and profit have risen in each of the last eight quarters on a year-on-year basis. Consolidated revenue reached its latest and highest level at ₹2,390.66 crore in Q2 FY27, while net profit also peaked at ₹129.35 crore.
The EBITDA margin increased from 5.7% in Q3 FY25 to 7.9% in Q2 FY27, its highest level in the reported series. Revenue and profit bottomed in Q3 FY25 at ₹997.97 crore and ₹36.54 crore, respectively, before rising through the subsequent quarters.
What else did the company announce?
On 27 October 2026, the board approved raising up to ₹1,800 crore through equity issuance in one or more tranches through a QIP and/or any other permissible mode. The proposal remains subject to shareholder, regulatory and other statutory approvals, with the issue price to be determined by the board.
The board also approved the unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2026 and convened an extraordinary general meeting for 18 November 2026 to seek shareholder approval. The filing did not announce a dividend or any appointment.
What did SKY GOLD AND DIAMONDS's management say?
Management maintained its prior FY2030 targets of INR18,000 crores revenue, INR945 crores PAT, 20%-25% PAT-to-operating-cash-flow conversion and a net debt-free balance sheet. It also said the prior PAT-margin guidance of 5%-5.25% remained on track, but added that it would revisit its numbers and return with updated guidance after the QIP mandate closes.
Management said SEBI restrictions prevented fresh numerical guidance and disclosure of the proposed fundraise’s use of proceeds. It identified rising gold prices and downtrading from 22-karat to 18-, 14- and 9-karat jewellery as risks, and said higher-margin studded jewellery required more working capital.
Management said exports reached INR435 crores in Q2 and accounted for about 18% of the business, while Advance Gold represented 16% of Q2 volume and studded jewellery reached 2.6% of revenue. The company’s priorities included asset-light design, technology and customer co-creation, export-led expansion, ERP and audit controls, and working-capital efficiency. No analyst questions were recorded.
How did SKY GOLD AND DIAMONDS shares react?
The stock rose 1.7% within five minutes, 4.9% after 15 minutes and 3.3% after 30 minutes of the filing appearing in the market. By the reaction-day close, it was down 2.7% from the pre-results close, and the cumulative decline reached 5.9% by the next day’s close and 8.1% by five sessions later.
The Gems Jewellery And Watches industry median moved up 1.0% on the reaction day, 0.7% by the next day and down 1.0% over five sessions. SKYGOLD underperformed the industry median by 3.7 percentage points on the reaction day, 6.6 percentage points by the next day and 7.2 percentage points over five sessions.
Earlier results-day moves were 8.0% on 9 August 2026, 1.4% on 27 May 2026 and 10.2% on 9 February 2026. The stock had fallen 2.3% on 13 November 2025 and 3.8% on 23 July 2025.
| After the filing | Stock | Gems Jewellery And Watches median |
|---|---|---|
| 5 minutes | +1.7% | |
| 15 minutes | +4.9% | |
| 30 minutes | +3.3% | |
| Reaction day | −2.7% | +1.0% |
| Next day | −5.9% | +0.7% |
| 5 days | −8.1% | −1.0% |
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 |
|---|---|
| 9 August 2026 | +8.0% |
| 27 May 2026 | +1.4% |
| 9 February 2026 | +10.2% |
| 13 November 2025 | −2.3% |
| 23 July 2025 | −3.8% |
| 3 February 2025 | +3.3% |
| 13 November 2024 | +5.6% |
| 9 August 2024 | +5.0% |
Source: MarketPing price-reaction measurement.
How did other Gems Jewellery And Watches companies do?
Fifteen other Gems Jewellery And Watches companies that had filed for the quarter were compared. Their median revenue growth was 39.7%; 11 peers grew more slowly than SKY GOLD AND DIAMONDS and four grew faster than the company.
Of the 15 peers for which profit was compared, 11 reported higher profit.
| SKY GOLD AND DIAMONDS revenue growth (YoY) | +61.0% |
|---|---|
| Median of 15 other Gems Jewellery And Watches companies | +39.7% |
| Companies with slower revenue growth than SKY GOLD AND DIAMONDS | 11 of 15 |
| Companies with faster revenue growth than SKY GOLD AND DIAMONDS | 4 of 15 |
| Companies whose net profit rose | 11 of 15 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was SKY GOLD AND DIAMONDS's revenue in Q2 FY27?
Revenue from operations was ₹2,391 crore, up 61.0% from ₹1,484 crore in Q2 FY26 (consolidated).
Did SKY GOLD AND DIAMONDS make a profit in Q2 FY27?
Yes. Net profit was ₹129.35 crore, against a net profit of ₹66.99 crore in Q2 FY26.
What was SKY GOLD AND DIAMONDS's EPS in Q2 FY27?
Basic earnings per share were ₹8.26, against ₹4.38 in Q2 FY26.
How did SKY GOLD AND DIAMONDS shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.7% from the previous close; the median Gems Jewellery And Watches stock moved +1.0%.
When did SKY GOLD AND DIAMONDS announce its Q2 FY27 results?
On 27 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Meeting To Be Held On Tuesday, 27Th October, 2026 (BSE, 22 October 2026) · PDF
- Unaudited Standalone And Consolidated Financial Results For The Quarter And Half-Year Ended 30Th September 2026 And The Limited Review Report Thereon. (BSE, 27 October 2026) · PDF
- The earnings call (5 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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