Shanti Gold FY26: Scale Up in Volumes, Step Up in Margins

Q4 FY26 revenue from operations was 658.93 crore, EBITDA was 67.01 crore (10.17% margin), and PAT was 51.93 crore (7.88% margin).

FY26 revenue from operations was 2,018.71 crore versus 1,106.41 crore in FY25. FY26 EBITDA was 199.00 crore versus 89.92 crore, and FY26 PAT was 140.15 crore versus 54.10 crore.

The company disclosed existing capacity of 2,700 kg per annum at Mumbai (Andheri), an upcoming Jaipur facility adding 1,200 kg per annum, and a new Mumbai facility adding 4,000 kg per annum, taking total installed capacity to about 7,900 kg per annum.

Management said the new Mumbai (Marol) factory is almost ready and expected to be ready in about a month (from May 22, 2026), and the Jaipur factory is expected to start around September to October 2026.

Management and the CFO stated the core business PAT margin is around 3.5% to 4%. They attributed FY26’s higher profitability partly to gold price related inventory gains from buying gold outright.

The investor presentation states FY26 revenue split as 96% domestic and 4% international. For Q4 FY26, it states 98% domestic and 2% international.

In the earnings call Q&A, management stated a 70% and 30% split between the existing jewellery line and the new plain gold line, respectively; no audited rupee revenue split by product was provided in the documents.