Shanti Gold Q1 FY27: Revenue up 145%, PAT up 47%

What the company reported in Q1 FY27

Shanti Gold International Ltd (NSE: SHANTIGOLD) reported a sharp year-on-year jump in operating scale for the quarter ended June 30, 2026 (Q1 FY27). Revenue from operations rose to ₹716.38 crore, compared with ₹292.78 crore in Q1 FY26. That translates to a 144.69% year-on-year increase, based on the figures shared on the company’s earnings call material and investor presentation highlights.

Profitability also improved year-on-year, though management highlighted that margins in the quarter were supported by a one-time accounting impact. EBITDA for Q1 FY27 was reported at ₹71.45 crore, up 39% from ₹51.41 crore a year earlier, and EBITDA margin stood at 9.97%. Profit after tax (PAT) came in at ₹50.48 crore versus ₹34.36 crore in Q1 FY26, a year-on-year rise of 46.94%, with PAT margin cited at 7.05%.

Stock reaction and what triggered it

The stock moved after the company released its Q1 FY27 investor presentation ahead of the earnings call. According to the article context, Shanti Gold International shares climbed 6.4% following the release of the deck dated August 13, 2026. The presentation highlighted the faster scale-up in volumes and a visible capacity build-out, which appeared to shape the positive market reaction.

This kind of move is typically seen when investors get clarity on the sustainability of growth and the drivers behind margin changes. In this case, the key debate is not the headline growth rate, but the quality of margins and how much of Q1 profitability reflects underlying operations versus accounting adjustments.

Key management participants and call details

The earnings call was scheduled for Friday, August 14, 2026, from 02:30 PM to 03:30 PM IST. The company stated the purpose was to discuss unaudited financial results for Q1 FY27 with investors.

Management participants named for the call included Mr. Pankajkumar H Jagawat, Chairman and Managing Director, and Mr. Shriram Kannan Iyengar, Chief Financial Officer. The company also shared dial-in details and noted that pre-registration was available to reduce waiting time.

What drove the revenue surge: volumes and outreach

Management commentary linked the growth to multiple operating levers rather than a single factor. The company attributed the year-on-year revenue growth to roughly 61-62% volume growth, supported by facility ramp-up and customer additions in domestic markets. It also cited new designs and customer outreach as supporting factors.

The start of operations at the Marol facility was highlighted as a driver of expansion. The article context also refers to continued ramp-up at the Jaipur facility and expansion of exports via Dubai as part of the broader growth plan.

EBITDA margin: strong headline, but adjusted expectations

While the reported EBITDA margin for Q1 FY27 was 9.97%, management indicated that the quarter included an estimated 2-2.5% one-time unrealized inventory gain. This was linked to a change in accounting method from FIFO to RAC, and management said the margin benefit included spillover from the prior year.

On a sustainable basis, management guided to an EBITDA margin run-rate of 7.5-8% for FY27, excluding the one-time inventory gain. The company also linked margin expectations to the assumption that gold trades in a narrow band, implying less volatility-driven distortion in reported profitability.

FY27 outlook: growth and margin guidance

For FY27, management commentary pointed to 50-60% year-on-year value growth, with an indicated revenue level of about ₹3,500 crore. The outlook was described as being driven by 30-40% volume growth plus price, and it also noted that guidance could be revised upward if strong Q3 demand materialises.

The company’s growth drivers mentioned alongside this guidance included the Marol facility, ramp-up at Jaipur, Dubai export expansion, and capital infusion. On margins, the indicated sustainable EBITDA margin range for FY27 was 7.5-8%.

Additional financial datapoints cited in the coverage

Beyond the headline revenue, EBITDA, and PAT, the article context includes other metrics reported for the quarter. Total income for Q1 FY27 was cited at ₹718.06 crore. Profit before tax (PBT) was reported at ₹65.26 crore, described as a 1.6% quarter-on-quarter increase from ₹64.25 crore in Q4 FY26.

The same coverage noted quarter-on-quarter revenue growth of 8.4% and a quarter-on-quarter net profit decline of 2.8%, alongside an earnings per share (EPS) figure of ₹7.00 for Q1 FY27. The EPS comparison provided showed ₹7.86 in Q4 FY26 and ₹6.36 in Q1 FY26.

Separately, one summary in the provided text cited EBITDA of ₹73.13 crore for Q1 FY27, while the earnings call transcript excerpt and the metric table cited EBITDA of ₹71.45 crore (excluding other income). Both figures were mentioned in the supplied article material.

Snapshot table: Q1 FY27 versus Q1 FY26

Corporate actions and capacity expansion references

The article context also notes a board-approved rights issue of ₹99.83 crore and states that the Marol plant started operations. These points matter because they tie the financial acceleration to both capital raising and capacity execution.

For investors tracking the jewellery manufacturing segment, the key operational watchpoints from this update are the pace of facility ramp-up, the extent to which volumes sustain at elevated growth rates, and whether margins settle into the guided range once one-time inventory gains wash out.

Market impact: what to track from here

The immediate market impact described was the 6.4% rise in the share price after the investor presentation release. Fundamentally, the market focus is likely to remain on three disclosed variables: year-on-year volume growth (~61-62%), the sustainability of FY27 growth guidance (50-60% value growth, about ₹3,500 crore), and the normalised EBITDA margin outlook (7.5-8%).

The company’s own commentary draws a line between Q1’s reported margin (9.97%) and an adjusted run-rate excluding the 2-2.5% one-time inventory gain from the FIFO to RAC change. For readers, that distinction is crucial when comparing quarterly profitability across periods.

Conclusion

Shanti Gold International’s Q1 FY27 update showed a steep rise in revenue from operations to ₹716.38 crore and higher PAT of ₹50.48 crore, alongside rapid year-on-year volume growth. At the same time, management flagged that Q1 EBITDA margin was supported by a one-time inventory gain and guided to a 7.5-8% sustainable margin range for FY27. The next checkpoints will be follow-through on capacity ramp-up, the evolution of margins as the one-off impact fades, and any updates to FY27 guidance as the year progresses.