Sky Gold says exports exceed Rs 1,600 crore annualised rate

Sky Gold & Diamonds Limited reported Rs 435 crore of exports in Q2 FY27, versus about Rs 35 crore in all of FY23, and management said this supported an export run rate above Rs 1,600 crore annualised. Exports contributed Rs 811 crore in H1 FY27 and represented roughly 18% of business.

How fast have Sky Gold exports grown?

Sky Gold's exports increased from about Rs 35 crore for FY23 to Rs 435 crore in Q2 FY27 alone, which management described as 45-fold growth. The Q2 FY27 number was more than 12 times the FY23 full-year figure, though the comparison is between a three-month period and a full financial year. Management said exports were running at more than Rs 1,600 crore on an annualised basis and accounted for around 18% of the business.

Sky Gold reported Rs 811 crore of export revenue in H1 FY27, covering the six months ended September 30, 2026. Q2 FY27 exports of Rs 435 crore were higher than the implied Rs 376 crore in Q1 FY27, based on the H1 total, indicating higher export revenue in the second quarter. Management also said Sky Gold exited Q2 FY27 with annualised revenue above Rs 9,000 crore, placing the stated export run rate at less than one-fifth of company revenue.

How is Sky Gold adding overseas customers?

Sky Gold said overseas expansion began when Indian corporate customers asked it to supply their international stores after COVID. It then supplied retailers in Singapore and Malaysia, where management identified a large South Indian customer base aligned with Sky Gold's South Indian design capability. Within about one year, management said Sky Gold was working with a majority of reputed corporate customers across the Gulf Cooperation Council, or GCC, region.

Sky Gold started operations at its Dubai international office in September 2025 and now uses it to serve wholesalers and corporate customers across the GCC. Management said the office is led by Hiralal, who has more than 30 years of experience in Dubai and the GCC. Sky Gold said regional United Arab Emirates jewellery chains with 15 to 20 showrooms in Dubai have become customers, while one new United Kingdom client began with an initial 30-kilogram order.

Why could exports change Sky Gold's working-capital profile?

Sky Gold said exports can moderate working-capital intensity because export receivable days are much lower than domestic receivable days. Management did not provide the respective day counts during the call, but identified the Rs 811 crore of export revenue in H1 FY27 as an increasingly important part of its capital-efficiency strategy. The larger export mix matters because management linked it to shorter collection cycles rather than to a change in reported pricing or volume.

Sky Gold also uses its Advance Gold Model, under which customers procure and provide the gold while Sky Gold records revenue for manufacturing work performed. Management said this eliminates the need to hold inventory or manage receivables for customer-supplied gold, and nearly 16% of Q2 FY27 volume came from advanced metal. Sky Gold said it converted 33% of trailing 12-month profit after tax, or PAT, into operating cash flow in Q2 FY27, and management expects greater contributions from exports and Advance Gold to reduce working-capital needs.

What products and services support Sky Gold's exports?

Sky Gold said its manufacturing processes, including 3D printing with paper casting, direct casting, laser cutting and hollow stamping, make jewellery about 20% to 30% lighter. The company operates 40 3D-printing-with-paper-casting machines and said gold loss has declined to 0.5% from 1.5%. Management said these capabilities support customised orders and delivery in less than 30 days, including for overseas customers requiring market-specific designs.

Sky Gold's design team has increased from 15 to 20 computer-aided design, or CAD, designers at its 2018 listing to around 180 people. Management said an India-based back-office team supports Dubai customers from design through dispatch, while the Dubai office provides round-the-clock customer access. Sky Gold also said its diamond business, begun two years ago, launches 30 to 40 theme-based collections each quarter and has doubled its contribution sequentially, although it did not disclose the segment's revenue.

Conclusion

Sky Gold's overseas business has become a material part of its revenue mix, with Rs 811 crore of export revenue reported in H1 FY27 and exports representing about 18% of business. The expansion is tied to supplies for existing Indian retail customers abroad, new regional chains in the UAE, and product adaptation for markets such as Saudi Arabia, Singapore and Malaysia. Management also sees shorter export receivable cycles as a mechanism that could reduce the capital required to support growth.

The next measure to watch is whether Sky Gold can convert Dubai-office activity, trade-show contacts and market-specific product lines into recurring orders while increasing the share of exports and Advance Gold. Management reiterated previously stated FY2030 targets of Rs 18,000 crore in revenue, Rs 945 crore in PAT and a net debt-free balance sheet, while noting that it could not discuss the specific use of proceeds for its recently announced fundraise.