Sky Gold Q1 FY27 Revenue Rises 78%, Cash Flow Turns Positive

Q1 FY27 marks a cash-flow milestone

Sky Gold & Diamonds Ltd reported a sharp rise in revenue and profitability for the quarter ended June 30, 2026. The B2B jewellery manufacturer recorded revenue from operations of ₹2,012.8 crore, up 77.9% year-on-year. Its quarterly performance was presented to investors in August 2026. The company also reported positive operating cash flow of ₹30 crore, its first such quarterly milestone after negative operating cash flows through FY26. Management described the period as a turning point in its operating model. The result is significant because Sky Gold supplies jewellery to retail chains rather than selling products under its own consumer brand. Its products include lightweight gold rings, chains, mangalsutras and bangles.

Revenue run rate nears FY27 guidance

The company said its Q1 revenue annualised to about ₹8,050 crore. That figure is close to its revised FY27 revenue guidance of approximately ₹8,100 crore. The guidance implies that the company expects growth to remain supported through the rest of the financial year. Sky Gold has revised its FY27 EBITDA margin guidance to 7.0% to 7.5%. Its PAT margin guidance stands at 4.5% to 4.75%. The company’s stated focus is on sustainable growth and disciplined capital allocation. The Q1 numbers provide the starting point against which investors can track delivery on that guidance.

Margins improved across key measures

Gross profit rose 105.3% year-on-year to ₹187.5 crore in Q1 FY27. Gross margin improved to 9.3%, compared with 8.1% in the corresponding quarter a year earlier. It was also higher than the 8.9% reported in Q4 FY26. The sequential gross-margin increase was 38 basis points. EBITDA more than doubled to ₹156.7 crore. EBITDA margin was 7.8% for the quarter. The margin expansion was a central feature of the company’s investor presentation.

Quarterly profit crosses ₹100 crore

Profit after tax reached ₹104.9 crore in Q1 FY27. This was the first quarter in which the company’s PAT crossed ₹100 crore. PAT margin stood at 5.2%, an improvement of 136 basis points from the prior-year quarter. Reported earnings per share were 7.0, compared with an analyst forecast of 5.1 cited in the available news report. The company’s operating and profit metrics grew faster than revenue during the quarter. That pattern reflected the reported improvement in gross and EBITDA margins. No separate quarterly volume data was provided in the supplied information.

Key Q1 FY27 financial data

FY26 provides the comparison base

For the full year FY26, Sky Gold reported consolidated revenue of ₹6,294.9 crore. Revenue was up 77.4% year-on-year for that year. FY26 EBITDA was ₹434.3 crore, with an EBITDA margin of 6.9%. EBITDA increased 121.1% year-on-year. PAT for FY26 stood at ₹281.8 crore, up 112.4% year-on-year. The FY26 PAT margin was 4.5%. The Q1 FY27 EBITDA margin of 7.8% and PAT margin of 5.2% were above those full-year FY26 levels.

Why operating cash flow matters

Operating cash flow measures the cash generated or used by a company’s core business operations. For a jewellery manufacturer, working-capital requirements can be material because the business deals with inventory and precious-metal-linked operations. Sky Gold’s reported ₹30 crore positive operating cash flow therefore stands apart from the negative operating cash flows reported through FY26. The company has framed this change as part of a cash-first philosophy. Its presentation also referred to strengthening governance practices. The available information does not provide a detailed quarter-by-quarter working-capital breakdown. Investors will therefore look to future disclosures for the durability of the cash-flow improvement.

Role in India’s jewellery supply chain

Sky Gold designs, manufactures and markets gold jewellery for business customers. It works as a production partner behind the retail counters of jewellery chains. Its disclosed product portfolio includes finger rings, earrings, pendants, pendant sets, bracelets, necklaces and bangles. The company is particularly associated with lightweight jewellery categories. This B2B model means performance is linked to demand from organised jewellery retailers and the company’s ability to execute production at scale. The investor presentation positioned Sky Gold to participate in the growth of India’s organised jewellery market. However, the supplied material does not provide market-share data or specific retail customer details.

Investor disclosures and next steps

Sky Gold filed an investor presentation relating to its unaudited quarter ended June 30, 2026. It also informed exchanges that management would interact with investors on August 14, 2026, under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company’s annual reports, quarterly results, earnings-call transcripts and investor presentations are listed in its resources and financial-documents sections. The immediate financial markers for investors are the revised FY27 revenue target of about ₹8,100 crore and the guided margin ranges. Future quarterly results will show whether revenue growth, margin improvement and positive operating cash flow continue. For now, Q1 FY27 has set a higher earnings and cash-flow benchmark for the company.