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Earnings Call Transcript
Shanti Gold filed the Q3 & 9M FY26 earnings call transcript: Q3 revenue INR636.9 crore (+110% YoY), volumes 535 kg (+31% YoY); announced ~4,000 kgpa capacity expansion and planned entry into mangalsutra category.
Preferential Allotment
Shanti Gold will subscribe to 200,000 convertible warrants of Golkunda Diamonds & Jewellery at Rs.214 per warrant (total Rs.4.28 crore) via preferential private placement; post-conversion stake would be 2.42%.
Shanti Gold International Ltd (SHANTIGOLD) is currently trading at 214.00 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.
Shanti Gold International Limited is a vertically integrated manufacturer and designer of 22kt CZ casting gold jewellery, supplying national and global retailers with a portfolio including bangles, rings, necklaces, and complete sets via B2B manufacturing and job-work relationships, with in-house CAD design and hallmarking capabilities supporting wholesale and export customers. The company delivered a strong operational step-change in Q3 FY26 with revenue of INR636.9 crore (+110% YoY) and 9M FY26 revenue of INR1,359.8 crore (+68% YoY), driven by volume growth to 535 kg in Q3 and 1,285 kg in 9M, improving EBITDA and PAT substantially and prompting a CARE credit upgrade to CARE A-minus (stable). Shanti Gold is executing an aggressive capacity build-out to grow installed production from 2,700 kg to 7,900 kg pa, funded by IPO proceeds and debt, with Mumbai capacity expected online by May 2026 and Jaipur by July 2026; management expects this to enable 60–70% annual growth and increased wallet share with marquee clients like Joyalukkas and Kalyan. Strategic product moves include entry into machine-made plain gold jewellery and Mangalsutra categories to address mass-market churn and affordability-led demand; management expects a blended sustainable PAT margin around 4% after incorporating lower-margin high-churn plain gold volumes, while short-term margins may show volatility due to hedging and inventory gains. Export focus is increasing: current exports at ~2–4% are targeted to rise to c.10% with a Dubai office planned by May 2026, indicating Shanti Gold’s intention to diversify revenue geographically and capture demand in UAE, Singapore, Qatar and Southeast Asia backed by participation in global trade exhibitions and secured LOIs for new product lines.
Over the past 52 weeks, Shanti Gold International Ltd has traded between a low of ₹184.05 and a high of ₹274.05. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.
Shanti Gold International Ltd has a market capitalization of approximately 1,568.45. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.
Shanti Gold International Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of 12.08 and operates in the Diamond, Gems and Jewellery sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.
Based on its market capitalization of 1,568.45 Cr, Shanti Gold International Ltd is classified as a Small Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.
Shanti Gold International Ltd operates in the Diamond, Gems and Jewellery sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.
The Price-to-Earnings (PE) ratio of Shanti Gold International Ltd is 12.08. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.
Bearish
3
Neutral
8
Bullish
3
Bearish
12
Neutral
16
Bullish
18
Bearish
9
Neutral
8
Bullish
15
Discovery themes featuring this stock
Shanti Gold International Limited is a vertically integrated manufacturer and designer of 22kt CZ casting gold jewellery, supplying national and global retailers with a portfolio including bangles, rings, necklaces, and complete sets via B2B manufacturing and job-work relationships, with in-house CAD design and hallmarking capabilities supporting wholesale and export customers.
The company delivered a strong operational step-change in Q3 FY26 with revenue of INR636.9 crore (+110% YoY) and 9M FY26 revenue of INR1,359.8 crore (+68% YoY), driven by volume growth to 535 kg in Q3 and 1,285 kg in 9M, improving EBITDA and PAT substantially and prompting a CARE credit upgrade to CARE A-minus (stable).
Shanti Gold is executing an aggressive capacity build-out to grow installed production from 2,700 kg to 7,900 kg pa, funded by IPO proceeds and debt, with Mumbai capacity expected online by May 2026 and Jaipur by July 2026; management expects this to enable 60–70% annual growth and increased wallet share with marquee clients like Joyalukkas and Kalyan.
Strategic product moves include entry into machine-made plain gold jewellery and Mangalsutra categories to address mass-market churn and affordability-led demand; management expects a blended sustainable PAT margin around 4% after incorporating lower-margin high-churn plain gold volumes, while short-term margins may show volatility due to hedging and inventory gains.
Export focus is increasing: current exports at ~2–4% are targeted to rise to c.10% with a Dubai office planned by May 2026, indicating Shanti Gold’s intention to diversify revenue geographically and capture demand in UAE, Singapore, Qatar and Southeast Asia backed by participation in global trade exhibitions and secured LOIs for new product lines.
Diamond, Gems and Jewellery
Diamond Cutting / Jewellery - Medium / Small
1,568 Cr
Moderate Risk
12.1
21.2
0.1
2.9
274.05
184.05
Sales CAGR
Profit CAGR
ROE
ROCE
Discovery themes featuring this stock
Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.
| Symbol | Price | Market Cap | P/E | P/B | Div Yield (%) | ROE (%) | ROCE (%) | ROA (%) |
774.00 | 1,916 Cr | 30.12 | 7.12 | 0.13 | 23.65 | 27.26 | 16.74 | |
214.00 | 1,568 Cr | 12.08 | 2.89 | 0.00 | 19.42 | 21.82 | 16.63 | |
16.07 | 1,561 Cr | 23.99 | 3.47 | 0.00 | 12.62 | 16.20 | 12.15 | |
295.95 | 1,517 Cr | 124.35 | 23.32 | 0.00 | 16.24 | 13.47 | 6.42 | |
108.20 | 1,192 Cr | 12.61 | 0.83 | 0.00 | 5.83 | 6.74 | 3.35 | |
653.00 | 1,070 Cr | 28.77 | 0.67 | 0.22 | 2.40 | 3.65 | 1.42 | |
152.50 | 1,037 Cr | 7.06 | 1.49 | 1.45 | 13.42 | 12.59 | 7.07 |
Investor Presentation
Q3 FY26
