Shanti Gold International LimitedQ1 FY27 Results & Financial Update
Shanti Gold International Limited: Q1 FY27 consolidated results and company financials – revenue ₹716.38 Cr, PAT ₹50.48 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Shanti Gold International Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Shanti Gold International reported a robust performance for the first quarter of fiscal year 2027, driven by healthy volume expansion and sustained customer demand across domestic and international markets.
Revenue from operations surged by 144.69% year-on-year to reach Rs. 716.38 crore in Q1 FY27, up from Rs. 292.78 crore in Q1 FY26, and also advanced sequentially over the previous quarter's Rs. 658.93 crore.
The top-line momentum was underpinned by strong physical volume growth of 61.6% year-on-year, with sales volume reaching 522.1 kg during the quarter compared to 323.0 kg in the corresponding period of the previous year.
Profitability expanded commensurately, with Profit After Tax (PAT) rising by 46.94% year-on-year to Rs. 50.48 crore from Rs. 34.36 crore in Q1 FY26, reflecting strong operating performance despite margin normalization.
EBITDA (excluding other income) stood at Rs. 71.45 crore, representing a 39.0% increase over Rs. 51.41 crore in Q1 FY26, yielding an EBITDA margin of 9.97% for the quarter.
Operationally, the quarter marked a key milestone with the successful commercial commencement of production at the new manufacturing facility in Marol, Andheri, adding approximately 4,000 kg per annum of capacity.
To support its ongoing expansion and strengthen its financial flexibility, the Board of Directors approved a Rights Issue of up to Rs. 99.83 crore through the issuance of fully paid-up equity shares.
01 · Business model
What does Shanti Gold International do?
Shanti Gold International Limited is one of India's leading manufacturers of gold jewelry, specializing in crafted 22kt CZ casting gold jewelry and expanding into machine-made plain gold jewelry.
The company operates through an integrated manufacturing backbone that spans a complete 12-step in-house workflow from initial CAD design and 3D printing to casting, polishing, stone setting, hallmarking, and final dispatch.
Shanti Gold maintains a strong footprint across 15 states and 2 Union Territories in India with a prominent presence in North and South India, alongside growing distribution in international markets.
The business model serves premier national and regional jewelry retail chains, leveraging a design-led culture with an in-house team producing over 400 new designs every month.
02 · Historical context
What shaped the business before this quarter
Started business as a partnership firm under the name M/s. Shanti Gold in 2003 before converting into a public limited company in November 2013.
Shifted manufacturing facilities in FY23-FY24 by setting up a modern unit in Mumbai with an initial installed production capacity of 2,700 kg per annum.
Successfully completed an initial public offering and listed shares on the National Stock Exchange (NSE) and BSE following cross-over of annual turnover milestones in FY25.
Established a wholly owned subsidiary, Shanti Gold Jewellery Trading L.L.C. S.O.C., in Dubai, UAE, in 2025 to expand international reach.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q1 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹716.38 Cr | ₹292.78 Cr | ₹658.93 Cr |
| EBITDA | ₹71.45 Cr | ₹51.41 Cr | ₹67.01 Cr |
| Profit after tax | ₹50.48 Cr | ₹34.36 Cr | ₹51.93 Cr |
| EBITDA margin | 9.97% | 17.56% | 10.17% |
Financial interpretation
What the reported numbers mean
Profit after tax represented 7.0% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Quarterly sales volume grew by 61.6% year-on-year to 522.1 kg, serving as the core operational driver behind the 144.69% jump in operating revenue.
Growth was reinforced by a continued focus on expanding the active customer base, increasing wallet share among established retail partners, and rolling out new designs.
What drove margins
EBITDA margin stood at 9.97% in Q1 FY27 compared to 17.56% in Q1 FY26 and 10.17% in Q4 FY26, reflecting shifts in product and raw material cost absorption.
Cost of materials consumed was Rs. 625.26 crore alongside changes in inventories of Rs. 13.11 crore, while employee benefit expenses and other expenses stood at Rs. 2.20 crore and Rs. 4.36 crore respectively.
05 · Demand, customers & order book
Where demand is coming from
Supplies leading national and regional jewelry retail brands including Joyalukkas, Lalithaa Jewellery, Alukkas, Kalyan Jewellers, and others.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Core offerings span bangles, necklaces, rings, and complete bridal and festive jewelry sets, alongside the introduction of new high-growth categories like Cuban Bracelets and Mangalsutras.
Expanded the flagship Turkish jewelry line featuring direct craftsmanship from brought-in artisans to capture authentic domestic styling preferences.
Geography and market mix
Domestic sales accounted for 96% of revenue, with international markets representing 4% of total sales.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Combined existing Mumbai facilities (Andheri and Marol) bring total installed manufacturing capacity to approximately 6,700 kg per annum.
Projects, capex and execution
An upcoming manufacturing facility on a 50,000 sq. ft. land parcel at Mahindra World City, Jaipur, is under construction to add another 1,200 kg per annum of capacity dedicated to machine-made plain gold jewelry.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Stepping into machine-made plain gold jewelry to capture high-volume retail demand and open new avenues beyond traditional CZ casting jewelry.
Maintains a dedicated team of 77 in-house CAD designers generating over 400 new designs every month to keep product portfolios synchronized with consumer preferences.
09 · Reported developments
What changed operationally
Delivered triple-digit revenue growth of 144.69% YoY supported by a 61.6% surge in physical sales volume.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
The Board approved a Rights Issue of up to 46,43,471 fully paid-up equity shares of face value Rs. 10 each at an issue price of Rs. 215 per share, aggregating up to Rs. 99.83 crore to fund growth initiatives.
11 · Key Q&A
The quarter, answered directly
What does Shanti Gold International do?
Shanti Gold International Limited is one of India's leading manufacturers of gold jewelry, specializing in crafted 22kt CZ casting gold jewelry and expanding into machine-made plain gold jewelry.
What is the clearest takeaway from Q1 FY27?
Shanti Gold International reported a robust performance for the first quarter of fiscal year 2027, driven by healthy volume expansion and sustained customer demand across domestic and international markets.
What drove revenue or demand?
Quarterly sales volume grew by 61.6% year-on-year to 522.1 kg, serving as the core operational driver behind the 144.69% jump in operating revenue.
What mattered most for margins or profitability?
EBITDA margin stood at 9.97% in Q1 FY27 compared to 17.56% in Q1 FY26 and 10.17% in Q4 FY26, reflecting shifts in product and raw material cost absorption.
What changed operationally beyond the headline numbers?
Combined existing Mumbai facilities (Andheri and Marol) bring total installed manufacturing capacity to approximately 6,700 kg per annum.
What should the next disclosure help confirm?
Monitor the production scaling and capacity utilization ramp-up at the newly commissioned Marol manufacturing plant.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Marol Facility Ramp-up: Monitor the production scaling and capacity utilization ramp-up at the newly commissioned Marol manufacturing plant.
- 02
Jaipur Facility Progress: Track construction milestones and commissioning timelines for the upcoming Jaipur manufacturing unit.
- 03
Rights Issue Completion: Watch for the regulatory filing and successful allotment of the approved Rs. 99.83 crore rights issue.
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