Shanti Gold International LimitedConsumer GoodsSHANTIGOLD
Q1 FY27 earnings callShanti Gold International Limited
Q1 FY27 was driven by strong volume growth of 61% and the successful commencement of operations at the new Marol manufacturing facility, supporting a revenue surge of 144.69%.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from Operations | INR716.38 crores | 144.69% | |
| EBITDA | INR71.45 crores | 39% | |
| EBITDA Margin | 9.97% | — | |
| Profit After Tax | INR50.48 crores | 46.94% |
TL;DR
- Revenue surged 144.69% YoY to INR716.38 crores, driven by a 61% volume increase.
- EBITDA grew 39% YoY to INR71.45 crores, with a margin of 9.97%.
- Profit After Tax increased 46.94% YoY to INR50.48 crores.
- Operations commenced at the new Marol facility, expanding manufacturing capabilities.
- Management issued FY27 guidance of 50-60% value growth and 30-40% volume growth.
- A rights issue of INR100 crores was approved to support growth plans.
Said on the call
“Sky is the limit. So we intend to grow, we intend to go prudently, with having a better mix of both capital, our debt and capital.”
From the Q&A
| Topic | What management said |
|---|---|
| Margin Trajectory and Sustainability | Management stated that the Q1 EBITDA margin of 9.97% included a 2-2.5% one-time gain from an inventory method change. The sustainable EBITDA margin going forward is expected to be 7.5% to 8%. |
| Revenue and Volume Growth Guidance | For FY27, management reiterated guidance of 50-60% growth in value (revenue) and 30-40% growth in volume, targeting INR3,500 crores in revenue. |
| Marol Facility Impact | The new Marol facility, which commenced operations in June, is seen as a growth enabler to support larger customer requirements and future volume growth. |
| Product Mix and Focus | Approximately 75% of revenue comes from studded (designer/Turkish) jewellery and 25% from plain gold. The focus remains on expanding higher-value, studded jewellery. |
| Capacity and Expansion | Current capacity utilization at the Mumbai facility is 75%. The upcoming Jaipur facility (INR47 crore capex) is expected to be operational by mid-November or December 2026. |
| Capital and Rights Issue | The INR100 crore rights issue is to support growth and working capital needs. Management aims to keep the debt-to-equity ratio below 1 while fueling expansion. |
| Growth Sustainability | Management expressed confidence in sustaining high growth for the next few years, citing better access to capital, new facilities, and expansion into new markets and geographies. |
| Cash Flow | Negative cash flow from operations is attributed to the business model of maintaining ready jewellery stock for customers rather than operating on an order-to-order basis. |
Guidance
- Revenue (value) growth of 50% to 60% for FY27, targeting approximately INR3,500 crores.
- Volume growth of 30% to 40% for FY27.
- Sustainable EBITDA margin of 7.5% to 8% for FY27 (excluding one-time inventory gain).
- Debt-to-equity ratio to be maintained below 1.
Source
Summary written from the transcript filed by Shanti Gold International Limited for the call held on 14 Aug 2026; published 20 Aug 2026, 19:35 IST.