Shanti Gold International reported a strong FY26, with revenue climbing 82% to Rs 2,018.7 crore and PAT rising 159% to Rs 140.15 crore. Driven by a 15.2% jump in jewellery volumes and new facility commissioning, the company is now expanding capacity to 7,900 kg annually. A recent Rs 99.8 crore rights issue and a new Dubai trading subsidiary mark significant steps in the firm's growth strategy.
Shanti Gold International Reports Robust FY26 Performance
Revenue reached Rs 2,018.7 crore for FY26; Net Profit touched Rs 140.15 crore.
Reader Takeaway: Strong volume growth and capacity expansion drive results, though high gold prices demand disciplined working capital management.
What just happened
Shanti Gold International has delivered a breakout fiscal year for 2025-26. The company saw its revenue grow 82.46% year-on-year to Rs 2,018.7 crore. Profit after tax (PAT) followed a similar upward trajectory, soaring 159% to Rs 140.15 crore. Growth was underpinned by a 15.2% rise in total jewellery sales volumes to 1,747.8 kg.
Why this matters
The company is aggressively scaling its manufacturing base. The newly commissioned Marol facility in Mumbai adds 4,000 kg of annual capacity, complementing the existing 2,700 kg Andheri unit. A third facility under development in Jaipur will push total targeted capacity toward 7,900 kg per annum. This expansion coincides with the firm’s entry into new segments like Turkish jewellery and Mangalsutra.
Corporate and Strategic Updates
Beyond operations, the company recently completed a rights issue of Rs 99.83 crore to bolster working capital. International ambitions are now backed by a new subsidiary, Shanti Gold Jewellery Trading L.L.C., established in Dubai this May. Leadership continuity is also secured, with Managing Director Pankajkumar Jagawat reappointed for another five-year term.
Risks to watch
The jewellery sector remains inherently sensitive to global gold price volatility, which dictates inventory costs and working capital needs. While the company is expanding, its current revenue base is heavily concentrated in the domestic market, making the success of the new Dubai trading arm critical for long-term geographical diversification.
What to track next
Investors should monitor the timeline for the Jaipur facility’s commissioning and the operational impact of the new Dubai subsidiary on export margins. Additionally, the shift in inventory accounting from FIFO to the Weighted Average Cost (WAC) method will be a technical detail to track in coming quarters.