Shanti Gold International

Shanti Gold International Limited reported strong quarterly results with revenue from operations rising 61.6% to INR 430 crores in Q2 FY26 compared to INR 266 crores in Q2 FY25. EBITDA surged 228.46% to INR 63.27 crores with margins improving to 14.75% from 7.24%. For H1 FY26, revenue grew 42.8% to INR 722.85 crores while EBITDA increased 184.50% to INR 102.86 crores. The company, a manufacturer of 22-carat CZ gold casting jewelry, currently operates at 60% capacity utilization with 2,700 kg annual manufacturing capacity. Management announced construction of a new Jaipur facility requiring INR 46 crores capex, expected to commence operations by May-June 2026, adding 1,200 kg capacity for machine-made plain gold jewelry. The company processed 750 kgs of gold in H1 and projects closing FY26 at 1,900-2,000 kgs. October sales reached INR 302 crores, representing 3x growth year-on-year. Management targets revenue guidance of INR 1,900-2,000 crores for FY26 and expects to maintain core EBITDA margins of 7-8% going forward, with current elevated margins attributed to inventory appreciation from lower cost base procurement.

Shanti Gold International Ltd. achieved record monthly revenue of Rs. 303 crores in October 2025, representing a 195% growth compared to Rs. 103 crores in October 2024. Sales volume increased to 256 kgs from 141 kgs in the same period last year, marking an 81% volume growth. The company attributed this performance to healthy demand from B2B clients and onboarding of new customers. Management noted that current volatility in gold prices makes near-term forecasting challenging, but expressed encouragement about demand for their jewelry products.

Shanti Gold International Limited's Board of Directors approved unaudited financial results for the quarter and half-year ended September 30, 2025. The board meeting was held on November 4, 2025, from 4:20 p.m. to 5:10 p.m. IST. The company's statutory auditor, J. Kala Associates, issued a Limited Review Report on the financial results. The results were prepared in accordance with Indian Accounting Standard 34 and comply with SEBI listing regulations. The company operates in the gold business and is listed on BSE (scrip code: 544459) and NSE (symbol: SHANTIGOLD).