Shanti Gold International Ltd reported a 159% jump in profit after tax to ₹140.15 crore for FY26, marking a significant milestone following its recent public listing.

The company’s revenue from operations expanded 82.5% to ₹2,018 crore in FY26, compared to ₹1,106 crore in FY25. This growth was accompanied by a substantial rise in EBITDA, which grew 121.31% to ₹199 crore from ₹89.92 crore in the previous fiscal year.

Operational Highlights and Strategy

During the 13th Annual General Meeting held on September 28, 2026, Chairman and Managing Director Pankajkumar Jagawat highlighted FY26 as a landmark year. The period saw the successful completion of the company’s IPO and the listing of its equity shares on the BSE and NSE in August 2025.

Jagawat emphasized that the company continues to strengthen its core business of manufacturing and supplying gold jewellery to leading organised retailers. Key operational developments include:

• Expansion into new jewellery categories backed by in-house design and CAD/CAM capabilities.
• Commencement of commercial production at the new Marol facility in June 2026.
• Upcoming capacity addition at the Jaipur facility located at Mahindra World City.

The management outlined a four-pronged growth strategy focused on deepening existing customer relationships, expanding the product portfolio, scaling manufacturing capacity, and investing in design, technology, and human resources.

Financial Performance Overview

What the Numbers Show

A divergence between top-line and bottom-line growth indicates improved operating leverage. While revenue grew 82.5%, EBITDA surged 121.31%, suggesting that incremental sales were generated with disproportionately lower cost increases. Consequently, net profit grew faster than EBITDA, reflecting efficient cost management or favorable non-operating items during the transition to a listed entity.

AGM Proceedings and Resolutions

The meeting was conducted via Video Conferencing/Other Audio Visual Means (VC/OAVM) with 36 members attending. The Board approved several key resolutions:

1. Adoption of audited financial statements for FY26.
2. Re-appointment of Shashank Jagawat as Non-Executive Director retiring by rotation.
3. Increase in borrowing powers under Section 180(1)(c) of the Companies Act, 2013.
4. Creation of charge or security on assets for borrowings under Section 180(1)(a).

No queries were raised by pre-registered shareholders during the interaction session. The meeting concluded at 3:26 pm.

Shanti Gold International Limited has completed the acquisition of 2,65,000 equity shares of Ratnaveer Precision Engineering Limited for an aggregate consideration of ₹8.83 crore.

The transaction, executed through the secondary market on September 26, 2026, involved a weighted average price of ₹333.33 per share. This purchase constitutes approximately 0.37% of Ratnaveer’s paid-up equity share capital. The company stated that this investment is part of its broader investment activity and does not involve any related party transactions.

Transaction specifics

The acquisition was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The consideration was entirely in cash, inclusive of brokerage fees. The target entity, Ratnaveer Precision Engineering Limited, is a manufacturer and exporter of stainless steel products serving automotive, solar, pharmaceutical, railways, aerospace, and construction industries.

Target company financials

Ratnaveer Precision Engineering Limited reported robust growth in its recent fiscal years. For FY26, the company recorded a turnover of ₹1,068.74 crore and a profit after tax of ₹64.31 crore. The company was incorporated in February 2002 and listed on BSE and NSE in September 2023.

The following table outlines the revenue trajectory over the last three fiscal years:

What the numbers show

The acquisition represents a minor strategic entry for Shanti Gold into the industrial manufacturing sector. While the stake is small at 0.37%, the timing coincides with Ratnaveer’s significant top-line expansion. The target company’s turnover grew from ₹595.38 crore in FY24 to ₹1,068.74 crore in FY26, indicating strong operational momentum in the stainless steel segment prior to this investment.