Sky Gold & Diamonds has completed the acquisition of 100% equity shares of Purvi Gems & Jewellery (India) Private Limited for a cash consideration of ₹9 crore. The deal, closed on October 7, 2026, marks the company's entry into the lightweight uncut and precia jewellery segment, aiming to enhance product diversification and export capabilities.

The transaction price represents 1.5x Purvi Gems' book value as of March 31, 2026. The company stated that the acquisition does not constitute a related-party transaction, as neither Sky Gold nor its promoter group holds any interest in Purvi Gems. Management continuity is ensured as Purvi Gems' existing leadership will continue to oversee operations, facilitating integration.

Strategic rationale and market expansion

Purvi Gems specializes in lightweight and studded jewellery, segments witnessing growing demand in South India and export markets, particularly the Middle East. The acquisition provides immediate access to a business expected to generate annual revenue of over ₹1,600-1,800 crore within two to three years. This move aligns with Sky Gold's strategy to expand into higher-margin value-added products.

Key benefits include:

• Entry into the fast-growing lightweight uncut and precia jewellery segment.
• Increased exposure to higher-margin studded jewellery categories.
• Potential monthly sales volume of approximately 100 kg.
• Enhanced export opportunities through specialised product portfolios.
• Cross-selling potential across Sky Gold's extensive customer network.

What the Numbers Show

The acquisition history reveals a pattern of significant post-integration scaling. Previous acquisitions such as Sparkling Chains Pvt. Ltd. saw turnover rise from ₹201 crore (pre-acquisition FY24) to ₹760 crore by March 31, 2026, with PAT increasing from ₹0.1 crore to ₹22.3 crore. Similarly, Starmangalsutra Pvt. Ltd.'s turnover grew from ₹171 crore to ₹622 crore, with PAT rising from ₹0.07 crore to ₹22.9 crore in the same period. This track record suggests that the ₹9 crore outlay for Purvi Gems is positioned against a backdrop of historically successful operational synergies and margin expansion in acquired entities.

Acquisition track record

Mangesh Chauhan, Managing Director of Sky Gold & Diamonds, emphasized that strategic acquisitions have been central to the company's growth journey. He noted that the disciplined approach to identifying and integrating businesses has historically improved operating efficiencies and strengthened profitability. Jigar Mehta, Director at Purvi Gems, highlighted that Sky Gold's scale and manufacturing capabilities provide an ideal platform for future growth.

Sky Gold and Diamonds (formerly known as Sky Gold Limited) passed all three ordinary resolutions at its 18th Annual General Meeting held on September 30, 2026, via video conferencing. A total of 1,06,657 shareholders were on record as of the cut-off date.

AGM overview and voting process

The meeting was conducted at 11:00 am IST through video conferencing, with 40 shareholders attending via the platform — 9 from the promoter and promoter group category and 31 from the public category. Remote e-voting was facilitated by National Securities Depository Limited (NSDL), with the e-voting window open from September 27, 2026 at 9:00 am IST to September 29, 2026 at 5:00 pm IST. The cut-off date for shareholder eligibility to vote was September 23, 2026. The scrutinizer for the e-voting process was Shivang Goyal, Proprietor of M/s. Shivang G Goyal & Associates, Practicing Company Secretaries, appointed pursuant to a Board resolution dated September 5, 2026.

Resolutions passed

The three resolutions placed before shareholders were:

• Adoption of the audited standalone and consolidated financial statements for the financial year ended March 31, 2026, along with the reports of the Board of Directors and auditors
• Re-appointment of Mr. Mahendra Champalal Chauhan (DIN: 02138084), who retires by rotation, as Whole-time Director
• Re-appointment of M/s M S K A & Associates LLP (formerly known as M S K A & Associates), Chartered Accountants (Firm Registration No. 105047W/W101187), as Statutory Auditors of the Company

All three resolutions were ordinary resolutions, and the promoter/promoter group was not interested in any of the agenda items.

Voting results — Resolution 1: Adoption of financial statements

The following table summarises the consolidated voting outcome for Resolution 1:

Resolution 1 was passed with the requisite majority.

Voting results — Resolution 2: Re-appointment of Whole-time Director

The following table summarises the consolidated voting outcome for Resolution 2:

Resolution 2 was passed with the requisite majority.

Voting results — Resolution 3: Re-appointment of statutory auditors

The following table summarises the consolidated voting outcome for Resolution 3:

Resolution 3 was passed with the requisite majority.

Scrutinizer's findings

The scrutinizer confirmed that abstained votes were excluded from the total votes cast, there were no invalid votes across all three resolutions, and all resolutions were passed with the requisite majority. The consolidated scrutinizer's report and voting results have been made available on the company's website and on the NSDL e-voting portal. The filing was signed by Mangesh Chauhan, Chairman and Managing Director (DIN: 02138048), on September 30, 2026, from Navi Mumbai.