Sky Gold & Diamonds Ltd appointed M/s Doshi Jain & Co., Chartered Accountants, as its internal auditor effective October 16, 2026. This decision follows the resignation of the previous internal auditor, Ms. Aasna Shah.

The appointment was approved by the Board of Directors during a meeting held on Friday, October 16, 2026. The change was made based on the recommendation of the Audit Committee. Ms. Shah’s cessation was due to a change in her professional responsibilities within the organization.

Profile of New Internal Auditor

M/s Doshi Jain & Co. is a business consulting and risk advisory firm established in 2015. The firm brings significant experience in risk-based internal audit, internal financial controls, process improvement, and compliance advisory.

Key details about the new auditor include:

• Team Size: The firm comprises 5 partners and over 150 professionals.
• Expertise: The team has Big-4 experience and expertise across industries such as manufacturing, FMCG, real estate, logistics, technology, and insurance.
• Approach: Their internal audit methodology focuses on risk assessment, evaluation of internal controls, data analytics, and identifying process inefficiencies to strengthen operational and financial controls.
• Independence: The firm is not related to any director of Sky Gold & Diamonds Ltd.

Regulatory Disclosure

The company disclosed these changes under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board meeting commenced at 4:00 pm IST and concluded at 4:15 pm IST. The outcome was also made available on the company's website.

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.