Shanti Gold International Reports Strong Q2 FY26 Growth, Plans Expansion with New Jaipur Facility

Shanti Gold International Limited , a leading manufacturer of 22-carat CZ gold casting jewelry, has reported impressive financial results for Q2 FY26, showcasing significant growth and expansion plans.

Financial Highlights

The company's Q2 FY26 performance demonstrates robust growth across key financial metrics:

Metric	Q2 FY26	Q2 FY25	YoY Growth
Revenue	430.00	266.00	61.65%
EBITDA	63.27	19.26	228.50%
EBITDA Margin	14.75%	7.24%	751 bps
PAT	43.82	9.22	375.27%
PAT Margin	10.19%	3.46%	673 bps

For H1 FY26, Shanti Gold reported:

Revenue growth of 42.80% to INR 722.85 crores
EBITDA increase of 184.50% to INR 102.86 crores
EBITDA margin improvement to 14.23% from 7.15% in H1 FY25

Operational Performance and Expansion Plans

Shanti Gold International currently operates at 60% capacity utilization with an annual manufacturing capacity of 2,700 kg. The company processed 750 kg of gold in H1 FY26 and projects to close FY26 at 1,900-2,000 kg.

A significant development is the planned construction of a new facility in Jaipur:

Capex requirement: INR 46 crores
Expected commencement: May-June 2026
Additional capacity: 1,200 kg for machine-made plain gold jewelry

This expansion is expected to increase the company's total installed capacity to 3,900 kg per annum.

Market Performance and Future Outlook

October 2025 sales reached INR 302 crores, representing a 3x growth year-on-year. The company has set a revenue guidance of INR 1,900-2,000 crores for FY26.

Management expects to maintain core EBITDA margins of 7-8% going forward, with current elevated margins attributed to inventory appreciation from lower cost base procurement.

Management Commentary

Shriram Iyengar, CFO of Shanti Gold International, stated, "We remain confident that our strategic initiatives and operational strength will continue to drive sustainable growth in the coming quarters."

The company's focus on 22KT CZ studded jewelry, particularly its bridal collection, is cited as a key factor in maintaining higher margins compared to industry peers.

Conclusion

Shanti Gold International's strong Q2 and H1 FY26 performance, coupled with its expansion plans, positions the company for continued growth in the Indian jewelry market. The upcoming Jaipur facility and focus on high-margin product lines are expected to support the company's ambitious growth targets.

Investors and market watchers will be keen to observe how Shanti Gold International leverages its expanded capacity and maintains its margin advantage in a competitive market environment.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.35%	-5.47%	-14.26%	-12.29%	-12.29%	-12.29%

Shanti Gold International has reported a significant milestone in its financial performance for October. The company achieved its highest-ever monthly revenue, marking a substantial year-over-year growth.

Record-Breaking Performance

The jewelry manufacturer posted a record monthly revenue of Rs. 303.00 crores in October, representing a remarkable 194.17% increase compared to Rs. 103.00 crores in the same month of the previous year. This exceptional growth was accompanied by a significant rise in sales volume, which increased from 141 kgs to 256 kgs, reflecting an 81.56% volume growth.

Metric	October (Current Year)	October (Previous Year)	Growth
Revenue	Rs. 303.00 crores	Rs. 103.00 crores	194.17%
Sales Volume	256 kgs	141 kgs	81.56%

Factors Contributing to Growth

The company attributes this impressive performance to several key factors:

Healthy demand from B2B clients
Successful onboarding of new customers
Well-designed and crafted jewelry products

Market Outlook

While the company expresses encouragement about the demand for their jewelry products, management notes that the current volatility in gold prices makes near-term forecasting challenging. This cautious stance reflects the dynamic nature of the precious metals market and its potential impact on the jewelry industry.

Recent Financial Results

In addition to the October performance, Shanti Gold International recently released its financial results for the quarter and half-year ended September 30:

Particular	Q2 (Current FY)	Q2 (Previous FY)	H1 (Current FY)	H1 (Previous FY)
Total Income	Rs. 4,300.78 crores	Rs. 2,660.66 crores	Rs. 7,228.53 crores	Rs. 5,058.00 crores
Net Profit After Tax	Rs. 433.19 crores	Rs. 92.54 crores	Rs. 684.62 crores	Rs. 182.48 crores

These results demonstrate strong year-over-year growth in both revenue and profitability for the company.

Investors and analysts interested in more detailed information can access the audio link of the Q2 & H1 Earnings Call, which was held on November 6, on the company's website.

As Shanti Gold International continues to navigate the volatile precious metals market, its recent performance suggests a robust business model capable of capitalizing on market opportunities and meeting customer demand effectively.