Shanti Gold International Limited is an established player in the Indian jewellery sector, specializing in the design, manufacturing, and wholesale of gold jewellery. With a legacy spanning over two decades, the company has built a strong foundation focused on creating traditional and modern jewellery designs primarily for a business-to-business (B2B) clientele. Their operations are centered at a 13,448 sq. ft. manufacturing facility, which has an annual production capacity of 2,700 kgs. The company prides itself on a diverse portfolio of over 400 designs, catering to a wide range of customer preferences in products like bangles, rings, necklaces, and full jewellery sets.

The company's leadership consists of an experienced Board of Directors and a management team with deep roots in the gems and jewellery industry, ensuring strategic oversight and operational excellence. Shanti Gold emphasizes rigorous quality control, with a dedicated quality team and adherence to BIS Hallmarking standards to guarantee product purity and craftsmanship. Their business model is built on strong, long-term relationships with customers, a commitment to quality, and an efficient in-house design and manufacturing process that allows for customization and timely delivery. As the company looks to the future, it is focused on expanding its manufacturing capabilities and geographical reach to capitalize on the growing demand in the Indian jewellery market.

Official Website: www.shantigold.in

• Quarterly Performance (Q3 FY26 vs Q3 FY25)

• Revenue from Operations: The company reported a substantial increase in revenue, which grew by 102.3% year-over-year (YoY) to ₹205.1 crores in Q3 FY26 from ₹101.4 crores in Q3 FY25.

• EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 76.6% YoY to ₹8.3 crores from ₹4.7 crores.

• Profit After Tax (PAT): Net profit grew by 86.2% YoY, reaching ₹5.4 crores in Q3 FY26 compared to ₹2.9 crores in the same quarter of the previous fiscal year.

• Nine-Month Performance (9M FY26 vs 9M FY25)

• Revenue from Operations: For the nine months ending December 31, 2025, revenue saw a significant jump of 115.7%, climbing to ₹522.0 crores from ₹242.0 crores in 9M FY25.

• EBITDA: EBITDA for the nine-month period rose by 84.1% to ₹21.9 crores from ₹11.9 crores in the prior year period.

• Profit After Tax (PAT): Net profit for 9M FY26 stood at ₹14.3 crores, an increase of 83.3% from ₹7.8 crores in 9M FY25.

• Annual Performance Trend (FY23-FY25)

• The company has demonstrated a consistent and strong growth trajectory. Revenue grew from ₹210.1 crores in FY23 to ₹370.4 crores in FY25.

• PAT has shown similar strong growth, increasing from ₹3.9 crores in FY23 to ₹11.0 crores in FY25, indicating robust profitability alongside top-line expansion.

• Balance Sheet Health

• As of September 30, 2025, the company's total assets stood at ₹155.8 crores.

• Total equity was ₹48.5 crores.

• The Debt-to-Equity ratio was 1.6, indicating a leveraged but manageable capital structure, which is common for manufacturing-intensive businesses.

• Key Financial Ratios

• Return on Capital Employed (ROCE): ROCE has shown a strong upward trend, improving from 19.36% in FY23 to 33.08% in FY25, signaling highly efficient use of capital.

• Return on Equity (ROE): ROE has also increased significantly, from 17.97% in FY23 to 32.28% in FY25, demonstrating increasing profitability for shareholders.

The company is in a phase of hyper-growth, with revenues more than doubling YoY, though this expansion has come with a slight compression in operating margins.

• In-House Design & Manufacturing

• The company maintains full control over the production cycle, from design conception to final manufacturing. This integrated approach allows for greater flexibility, customization, and faster turnaround times.

• With a portfolio of over 400 designs, the company demonstrates a strong capability to cater to diverse and evolving market tastes.

• Rigorous Quality Control

• A dedicated quality team oversees every stage of the manufacturing process, from raw material sourcing to the final product, ensuring adherence to high standards.

• All products are BIS Hallmarked, which serves as a trusted guarantee of gold purity for customers and reinforces the company's commitment to quality.

• Strong Customer Relationships

• The business model is centered on building long-term, trust-based relationships with its B2B clients.

• This focus on customer-centricity, combined with timely delivery and consistent quality, creates a loyal customer base and a competitive advantage in the wholesale market.

Shanti Gold's core uniqueness lies in its integrated, quality-focused manufacturing process and its deep-rooted B2B customer relationships.

• Market Size and Growth

• The Indian Gems and Jewellery market is a significant contributor to the global industry. The market is projected to grow substantially, driven by strong domestic consumption.

• Key Demand Drivers

• Weddings and Festivals: Cultural events remain the single largest driver of jewellery demand in India, creating consistent, seasonal demand cycles.

• Rising Income: An increase in per capita disposable income is leading to higher consumer spending on discretionary items, including gold jewellery.

• Global Trends: Increased consumer exposure to global fashion and design trends is influencing purchasing decisions, creating opportunities for innovative designs.

• Shift to Branded Players: There is a growing preference among consumers for branded jewellery due to trust in quality, purity, and design consistency.

• Availability of Financing: The easy availability of gold loans provides liquidity to consumers, supporting jewellery purchases.

The Indian jewellery industry is supported by strong cultural and economic tailwinds, with a clear trend of formalization favoring organized players like Shanti Gold.

• Capacity Expansion

• The company is actively expanding its manufacturing capabilities to meet rising demand. This includes the development of a new, state-of-the-art manufacturing facility in Jaipur.

• New Product Lines

• Shanti Gold plans to introduce new product categories and designs to broaden its portfolio and cater to a wider customer base. The presentation specifically proposes new lines of bangles, rings, necklaces, and jewellery sets.

• Geographical Expansion

• The company has identified North India as a key target market for expansion, aiming to establish a stronger presence and capture market share in the region.

• There is also a strategic focus on developing export markets to diversify revenue streams and tap into global demand.

The company's growth strategy is well-defined, focusing on scaling production, diversifying products, and expanding its geographical footprint both domestically and internationally.

• Capturing Demand from North India

• By strategically expanding into the North Indian market, the company can tap into one of the country's largest and most lucrative regions for jewellery consumption.

• Leveraging the Shift to Organized Retail

• As consumers increasingly prefer branded and hallmarked jewellery, Shanti Gold is well-positioned to gain market share from smaller, unorganized players due to its focus on quality and trust.

• Entering Export Markets

• Exploring export opportunities provides a significant avenue for growth beyond the domestic market, reducing geographical concentration risk and opening new revenue channels.

• Capitalizing on Rising Disposable Incomes

• The macroeconomic tailwind of rising per capita income directly translates into increased purchasing power for gold, a key long-term opportunity for the company.

Shanti Gold is positioned to capitalize on favorable industry trends, including the formalization of the sector and untapped geographical markets.

• Current Capacity

• The company's existing manufacturing unit has an installed capacity to produce 2,700 kgs of gold jewellery per annum.

• Capital Expenditure (Capex)

• The primary ongoing capital expenditure is directed towards the construction of a new, state-of-the-art manufacturing facility in Jaipur.

• This new facility represents a significant investment in scaling up production capacity to support the company's ambitious growth plans.

The company is currently in a capex cycle, investing in a new manufacturing plant in Jaipur to significantly enhance its future production capacity.

• Expand Manufacturing Footprint

• The foremost plan is the operationalization of the new Jaipur manufacturing facility. This will be critical to meeting projected demand and supporting the company's expansion strategies.

• Diversify Product Offerings

• The company intends to move forward with the launch of its proposed new jewellery lines, aiming to innovate and attract new customer segments.

• Geographical Market Penetration

• A key strategic priority is the successful execution of its expansion into North India and the initial foray into identified export markets.

Shanti Gold has a clear and actionable roadmap for the future, centered on increasing production scale and expanding its market reach.

• Quarterly Margin Analysis (Q3 FY26 vs Q3 FY25)

• EBITDA Margin: The EBITDA margin saw a compression, declining to 4.05% in Q3 FY26 from 4.63% in Q3 FY25.

• PAT Margin: Similarly, the net profit margin contracted to 2.63% in Q3 FY26 from 2.86% in the same quarter last year.

• Nine-Month Margin Analysis (9M FY26 vs 9M FY25)

• EBITDA Margin: The nine-month EBITDA margin stood at 4.20% in 9M FY26, down from 4.92% in 9M FY25.

• PAT Margin: The net profit margin for the nine-month period was 2.74% in 9M FY26, compared to 3.22% in the prior-year period.

• Annual Margin Trend (FY23-FY25)

• While absolute profits have grown, the PAT margin has remained relatively stable, moving from 1.86% in FY23 to 2.97% in FY25, indicating that the recent margin pressure is a more recent development possibly linked to rapid scaling or input cost fluctuations.

Despite explosive revenue growth, the company has experienced a noticeable compression in both its operating and net profit margins in the current fiscal year.