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Sky Gold & Diam.

Q2 FY26

Sky Gold & Diamonds Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹1,061

Market cap₹16.4K Cr

P/E49.0

Updated16 Oct 2026

Read4 min read

The short version

Target revenue: INR 5,400 crore by FY26; conservative estimate given gold prices and market conditions. Sky Gold & Diamonds expects to reach a revenue target of INR 7,600 crore by FY27, up from INR 5,400 crore guided for FY26.

From Sky Gold & Diam.'s Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Target revenue: INR 5,400 crore by FY26; conservative estimate given gold prices and market conditions.
Volume guidance: On track to reach 630-650 kg per month in FY26; aiming for 900 kg by FY27.
Export sales expected to grow from 10-12% currently to 15-20% by March 2027, driven by new Dubai office and strategic market expansion.
Advanced gold bills business expected to contribute around 10-12% of volume, with Speed Bangle (formerly Ganna N Gold) contributing 50 kg/month.
Growth supported by both existing large clients and new clients like CaratLane, Aditya Birla, and P.N. Gadgil.

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Profitability & Margins

Sky Gold & Diamonds expects to reach a revenue target of INR 7,600 crore by FY27, up from INR 5,400 crore guided for FY26.
The company is confident of achieving a run rate of 900 kg gold volume per month by FY27, supported by strong customer demand despite rising gold prices.
PAT margins are expected to be conservatively maintained at around 4.25%, with potential upside from ongoing benefits of gold metal loan (GML) utilization.
EBITDA and PAT have shown strong growth in recent quarters, with Q2 FY26 PAT up 82% YoY, indicating operational efficiency and strong earnings momentum.

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Capital Expenditure Plans

New Facility Construction: Planned construction from April 2026, expected to take 3 years, targeting completion by end of 2028 with a capacity of 1.2 tons per month.
Capex Amount: Total estimated capex of INR 150 crores for construction, plus INR 100 crores for furniture, fixtures, and machinery in 2028.
Funding: INR 50 crores per year from internal accruals over 3 years; additional INR 100 crores term loan planned for 2028 machinery and fixtures.
Acquisition: Majority stake acquired (51%) in Shri Rishabh Gold, a reputed Mumbai-based jewellery firm, to bolster advanced gold business and onboard a large jewellery brand.

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Fundraising & Capital Structure

No plans for equity dilution or promoter share selling for the next 3 to 5 years; previous promoter selling was a one-time event.
For funding the new facility construction (starting April 2026), INR 150 crore capex will be funded mainly via internal accruals; expect to deploy INR 50 crore per year from extra PAT (~INR 50 crore annually) due to acquisitions and new products.
An additional INR 100 crore required in 2028 for furniture, fixtures, and machinery will be financed through term loans.
Gold-Metal Loan (GML) utilization is being scaled to optimize financing costs; current sanctioned GML facility is INR 170 crore with plans to increase to about INR 350 crore.

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Order Book & Pipeline

Some relevant indications include: - Export orders have increased, with exports doubling this quarter to around INR 150 crore, reflecting a strong global demand. - The newly opened Dubai office is expected to boost exports, targeting 15%-20% of sales by March 2027. - New client acquisitions such as Indriya, Aditya Birla, CaratLane, and P.N. Gadgil are contributing to volume growth. - Volume run-rate is increasing with 544 kgs per month this quarter, up 20% from last quarter, and expected to reach about 650-700 kgs in FY'26.

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Sky Gold & Diam. — Quarterly revenue & net profit

Revenue Net profit

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Jun 2026Q1 FY27

Sep 2026Q2 FY27

Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹2.4K Cr, net profit ₹129 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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Frequently Asked Questions

What were Sky Gold & Diam. Q2 FY26 results?

Target revenue: INR 5,400 crore by FY26; conservative estimate given gold prices and market conditions. Sky Gold & Diamonds expects to reach a revenue target of INR 7,600 crore by FY27, up from INR 5,400 crore guided for FY26.

What is Sky Gold & Diam. share price analysis?

Sky Gold & Diam. currently shows a neutral. The stock trades at a P/E of 49.0 with a market cap of ₹16,426 Cr. Investors should review the full earnings analysis for detailed insights.

Is Sky Gold & Diam. planning capital expenditure?

New Facility Construction: Planned construction from April 2026, expected to take 3 years, targeting completion by end of 2028 with a capacity of 1.2 tons per month.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.