Sky Gold & Diamonds Ltd Q2 FY26 – The Gold Rush Meets Corporate Yoga: 93% YoY Revenue Growth, 82.5% PAT Surge, and a CFO Musical Chairs Saga

1. At a Glance

Sky Gold & Diamonds Ltd – a name that sounds like a Dubai duty-free shop but is actually a B2B gold jewellery manufacturing powerhouse from India – has just delivered one of its flashiest quarters yet. For Q2 FY26, the company’s revenue hit ₹1,484 crore, a 93% YoY jump, while PAT sparkled 82.5% higher to ₹67 crore. The stock now trades at ₹355 (as of 19 Nov 2025), with a market cap of ₹5,479 crore and a P/E of 29.6 – just a little less shiny than Titan’s but with a lot more fire in its belly.

Despite its 0% dividend yield (because clearly reinvesting is the new gifting gold coins), Sky Gold flexes a ROE of 25.5% and ROCE of 21.2%, which even old school jewellers like Kalyan might envy. Debt-to-equity sits at a manageable 0.78, proving that while gold is heavy, the balance sheet isn’t.

As the Bhagavad Gita reminds us:“Karmanye vadhikaraste, ma phaleshu kadachana.”Sky Gold seems to have taken that to heart—work like a craftsman, don’t chase price targets. The result? A portfolio that’s all about execution, not speculation.

But don’t be fooled by the glitter; behind the BIS-certified polish lies a firm juggling expansions, acquisitions, and a CFO shuffle worthy of a Netflix docuseries. Buckle up—this quarter’s story is shinier than 24-carat drama.

2. Introduction

Once upon a time, in Mumbai’s crowded jewellery lanes, a group of Chauhans decided that India didn’t need another wedding jeweller—it needed a manufacturing empire. Thus, Sky Gold Limited emerged, crafting gold jewellery not for the consumer directly, but for those who sell to them. Think of it as the TCS of bangles—outsourcing the glamour, keeping the margins.

Fast forward to FY26, and Sky Gold isn’t just surviving—it’s scaling faster than your cousin’s wedding guest list. With revenues surging nearly 90% year-on-year and profits doubling in three years, the company is clearly riding a gold-coated rocket. Its designs now feature across 14 product categories, and it manages a design library of 9 lakh+ items—because apparently, gold bangles need more variety than Netflix’s catalogue.

And while traditional jewellers like Titan and Kalyan battle over who can sell you emotion with a markup, Sky Gold quietly supplies them all. The company’s clients include Malabar Gold, Joyalukkas, Senco, Khimji, and GRT—basically, if you’ve ever bought jewellery and felt proud, there’s a decent chance Sky Gold’s handiwork was behind it.

Now, with a Dubai office, U.S. retail entry, and acquisitions piling up faster than your credit card bills during Diwali, Sky Gold’s ambitions are global. But does the glitter translate to gold-standard fundamentals? Let’s dig in.

3. Business Model – WTF Do They Even Do?

Sky Gold isn’t your typical “showroom wala” jeweller. They’re thebackend maestrosof India’s glitter economy. Their model is B2B (Business-to-Bling), selling to mid-range jewellers, boutique chains, and online retailers who later make you pay a “making charge” for their “design expertise.” Spoiler: that design often originates in Sky Gold’s Mumbai plant.

Their focus is clear—low grammage, fast-moving jewellery—pieces that sparkle without breaking wallets. Forget those chunky temple necklaces; Sky Gold is all about daily wear and light festive pieces, where the margins are as tight as your wedding suit.

The company runs an81,000 sq. ft. factorychurning out nearly3,000 pieces per day, powered by3D printingandmachines imported from Turkey, Germany, and Italy.Imagine a Ferrari factory, but with gold dust instead of grease.

They’re hedged like a financial whizkid—raw materials and finished goods fully covered—so gold price volatility doesn’t ruin their sleep. The result? Stable margins even when gold swings more wildly than your mood after checking petrol prices.

Their client roster reads like the “Billion Rupee Club”: Malabar, Kalyan, Senco, Khazana, and GRT. And now, they’ve entered theU.S. retail marketvia a collaboration withVaranium Inc., USA.Clearly, from Dadar to Dallas, Sky Gold’s designs are ready to travel.

By 2030, they want to double their designer team and product launches—because apparently, 2,500 new designs per month aren’t enough to keep India’s brides interested.

4. Financials Overview

Annualized EPS = ₹17.32 → P/E = 20.5x (recalculated).

Commentary:That’s not a quarter, that’s a heist. Revenue nearly doubled, PAT surged 83%, and EBITDA margins are expanding steadily to 7%. For