1. Opening Hook
Gold prices are flirting with ₹1 lakh per 10g, and instead of panic, Shanti Gold’s management showed up grinning — because their margins glitter more than the metal. Their first-ever earnings call felt like a debut runway: confident, slightly over-the-top, and dripping with 22KT charm.
And with EBITDA jumping 228%, one wonders — is it the craftsmanship, the capital, or just well-timed gold hoarding? Read on, it gets shinier (and a bit cheeky) later. 💍✨
2. At a Glance
- Revenue up 61.6%– CFO swears it’s not luck, just timing and “festive momentum.”
- EBITDA zoomed 228%– Turns out, gold margins are the real inflation.
- EBITDA Margin 14.75%– Jewelry so profitable, even traders looked twice.
- PAT up 375%– Gold prices rose, and so did everyone’s blood pressure.
- Debt-to-equity at 0.34x– Leveraged? Barely. Bling-funded growth FTW.
- Stock post-listing debut– Investors cheered like it’s Akshaya Tritiya already.
3. Management’s Key Commentary
“We are expanding capacity with a new Jaipur facility, adding 1,200 kg.”(Translation: Rajasthan, get ready for a gold rush that’s tax-efficient and air-conditioned.)
“EBITDA margins improved to 14.75% from 7.24% YoY.”(Or as the CFO calls it — “low inventory cost, high adrenaline.” 😏)
“We added equity at the right time before gold prices rallied.”(They basically bought low, bragged high.)
“Our 61 CAD designers produce 400 designs a month.”(That’s one design every 108 minutes — move over, Netflix production speed.)
“We’ll open a Dubai subsidiary soon.”(Translation: Time to sell bling to people who buy gold like groceries.)
“Our focus remains B2B, not retail.”(Read: Let others manage fussy brides, we’ll stick to fat orders.)
“Core EBITDA will stabilize at 7–8% post rally.”(When CFOs start talking “core,” it usually means the party’s almost over.)
4. Numbers Decoded
| Metric | Q2 FY26 | Q2 FY25 | YoY Growth | Comment |
|---|---|---|---|---|
| Revenue (₹ Cr) | 430 | 266 | +61.6% | Sparkling like Diwali lights |
| EBITDA (₹ Cr) | 63.3 | 19.3 | +228% | Gold + timing = magic |
| EBITDA Margin | 14.75% | 7.24% | +751 bps | Festive season effect |
| PAT (₹ Cr) | 43.8 | 9.2 | +375% | Margin fairy visited |
| PAT Margin | 10.19% | 3.46% | +673 bps | When inventory smiles |
| H1 Revenue (₹ Cr) | 722.9 | 505.9 | +42.8% | IPO money worked overtime |
| H1 EBITDA (₹ Cr) | 102.9 | 36.2 | +185% | Profit party continued |
Takeaway:Gold went up, so did everything else — except humility.
5. Analyst Questions
Q:Capex for Jaipur facility?A:₹46 crore. (Cheap, considering Jaipur’s now the “Gold Silicon Valley.”)
Q:When’s commissioning?A:May–June 2026. (Or as India says, “depending on monsoon.”)
Q:Debt?A:Comfortable at 0.34x. (Translation: not broke, just shining.)
Q:Export plans?A:Subsidiary in Dubai — 100% owned, 200% ambition.
Q:Retail plans?A:None. (Because selling wholesale stress-free gold > dealing with wedding panic.)
6. Guidance & Outlook
Management expects FY26 revenue of ₹1,900–2,000 crore with 7–8% EBITDA margin “normalized.” For FY27, they’re eyeing ₹2,800–3,000 crore — assuming gold doesn’t start behaving like Bitcoin.
Jaipur’s new
