1. At a Glance – Gold That’s Actually Glittering?
Shanti Gold International Ltd is currently trading at ₹216 with a market cap of ₹1,558 crore. In the last three months, the stock is down about 5.17%, and over six months it has corrected 12.6%. So while the stock price is sulking, the business seems to be flexing.
Q3 FY26 numbers? Revenue at ₹636.93 crore (up 110% YoY). PAT at ₹40.13 crore (up 128% YoY). ROE at a mouth-watering 44.8%. ROCE at 26.2%. Debt-to-equity just 0.34. Stock P/E? 12.2 versus industry P/E of 22.7.
Annualised EPS (based on Q3 FY26 as per rule: average of Q1, Q2, Q3 × 4) comes to approximately ₹21.6. At ₹216, that implies a forward P/E of around 10.
Sales growth (TTM) stands at 56%. Profit growth (TTM) at 107%.
So let me ask you — how often do you see triple-digit profit growth with a P/E lower than the industry median? And why is the stock correcting instead of celebrating?
Grab your chai. This gold story needs polishing.
2. Introduction – From Casting Jewellery to Casting Earnings Surprises
Incorporated in 2003, Shanti Gold International Ltd manufactures 22KT CZ casting gold jewellery. In simple language: they design and produce bangles, rings, necklaces, bridal sets — the full shaadi catalogue.
But here’s the interesting bit.
They are not just a random jeweller with a small shop in Zaveri Bazaar. They serve 455 customers across 15 states, 2 union territories, and 4 countries. Their clientele includes Joyalukkas India Limited, Lalithaa Jewellery Mart Ltd, Alukkas Enterprises Pvt Ltd, and others.
They operate from a 13,448.86 sq ft facility in Andheri East, Mumbai, with installed capacity of 2,700 kg per annum in FY25. And in January 2026, they announced a 4,000 kg per annum capacity expansion.
Now pause.
From 2,700 kg to adding 4,000 kg. That’s more than 100% incremental capacity. Who expands like this unless demand visibility exists?
This is no sleepy jewellery stock.
It IPO’d on August 1, 2025. Freshly listed. Freshly ambitious.
But here’s the real question — is this a sustainable compounding story or just IPO honeymoon numbers?
3. Business Model – WTF Do They Even Do?
Let’s simplify.
Shanti Gold is a B2B jewellery manufacturer. They don’t run hundreds of retail stores like Titan. They manufacture 22KT CZ casting gold jewellery and supply to big retailers.
They employ 79 CAD designers who produce 400+ designs per month. That’s basically a jewellery design factory.
They cater across price points:
- Daily wear
- Festive
- Bridal collections
Revenue geography:
- Tamil Nadu ~30.5%
- Andhra Pradesh ~16.5%
- Karnataka ~13%
- Telangana ~12.5%
Exports are tiny but present:
- UAE ~2.8%
- Singapore ~1.97%
Customer concentration:
- Top 1 contributes 7.5%
- Top 5 contribute 23.5%
- Top 10 contribute 34.5%
That’s not dangerously concentrated.
In short, they’re the backstage tailor stitching the lehenga while the retail brands walk the runway.
Question for you — would you rather own the retail brand with marketing expenses or the manufacturer with design muscle?
4. Financials Overview – The Quarter That Turned Heads
Q1 EPS = ₹4.56
Q2 EPS = ₹6.08
Q3 EPS = ₹5.57
Average = (4.56 + 6.08 + 5.57) / 3 =
