General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1. At a Glance
Consolidated revenue for the June 2026 quarter came in at ₹2,012.8 crore, up 77.9% from ₹1,131.2 crore a year earlier. EBITDA was ₹156.7 crore at a 7.8% margin, and reported PAT was ₹104.9 crore against ₹43.6 crore — a first crossing of the ₹100 crore mark in a single quarter for a company that made ₹40.5 crore across the whole of FY24.
The quarter also produced a small pile of non-numerical news. A CEO was appointed — Akash Talesara, effective 9 June 2026, the first time the top operating job has sat outside the three founding Chauhans. The statutory audit moved to M S K A & Associates LLP, a BDO India member firm, which reviewed this quarter’s numbers. Promoters have announced they will draw no salary from FY27, taking payouts only through dividends declared from operating cash flow — a compensation structure with the unusual property of paying nothing until the cash statement cooperates.
And the cash statement did cooperate, for once. Management reported roughly ₹30 crore of operating cash flow in Q1, against ₹(44.9) crore for all of FY26 and ₹(273.2) crore in FY25. A gold manufacturer generating cash is not a contradiction in terms, but for four straight years this one filed as though it were.
Sitting underneath all of it: a subsidiary lost ₹10.7 crore to a cyber fraud in July, disclosed on 16 July 2026.
2. Introduction
Sky Gold began in 2005 as a partnership firm in Mumbai, becoming a private limited company in 2008. Managing Director Mangesh Chauhan started out in Zaveri Bazar; Mahendra Chauhan runs production, design and R&D; Darshan Chauhan handles design innovation, exports and brand partnerships. Total promoter experience is stated at over 50 years, which in Zaveri Bazar terms is roughly one apprenticeship and change.
The company listed on the BSE SME platform in October 2018 and crossed ₹500 crore of turnover the same year. It moved to the NSE main board in January 2023. FY23 revenue was ₹1,153.8 crore with EBITDA of about ₹36.3 crore.
What happened next is mostly acquisitions and fundraising. FY24 brought a new 81,000 sq ft manufacturing facility and a ₹128 crore raise from UHNIs and promoter warrants. FY25 added Star Mangalsutra and Sparkling Chains, a ₹270 crore QIP, and a 9:1 bonus issue. FY26 brought Speed Bangle Pvt Ltd — lightweight Italian bangles — and, through Starmangalsutra, 51% of Shri Rishab Gold, a manufacturer with ₹49 crore of FY25 turnover. A Dubai office opened along the way. The consolidated group now runs to five subsidiaries, which the auditors list by name because there is no longer a way to describe the company in one sentence.
Revenue over that stretch: ₹785.6 crore in FY22, ₹1,153.8 crore in FY23, ₹1,745.4 crore in FY24, ₹3,548.0 crore in FY25, ₹6,294.9 crore in FY26. The FY23 guidance for FY27 was about ₹5,000 crore at a 3.5% PAT margin. FY26 alone came in above that revenue number, which is the sort of thing that makes management revise slide decks more often than they’d like.
Ind-Ra upgraded the bank facilities to IND A/Stable and IND A1 in February 2026. In August 2026 the company was added to the MSCI India Domestic Small Cap Index.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3. Business Model: WTF Do They Even Do?
Sky Gold makes gold jewellery for other people to sell. It is B2B, design-led, and it runs no retail stores of its own — customers walk past Sky Gold’s output constantly, in roughly 2,000 domestic retail outlets and 500-plus globally, without ever encountering the name.
The specialty is lightweight casting jewellery: low-grammage, fast-moving designs, deliberately light on heavy wedding and temple pieces. Technology does the heavy lifting that the gold doesn’t — 3D printing machines from Germany, Italy and the United States, casting, electro-forming, stamping, laser cutting. The stated output is jewellery 10–20% lighter than comparable pieces with a better finish, which is a physics problem sold as a fashion problem.
The catalogue is where the scale gets silly: 18 sub-brands (Rangi, Marisa, Saathiya, Sovana, Misha, Zenna, Kimora, Morni and ten more) and a design library of over 9 lakh unique designs. The design team has doubled to about 180 professionals in three years, out of roughly 1,500 employees. Lead time from design to finished product is 7–20 days. Management’s line is that the constraint is design, not machinery: “our key competitive advantage is design.”
Product mix spans 22kt gold as the core, 18kt and diamond-studded as the fast-growing focus, Italian bangles via Speed Bangle, mangalsutra, chains, rings, earrings, and a 9kt line in collaboration with Senco. Clients include Malabar Gold, Joyalukkas, Kalyan Jewellers, Senco, GRT, Khazana and Khimji. Top three clients are 25–27% of revenue; top five, 35%.
Then there is Advance Gold, the model that makes accountants tilt their heads. The customer supplies the metal upfront; Sky Gold bills only
