Fresh off its successful listing earlier this month, Shanti Gold International has delivered a spectacular first quarter of FY26, reporting its highest-ever quarterly EBITDA, PBT, and PAT in company history. The results signal strong momentum for the recently-listed jewellery manufacturer, reinforcing investor confidence in its growth story.
Shanti Gold Q1 FY26 Performance at a Glance
| Particulars | Q1 FY26 | Q4 FY25 | Q1 FY25 | YoY Growth | QoQ Growth |
|---|---|---|---|---|---|
| Revenue | 293.9 | 297.3 | 230.8 | +27% | -1% |
| PBT | 32.9 | 25.2 | 11.8 | +179% | +31% |
| PAT | 25.6 | 19.1 | 9.0 | +184% | +34% |
| EPS (₹) | 4.56 | 3.54 | 1.67 | +173% | +29% |
The performance is notable as Q1 FY26 PAT already accounts for ~45% of FY25’s full-year net profit (INR 55.8 crore), suggesting that FY26 could be a landmark year for the company.
🚀 Shanti Gold IPO Success & Market Debut
Shanti Gold’s INR 360 crore IPO was met with overwhelming demand, with subscriptions reaching 80x overall, led by strong institutional (QIB) and HNI participation.
- IPO Price Band: INR 189–199 per share
- Listing Date: 1 August 2025
- NSE Debut Price: INR 227.55 (+14.35%)
- NSE Closing Price (Day 1): INR 229.38 (+15.27%)
The IPO proceeds are earmarked for:
- Jaipur facility expansion (INR 46.3 crore)
- Working capital (INR 200 crore)
- Debt repayment (INR 17 crore)
- General corporate purposes
🏭 Business Model & Growth Drivers
Founded in 2003, Shanti Gold International has emerged as a leading manufacturer of 22kt CZ casting gold jewellery, with an installed capacity of 2,700 kg annually at its Andheri, Mumbai facility.
Key strengths include:
- 400+ new designs monthly, crafted by 79 CAD designers.
- Strong customer base: 455 in FY25 across 15 states & 2 UTs.
- Long-term partnerships with leading brands such as Joyalukkas and Lalithaa Jewellery.
- Consistent financial growth – revenue CAGR of 27.6% (FY23–FY25).
Planned Jaipur expansion is expected to enhance scale, reduce costs, and strengthen distribution in North India.
📈 Financial Track Record
| Metric | FY23 | FY24 | FY25 | Q1 FY26 |
|---|---|---|---|---|
| Revenue | 679 | 711 | 1,106 | 294 |
| Net Income | 19.8 | 26.9 | 55.8 | 25.6 |
| EBITDA Margin | 6.7% | 7.5% | 8.8% | ~9% |
| PAT Margin | 2.9% | 3.8% | 5.0% | 8.7% |
Margins have been steadily improving, reflecting better cost management, operating leverage, and premiumization of its jewellery portfolio.
🧐 Key Takeaway
Shanti Gold Q1 FY26 numbers are as good as expected. The company has scaled up revenue while maintaining profitability, and PAT has almost tripled YoY, which is a sign of strong operational efficiency.
With branded jewellery demand rising, positive consumer sentiment during festive seasons and a strong balance sheet post-IPO, Shanti Gold is well placed to outperform its peers in the coming quarters.
Conclusion
In its very first quarter as a listed entity, Shanti Gold International has given a golden debut. With strong fundamentals, aggressive expansion plans and supportive market dynamics, the company is fast making a space in India’s organised jewellery segment.
For investors, the stock now has both short-term growth and long-term structural play – a combination as rare as the jewellery it makes.
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Disclaimer: This article is for informational purposes only and not investment advice. Investors should consult professionals before investing.