| Management target | Revenue 60.0% FY27 |
|---|
| Revenue growth | Q2 +73.5%, H1 +102.3% YoY; Q2 volume only +25.4%. |
|---|---|
| Margins | H1 EBITDA margin ~7.8% vs ~12.2% prior; guided 5–7%, called transitional. |
| Demand visibility | Festive-season traction; export share 6–7% expected; no FY28 volume guidance. |
| Management confidence | Over-optimistic: 'bullish', 'great numbers'; vague on specifics. |
Growth
Q2 revenue +73.5% against volume +25.4%, implying about 38% price-led gain. H1 EBITDA margin about 7.8% versus about 12.2% prior year.
Outlook
FY27 revenue guided ₹3,200–3,500 Cr (60% growth). Volume growth 25–30% cited as achievable; no FY28 volume guidance given.
Risks
Guided 5–7% EBITDA margin versus about 12% prior year. Debt-funded inventory build, D/E 0.5x with 1x ceiling, GML 15–20% of stock, gold-price correction exposure.
Last quarter's promises, checked
Delivered
- Guided 50–60% value growth → H1 +102.3% YoY (= BEAT, price-led)
Partly delivered
- Guided ₹3,500 Cr FY27 revenue → now ₹3,200–3,500 Cr range (= PARTIAL)
- Guided 7.5–8% EBITDA → H1 ~7.8%, in range (= PARTIAL)
Missed
- Guided 30–40% volume growth → Q2 +25.4%; FY27 cut to 25–30% (= MISS)
- Guided Jaipur ops mid-Nov/Dec 2026 → delayed to ~Jan 2027 (= MISS)
- Guided FY27 EBITDA 7.5–8% → forward guide cut to 5–7% (= MISS)
Earnings Call Transcript filed with NSE, NSE: SHANTIGOLD. Summary written with AI assistance from the document.
Shanti Gold International Ltd: key numbers
- Share price
- ₹273.05
- Market cap
- ₹2,095 Cr
- Revenue (annual)
- ₹2,019 Cr
- Net profit (annual)
- ₹140.2 Cr
- P/E (TTM)
- 12.2×Sector 33.3×
- Promoter holding
- 70.35%-4.54% QoQ
- FII holding
- 2.22%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from Shanti Gold International Ltd
All →Shanti Gold International Investor Presentation: Key Takeaways
Q2 FY27 revenue ₹746.0 Cr (+73.4% YoY) and PAT ₹29.6 Cr (+13.5%), with EBITDA margin compressed to 5.7%. H1 FY27 revenue ₹1,462.3 Cr (+102.3%). Marol capacity commissioned; Jaipur under construction.
Shanti Gold International Results Update
Shanti Gold reported H1 FY27 revenue of Rs. 1,462.3 crore and PAT of Rs. 80.0 crore. Revenue doubled, but Q2 EBITDA margin compressed to 5.7%.
Shanti Gold International Other Announcement
Shanti Gold International filed its IPO monitoring agency report for the quarter ended September 2026, citing no deviation from objects. The report flags that utilisation of proceeds is delayed.
Shanti Gold International Q2 FY27 Results: Net Profit ₹29.6 Cr, Up 13.8% YoY
Shanti Gold International Ltd reported revenue from operations of ₹746 Cr (+73.4% YoY) and net profit of ₹29.6 Cr (+13.8% YoY) for Q2 FY27.
- Key figure
- Net profit ₹29.6 Cr · +13.8% YoY
Shanti Gold International Board Meeting Date
Shanti Gold will hold a board meeting on November 3, 2026 to consider unaudited results. The trading window remains closed until 48 hours after results.
Shanti Gold International Other Announcement
Shanti Gold International Ltd submitted its quarterly shareholding pattern for the period ended 30 September 2026. This is a standard regulatory compliance filing.