Shanti Gold International Ltd(SHANTIGOLD)

NSE: SHANTIGOLDBSE: 544459

₹ 327.4-10.97%refreshed 26 Oct, 03:50 pm ISTMarket cap: ₹ 2,512 crWebsite: www.shantigold.inUpdated: 24 Oct 2026

About

Shanti Gold International Limited, founded in 2003, manufactures 22KT CZ casting gold jewellery for organised retailers and wholesalers on a purely B2B, wholesale and job-work basis. In FY26 the company generated revenue of ₹2,018.71 crore, processing 1,747.8 kg of gold across its Mumbai manufacturing base. It serves over 400 customers across 18 states, two Union Territories and four international markets.^[1][2]

Business segments

Domestic sales: ₹1,935.41 crore in FY26 vs ₹1,043.73 crore in FY25.^[1][3]
Export sales: ₹82.93 crore in FY26 vs ₹59.3 crore in FY25.^[1][3]
22KT gold jewellery sales were ₹1,100.88 crore in FY25; domestic sale of services was ₹3.39 crore in FY25.^[3]

Products and portfolio

Core product is 22KT CZ casting gold jewellery; portfolio spans bangles, rings, necklaces, jewellery sets and occasion-specific pieces for wedding, festive and daily-wear segments.^[1]
In FY26 the company entered machine-made plain gold jewellery and Mangalsutra; Turkish jewellery is being developed for production at the new Marol facility with artisans brought from Turkey.^[1]
Revenue mix in Q1 FY27: 75% studded/designer jewellery and 25% plain gold jewellery.^[4]
A 96-member CAD team develops more than 400 new designs every month; every piece is hallmarked under BIS standards.^[1]

Manufacturing capacity

Andheri, Mumbai facility: installed capacity 2,700 kg per annum; utilisation was ~75% in Q1 FY27.^[1]
Marol, Mumbai facility: commenced production on June 08, 2026, increasing annual capacity by 4,000 kg per annum.^[1]
Jaipur facility to add 1,200 kg per annum, taking total installed capacity to nearly 7,900 kg per annum once fully operational.^[1]
The FY26 annual report notes existing facilities are yet to harness their full potential.^[1]

Key operating numbers

Gold volume processed: 522 kg in Q1 FY27 (+61.6% YoY vs 323 kg in Q1 FY26); 1,747.8 kg in FY26 (+15.2% YoY vs 1,517.5 kg in FY25).^[4]

Customers and distribution

Purely B2B model with no retail stores; over 400 customers, primarily organised jewellery retailers and wholesalers, with 15+ year relationships with clients including Joyalukkas, Lalithaa and Alukkas.^[1]
Top retail chains - including Kalyan, Joyalukkas, Lalithaa and Alukkas - collectively account for approximately 45% of total sales (as of Q2 FY26).^[5]
Client footprint as of FY26: 18 states, two Union Territories and four international markets; branch offices in Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Gujarat, Maharashtra and Madhya Pradesh.^[1]
Export revenue is 4% of total in Q1 FY27, unchanged from prior periods; the company has recently entered North India with new client additions.^[4]

Expansion and capex

Marol, Mumbai facility (4,000 kg pa): commissioned June 2026; anchors Turkish jewellery, Mangalsutra and Cuban Bracelet production lines.^[4]
Jaipur facility (1,200 kg pa, machine-made plain gold): ₹47 crore capex on ~50,000 sq ft at Mahindra World City; targeted operational by November - December 2026.^[4][1]
IPO proceeds for the Jaipur facility: ₹44.17 crore of ₹46.30 crore unutilised as of FY26, earmarked for its capital expenditure.^[1]
Dubai wholly owned subsidiary, Shanti Gold Jewellery Trading L.L.C. S.O.C., incorporated on May 13, 2026 for international business; awaiting RBI approval before operations commence.^[1][4]

Business model and inventory

Company maintains ready jewellery inventory rather than operating order-to-order, which structurally results in negative operating cash flows; management frames this as a model to attract and retain customers.^[4]
Inventory accounting policy was changed retrospectively from FIFO to weighted average cost (WAC) from 1 April 2024.^[6]

Recent developments

Rights issue of ~₹99.83 crore post FY26 year-end, proceeds primarily for working capital requirements.^[1]
Borrowing limit proposed to increase from ₹1,000 crore to ₹2,000 crore (FY26 annual report).^[1]
Board approved investment of up to ₹4.28 crore in warrants of Golkunda Diamonds & Jewellery.^[1]
CARE Ratings upgraded the long-term rating from BBB+ to A- (Stable) and short-term rating to A2+ during Q3 FY26.^[7]

Market Cap

₹2,512 Cr

High / Low

₹438 / 155

Stock P/E

15.2

Price / Book

4.7

Book Value

₹83

EPS

₹18.3

No. of Shares

7.21 Cr

ROCE

25.0%

ROE

23.4%

OPM

10.0%

Debt / Equity

0.34

Sales

₹2,019 Cr

Net Profit

₹140 Cr

Promoter holding

70.3%

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