Sky Gold & Diamonds Ltd(SKYGOLD)

NSE: SKYGOLDBSE: 541967

₹ 1,047.8+0.29%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 16,228 crNext results: 27 Oct 2026Website: www.skygold.co.inUpdated: 24 Oct 2026

About

Sky Gold & Diamonds Ltd is a Mumbai-based manufacturer and B2B supplier of gold jewellery - predominantly 22 karat, with a growing 18 karat, 9 karat, and diamond-studded range - serving India's leading organised retail chains. In FY26 the consolidated business generated ₹6,294.89 crore in revenue, up 77% year-on-year, operating from a ~150,000 sq. ft. facility in Navi Mumbai with production capacity of ~1,200 kg per month across the group. The company covers approximately 80% of a typical retail store's product mix and supplies the majority of the top 25 jewellery chain store customers in India.^[1][2]

Business structure

Sky Gold operates as a single-segment gold jewellery manufacturer; consolidated FY26 revenue was ₹6,294.89 crore (standalone ₹4,708.38 crore), with five subsidiaries contributing the remainder.^[2]
Subsidiaries: Starmangalsutra (mangalsutras, 100%), Sparkling Chains (chains, 100%), Speed Bangle (bangles, 100%), Sky Souk Jewellery Trading LLC (Dubai export hub, 100%), and Shri Rishab Gold (step-down, 51% via Starmangalsutra).^[2]

Products and collections

Core product range: predominantly 22 karat plain gold jewellery, with a growing range in 18 karat and 9 karat formats and diamond-studded pieces; covers ~80% of a typical retail store's product mix.^[2]
The portfolio includes 15+ named collections spanning plain gold, diamond, rose gold, and studded jewellery - including Tazim, Zenna, Aasma, and Morni - supported by a dedicated design studio in Andheri for higher-end and export-specific development.^[2]
Value-added products (18 karat, 9 karat, rose gold, diamond-studded) grew from under 10% of revenue in FY23 to approximately 50 - 55% in FY26; 18 karat mix reached 19 - 20% of production in Q3 FY26.^[3]
9 karat gold jewellery line launched in partnership with Senco Gold on 19 September 2025, targeting younger, more value-conscious buyers.^[2]

Manufacturing and capacity

Main facility: ~150,000 sq. ft. in TTC Industrial Area, MIDC Shirvane, Navi Mumbai; total installed group capacity ~1,200 kg per month across parent and subsidiaries as of FY26.^[2]
Capacity utilisation was ~60% (~720 kg per month) in Q1 FY27; management stated existing infrastructure is adequate until 2028.^[4]
Gold loss in manufacturing was reduced from ~1.5% to ~0.5% through ERP implementation and process improvements led by a manufacturing head recruited from Titan.^[2][3]
Under the "Sky Gold 3.0" strategy, new capacity additions are planned via leased facilities rather than owned; the greenfield land and building originally acquired in Navi Mumbai were reclassified as held for sale.^[2]

Key operating metrics

Production volume: 631 kg/month in Q3 FY26, rising from 456 kg/month in Q1 FY26; volume growth in Q1 FY27 was 7 - 9% YoY.^[3][4]
Advance gold share (client-supplied gold, company charges making fee only): 17% of volumes in Q1 FY27, up from ~11 - 12% in FY26 and 5.7% in FY25.^[4][2]
Non-22 karat volume mix rose to 14% in Q1 FY27 from 10.5% in Q4 FY26; studded jewellery share of revenue rose to 2.1% in Q1 FY27 from 1.65% in Q4 FY26.^[4]
Net working capital days improved to 60 days at June 2026 from 71 days in FY25; FY26 working capital cycle was under 60 days.^[4][2]
GML (Gold Metal Loan) limit of ₹150 crore was utilised at ₹80 crore in Q3 FY26; gold is hedged via MCX in line with inventory levels.^[3][2]

Customers and distribution

The company supplies the majority of the top 25 jewellery chain store customers in India, including Joyalukkas, Malabar, Senco Gold, Kalyan Jewellers, CaratLane, Reliance Retail, Aditya Birla, GIVA, and PMJ Jewels.^[2]
Top-5 client concentration was 30 - 35% of revenue in Q2 FY26; management stated in Q1 FY27 that all top-50 large corporate clients in the sector have been onboarded.^[5][4]
Distribution reach exceeded 2,000 showrooms as of Q2 FY26; a dedicated regional dealership network is being built.^[5]
Export share of revenue rose to ~18% in Q1 FY27 from ~14.5% in Q4 FY26; export markets include UAE (6%), Singapore (2%), and Malaysia (2%), served through the Dubai Sky Souk office.^[4]

Expansion and capex

Post-2028 capacity expansion planned via a leased facility at ₹80 - 100 crore capex, buildable in approximately 120 days; no owned facility construction planned.^[4]
Shri Rishab Gold (mangalsutra specialist, ~40 - 50 kg/month volume) acquired at 51% stake via Starmangalsutra for approximately ₹9.6 crore on 11 December 2025.^[2]

Recent developments

On 7 October 2026, Sky Gold announced acquisition of 100% equity in Purvi Gems for ₹9 crore (1.5x book value); Purvi Gems has expected annual revenue of ₹1,600 - 1,800 crore.^[6]
Akash Talesara appointed as CEO in Q1 FY27, bringing 20+ years of experience in gems and jewellery.^[4]
Credit rating upgraded to IND A/Stable/IND A1 by India Ratings in February 2026, from IND A-/Stable/IND A2+; net debt reduced by more than 50% during FY26.^[2]
Operating cash flow turned positive at approximately ₹30 crore in Q1 FY27, reversing negative OCF of ₹45 crore for full-year FY26 and ₹272 crore in FY25.^[4][2]
London jewellery expo in Q1 FY27 generated an initial order pipeline of ₹30 - 45 crore from UK and Europe buyers; UK/Europe targeted to contribute 3 - 5% of revenues.^[4]
Promoters (Mangesh, Darshan, and Mahendra Chauhan) agreed to zero fixed salary from FY27; remuneration exclusively via dividends paid from operating cash flows.^[2]

Market Cap

₹16,228 Cr

High / Low

₹1,083 / 288

Stock P/E

48.4

Price / Book

13.5

Book Value

₹77

EPS

₹17.8

No. of Shares

15.49 Cr

ROCE

27.0%

ROE

29.3%

OPM

7.2%

Debt / Equity

0.73

Sales

₹6,295 Cr

Net Profit

₹282 Cr

Promoter holding

51.7%

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