Sky Gold and Diamonds PAT up 105%, eyes Rs 7,600-crore topline by FY27

New Delhi: Sky Gold and Diamonds Ltd, the BSE and NSE-listed B2B gold jewellery manufacturer known for supplying marquee retail brands like Tanishq and Malabar Gold and Diamonds, has reported a robust first quarter for FY26, signalling strong momentum toward its long-term growth targets.

For the quarter ended June 30, 2025, the company posted a 56.5% jump in revenue from operations to Rs 1,131 crore, compared to Rs 723 crore in the same period last year. Profit after tax (PAT) more than doubled to Rs 43.6 crore from Rs 21.2 crore, reflecting a 105.6% increase. EBITDA stood at Rs 71.4 crore, up 91.6%, while gross profit rose to Rs 90.3 crore, a 96.6% surge.

PAT margin for the quarter was 3.9%, while EBITDA margin stood at 6.3%. Export contribution increased to 12% of total revenue, up from 8% in FY25.

“This performance aligns with our vision of building a Rs 7,600 crore enterprise by FY27,” said Mangesh Chauhan, Managing Director, Sky Gold and Diamonds Ltd. “Our Dubai expansion will position us among the top integrated gold jewellery manufacturers from India as we push for a 25% export contribution in the next two years.”

Operational highlights

The company continued to outperform the organised jewellery manufacturing sector on both volume and profitability, maintaining a lean cost structure that is reportedly 50% more efficient than peers.

Some key growth drivers this quarter include:

• Product innovation: Introduction of lightweight 18KT jewellery amid rising gold prices has resonated with retailers and end consumers.
• Retail partnerships: Sky Gold added several prominent clients including Aditya Birla’s Indriya, Reliance Retail, CaratLane, PN Gadgil, PM Jewellers, Pothys and Vega, strengthening its domestic visibility.
• Export traction: International orders from markets like Malaysia, Singapore and the Middle East now make up 12% of revenue and are targeted to hit 25% in the next 18–24 months.
• Middle East entry: The acquisition of a newly incorporated entity in Dubai marks a strategic push into the Gulf market, with a fully operational sales and distribution hub in the pipeline.
• Advance gold model clients: New contracts under this model are expected to be PAT and ROCE accretive while optimising working capital.

Strategic Vision: FY27 and beyond

Sky Gold and Diamonds is positioning itself as a design-led, asset-light jewellery powerhouse with ambitions of becoming one of India’s largest vertically integrated B2B jewellery manufacturers. The company has acquired property for a 540,000 sq. ft. integrated jewellery park to support this scale-up.

By FY27, the company is targeting:

• Rs 7,600 crore in consolidated revenue
• PAT margin of 4.5%
• Working capital cycle of 52–55 days
• Sustainable ROCE above 30%

These targets will be supported by monthly volume expansion, ERP integration, increased use of gold metal loans, and stronger design and manufacturing efficiencies.

“Our frugal operations, relentless focus on design, and speed to market are making us the partner of choice for leading jewellery retailers in India and abroad,” Chauhan said.

With a clear export-led roadmap and steady domestic growth, Sky Gold and Diamonds is aiming to redefine Indian jewellery manufacturing under the “Make in Bharat, for the World” philosophy.