Sky Gold and Diamonds Approves Audited Financial Results for FY 2026 Amid Depreciation Method Change

Sky Gold and Diamonds Approves Audited Financial Results for FY 2026 Amid Depreciation Method Change​

Sky Gold and Diamonds Limited announced that its Board of Directors, in a meeting held on Wednesday, May 27, 2026, approved the audited standalone and consolidated financial results for the quarter and the year ended March 31, 2026. The company's statutory auditors issued an unmodified opinion on the reported financial results.

The company also announced key corporate governance decisions, including the re-appointment of Ms. Aasna Shah as the Internal Auditor for the Financial Year 2026-27, following a recommendation by the Audit Committee.

Financial Performance Overview​

The audited financial results for the quarter and year ended March 31, 2026, showed significant accounting adjustments due to a change in depreciation method.

Depreciation Method Change:
The company implemented a change in accounting estimate effective April 1, 2025, revising the depreciation method for property, plant, and equipment from Written Down Value (WDV) to Straight Line Method (SLM) in line with Ind AS 16 and Ind AS 8.

This change resulted in the following impact on profit before tax:

• Standalone: The depreciation expense for the year ended March 31, 2026, was Z381.84 lakhs, which is lower than what would have been recorded under the WDV method. Consequently, profit before tax was higher by ¥385.61 Lakhs.
• Consolidated: The depreciation expense for the year ended March 31, 2026, was 2648.11 lakhs, resulting in a profit before tax increase of 2693.08 Lakhs.

Standalone Financial Highlights​

Consolidated Financial Highlights​

The consolidated results showed the following movement in profit before tax:

Governance and Operational Updates​

The company provided updates on corporate governance, significant asset changes, and employee schemes.

Statutory Auditor Appointment:
The company is proposing to obtain the consent of its members, via Postal Ballot and remote e-voting, for the appointment of M/s. M'S K A & Associates LLP, Chartered Accountants, as the Statutory Auditors to fill the casual vacancy.

Mr. Shivang Goyal, Practicing Company Secretary, was appointed by the Board as the Scrutinizer for conducting the Postal Ballot process.

Asset Reclassification and Schemes:

• Asset Change: The company reclassified its Plot with Industrial Building (Capital Work-in progress) located at Plot No. A-47/1, Trans Thane Creek Industrial Area, MIDC, S Central Road, Village Mahape, Taluka - Thane, Navi Mumbai 400 710, from Capital Work-in Progress to Non-Current Asset held for sale.
• Stock Options: The Board approved the grant of 13,230 Stock Options to eligible employees under the Sky Gold Limited-Employee Stock Option Plan 2024. Additionally, 10,000 Stock Options previously granted were exercised by employees on February 4, 2026.
• New Labour Codes: The Group recognized the impact of the implementation of New Labour Codes under Employee Benefit Expense for the year ended March 31, 2026. The company noted that this impact was not material to the year's results.

Internal Audit and Statutory Audit Committee​

Ms. Aasna Shah was re-appointed as the Internal Auditor for the Financial Year 2026-27. The board confirmed that Ms. Shah, a Chartered Accountant with Membership number 196446, is not related to any Director or Key Managerial Personnel of the Company.

The Board meeting commenced at 11:00 A.M. IST and concluded at 12:30 P.M. IST on May 27, 2026.

SKYGOLD Stock Price Movement​

Shares of SKY GOLD AND DIAMONDS LIMITED today slipped by 0.85% to settle at ₹476.2, marking a decrease of ₹4.10. The equity experienced high activity in the market, trading on a volume of 2.05 million shares.