Sky Gold and Diamonds Reports Robust FY26 Performance; Revenue Rises 77% Year Over Year to ₹6,295 Crore
Mumbai, May 27, 2026: Sky Gold and Diamonds Limited, a B2B Gold Jewellery manufacturer, announced its financial results for the quarter and year ending March 31, 2026. The company reported robust growth across Q4 FY26 and the full fiscal year (FY26), attributing the performance to sustained domestic demand, strong retail partnerships, and a defined designing moat.Financial Highlights (Consolidated)
The company posted significant year-over-year growth across key financial metrics. The following table outlines the key consolidated financial highlights for the period. All figures are reported in ₹ crore.| Particulars | Q4 FY26 | Q4 FY25 | Y-o-Y | Q3 FY26 | Q-o-Q | FY26 | FY25 | Y-o-Y |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1911.5 | 1058.2 | 80.6% | 1767.7 | 8.1% | 6294.9 | 3548 | 77.4% |
| EBITDA | 140.7 | 63.0 | 123.3% | 122.4 | 15.0% | 434.3 | 196.4 | 121.1% |
| EBITDA Margin (%) | 7.4% | 6.0% | 140bps | 6.9% | 50bps | 6.90% | 5.50% | 140bps |
| Reported PBT | 126.2 | 50.2 | 76.0 | 106.1 | 20.1 | 379.1 | 174.2 | 204.9 |
| Reported PBT% | 6.6% | 4.7% | 190bps | 6.0% | 60bps | 6.0% | 4.9% | 110bps |
| Reported PAT | 90.7 | 38.2 | 137.4% | 80.5 | 12.7% | 281.8 | 132.7 | 112.4% |
| PAT Margin (%) | 4.8% | 3.6% | 120bps | 4.6% | 20bps | 4.5% | 3.7% | 80bps |
| Operational PBT | 122.5 | 50.1 | 72.4 | 106.1 | 16.4 | 375.4 | 154.9 | 220.5 |
| Operational PBT% | 6.4% | 4.7% | 170bps | 6.0% | 40bps | 6.0% | 4.4% | 160bps |
| Operational PAT | 87.0 | 38.1 | 48.9 | 80.5 | 7.5% | 278.1 | 113.4 | 164.7% |
| Operational PAT% | 4.6% | 3.6% | 100bps | 4.6% | 20bps | 4.4% | 3.2% | 120bps |
(Note: Operational PAT / PBT is reported as PBT / PAT less non operational income, as detailed in the company’s full financials.)
Management Commentary
Mr. Mangesh Chauhan, Managing Director of Sky Gold and Diamonds Limited, commented on the results, stating that Q4 FY26 marked a strong conclusion to a defining year. He noted that consistent execution across quarters drove robust growth in revenue and profitability.He attributed the continued performance to increasing partnerships with organized retail players, strong acceptance of lightweight and value-added jewellery, and sustained execution across the company’s manufacturing platform.
Mr. Chauhan emphasized that despite elevated gold prices and a dynamic operating environment, underlying demand remains resilient. The company’s early focus on the organized shift in jewellery manufacturing and retail, alongside its positioning in lightweight jewellery, continues to strengthen its market standing.
Looking ahead, the company remains focused on improving cash flows, reducing debt, and pursuing growth through operational efficiency and prudent capital allocation. The management expressed confidence in maintaining healthy growth momentum while progressing toward its FY30 profitability aspiration of ₹945 crore.
Operational Growth Drivers
Sky Gold and Diamonds continues to strengthen its position in the organized jewellery manufacturing sector by focusing on capital efficiency and differentiated product positioning.Key operational and corporate developments highlighted include:
- Cash Flow from Operations (CFO): The company significantly improved its CFO to negative ₹45 crore in FY26, up from negative ₹272 crore in FY25. The company targets positive CFO of approximately ₹180–225 crore in FY27, supported by strong working capital management and improved operating efficiencies.
- Strategic Model Shift: Sky Gold implemented an asset-light leased manufacturing expansion model, facilitating land monetization. Operational cash generation is expected to support a 50%+ reduction in net borrowings by the next year-end.
- Working Capital: The company achieved a significant improvement in its Working Capital Cycle, bringing it to less than 60 days, driven by a higher share of advance gold business, export operations, and improved control over customer terms.
- Credit Rating Upgrade: India Ratings upgraded Sky Gold’s credit rating to IND A/Stable / IND A1, citing the improving profitability, liquidity, and the company's strong execution capabilities.
- Governance and Employment: The company appointed M S K A & Associates LLP (BDO International member firm) as its Statutory Auditors. Furthermore, it introduced an Employee Stock Option Plan (ESOP) for eligible employees, marking one of the industry's first companies to implement such a program.
SKYGOLD Stock Price Movement
As of 3:23 PM, shares of SKY GOLD AND DIAMONDS LIMITED are shedding 0.72% in live trading, currently priced at ₹476.85. The equity trades on a substantial volume of 2.04 million shares, indicating continued profit-taking momentum as the market nears the close.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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