The call ran from 2:31 PM to 3:30 PM IST (1 h).
Key takeaways
Q2 revenue rose 73.5% YoY to ₹746 Cr, but Q2 PAT growth slowed to 13.5%. H1 EBITDA margin compressed to about 7.8%, which management calls transitional.
| Management target | Revenue 60.0% FY27 |
|---|
| Revenue growth | Q2 +73.5%, H1 +102.3% YoY; Q2 volume only +25.4%. |
|---|---|
| Margins | H1 EBITDA margin ~7.8% vs ~12.2% prior; guided 5–7%, called transitional. |
| Demand visibility | Festive-season traction; export share 6–7% expected; no FY28 volume guidance. |
| Management confidence | Over-optimistic: 'bullish', 'great numbers'; vague on specifics. |
Growth
Q2 revenue +73.5% against volume +25.4%, implying about 38% price-led gain. H1 EBITDA margin about 7.8% versus about 12.2% prior year.
Outlook
FY27 revenue guided ₹3,200–3,500 Cr (60% growth). Volume growth 25–30% cited as achievable; no FY28 volume guidance given.
Risks
Guided 5–7% EBITDA margin versus about 12% prior year. Debt-funded inventory build, D/E 0.5x with 1x ceiling, GML 15–20% of stock, gold-price correction exposure.
Last quarter's promises, checked
Delivered
- Guided 50–60% value growth → H1 +102.3% YoY (= BEAT, price-led)
Partly delivered
- Guided ₹3,500 Cr FY27 revenue → now ₹3,200–3,500 Cr range (= PARTIAL)
- Guided 7.5–8% EBITDA → H1 ~7.8%, in range (= PARTIAL)
Missed
- Guided 30–40% volume growth → Q2 +25.4%; FY27 cut to 25–30% (= MISS)
- Guided Jaipur ops mid-Nov/Dec 2026 → delayed to ~Jan 2027 (= MISS)
- Guided FY27 EBITDA 7.5–8% → forward guide cut to 5–7% (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Shanti Gold International Q2 FY27 Results: Net Profit ₹29.6 Cr, Up 13.8% YoY
Shanti Gold International Ltd reported revenue from operations of ₹746 Cr (+73.4% YoY) and net profit of ₹29.6 Cr (+13.8% YoY) for Q2 FY27.
- Key figure
- Net profit ₹29.6 Cr · +13.8% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Management guides for 50-60% revenue value growth and 30-40% volume growth for FY27.
Growth they described
Revenue grew 144% YoY to ₹716.38 Cr, primarily driven by 61% volume growth and strategic design expansion.
Call details
| Company | Shanti Gold International Ltd |
|---|---|
| NSE symbol | SHANTIGOLD |
| ISIN | INE06ZD01017 |
| Call | Q2 FY27 earnings call |
| Date | Wednesday, 4 November 2026 |
| Time | 2:30 PM IST |
| Length | 1 h |
| Audio | Our stream on YouTube ↗ |
Shanti Gold International Ltd: key numbers
- Share price
- ₹273.05
- Market cap
- ₹2,095 Cr
- Revenue (annual)
- ₹2,019 Cr
- Net profit (annual)
- ₹140.2 Cr
- P/E (TTM)
- 12.2×Sector 33.3×
- Promoter holding
- 70.35%-4.54% QoQ
- FII holding
- 2.22%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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