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Earnings Call Transcript

Shanti Gold International Earnings Call Transcript: 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.

Why this was an Alfa AlertManagement guides 60% Revenue growth for FY27 (explicit single-year guidance).
Shanti Gold International Q2 FY27 concall: date, live audio and summaryConcall page →
Guidance and delivery
Management target Revenue 60.0% FY27
Highlights
Revenue growthQ2 +73.5%, H1 +102.3% YoY; Q2 volume only +25.4%.
MarginsH1 EBITDA margin ~7.8% vs ~12.2% prior; guided 5–7%, called transitional.
Demand visibilityFestive-season traction; export share 6–7% expected; no FY28 volume guidance.
Management confidenceOver-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)
Source

Earnings Call Transcript filed with NSE, NSE: SHANTIGOLD. Summary written with AI assistance from the document.

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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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