NSE: SHANTIGOLD · BSE: 544459 · ISIN INE06ZD01017
Shanti Gold International Limited stock analysis
Shanti Gold International Limited ranks #193 in the TickerSutra evidence-ranked universe with a score of 70/100 and 87% data confidence. The latest captured fundamentals show ROCE of 33.5%, quarterly sales growth of 144.7% and quarterly profit growth of 104.9%.Watchlist candidate
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- ROCE is 33.5%
- 43.8% three-year sales CAGR
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- CFO/EBITDA is below 0.6×
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹428cr | ₹19cr | ₹3cr | 4.4% |
| 2023 | ₹679cr | ₹43cr | ₹20cr | 6.0% |
| 2024 | ₹711cr | ₹50cr | ₹27cr | 7.0% |
| 2025 | ₹1,106cr | ₹92cr | ₹56cr | 8.0% |
| 2026 | ₹2,019cr | ₹199cr | ₹140cr | 10.0% |
| TTM | ₹2,442cr | ₹259cr | ₹186cr | 11.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Shanti Gold International Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 28, 2026
RoutineShanti Gold International Ltd - 544459 - Shareholder Meeting / Postal Ballot-Outcome of AGMBSE · 28 Sept 2026Summary Proceedings of the 13th Annual General Meeting (AGM)
RoutineAcquisition (including agreement to acquire)-XBRLNSE · 26 Sept 2026 · Structured filingSHANTI GOLD INTERNATIONAL LIMITED has informed the Exchange regarding Acquisition (including agreement to acquire)
SHANTI GOLD INTERNATIONAL LIMITED has informed the Exchange regarding Acquisition (including agreement to acquire)
Open original XBRL sourceShanti Gold International Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
Positive CatalystShanti Gold International Ltd - 544459 - Announcement under Regulation 30 (LODR)-AcquisitionBSE · 26 Sept 2026Intimation under Regulation 30 read with Schedule III of SEBI (LODR) Regulations, 2015
MANAGEMENT COMMENTARY
Signals from filed documents
Backed by its design-led manufacturing model, integrated production capabilities and long-standing relationships with customers, Shanti Gold International Limited is poised to capitalise on emerging trends in the organised jewellery sector. The Company’s strategic management has estimated healthy volume growth in line with its past performance and accelerated capacity expansion, customer acquisitions and sustained ma
Customer and product diversification Expansion of operations into North India, new organised retail customers and comprehensive product offerings provide additional growth avenues. Operating leverage from scale Higher production capability from expanded capacity can improve manufacturing efficiency and support margin stability over the medium term. Opportunities Threats Statutory Reports Financial StatementsCorporate
Management: 75% of the revenue is from our designer jewellery and 25% from plain gold jewellery. And sir, as these designer and Turkish jewellery gain traction, how do you see the overall product mix evolving and what potential does this create for margin improvement over the medium-term? Management: See, the demand of both the jewellery is also increasing because now we have exhibited in the jewellery fair and we've
The third is product mix enhancement, which we will continue to develop and scale value-added categories such as designer and Turkish jewellery, along with the new product offerings aligned with evolving customer preferences. We remain encouraged by the customer traction and demand visibility across our business with a stronger manufacturing base, expanding customer relationships, and a differentiated product portfol
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY AND THE DATE OF THE REPORT 1. The Company commenced the commercial production at its new manufacturing facility situated at Ground to 3 rd Floor, Plot No. 5, Marol Co-operative Industrial Estate, Vasanji Road, Andheri (East), Mumbai - 400059, with effect from Ju
The next phase of Shanti Gold will be defined by expanding into new categories and markets, strengthening our manufacturing capabilities and continuing to raise the bar on design, quality and execution. Our ambition is to be recognised not merely as a large manufacturer, but as a trusted, design-led benchmark for quality and craftsmanship for organised jewellery retailers in India and international markets. I thank o
Moreover, the global economic slowdown, particularly in key markets like the U.S., UAE, and Hong Kong, has further reduced export demand. Heightened and fluctuating gold prices intensify working capital pressures, especially for small and mid-sized jewellers. Internal Control systems and their Adequacy The Company has established an adequate internal control framework commensurate with the nature, scale and complexit
32 Shanti Gold International Limited Gold price volatility Unprecedented fluctuations in gold prices may impact on customer purchasing patterns, inventory valuation and working capital requirements. Geopolitical and regulatory risks Global uncertainties, modified import duties or trade disruptions can affect raw material procurement, exports, and overall business performance. High dependence on domestic market A majo
COMPLIANCE WITH SECRETARIAL STANDARDS The Company has complied with all the applicable provisions of Secretarial Standards i.e. SS -1 “Meeting of the Board of Directors”, SS -2 “General Meeting” issued by the Institute of Company Secretaries of India and approved by the Central Government pursuant to Section 118 of the Act. PREVENTION OF SEXUAL HARASSMENT In compliance with the provisions of the Sexual Harassment of
The facility of attending the AGM will be made available to 1,000 Members on a first-come-first-served basis. This will not include large Members (Members holding 2% or more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee, Auditors etc. who are allowed to atten
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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