Mumbai: Sky Gold & Diamonds, a leading gold manufacturing company and a key partner to retail chains such as Tanishq, Kalyan Jewellers, and Malabar Gold & Diamonds, has declared its Q4 & FY26 Results.
The company has reported a robust FY26 performance with consolidated revenue rising 77.4% YoY to ₹6,295 crore and PAT increasing 112.4% YoY to ₹282 crore, supported by strong execution, improving margins and operational efficiencies.
The company closed the year on a strong note with continued growth momentum backed by strong retail partnership and sustained domestic demand with designing moat.
Q4 FY26 and FY26 Financial Highlights (Consolidated):
(All figures in ₹ crore unless otherwise stated)
| Particulars (₹ Cr) | 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 | 151.4% | 106.1 | 18.9% | 379.1 | 174.2 | 117.6% |
| 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 | 144.5% | 106.1 | 15.5% | 375.4 | 154.9 | 142.3% |
| Operational PBT % | 6.4% | 4.7% | 170bps | 6.0% | 40bps | 6.0% | 4.4% | 160bps |
| Operational PAT | 87.0 | 38.1 | 128.3% | 80.5 | 8.1% | 278.1 | 113.4 | 145.2% |
| Operational PAT % | 4.6% | 3.6% | 100bps | 4.6% | – | 4.4% | 3.2% | 120bps |
Note Operational PAT / PBT is reported PBT / PAT less non operational income (part of other income in financials)
Commenting on the result, Mr. Mangesh Chauhan, Managing Director, Sky Gold and Diamonds Limited, said, “Q4 FY26 marks a strong close to what has been a defining year for Sky Gold and Diamonds, with consistent execution across quarters translating into robust growth in revenue and profitability. Our performance continues to be supported by increasing partnerships with organised retail players, strong acceptance of lightweight and value-added jewellery and sustained execution across our manufacturing platform.
Despite elevated gold prices and a dynamic operating environment, underlying demand trends remain resilient, supported by changing consumer preferences and the continued relevance of gold as both an aspirational and long-term value asset. Our early focus on the organised shift in jewellery manufacturing and retail, along with our positioning in lightweight jewellery, continues to strengthen our market standing.
As we move into the next phase of growth, we remain focused on improving cash flows, reducing debt and pursuing growth through operational efficiency and prudent capital allocation. We remain confident of sustaining healthy growth momentum while progressing toward our FY30 profitability aspirations, of ₹945 crore. With strong customer relationships and continued focus on creativity, technology and manufacturing excellence, we remain confident about the long-term opportunity ahead.”
Operational Performance & Growth Drivers:
Sky Gold and Diamonds continues to strengthen its leadership within the organised jewellery manufacturing sector through disciplined execution, differentiated product positioning and a sharp focus on capital efficiency. Having successfully expanded its manufacturing and client ecosystem over the last few years, the company is now entering its next phase of growth centred on stronger cash generation, accelerated deleveraging and a self-sustaining financial model.
Key highlights for Q4 FY26 include:
- Near neutral Cash Flow from Operations (CFO): In line with its stated commitment, the Company significantly improved Cash Flow from Operations to negative ₹45 crore in FY26 from negative ₹272 crore in FY25 and targets positive CFO of ~₹180–225 crore in FY27, supported by stronger operating efficiencies and disciplined working capital management.
- Strategic shift under Sky Gold 3.0: Transitioned to an asset-light leased manufacturing expansion model leading to land monetisation, with operational cash generation expected to support 50%+ reduction in net borrowings by next year-end.
- Working Capital Optimisation: Achieved significant improvement in Working Capital Cycle to <60 days driven by a higher share of advance gold business, export operations and better control on customer terms.
- Other Income: Stood at ₹16.6 crore for the quarter, of which ₹3.7 crore was attributable to gain on sale of investments and balance are all operational income. Operational PAT for the quarter & for financial year FY26 stood at 4.6% and 4.4% respectively.
- Credit Rating Upgrade: India Ratings upgraded Sky Gold’s credit rating to IND A/Stable / IND A1, supported by improving profitability, liquidity and through strong execution capabilities
- Strengthened Governance Framework: Appointed M S K A & Associates LLP (BDO International member firm) as Statutory Auditors reflecting commitment to adopting global best practices and strong focus on corporate governance
- Employee Ownership Initiative: Introduced an ESOP programme for eligible employees, strengthening employee ownership, motivation and long-term value creation becoming one of the first companies in the industry to implement it.
