Shanti Gold Q2 FY27 Results (NSE: SHANTIGOLD)
Signal: Steady quarter
The read
The trajectory remains a rapid scale-up: consolidated revenue reached 7163.79 million, +389.6% YoY, and PAT reached 956.0 million, +1482.4%; however, the quarter also carries a 264.8 million fair-value gain in other income and a gross-margin expansion whose driver is not disclosed.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹716.38 Cr | +389.6% | +66.8% |
| Net profit | ₹95.6 Cr | +1482.4% | |
| EPS | ₹13.63 | +1484.9% | |
| EBIT margin | N/A |
P&L walk
Consolidated revenue was 7163.79 million, +389.6% YoY and +66.8% QoQ, while PAT was 956.0 million, +1482.4% YoY and +36.6% QoQ; gross-margin expansion and a 264.8 million fair-value gain in other income are the main quality watchpoints.
Segments
The company reports a single gold-ornament wholesale and manufacturing segment; the Dubai subsidiary contributed only 0.01 million of revenue and a 0.66 million loss, leaving the parent as the earnings driver.
Key positives
- Revenue reached 7163.79 million, +389.6% YoY and +66.8% QoQ, extending the company's rapid top-line scale-up.
- PAT increased to 956.0 million from 60.41 million a year earlier, while EPS rose to ₹13.63 from ₹0.86.
- Operating cash flow was positive at 2616.23 million in H1FY27, providing support for the working-capital-heavy expansion.
- PPE plus CWIP increased to 443.97 million from 284.18 million, indicating capacity and asset investment alongside growth.
Key concerns
- Inventory stood at 5309.70 million and trade receivables at 5351.17 million, making working-capital intensity a central monitor for the growth trajectory.
- Gross margin expanded to approximately 27.2%, but the filing does not disclose whether the roughly 1000bps improvement came from pricing, input costs or mix.
- Borrowings increased materially alongside the scale-up, with disclosed current and non-current borrowings of 4080.59 million.
- The Dubai subsidiary remains loss-making, reporting 0.01 million of revenue and a 0.66 million loss for the quarter.
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