Sky Gold & Diam. Q1 FY27 Results (NSE: SKYGOLD)
Signal: Margin expansion
The read
The trajectory remains in acceleration: consolidated revenue grew 77.9% YoY, EBITDA grew 117.5% with margin expanding 150bps to 8.2%, and PAT grew 136.9%; the key inflection is that subsidiaries are now contributing roughly 41% of group PAT, although the subsequent ₹10.70 Cr fraud loss at Starmangalsutra is a material control risk.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,012.79 Cr | 77.9% | 5.3% |
| EBIT | ₹160.15 Cr | 122.0% | |
| Net profit | ₹103.28 Cr | 136.9% | |
| EPS | ₹6.67 | 124.6% | |
| EBIT margin | 8.2% |
P&L walk
Consolidated revenue of ₹2,012.79 Cr grew 77.9% YoY, EBITDA of ₹164.68 Cr grew 117.5% with margin expanding to 8.2%, and PAT of ₹103.28 Cr grew 136.9%; the earnings acceleration reflects both scale benefits and stronger subsidiary contribution.
Segments
The consolidated group materially outperformed the parent: subsidiaries contributed approximately ₹572.75 Cr of revenue and ₹42.69 Cr of PAT, taking consolidated revenue to ₹2,012.79 Cr versus standalone ₹1,440.04 Cr and PAT to ₹103.28 Cr versus ₹60.59 Cr.
Key positives
- Consolidated revenue reached ₹2,012.79 Cr, up 77.9% YoY, with outside-India revenue up 185.4% to 37,585.13 lakh versus domestic revenue growth of 63.8%.
- EBITDA grew 117.5% to ₹164.68 Cr versus revenue growth of 77.9%, a 39.6 percentage-point gap; employee costs grew 40.1% and depreciation 26.8%, while EBITDA margin expanded 150bps to 8.2%.
- PAT rose 136.9% to ₹103.28 Cr while other income was only ₹7.95 Cr and the filing classified earnings quality as clean.
- Subsidiaries added approximately ₹572.75 Cr of revenue and ₹42.69 Cr of PAT, materially widening the gap between consolidated and standalone performance.
Key concerns
- Finance costs increased 91.0% YoY to ₹25.35 Cr, above revenue growth and limiting the conversion of operating growth into net profit.
- Standalone PAT declined 5.8% sequentially to ₹60.59 Cr even as revenue rose 5.0%, indicating that the consolidated acceleration is increasingly dependent on subsidiaries.
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