Sky Gold & Diam. Q2 FY27 Results (NSE: SKYGOLD)
Signal: Steady quarter
The read
The key inflection is scale rather than margin: standalone revenue grew 58.7% YoY and 26.7% QoQ, but gross margin fell to 8.3% from 9.3% YoY and net debt increased by 62,538.47 lakh since March; the proposed ₹1,800 crore equity raise could fund the expansion but materially changes the per-share trajectory if completed.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,390.66 Cr | +61.0% | +18.8% |
P&L walk
Consolidated Q2FY27 revenue was 239,065.61 lakh, up 61.0% YoY and 18.8% QoQ; the supplied filing text does not include the remainder of the consolidated P&L needed to assess group margins or PAT.
Key positives
- Standalone revenue reached 182,455.10 lakh, up 58.7% YoY and 26.7% QoQ, while consolidated revenue reached 239,065.61 lakh, up 61.0% YoY.
- Standalone PAT increased 55.7% YoY to 8,537.25 lakh and basic EPS increased 53.9% YoY to ₹5.51.
- H1FY27 operating cash flow turned positive at 2,211.43 lakh versus -9,861.28 lakh in H1FY26.
Key concerns
- Standalone gross margin fell to 8.3% from 9.3% YoY as raw-material cost including inventory adjustment increased to 91.7% of revenue from 90.7%.
- Net debt rose to 135,172.26 lakh from 72,633.79 lakh at 31-Mar-26, while inventories reached 69,095.73 lakh and receivables reached 69,454.37 lakh.
- The proposed ₹1,800 crore QIP and/or other equity issuance could substantially increase the share count and dilute future EPS.
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