Sky Gold and Diamonds Limited announced a robust financial performance for FY26, reporting a 77.4% year-on-year increase in revenue to ₹6,294.9 crore. Backed by strong retail partnerships, rising demand for lightweight jewellery, operational efficiency, and continued growth in the organised jewellery manufacturing segment, the company closed the year on a strong note while maintaining healthy profitability and expansion momentum.
Quick Summary
- Revenue increased 77.4% YoY to ₹6,294.9 crore in FY26
- EBITDA rose 121.1% YoY to ₹434.3 crore
- PAT surged 112.4% YoY to ₹281.8 crore
- Q4 FY26 revenue stood at ₹1,911.5 crore
- Working capital cycle improved to below 60 days
- India Ratings upgraded the company’s credit rating to IND A/Stable / IND A1
- Company introduced ESOP programme for eligible employees
- Sky Gold 3.0 strategy focuses on asset-light manufacturing expansion and debt reduction
Sky Gold and Diamonds Delivers Robust FY26 Performance; Revenue Rises 77% YoY to 6,295 Cr ₹
Sky Gold and Diamonds Limited (BSE: 541967 | NSE: SKYGOLD), listed B2B Gold Jewellery manufacturer, today announced its Q4FY26 and FY’26 results for the quarter and year ended March 31, 2026. 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)
Management Commentary
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
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.
About Sky Gold and Diamonds Limited
Established in 2008 and headquartered in Mumbai, Sky Gold and Diamonds Limited is one of India’s fastest-growing B2B jewellery manufacturers, specialising in lightweight, design-led and studded jewellery. With 150+ designers, 1,30,000 sq. ft. of manufacturing space, and a design library of 900,000+ SKU’s, the company serves India’s leading jewellery retailers and is rapidly expanding into global markets.
For more details, visit: www.skygold.co.in
FAQ
What was Sky Gold and Diamonds’ FY26 revenue growth?
Sky Gold and Diamonds reported a 77.4% year-on-year increase in revenue to ₹6,294.9 crore in FY26.
What drove the company’s strong FY26 performance?
The growth was driven by strong retail partnerships, increasing demand for lightweight jewellery, operational efficiency, and expansion within the organised jewellery manufacturing sector.
What was the EBITDA reported in FY26?
The company reported EBITDA of ₹434.3 crore in FY26, reflecting a growth of 121.1% YoY.
What is Sky Gold 3.0 strategy?
Sky Gold 3.0 focuses on an asset-light leased manufacturing expansion model, land monetisation, operational cash generation, and reduction in net borrowings.
What improvements were made in working capital management?
The company improved its working capital cycle to below 60 days through advance gold business, export operations, and tighter customer credit controls.
What credit rating upgrade did the company receive?
India Ratings upgraded Sky Gold’s rating to IND A/Stable / IND A1 due to improving profitability, liquidity, and execution capabilities.
Source: SVAR Media Network
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