Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Shanti Gold International Ltd

SHANTIGOLD
Diamond, Gems & Jewellery

Shanti Gold International Ltd is coiled. The quarters are improving, yet the P/E sits at the 22nd percentile of its own 1-year range — the business is moving before the market.

The sharpest disagreement: profits are rising, but only −130% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.

The price is in a confirmed uptrend (5 weeks in) while the P/E sits at the 22nd percentile of its own 1-year range. Underneath, the last four quarters read improving — profit +477.8% year on year, and −130% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.

Price
₹213
−7.3% 1Y
P/E
10.9×
22nd pctile
of its own 1-year range
Revenue (Mar 26)
₹659 Cr
+121.9% YoY
Profit (Mar 26)
₹52.0 Cr
+477.8% YoY
Operating margin
10.0%
+3.0 pp YoY
ROCE
33%
FY26
ROIC
21.5%
vs WACC 12.0% → +9.5 pp
Cash conversion
−130%
of profit, last 3 FY
Unverified figures: Some figures on this page come from a second financial-data feed that could not be cross-checked against the primary source — the two do not share enough overlapping reported history to compare. They are drawn, because they are the only evidence there is, and every section carrying one is marked unverified. PEG is the exception: the ratio is not drawn at all. PEG asks what is being paid for growth — both sides of that division come from the source that could not be checked, so it is withheld instead of marked.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Shanti Gold International Ltd trades at ₹213, in a confirmed uptrend and 5 weeks into that stage. That is +0.1% against its own 200-day average. It sits at 66% of a 52-week range of ₹164 to ₹238. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (2 weeks and counting).

Today the stock is in a confirmed uptrend — week 5 of stage 2, confirmed. At ₹213 it trades +0.1% versus its 200-day average and sits at 66% of its 52-week range (₹164–₹238).

Jul 26: ₹213 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 1-year window.
+0.1% versus the 200-day line, week 5 of stage 2
Price50-day avg200-day avg
S4S3S4S2₹254₹230₹206₹181₹157₹213₹212Aug 25Nov 25Feb 26May 26Jul 26
S4S3S4S2₹254₹230₹206₹181₹157₹213₹212Aug 25Feb 26Jul 26
Beating or trailing, week by week since 2025 Each cell is one week from 2025 to now (57 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Aug 25Jul 26

Against the market, two honest reads. Cumulative: over the last 1.0 years the stock moved −7% while the NIFTY 500 moved +3% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (2 weeks and counting; last ahead the week of 2026-07-03) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 22nd percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Shanti Gold International Ltd trades at 10.9× P/E, near the bottom of its own range — cheaper only 22% of the time. Its long-run median P/E is 11.6×, measured across 1.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 10.9× is near the bottom of its own range — cheaper only 22% of the time, against a long-run median of 11.6× measured over 1.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

P/E 10.9× vs a 11.6× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 1.0-year window; loss-period spikes above 22× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 22% of the time
P/EMedianEPS (TTM) (quarterly)
22.5×₹21.418.8×₹16.015.1×₹10.711.5×₹5.37.8×₹0.0×10.90×₹19Aug 25Nov 25Feb 26Apr 26Jul 26
22.5×₹21.418.8×₹16.015.1×₹10.711.5×₹5.37.8×₹0.0×10.90×₹19Aug 25Feb 26Jul 26
P/E
10.9×
22nd percentile of 1y

Why the multiple sits where it does: over the past year annual EPS moved +88.0% against a −7.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: No read

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Shanti Gold International Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
130%325%101%235%72%146%43%57%14%−32%%%121.9%300%−7.2%Jun 24Mar 25Mar 26
130%325%101%235%72%146%43%57%14%−32%%%121.9%300%−7.2%Jun 24Mar 25Mar 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
34%30%26%22%18%%33%FY23FY24FY26
34%30%26%22%18%%33%FY23FY24FY26
ROCE
Rising
latest 33.0% · span 19.0%–33.0%

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

Growth, year by year: revenue +82.5% in FY26, profit +150.0% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
89%329%66%223%44%117%21%11%−1.5%−95%%%82.5%150%FY21FY23FY26
89%329%66%223%44%117%21%11%−1.5%−95%%%82.5%150%FY21FY23FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis).
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
83.7%279%83.1%202%82.5%125%81.9%48%81.3%−28%%%82.5%257.8%Jun 24Mar 25Mar 26
83.7%279%83.1%202%82.5%125%81.9%48%81.3%−28%%%82.5%257.8%Jun 24Mar 25Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+82.5%+43.8%+39.9%
Profit+150.0%+91.3%+77.3%
EPS+88.0%−4.1%+15.8%
Share price−7.3%
Revenue YoY (Mar 26)
+121.9%
latest quarter vs a year ago
Profit YoY (Mar 26)
+477.8%
latest quarter vs a year ago
Revenue 10y
39.9%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

62.3/100 — rank 7 of 26 in Diamond, Gems & Jewellery · 56% evidence confidence

Shanti Gold International Ltd scores 62.3 out of 100 against the 26 companies it is compared with in Diamond, Gems & Jewellery, ranking 7. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 22.3 + 19.1 + 10.9 + 10 = 62.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Shanti Gold International Ltd reported ₹659 Cr of revenue in the Mar 26 quarter, +121.9% year on year. That is the 4th straight quarter of year-on-year growth. Over 5 years it has compounded at 39.9% a year. The last full year, FY26, came in at ₹2,019 Cr. The last four reported quarters add to ₹2,019 Cr.

Shanti Gold International Ltd reported ₹659 Cr of revenue in the Mar 26 quarter, +121.9% year on year. That is the 4th straight quarter of year-on-year growth. Over 5 years it has compounded at 39.9% a year. The last full year, FY26, came in at ₹2,019 Cr. The last four reported quarters add to ₹2,019 Cr.

FY26 revenue came in at ₹2,019 Cr (+82.5% on the year), capping 5 years at 39.9% compound. The latest quarter (Mar 26) printed ₹659 Cr, +121.9% year on year — the 4th consecutive quarter of year-over-year growth.

FY26 revenue ₹2,019 Cr (+82.5% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 6-year window. A bar is red when it is lower than the year before.
39.9% a year over 5 years
RevenueYoY growth
2.2k89%1.6k66%1.1k44%54521%0−1.5%₹ Cr%₹2,01982.5%FY21FY23FY26
2.2k89%1.6k66%1.1k44%54521%0−1.5%₹ Cr%₹2,01982.5%FY21FY23FY26
Mar 26: ₹659 Cr (+121.9% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
4th straight quarter of growth
Revenue (quarterly)YoY growth
712130%534101%35672%17843%014%₹ Cr%₹659121.9%Jun 24Mar 25Mar 26
712130%534101%35672%17843%014%₹ Cr%₹659121.9%Jun 24Mar 25Mar 26

Pace check: the last four quarters averaged +79.0% growth against the decade's 39.9% — the current year is running faster than its own long-run rate.

→ Revenue grew — did margins hold as it scaled? Next: 10.0% this quarter (+3.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Shanti Gold International Ltd's operating margin is 10.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 6 fiscal years the operating margin has ranged 4.0% to 10.0%. The current quarter sits inside that band.

Shanti Gold International Ltd's operating margin is 10.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 6 fiscal years the operating margin has ranged 4.0% to 10.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 10.0%, +3.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 4.0%–10.0%, and FY26's 10.0% is the top of that band — a record year.

Why the margin moved: operating margin went +3.1 pp year on year while gross margin went +2.7 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26: 10.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 6-year window.
the widest a 4.0–10.0% band over 6 years
operating marginYoY change (pp)
10%2.2%8.7%1.4%7.0%0.5%5.3%−0.4%3.5%−1.2%%%10%2%FY21FY23FY26
10%2.2%8.7%1.4%7.0%0.5%5.3%−0.4%3.5%−1.2%%%10%2%FY21FY23FY26
Mar 26: 10.0% operating margin (+3.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
15%8.6%12%6.3%10%4.0%7.7%1.7%5.4%−0.6%%%10%3%Jun 24Mar 25Mar 26
15%8.6%12%6.3%10%4.0%7.7%1.7%5.4%−0.6%%%10%3%Jun 24Mar 25Mar 26

→ Margins held — did that reach the bottom line? Next: profit +477.8% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Shanti Gold International Ltd earned ₹52.0 Cr of net profit in the Mar 26 quarter, +477.8% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹140 Cr. The 5-year compound rate is 77.3%. That is 7.9% of the quarter's revenue. The same quarter a year earlier earned ₹9.0 Cr.

Shanti Gold International Ltd earned ₹52.0 Cr of net profit in the Mar 26 quarter, +477.8% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹140 Cr. The 5-year compound rate is 77.3%. That is 7.9% of the quarter's revenue. The same quarter a year earlier earned ₹9.0 Cr.

Mar 26 profit was ₹52.0 Cr, +477.8% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹140 Cr (+150.0%), and the 5-year compound rate is 77.3%.

FY26 profit ₹140 Cr (+150.0% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 6-year window. A bar is red when it is lower than the year before.
77.3% a year over 5 years
Net profitYoY growth
151617%113435%76252%3870%0−113%₹ Cr%₹140150%FY21FY23FY26
151617%113435%76252%3870%0−113%₹ Cr%₹140150%FY21FY23FY26
Mar 26: ₹52.0 Cr (+477.8% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
4th straight quarter of growth
Net profit (quarterly)YoY growth
56506%42403%28300%14197%094%₹ Cr%₹52477.8%Jun 24Mar 25Mar 26
56506%42403%28300%14197%094%₹ Cr%₹52477.8%Jun 24Mar 25Mar 26

Why profit moved: revenue contributed +121.9% and the margin +3.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +291.7% vs revenue +79.0%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: −130% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −130% of Shanti Gold International Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−261 Cr of operating cash against ₹140 Cr of profit. After ₹9.0 Cr of capital spending, ₹−270 Cr was left as free cash.

FY26: operating cash of ₹−261 Cr against reported profit of ₹140 Cr, leaving free cash of ₹−270 Cr after ₹9.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −130% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹−261 Cr vs profit ₹140 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 6-year window, annual resolution.
−130% of 3-year profit arrived as cash
Operating cashNet profitFree cash
17354−65−184−303₹ Cr₹−261₹140₹−270FY21FY23FY26
17354−65−184−303₹ Cr₹−261₹140₹−270FY21FY23FY26
FY26: CFO = −186% of profit (three-year rate −130%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
151%−33%−217%−400%−584%%−186%FY21FY23FY26
151%−33%−217%−400%−584%%−186%FY21FY23FY26

🚨 Why conversion sits at −130%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 2.4× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹36.0 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Shanti Gold International Ltd's cash conversion cycle runs 134 days in FY26, up from 125 days in FY21. Capital spending ran ₹36.0 Cr over the last 3 years. At FY26 sales of ₹2,019 Cr each day of that cycle holds about ₹5.5 Cr, so roughly ₹741 Cr sits inside the business at any moment.

FY26: debtors at 66 days, inventory at 70 days — roughly 2.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 134 days, looser than FY21's 125.

The full loop: cash goes out to suppliers and production on day 0; stock waits 70 days to sell; customers pay about 66 days after that; and suppliers themselves are paid at 2 days — netting out to the 134-day cycle.

In money terms: at FY26 sales of ₹2,019 Cr, each day of the cycle holds about ₹5.5 Cr — so the 134-day loop keeps roughly ₹741 Cr sitting inside the business at any moment.

FY26: a 134-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 6-year window.
+9 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
1451066830−9days134d70d66d2dFY21FY22FY23FY24FY26
1451066830−9days134d70d66d2dFY21FY23FY26

On the investment side: capital spending of ₹36.0 Cr over the last 3 fiscal years against ₹15.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹10.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹9.0 Cr, work-in-progress ₹10.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
25191260₹ Cr₹9₹10FY22FY23FY24FY25FY26
25191260₹ Cr₹9₹10FY22FY24FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 33% and the ROIC − WACC spread is +9.5 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Shanti Gold International Ltd earns a ROCE of 33% in FY26. That is up from a trough of 10% in FY22. Return on invested capital clears the cost of that capital by +9.5 percentage points, so growth here adds value rather than only size. The wiring behind it is 6.9% net margin on 2.36× asset turns.

FY26 ROCE is 33%, recovered from a FY22 trough of 10% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 6.9% net margin × 2.36× asset turns × 1.43× balance-sheet leverage ≈ 23.3% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 21.5% − 12.0% = a +9.5 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

FY26: ROCE 33% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 5-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY22's 10%
ROCEROIC (annual)WACC
35%27%18%10%1.6%%33%26.9%FY22FY24FY26
35%27%18%10%1.6%%33%26.9%FY22FY24FY26
Q4 FY26: ROCE 37.0% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 6 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
47%36%24%13%1.1%%37%6.5%Q2 FY25Q4 FY25Q4 FY26
47%36%24%13%1.1%%37%6.5%Q2 FY25Q4 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.36.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Shanti Gold International Ltd carries total debt of ₹216 Cr against shareholder equity of ₹598 Cr as of Mar 26, a debt-to-equity of 0.36. On the annual view that ratio went from 1.60 in FY25 to 0.36 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹216 Cr against shareholder equity of ₹598 Cr — a debt-to-equity of 0.36. On the annual view, debt-to-equity went from 1.60 (FY25) to 0.36 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹216 Cr at 0.36× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 2-year window.
Total debtDebt-to-equity
2621.7×1971.3×1311.0×660.6×00.3×₹ Cr×₹2160.36×FY25FY26
2621.7×1971.3×1311.0×660.6×00.3×₹ Cr×₹2160.36×FY25FY26
Mar 26: debt ₹216 Cr, debt-to-equity 0.36 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 7 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
2952.5×2211.9×1471.4×740.8×00.2×₹ Cr×₹2160.36×Jun 24Jun 25Mar 26
2952.5×2211.9×1471.4×740.8×00.2×₹ Cr×₹2160.36×Jun 24Jun 25Mar 26

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Shanti Gold International Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

A quiet register: no holder moved a full point in two years Shareholding by holder class, % of the company, quarterly, last 4 quarters.
PromotersForeign inst.Domestic inst.Public
81%59%38%17%−4.3%%74.9%1.9%1.6%21.6%Sep 25Dec 25Jun 26
81%59%38%17%−4.3%%74.9%1.9%1.6%21.6%Sep 25Dec 25Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Shanti Gold International Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Diamond, Gems & Jewellery Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Shanti Gold International Ltd this page10.9×₹1,523 CrNo read
Titan Company Ltd80.6×₹4.2L CrTurning around
Kalyan Jewellers India Ltd43.0×₹59,233 CrConsistent
Thangamayil Jewellery Ltd60.7×₹21,467 CrImproving
Bluestone Jewellery & Lifestyle Ltd209.0×₹11,772 CrNo read
Sky Gold & Diamonds Ltd36.8×₹10,124 CrMixed
PC Jeweller Ltd12.6×₹9,011 CrNo read
P N Gadgil Jewellers Ltd21.3×₹8,780 CrMixed
Senco Gold Ltd10.9×₹6,273 CrTurning around
Vaibhav Global Ltd15.7×₹4,216 CrImproving
Rajesh Exports Ltd20.9×₹3,510 CrImproving
D.P. Abhushan Ltd74.8×₹3,032 CrConsistent
Rajesh Exports Ltd23.3×₹2,626 CrMixed
D.P. Abhushan Ltd12.3×₹2,295 CrConsistent
Shringar House of Mangalsutra Ltd18.3×₹2,118 CrNo read
Khazanchi Jewellers Ltd24.0×₹1,836 CrNo read
Tribhovandas Bhimji Zaveri Ltd8.5×₹1,728 CrNo read
Khazanchi Jewellers Ltd18.6×₹1,666 CrNo read
Motisons Jewellers Ltd25.2×₹1,612 CrMixed
PNGS Reva Diamond Jewellery Limited19.9×₹1,287 Cr
Utssav CZ Gold Jewels Ltd21.1×₹1,248 CrNo read
Asian Star Company Ltd24.0×₹971 CrTurning around
PNGS Gargi Fashion Jewellery Ltd25.8×₹785 CrMixed
SJ Corporation Ltd₹776 Cr
Manoj Vaibhav Gems N Jewellers Ltd6.6×₹761 CrTopping out
Radhika Jeweltech Ltd10.0×₹751 CrConsistent
PNGS Gargi Fashion Jewellery Ltd21.8×₹685 CrTopping out
RBZ Jewellers Ltd10.3×₹564 CrMixed
Uday Jewellery Industries Ltd13.7×₹491 CrMixed
Golkunda Diamonds & Jewellery Ltd16.0×₹195 CrMixed
12 · Frequently asked questions

Frequently asked questions

What is Shanti Gold International Ltd's share price today?

Shanti Gold International Ltd trades at ₹213, −7.3% over the past year. The company is valued at ₹1,523 Cr. The stock sits at 66% of its 52-week range of ₹164–₹238, +0.1% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 5 weeks in. — as of 24 July 2026.

What were Shanti Gold International Ltd's latest quarterly results?

Shanti Gold International Ltd reported revenue of ₹659 Cr and net profit of ₹52.0 Cr for the Mar 26 quarter. Revenue rose 121.9% and profit rose 477.8% year on year. Earnings per share were ₹7.20. The operating margin was 10.0%, 3.0 pp higher than a year earlier. — as of 24 July 2026.

What is Shanti Gold International Ltd's revenue?

Shanti Gold International Ltd reported revenue of ₹659 Cr in the Mar 26 quarter, +121.9% year on year. For the full FY26 fiscal year, revenue was ₹2,019 Cr (+82.5%). Over the last 5 years revenue compounded at 39.9% a year. — as of 24 July 2026.

What is Shanti Gold International Ltd's profit?

Shanti Gold International Ltd earned ₹52.0 Cr of net profit in the Mar 26 quarter, +477.8% year on year — the 4th straight quarter of growth. Full-year FY26 profit was ₹140 Cr. The operating margin ran 10.0% in the latest quarter. — as of 24 July 2026.

What is Shanti Gold International Ltd's market cap?

Shanti Gold International Ltd's market capitalisation is ₹1,523 Cr at a share price of ₹213. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Shanti Gold International Ltd's P/E ratio?

Shanti Gold International Ltd trades at a P/E of 10.9×, at the 22nd percentile of its own 1-year range, against a long-run median of 11.6×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Shanti Gold International Ltd pay a dividend?

No — Shanti Gold International Ltd has recorded a dividend payout of 0% of profit in each of its last 6 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 24 July 2026.

Is Shanti Gold International Ltd overvalued?

On its own history, Shanti Gold International Ltd looks cheap against its own history: its P/E of 10.9× has been cheaper only 22% of the time in 1 years (long-run median 11.6×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 24 July 2026.

Is Shanti Gold International Ltd growing?

Yes — Shanti Gold International Ltd is growing: latest-quarter revenue +121.9% year on year, profit +477.8%, and the margin +3.0 pp at 10.0%. The 5-year compound rates are 39.9% (revenue) and 77.3% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is Shanti Gold International Ltd performing?

Shanti Gold International Ltd is in a confirmed uptrend, 5 weeks in. Its latest quarter's revenue rose 121.9% and profit rose 477.8% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 2 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

Is Shanti Gold International Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 5 of stage 2), trading +0.1% versus its 200-day average and at 66% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Shanti Gold International Ltd beating the market?

Not lately — on a trailing-13-week view Shanti Gold International Ltd is currently behind the NIFTY 500 (2 weeks and counting; last ahead the week of 2026-07-03), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 1.0 years the stock moved −7% against the NIFTY 500's +3% — behind the index over the full window. — as of 24 July 2026.

Will Shanti Gold International Ltd's share price go up?

This page publishes no price forecast for Shanti Gold International Ltd. What it measures instead: the share price is ₹213, the price is in a confirmed uptrend 5 weeks in. Its P/E of 10.9× sits at the 22nd percentile of its own 1-year range. — as of 24 July 2026.

Who owns Shanti Gold International Ltd?

Promoters hold 74.9% of Shanti Gold International Ltd, foreign institutions 1.9%, domestic institutions 1.6% and the public 21.6% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 24 July 2026.

Does Shanti Gold International Ltd have too much debt?

It is moderate — Shanti Gold International Ltd's debt-to-equity is 0.36, and operating profit covers the interest bill 11×. FY26 borrowings were ₹216 Cr against equity of ₹598 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is Shanti Gold International Ltd's capex?

Shanti Gold International Ltd spent ₹36.0 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹9.0 Cr, with ₹10.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Shanti Gold International Ltd's cash flow?

Shanti Gold International Ltd generated ₹−261 Cr of operating cash flow in FY26 and ₹−270 Cr of free cash flow after ₹9.0 Cr of capital spending. Reported profit that year was ₹140 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Shanti Gold International Ltd's profit real cash?

Not fully — over the last 3 fiscal years, −130% of Shanti Gold International Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹−261 Cr against reported profit of ₹140 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is Shanti Gold International Ltd in its business cycle?

Shanti Gold International Ltd's FY26 operating margin was 10.0%, against a 6-year band of 4.0%–10.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 10.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Shanti Gold International Ltd story?

The sharpest disagreement: profits are rising, but only −130% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Shanti Gold International Ltd a stock worth studying right now?

This is not investment advice. The machine read: Shanti Gold International Ltd is coiled. The quarters are improving, yet the P/E sits at the 22nd percentile of its own 1-year range — the business is moving before the market. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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