Shanti Gold International share price today

Shanti Gold International Ltd's share price was ₹272.40 at the close on 4 November 2026. It has been rising for 20 weeks. That is 8.2% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹157 and ₹423, and at that close it sat 43% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Shanti Gold International Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 14 weeks in a row.

Over the last 1 year the share price moved +19% while the NIFTY 500 moved −3%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: revenue up on a year earlier for 5 quarters in a row (every quarter we can compare), profit up on a year earlier for 5 quarters in a row (every quarter we can compare) and operating margin down 3 points on a year earlier.

1. Revenue up on a year earlier for 5 quarters in a row (every quarter we can compare)

   In the June 2026 quarter revenue was ₹716 crore, +144.4% on a year earlier.

2. Profit up on a year earlier for 5 quarters in a row (every quarter we can compare)

   In the June 2026 quarter profit was ₹50 crore, +100% on a year earlier.

3. Operating margin down 3 points on a year earlier

   10% in the June 2026 quarter, from 13%.

For April to June 2026 (the quarter ended 30 June 2026), Shanti Gold International reported revenue of ₹716 crore, up 144.4% from ₹293 crore a year earlier, and a profit of ₹50.0 crore, up 100.0% from ₹25.0 crore.

Shanti Gold International results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Shanti Gold International's management discussed these results on a call held on 14 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Shanti Gold International closed at ₹272.40 on 4 November 2026, up 17.1% from ₹232.69 a year earlier (7 November 2025). Its highest weekly close since August 2025 was ₹423.30 on 16 October 2026.

Shanti Gold International share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

74 weekly closes from 1 August 2025 to 4 November 2026.

4 Nov 2026: Shanti Gold International closed at ₹272.40, down 7.8% on the week and down 10.3% on the month. 14 Aug 2026: Shanti Gold International held its results call for April to June 2026. Management guided: FY27 revenue goal ₹3,500 crore; value growth 50-60% and volume growth 30-40%.

Earlier

• Results for April to June 2026: Revenue up 144.4% and profit up 100.0% on a year earlier.

Shanti Gold International has paid no dividend on the NSE since its first NSE close in our records (1 August 2025), the start of the period we checked.

No. Shanti Gold International Ltd paid out 0% of its profit as dividends in each of its last 6 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 14 August 2026, Shanti Gold International's management guided: FY27 revenue goal ₹3,500 crore; value growth 50-60% and volume growth 30-40%.

“Roughly 2-2.5% was the inventory gain. If you remove that portion, then, looking at the current demand and other factors going forward, we should be in the range of 7.5-8% EBITDA.”Sriram Iyengar, Chief Financial Officer, on the call for April to June 2026

What management guided

• Sustainable FY27 operating margin 7.5-8%.
• FY27 operating margin around 4%.
• Jaipur facility operational around mid-November or December.
• Debt-to-equity maintained below 1.0 as expansion and working-capital needs rise.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 14 August 2026.

Three consecutive guidance downgrades across three concalls establish systematic optimism pattern.

The main risks

• Management Guidance Credibility: Three consecutive guidance downgrades across three concalls establish systematic optimism pattern. ✓ fact
• Gold Price Exposure and working capital Concentration: ₹344-558 Cr bullion inventory exposure; no systematic hedging in place yet. ⚠ estimate
• Titan Backward Integration Threat: Titan's backward integration poses threat to B2B outsourcing model over 3-5 years. ⚠ estimate
• Import Duty Reinstatement: Import duty restored to 15% historical norm; management dismissed demand impact. ✓ fact

Our read after the January to March 2026 results, written 14 June 2026. The April to June 2026 results are out since, so this part may be out of date until we update it.

When Shanti Gold International reports July to September 2026, these are the 3 checks that show whether the story is still on course. First: Jaipur factory commencement and production ramp against the stated window.

Shanti Gold International is on one of our India lists: Gold & silver stocks.

Shanti Gold International Ltd earned ₹50.0 Cr of net profit in the Jun 2026 quarter, +100.0% on the same quarter a year earlier. That is the 5th quarter in a row of profit growth. Full-year FY26 profit was ₹140 Cr. Over 5 years profit has grown 77.3% a year on average. That is 7.0% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹25.0 Cr.

For the full year, FY26 profit was ₹140 Cr (+159.3% on the year before).

Why profit moved: revenue changed +144.4% on a year earlier and the margin moved −3.0 percentage points. Sales did the work while the margin got thinner.

On average over the last four quarters, profit changed +272.2% and revenue +109.6%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

Shanti Gold International Ltd reported ₹716 Cr of revenue in the Jun 2026 quarter, +144.4% on the same quarter a year earlier. That is the 5th quarter in a row with growth on the year before. Over 5 years it has grown 39.9% a year on average. The last full year, FY26, came in at ₹2,019 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹2,442 Cr.

FY26 revenue was ₹2,019 Cr, +82.5% on the year before.

Recent pace: the last four quarters grew +109.6% on average, against 39.9% a year over the longer run, so this year is growing faster than its own long-run rate.

Shanti Gold International Ltd's operating margin was 10.0% in the Jun 2026 quarter, 3.0 percentage points lower than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 6 years it has been between 4.4% and 10.0%. The latest quarter is within that range.

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

Why the margin moved: operating margin changed −3.2 percentage points on the year while gross margin changed −3.4 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead.

Over the last 3 years Shanti Gold International Ltd's operations used more cash than they brought in, so cash conversion was −131%, a gap worth watching. In FY26 its operations used ₹261 Cr of cash, against ₹140 Cr of profit. After ₹9.0 Cr of spending on assets, free cash was −₹270 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why −131% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: the bigger use of cash is spending on new assets, at 2.4× depreciation over three years. The next section checks what that spending is building.

Shanti Gold International Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 134 days in FY26, up from 125 days in FY21. It spent ₹36.0 Cr on assets over the last 3 years. Customers take 66 days to pay, and stock sits for 70 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Why this happened. Current installed capacity approximately 2,700 kg/annum (Amreli, 55% utilization = 145-150 kg/month). Marol facility (4,000 kg/annum, Mumbai) expected to start in one month from May 2026 call at 100 kg/month initial ramp. Jaipur (1,200 kg/annum) pushed to September-October 2026. Full 7,900 kg total capacity planned in 3-4 years. At current gold prices, 7,900 kg implies approximately Rs 11,850 Cr peak revenue potential. Capacity ramp is the single largest swing factor for FY27 volumes.

At FY26 sales of ₹2,019 Cr, each day of that cycle ties up about ₹5.5 Cr, so roughly ₹741 Cr is tied up in the business at any time.

FY26: customers took 66 days to pay and stock sat for 70 days, about 2.3 months of sales sitting as stock, for a full cycle of 134 days, longer than FY21's 125.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 70 days. Customers pay about 66 days after that. Suppliers are paid at 2 days. Together that makes the 134-day cycle.

Spending on assets: ₹36.0 Cr over the last 3 years, against ₹15.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹10.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Shanti Gold International Ltd's P/E is 11.3×, near the low end of its own history: it has been lower only 20% of the time. Its usual P/E (the middle reading) is 14.4×, over 1 year of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks.

Why the multiple is where it is: over the past year earnings per share moved +94.2% while the price moved +17.1%. Earnings did better than the price, which pulled the multiple down within its own range.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

The PEG ratio and its quarterly curve, which only the second data source has, are not shown on this page: its two data sources disagree by up to 97% on reported income across 9 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Shanti Gold International Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 5 quarters of 1 measure, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: with too little history, we say so rather than guess a direction.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Shanti Gold International Ltd's story is not scored yet against the checks our research set on 14 June 2026. Where it sits in its own cycle: Not stated in the research file. Still open: Three consecutive guidance downgrades across three concalls establish systematic optimism pattern.

NOT YET CHECKED

What is proven. See the research file

What is not proven yet. Three consecutive guidance downgrades across three concalls establish systematic optimism pattern.

What the surface reading misses. The surface reading is: Construction complexity or permitting issues causing a one-time delay The research reads it further: Three successive delays without explanation across three calls establishes a pattern of aggressive initial timelines followed by quiet revision. The absence of any cited reason (no permitting issue, no contractor delay, no stated cause) makes this a credibility red flag rather than a one-off construction delay.

What the surface reading misses. The surface reading is: Management being conservative on forward margins after delivering 7-8% in H1 FY26 The research reads it further: The Nov 2025 7-8% was stated as the structural core margin (excluding inventory gains). The May 2026 downgrade to 4% reveals the 7-8% included inventory timing benefit that was not isolated at that time. FY26 reported 9.86% EBITDA = approximately 4% core + approximately 5-6% inventory timing gains. Forward normalized EBITDA margin is 4%, making forward PAT margin approximately 3.5-4%.

Sources: our stock research file (14 June 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

What Shanti Gold International Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

FY27 Value Growth Guidance Lowered · 14 August 2026. In Feb 2026, management guided to 60%-70% growth for the next year, but in Aug 2026 it described 50%-60% value growth as the maintained guidance. This reduces the midpoint of the stated range from 65% to 55% and was not explained in the latest call.

Jaipur Facility Timeline Slipped Further · 14 August 2026. Management's Jaipur timeline has moved from an expected July 2026 operational date in Feb 2026 and a September/October expectation in May 2026 to mid-November or December in Aug 2026. The latest call attributed the status to ongoing factory work but did not provide a specific explanation for why the earlier milestones were missed.

Jaipur Facility Commissioning Delay · 22 May 2026. In the Nov 2025 call, management expected the 1,200 kg Jaipur facility to commence operations by May-June 2026, which was subsequently shifted to July 2026 in the Feb 2026 call. However, in the May 2026 call, they postponed the startup of the Jaipur facility to September or October 2026 without explaining why the timeline was pushed back.\nPrior Call 1 (Feb 2026): It should be operational by July.\nPrior Call 2 (Nov 2025): And we hope to start commencing operations from early next year. by May-June, most likely we should be ready by May-June, '26.\nLatest Call (May 2026): I expect the Jaipur space to be starting by around September or October.

Volume Growth Guidance Reduction · 22 May 2026. In the Feb 2026 call, management projected a high annual volume growth rate of 60% to 70% for the upcoming fiscal year. However, in the May 2026 call, they downsized their volume growth expectation to 30% to 40% and deflected questions about the reduction by pointing to the previous year's lower volume growth base.\nPrior Call (Feb 2026): From our this year, if we complete 60% to 70% again, we are expecting the growth. On an annual basis.\nLatest Call (May 2026): So for the coming year, it will be around 30-40% growth in terms of volume and around 60% growth in terms of value, perhaps 60-70%.

Every quote above is taken word for word from the company’s own earnings calls.

Shanti Gold International Ltd earned a ROCE of 34% in FY26. That is up from a low of 10% in FY22. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 6.9% net margin and 2.36× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 6.9% net margin × 2.36× asset turnover × 1.43× leverage (assets divided by equity) ≈ 23.3% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed.

The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 97% on reported income across 9 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Shanti Gold International Ltd had ₹216 Cr of borrowings against ₹598 Cr of equity in FY26, so its debt is 0.36× its equity. Its operating profit is 11 times its interest bill. Over 5 years borrowings went from ₹116 Cr to ₹216 Cr. Over the last 3 of those years it spent ₹36.0 Cr on assets.

Debt-to-equity shows how much of the business is paid for with borrowed money. Interest cover shows how many times operating profit pays the interest bill. Low debt and high cover are the safe combination.

Part of the spending on assets is being paid for with borrowed money.

The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 97% on reported income across 9 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Promoters cut their stake in Shanti Gold International Ltd by 4.5 percentage points over 5 quarters, the biggest change among its owners. Promoters now own 70.3% of the company. Domestic institutions moved −2.4 points over the same period, to 1.6%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Promoters: −4.5 points over 5 quarters, to 70.3%; Domestic institutions: −2.4 points over 5 quarters, to 1.6%; Foreign institutions: −0.5 points over 5 quarters, to 2.2%.

Why the owners changed: promoters drove it (−4.5 points), together with domestic institutions (−2.4 points). They reduced their stake.

For Shanti Gold International Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

67.8 out of 100, rank 4 of 28 in Diamond, Gems & Jewellery, with 71% of the evidence available.

Shanti Gold International Ltd scores 67.8 out of 100 against the 28 companies it is compared with in Diamond, Gems & Jewellery, ranking 4. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks.

The four parts add up to the total exactly: 23.1 + 18.5 + 10.9 + 15.3 = 67.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Shanti Gold International ranks 4 of 28 Diamond, Gems & Jewellery companies on the 4-Factor Sector Score, with 67.8 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Diamond, Gems & Jewellery, all 28 compared on one page.

Shanti Gold International is the 15th largest of 27 Diamond, Gems & Jewellery companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Vaibhav Global, Rajesh Exports and Utssav CZ Gold Jewels. Just below it: PNGS Reva Diamond Jewellery, Khazanchi Jewellers and Motisons Jewellers.

Diamond, Gems & Jewellery companies close in size

12. Vaibhav Global Ltd ₹2,633 crore
13. Rajesh Exports Ltd ₹2,412 crore
14. Utssav CZ Gold Jewels Ltd ₹2,337 crore
15. Shanti Gold International Ltd ₹2,266 crore
16. PNGS Reva Diamond Jewellery Limited ₹1,975 crore
17. Khazanchi Jewellers Ltd ₹1,786 crore
18. Motisons Jewellers Ltd ₹1,651 crore

All 27 Diamond, Gems & Jewellery companies, largest first

Companies close in size in other industries

1177. Mahamaya Steel Industries Ltd ₹2,276 crore · Steel - Rolling
1178. Dishman Carbogen Amcis Ltd ₹2,274 crore · Pharma - API & CRAMS
1179. Shanti Gold International Ltd ₹2,266 crore
1180. Sundaram Clayton Ltd ₹2,258 crore · Castings, Forgings & Fastners
1181. Eveready Industries India Ltd ₹2,257 crore · Miscellaneous

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

See the plain-text version of this page.