Shanti Gold International Ltd
SHANTIGOLDShanti Gold International Ltd's earnings have outrun its stock. EPS grew +88.2% in a year against a +15.5% price move.
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 (13 weeks in). Underneath, the last four quarters read improving — profit +47.1% 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 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 ₹258, in a confirmed uptrend and 13 weeks into that stage. That is +16.6% against its own 200-day average. It sits at 89% of a 52-week range of ₹163 to ₹270. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 5 straight weeks.
Today the stock is in a confirmed uptrend — week 13 of stage 2, confirmed. At ₹258 it trades +16.6% versus its 200-day average and sits at 89% of its 52-week range (₹163–₹270).
Against the market, two honest reads. Cumulative: over the last 1.1 years the stock moved +13% while the NIFTY 500 moved +1% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 5 straight weeks — 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.
Story check
Shanti Gold International Ltd's story is not scored yet against the markers our research file 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. Our fortnightly research layers last read it on 27 June 2026.
What is proven. See the research file
What is not proven yet. Three consecutive guidance downgrades across three concalls establish systematic optimism pattern.
🚨 Layer 1 read, 27 June 2026 — DROP. Real revenue growth but the 'cheap' valuation is a one-off-inflated mirage on a structurally cash-negative jeweller. Revenue grew 4.7x in four years to Rs 2,019 cr on a genuine organised-retail B2B shift, but the headline 11.4x PE is misleading: FY26 profit was padded by Rs 42-49 cr of non-recurring gold-inventory gains, so on normalized 4%-margin earnings the stock is closer to 20x and fairly priced. I directly verified the cash engine is structurally broken -- operating cash flow has been negative every year for six years (FY26 -261 cr) -- and management has cut volume and margin guidance across three straight calls. Real growth, poor quality, no real valuation edge.
What would change Layer 1’s mind. Two clean quarters of POSITIVE operating cash flow at the guided ~4% core margin (proving the inventory model can self-fund) plus Marol ramping to 100 kg/month on schedule [C009, falsification: 'Marol fails 100 kg/month by Sep 2026'] would convert this from a low-quality grower to a genuine compounding case; a fourth guidance cut or a missed Marol ramp confirms the bottom-of-KEEP read.
🚨 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 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Shanti Gold International Ltd reported ₹716 Cr of revenue in the Jun 26 quarter, +144.4% year on year. That is the 5th 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 ₹2,442 Cr.
FY26 revenue came in at ₹2,019 Cr (+82.5% on the year), capping 5 years at 39.9% compound. The latest quarter (Jun 26) printed ₹716 Cr, +144.4% year on year — the 5th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +109.6% growth against the decade's 39.9% — the current year is running faster than its own long-run rate.
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 Jun 26 quarter, −8.0 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 4.4% to 10.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 10.0%, −8.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 4.4%–10.0%, and FY26's 10.0% is the top of that band — a record year.
🚨 Why the margin moved: operating margin went −7.6 pp year on year while gross margin went −7.8 pp — the loss 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.
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 ₹50.0 Cr of net profit in the Jun 26 quarter, +47.1% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹140 Cr. The 5-year compound rate is 77.3%. That is 7.0% of the quarter's revenue. The same quarter a year earlier earned ₹34.0 Cr.
Jun 26 profit was ₹50.0 Cr, +47.1% year on year — the 5th consecutive quarter of growth. On the full year, FY26 printed ₹140 Cr (+150.0%), and the 5-year compound rate is 77.3%.
Why profit moved: revenue contributed +144.4% and the margin −8.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit +259.0% vs revenue +109.6%. 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.
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.
🚨 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.
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.
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 targeted 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.
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.
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.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
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 +10.3 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: 22.3% − 12.0% = a +10.3 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.
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.
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.
Promoters cut 4.5 points of Shanti Gold International Ltd over 4 quarters, the biggest move on the register. That takes promoters to 70.3% of the company. Domestic institutions moved −2.2 points over the same window, to 1.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Promoters: −4.5 points over 4 quarters to 70.3%; Domestic institutions: −2.2 points over 4 quarters to 1.8%; Foreign institutions: +1.9 points over 4 quarters to 4.6%.
Why the register moved: rotation — foreign institutions +1.9 points against domestic institutions −2.2 points over 4 quarters, with promoters −4.5 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
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.
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 12.7× P/E, against too little history to rank. Its long-run median P/E is 13.9×, measured across 0.1 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 12.7× is against too little history to rank, against a long-run median of 13.9× measured over 0.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +88.2% against a +15.5% price move — earnings outran the price, pushing the multiple DOWN its own range.
Put together: the multiple is unremarkable 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.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 29 June 2026 price, Shanti Gold International Ltd was paying for profit growth of about 2.7% a year. Profit itself has compounded 77.3% a year over the past 5 years.
What the two numbers say together. The multiple sits where it sits, and the growth the price is paying for is below what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 29 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
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 5 quarters across 1 curve, on partial evidence.
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.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +82.5% | +43.8% | +39.9% | — |
| Profit | +150.0% | +91.3% | +77.3% | — |
| EPS | +88.2% | −4.0% | +15.9% | — |
| Share price | +15.5% | — | — | — |
4-Factor Sector Score
55.0/100 — rank 12 of 26 in Diamond, Gems & Jewellery · 74% evidence confidence
Shanti Gold International Ltd scores 55.0 out of 100 against the 26 companies it is compared with in Diamond, Gems & Jewellery, ranking 12. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 17.8 + 16.5 + 10.9 + 9.8 = 55. 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.
Said versus delivered
What Shanti Gold International Ltd's management promised, set against what actually arrived — 4 tracked 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.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Tribhovandas Bhimji Zaveri LtdTBZ | 73.1/100Favorable setup87% evidence | LEADER | 25.6/35 Revenue 29.1% · PAT 100% · OPM change 0 pp 95% evidence | 14.8/25 ROCE 21.9% · OPM 9% 95% evidence | 12.7/20 P/E 16.4× · PEG — 50% evidence | 20.0/20 RS sector 115.4% · RS bench 178.1% · 1Y 186.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 25.6 + 14.8 + 12.7 + 20 = 73.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Khazanchi Jewellers Ltd543953 | 70.1/100Favorable setup76% evidence | BREAKING OUT | 26.9/35 Revenue 24.4% · PAT 100% · OPM change 2 pp 95% evidence | 17.5/25 ROCE 34.8% · OPM 7% 76% evidence | 11.7/20 P/E 18.3× · PEG — 50% evidence | 14.0/20 RS sector 13.2% · RS bench 9.9% · 1Y 27.3%7 of 10 weeks ahead 70% evidence |
| Exact sum: 26.9 + 17.5 + 11.7 + 14 = 70.1 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3Sky Gold & Diamonds LtdSKYGOLD | 68.5/100Favorable setup100% evidence | LEADER | 28.2/35 Revenue 81.4% · PAT 100% · OPM change 2 pp 100% evidence | 15.7/25 ROCE 27% · OPM 8% 100% evidence | 7.1/20 P/E 38.2× · PEG 1.71 100% evidence | 17.5/20 RS sector 45.6% · RS bench 88% · 1Y 196.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 28.2 + 15.7 + 7.1 + 17.5 = 68.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4D.P. Abhushan LtdDPABHUSHAN | 68.3/100Favorable setup100% evidence | BREAKING OUT | 25.3/35 Revenue 30.8% · PAT 94.3% · OPM change 1 pp 100% evidence | 18.2/25 ROCE 39.6% · OPM 11% 100% evidence | 15.0/20 P/E 12.8× · PEG 0.68 100% evidence | 9.8/20 RS sector -18.8% · RS bench 7.9% · 1Y -15%9 of 12 weeks ahead 100% evidence |
| Exact sum: 25.3 + 18.2 + 15 + 9.8 = 68.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Utssav CZ Gold Jewels LtdUTSSAV | 64.7/100Thin evidence · provisional56% evidence | LEADER | 19.7/35 Revenue — · PAT — · OPM change 0 pp 26% evidence | 18.1/25 ROCE 28.8% · OPM 7% 95% evidence | 9.5/20 P/E 21.7× · PEG — 15% evidence | 17.4/20 RS sector 43.3% · RS bench 84.4% · 1Y 183.4%12 of 12 weeks ahead 100% evidence |
| Exact sum: 19.7 + 18.1 + 9.5 + 17.4 = 64.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 6Thangamayil Jewellery LtdTHANGAMAYL | 60.4/100Mixed-positive evidence100% evidence | FADING | 26.9/35 Revenue 83.2% · PAT 100% · OPM change -1 pp 100% evidence | 14.0/25 ROCE 25.5% · OPM 5% 100% evidence | 10.1/20 P/E 40.6× · PEG 0.77 100% evidence | 9.4/20 RS sector -0.1% · RS bench 30.2% · 1Y 133.4%10 of 12 weeks ahead 100% evidence |
| Exact sum: 26.9 + 14 + 10.1 + 9.4 = 60.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7PC Jeweller LtdPCJEWELLER | 59.3/100Mixed-positive evidence100% evidence | BREAKING OUT | 20.1/35 Revenue 36.5% · PAT 32.7% · OPM change 10 pp 100% evidence | 6.8/25 ROCE 9.6% · OPM 28% 100% evidence | 15.8/20 P/E 17.2× · PEG 0.26 100% evidence | 16.6/20 RS sector 2.4% · RS bench 36.2% · 1Y 3.4%7 of 12 weeks ahead 100% evidence |
| Exact sum: 20.1 + 6.8 + 15.8 + 16.6 = 59.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8RBZ Jewellers LtdRBZJEWEL | 58.3/100Mixed-positive evidence87% evidence | BREAKING OUT | 17.5/35 Revenue 30.3% · PAT 54% · OPM change -2.3 pp 95% evidence | 16.7/25 ROCE 22% · OPM 14.8% 95% evidence | 13.7/20 P/E 12.3× · PEG — 50% evidence | 10.4/20 RS sector -4.8% · RS bench 26% · 1Y 26.8%9 of 12 weeks ahead 100% evidence |
| Exact sum: 17.5 + 16.7 + 13.7 + 10.4 = 58.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Senco Gold LtdSENCO | 56.8/100Mixed-positive evidence100% evidence | TURNING | 24.8/35 Revenue 43.1% · PAT 100% · OPM change -3 pp 100% evidence | 12.4/25 ROCE 21.2% · OPM 7% 100% evidence | 15.1/20 P/E 9.9× · PEG 1.35 100% evidence | 4.5/20 RS sector -20.6% · RS bench 5.3% · 1Y -10%5 of 12 weeks ahead 100% evidence |
| Exact sum: 24.8 + 12.4 + 15.1 + 4.5 = 56.8 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -20.6% and the one-year return is -10%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 10Uday Jewellery Industries Ltd539518 | 56.7/100Mixed-positive evidence78% evidence | 27.2/35 Revenue 100% · PAT 100% · OPM change 3 pp 83% evidence | 14.2/25 ROCE 22.4% · OPM 7% 76% evidence | 12.0/20 P/E 13.7× · PEG — 50% evidence | 3.3/20 RS sector -18.9% · RS bench -3.8% · 1Y -13.9%3 of 4 weeks ahead to 2026-07-19 100% evidence | |
| Exact sum: 27.2 + 14.2 + 12 + 3.3 = 56.7 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -18.9% and the one-year return is -13.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 11Titan Company LtdTITAN | 56.0/100Mixed-positive evidence100% evidence | BREAKING OUT | 26.9/35 Revenue 45% · PAT 55.1% · OPM change 3 pp 100% evidence | 13.2/25 ROCE 20.5% · OPM 14% 100% evidence | 8.3/20 P/E 76.2× · PEG 1.43 100% evidence | 7.6/20 RS sector -9.2% · RS bench 20.1% · 1Y 36.6%6 of 12 weeks ahead 100% evidence |
| Exact sum: 26.9 + 13.2 + 8.3 + 7.6 = 56 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Shanti Gold International Ltdthis pageSHANTIGOLD | 55.0/100Mixed-positive evidence74% evidence | BREAKING OUT | 17.8/35 Revenue 100% · PAT 100% · OPM change -8 pp 95% evidence | 16.5/25 ROCE 37% · OPM 10% 95% evidence | 10.9/20 P/E 12.7× · PEG — 15% evidence | 9.8/20 RS sector -7.1% · RS bench 23% · 1Y 12.1%10 of 12 weeks ahead 70% evidence |
| Exact sum: 17.8 + 16.5 + 10.9 + 9.8 = 55 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Kalyan Jewellers India LtdKALYANKJIL | 54.9/100Mixed-positive evidence100% evidence | BREAKING OUT | 22.4/35 Revenue 45.8% · PAT 79.3% · OPM change -1 pp 100% evidence | 12.0/25 ROCE 21.2% · OPM 6% 100% evidence | 4.9/20 P/E 42.4× · PEG 2.19 100% evidence | 15.6/20 RS sector 0% · RS bench 31.7% · 1Y 19.8%9 of 12 weeks ahead 100% evidence |
| Exact sum: 22.4 + 12 + 4.9 + 15.6 = 54.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Vaibhav Global LtdVAIBHAVGBL | 52.0/100Mixed-positive evidence100% evidence | ASLEEP | 19.3/35 Revenue 10.4% · PAT 73.8% · OPM change 3 pp 100% evidence | 12.8/25 ROCE 16.4% · OPM 11% 100% evidence | 18.7/20 P/E 12.5× · PEG 0.33 100% evidence | 1.2/20 RS sector -29.8% · RS bench -6.7% · 1Y -1.8%6 of 12 weeks ahead 100% evidence |
| Exact sum: 19.3 + 12.8 + 18.7 + 1.2 = 52 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Radhika Jeweltech LtdRADHIKAJWE | 51.5/100Mixed-positive evidence87% evidence | BREAKING OUT | 11.2/35 Revenue 16.9% · PAT 27% · OPM change -6 pp 95% evidence | 18.2/25 ROCE 25.1% · OPM 20% 95% evidence | 10.8/20 P/E 12.4× · PEG — 50% evidence | 11.3/20 RS sector -10.1% · RS bench 19.8% · 1Y -11.5%6 of 12 weeks ahead 100% evidence |
| Exact sum: 11.2 + 18.2 + 10.8 + 11.3 = 51.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Golkunda Diamonds & Jewellery Ltd523676 | 51.5/100Thin evidence · provisional57% evidence | 13.6/35 Revenue 1.3% · PAT -12.4% · OPM change -0.8 pp 53% evidence | 13.2/25 ROCE 19.9% · OPM 9.7% 57% evidence | 8.6/20 P/E 16× · PEG — 50% evidence | 16.1/20 RS sector 61.7% · RS bench 52.8% · 1Y 63.4%9 of 12 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 13.6 + 13.2 + 8.6 + 16.1 = 51.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 17P N Gadgil Jewellers LtdPNGJL | 50.7/100Mixed-positive evidence93% evidence | BREAKING OUT | 26.0/35 Revenue 47.8% · PAT 76.6% · OPM change 2 pp 100% evidence | 12.2/25 ROCE 20.9% · OPM 8% 100% evidence | 7.9/20 P/E 20.1× · PEG 1.77 65% evidence | 4.6/20 RS sector -22.7% · RS bench 2.8% · 1Y 2.7%4 of 12 weeks ahead 100% evidence |
| Exact sum: 26 + 12.2 + 7.9 + 4.6 = 50.7 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -22.7% and the one-year return is 2.7%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 18Manoj Vaibhav Gems N Jewellers LtdMVGJL | 50.2/100Mixed-positive evidence87% evidence | TURNING | 13.5/35 Revenue 21.5% · PAT 22% · OPM change -1 pp 95% evidence | 11.2/25 ROCE 15.8% · OPM 6% 95% evidence | 15.0/20 P/E 8× · PEG — 50% evidence | 10.5/20 RS sector -12% · RS bench 17.3% · 1Y 0.1%2 of 12 weeks ahead 100% evidence |
| Exact sum: 13.5 + 11.2 + 15 + 10.5 = 50.2 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 19Bluestone Jewellery & Lifestyle LtdBLUESTONE | 48.8/100Thin evidence · provisional59% evidence | BREAKING OUT | 23.5/35 Revenue 40% · PAT 100% · OPM change 3.4 pp 74% evidence | 4.7/25 ROCE 6.8% · OPM 14.5% 100% evidence | 8.6/20 P/E 242× · PEG — 15% evidence | 12.0/20 RS sector — · RS bench 56.3% · 1Y 47.3%9 of 10 weeks ahead 25% evidence |
| Exact sum: 23.5 + 4.7 + 8.6 + 12 = 48.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 20Motisons Jewellers LtdMOTISONS | 48.3/100Mixed-negative evidence87% evidence | BREAKING OUT | 16.4/35 Revenue 10.7% · PAT 50% · OPM change 0 pp 95% evidence | 13.4/25 ROCE 17.9% · OPM 15% 95% evidence | 11.8/20 P/E 27.1× · PEG — 50% evidence | 6.7/20 RS sector -17.9% · RS bench 9.1% · 1Y -17.4%7 of 12 weeks ahead 100% evidence |
| Exact sum: 16.4 + 13.4 + 11.8 + 6.7 = 48.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21Shringar House of Mangalsutra LtdSHRINGARMS | 46.5/100Mixed-negative evidence74% evidence | BREAKING OUT | 15.1/35 Revenue 65.1% · PAT 65.8% · OPM change -3 pp 95% evidence | 15.5/25 ROCE 26.8% · OPM 9% 95% evidence | 10.1/20 P/E 17.3× · PEG — 15% evidence | 5.8/20 RS sector -23% · RS bench 2.4% · 1Y 14.6%6 of 12 weeks ahead 70% evidence |
| Exact sum: 15.1 + 15.5 + 10.1 + 5.8 = 46.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22PNGS Gargi Fashion Jewellery Ltd543709 | 46.1/100Mixed-negative evidence76% evidence | BASING | 7.9/35 Revenue 18.3% · PAT 8.7% · OPM change -3.5 pp 95% evidence | 19.9/25 ROCE 33.8% · OPM 19.8% 76% evidence | 10.6/20 P/E 20.3× · PEG — 50% evidence | 7.7/20 RS sector -2.3% · RS bench -29% · 1Y -30.4%0 of 10 weeks ahead 70% evidence |
| Exact sum: 7.9 + 19.9 + 10.6 + 7.7 = 46.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23Rajesh Exports LtdRAJESHEXPO | 31.4/100Adverse evidence91% evidence | TURNING | 18.0/35 Revenue 79.5% · PAT 100% · OPM change 0 pp 74% evidence | 4.6/25 ROCE 1.9% · OPM 0% 100% evidence | 6.5/20 P/E 13.7× · PEG 1.74 100% evidence | 2.3/20 RS sector -56.8% · RS bench -41.5% · 1Y -56.7%0 of 12 weeks ahead 100% evidence |
| Exact sum: 18 + 4.6 + 6.5 + 2.3 = 31.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24Asian Star Company LtdASTAR | 20.1/100Adverse evidence87% evidence | BASING | 5.7/35 Revenue -3.8% · PAT -23.3% · OPM change -0.9 pp 95% evidence | 7.1/25 ROCE 3.6% · OPM 2.1% 95% evidence | 6.1/20 P/E 28.2× · PEG — 50% evidence | 1.2/20 RS sector -31.2% · RS bench -7.9% · 1Y -20.1%0 of 12 weeks ahead 100% evidence |
| Exact sum: 5.7 + 7.1 + 6.1 + 1.2 = 20.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 25PNGS Reva Diamond Jewellery LimitedPNGSREVA | 59.2/100Thin evidence · provisional43% evidence | BREAKING OUT | 22.9/35 Revenue — · PAT — · OPM change 7 pp 45% evidence | 16.5/25 ROCE 22% · OPM 29% 95% evidence | 9.8/20 P/E 19.2× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —6 of 9 weeks ahead 0% evidence |
| Exact sum: 22.9 + 16.5 + 9.8 + 10 = 59.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 26SJ Corporation Ltd504398 | 46.0/100Thin evidence · provisional33% evidence | 19.1/35 Revenue — · PAT — · OPM change 16.7 pp 17% evidence | 6.0/25 ROCE 0.1% · OPM 10.7% 76% evidence | 8.5/20 P/E 807× · PEG — 15% evidence | 12.4/20 RS sector — · RS bench 135.6% · 1Y —4 of 4 weeks ahead 25% evidence | |
| Exact sum: 19.1 + 6 + 8.5 + 12.4 = 46 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. 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 curve the sector itself 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 widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Shanti Gold International Ltd's share price today?
Shanti Gold International Ltd trades at ₹258, +15.5% over the past year. The company is valued at ₹1,981 Cr. The stock sits at 89% of its 52-week range of ₹163–₹270, +16.6% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 13 weeks in. — as of 11 September 2026.
What were Shanti Gold International Ltd's latest quarterly results?
Shanti Gold International Ltd reported revenue of ₹716 Cr and net profit of ₹50.0 Cr for the Jun 26 quarter. Revenue rose 144.4% and profit rose 47.1% year on year. Earnings per share were ₹6.58. The operating margin was 10.0%, 8.0 pp lower than a year earlier. — as of 11 September 2026.
What is Shanti Gold International Ltd's revenue?
Shanti Gold International Ltd reported revenue of ₹716 Cr in the Jun 26 quarter, +144.4% 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 11 September 2026.
What is Shanti Gold International Ltd's profit?
Shanti Gold International Ltd earned ₹50.0 Cr of net profit in the Jun 26 quarter, +47.1% year on year — the 5th straight quarter of growth. Full-year FY26 profit was ₹140 Cr. The operating margin ran 10.0% in the latest quarter. — as of 11 September 2026.
What is Shanti Gold International Ltd's market cap?
Shanti Gold International Ltd's market capitalisation is ₹1,981 Cr at a share price of ₹258. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 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 11 September 2026.
Is Shanti Gold International Ltd growing?
Yes — Shanti Gold International Ltd is growing: latest-quarter revenue +144.4% year on year, profit +47.1%, and the margin −8.0 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 11 September 2026.
How is Shanti Gold International Ltd performing?
Shanti Gold International Ltd is in a confirmed uptrend, 13 weeks in. Its latest quarter's revenue rose 144.4% and profit rose 47.1% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 5 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
Is Shanti Gold International Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 13 of stage 2), trading +16.6% versus its 200-day average and at 89% 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 11 September 2026.
Is Shanti Gold International Ltd beating the market?
On recent form, yes — Shanti Gold International Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 5 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 1.1 years the stock moved +13% against the NIFTY 500's +1% — ahead of the index over the full window. — as of 11 September 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 ₹258, the price is in a confirmed uptrend 13 weeks in. Direction is not something this site claims to know. — as of 11 September 2026.
Who owns Shanti Gold International Ltd?
Promoters hold 70.3% of Shanti Gold International Ltd, foreign institutions 4.6%, domestic institutions 1.8% and the public 23.2% (latest quarter). The biggest move on the register over the last two years: Promoters cut 4.5 points over 4 quarters. — as of 11 September 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 11 September 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 11 September 2026.
What is Shanti Gold International Ltd's cash flow?
Shanti Gold International Ltd consumed ₹261 Cr of operating cash in FY26 — cash flowed out rather than in (free cash flow: ₹−270 Cr). Operating cash was negative while the company reported a profit of ₹140 Cr. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Shanti Gold International Ltd's profit real cash?
No — operating cash was negative over the last 3 fiscal years: Shanti Gold International Ltd consumed cash while reporting profit. In FY26, operating cash was ₹−261 Cr against reported profit of ₹140 Cr. Cash-flow resolution is annual — as of 11 September 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 4.4%–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 11 September 2026.
What growth does Shanti Gold International Ltd's price assume?
At its price on 29 June 2026, Shanti Gold International Ltd was priced for profit growth of about 2.7% a year. Profit itself has compounded 77.3% a year over the past 5 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 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 11 September 2026.
Is Shanti Gold International Ltd a stock worth studying right now?
This is not investment advice. The machine read: Shanti Gold International Ltd's earnings have outrun its stock. EPS grew +88.2% in a year against a +15.5% price move. 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 11 September 2026.
Not SEBI Registered !! Not Investment advice !!