# Shanti Gold International share price today (Shanti Gold International Ltd, NSE: SHANTIGOLD)

> Shanti Gold International share price today: ₹272.40 at the NSE close on 4 November 2026, up 17.1% in a year. Shanti Gold International (NSE: SHANTIGOLD) is worth ₹2,092 crore, trades at a P/E of 11.3 and has closed between ₹156.54 and ₹423.30 over the past 52 weeks. > Shanti Gold International Ltd's results are improving, while its P/E is near the low end of its own history over 1 year, higher than only 20% of past readings. SHANTIGOLD · Diamond, Gems & Jewellery · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/shanti-gold-international-ltd

Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Price: ₹272.40 (+17.1% in a year)
- P/E: 11.3× (lower than 80% of the last 1 year)
- Revenue (Jun 2026): ₹716 Cr (+144.4% on a year ago)
- Profit (Jun 2026): ₹50.0 Cr (+100.0% on a year ago)
- Operating margin: 10.0% (−3.0 points on a year ago)
- ROCE: 34%, FY26

The main question: profits are rising, but only −131% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. ## What is the 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. 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. ## What changed at Shanti Gold International this quarter? 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%. ## What are Shanti Gold International's latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹716 crore | ₹293 crore | +144.4% |
| Profit | ₹50.0 crore | ₹25.0 crore | +100.0% |
| Earnings per share | ₹6.58 | ₹4.29 | +53.4% |
| Operating margin | 10.0% | 13.0% | −3.0 points |

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.)

## What is the Shanti Gold International share price history? 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

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹295.30 | −7.8% |
| 1 month ago · 1 Oct 2026 | ₹303.55 | −10.3% |
| 6 months ago · 8 May 2026 | ₹227.09 | +20.0% |
| 1 year ago · 7 Nov 2025 | ₹232.69 | +17.1% |
| Earliest weekly close in our records · 1 Aug 2025 | ₹229.25 | +18.8% |
| Highest weekly close since August 2025, also the 52-week high · 16 Oct 2026 | ₹423.30 | −35.6% |
| Lowest weekly close since August 2025 · 27 Mar 2026 | ₹163.49 | +66.6% |
| 52-week low (weekly close) · 30 Mar 2026 | ₹156.54 | +74.0% |

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.)

## What is the latest news on Shanti Gold International? 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. ## What dividend does Shanti Gold International pay? 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.)

## What did Shanti Gold International management say on the latest results call? 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](https://files.tijorifinance.com/insight/india/58722/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 14 August 2026.)

## What could change the Shanti Gold International story? What are the risks? 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.)

## What to watch in Shanti Gold International's next results? 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. - What to check (from the call)
- Jaipur factory commencement and production ramp against the stated window. - Rights issue completion and deployment into gold and working capital as planned. - Dubai RBI approval and first export transactions to test progress beyond the current international footprint. ## Which stock lists is Shanti Gold International on? Shanti Gold International is on one of our India lists: Gold & silver stocks. [Gold & silver stocks Group on the list: Jewellery makers and shops](https://www.sectoralpha.in/gold-stocks-india)

## Is Shanti Gold International profitable? 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. 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. ## How much revenue does Shanti Gold International make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Shanti Gold International keep? 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. 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. ## Is Shanti Gold International's profit turning into cash? 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. 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. ## Where does Shanti Gold International's cash go? 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. 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. ## What is Shanti Gold International's P/E ratio, and how does it compare with its own history? 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. 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. ## Is the Shanti Gold International business getting better or worse? 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. 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. ## What is the Shanti Gold International story, and has it been checked? 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. 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. ## Did Shanti Gold International management deliver what it promised? 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. ## How much does Shanti Gold International earn on its capital? 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). 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. ## Does Shanti Gold International have too much debt? 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. 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. ## What is the Shanti Gold International shareholding pattern? 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. 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. ## How far is Shanti Gold International from balance-sheet trouble? 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. ## How does Shanti Gold International rank in its industry? 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. ## Which companies is Shanti Gold International compared with? Shanti Gold International ranks 4 of 28 Diamond, Gems & Jewellery companies on the 4-Factor Sector Score, with 67.8 out of 100. 1. [D.P. Abhushan Ltd](https://www.sectoralpha.in/stocks/dp-abhushan-ltd) DPABHUSHAN · leader · Most evidence points up · 96% evidence 72.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.5/35 · Revenue 30.8% · Profit 94.3% · Operating margin change 1 points · 88% evidence Capital efficiency 19.0/25 · ROCE 39.6% · Operating margin 11% · 100% evidence Valuation 12.1/20 · P/E 18.5× · PEG 0.74 · 100% evidence Relative strength 17.3/20 · Lead over its industry 14.3% · Lead over NIFTY 500 53.2% · 1 year 37.4% · 100% evidence · 12 of 12 weeks ahead Exact sum: 24.5 + 19 + 12.1 + 17.3 = 72.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Sky Gold & Diamonds Ltd](https://www.sectoralpha.in/stocks/sky-gold-diamonds-ltd) SKYGOLD · leader · Most evidence points up · 100% evidence 71.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.1/35 · Revenue 73.1% · Profit 100% · Operating margin change 1 points · 100% evidence Capital efficiency 18.8/25 · ROCE 26.9% · Operating margin 8% · 100% evidence Valuation 6.9/20 · P/E 34.1× · PEG 1.71 · 100% evidence Relative strength 16.3/20 · Lead over its industry 36.4% · Lead over NIFTY 500 76.3% · 1 year 147.5% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29.1 + 18.8 + 6.9 + 16.3 = 71.1 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [PNGS Reva Diamond Jewellery Limited](https://www.sectoralpha.in/stocks/pngs-reva-diamond-jewellery-limited) PNGSREVA · breaking out · Most evidence points up · 63% evidence 70.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 39.2/43.75 · Revenue 100% · Profit 100% · Operating margin change 5 points · 100% evidence Capital efficiency 19.0/31.25 · ROCE 22% · Operating margin 24% · 100% evidence Valuation 12.2/25 · P/E 20.8× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 39.2 + 19 + 12.2 = 70.4 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 4. Shanti Gold International Ltd this page SHANTIGOLD · breaking out · Most evidence points up · 71% evidence 67.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.1/35 · Revenue 100% · Profit 100% · Operating margin change -3 points · 83% evidence Capital efficiency 18.5/25 · ROCE 33.9% · Operating margin 10% · 76% evidence Valuation 10.9/20 · P/E 12.2× · PEG n/a · 15% evidence Relative strength 15.3/20 · Lead over its industry 1.1% · Lead over NIFTY 500 35% · 1 year 24% · 100% evidence · 12 of 12 weeks ahead Exact sum: 23.1 + 18.5 + 10.9 + 15.3 = 67.8 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 5. [Tribhovandas Bhimji Zaveri Ltd](https://www.sectoralpha.in/stocks/tribhovandas-bhimji-zaveri-ltd) TBZ · leader · Most evidence points up · 100% evidence 67.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.6/35 · Revenue 24.1% · Profit 100% · Operating margin change -2 points · 100% evidence Capital efficiency 15.3/25 · ROCE 21.9% · Operating margin 7% · 100% evidence Valuation 10.9/20 · P/E 20.6× · PEG 0.72 · 100% evidence Relative strength 19.5/20 · Lead over its industry 100.6% · Lead over NIFTY 500 148.9% · 1 year 237.9% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21.6 + 15.3 + 10.9 + 19.5 = 67.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Khazanchi Jewellers Ltd](https://www.sectoralpha.in/stocks/khazanchi-jewellers-ltd) KHAZANCHI · breaking out · Most evidence points up · 71% evidence 66.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.5/35 · Revenue 24.4% · Profit 100% · Operating margin change 2 points · 88% evidence Capital efficiency 16.3/25 · ROCE 34.8% · Operating margin 7% · 100% evidence Valuation 13.4/20 · P/E 17.5× · PEG n/a · 50% evidence Relative strength 10.6/20 · Lead over its industry n/a · Lead over NIFTY 500 6.8% · 1 year 7.3% · 25% evidence · 5 of 5 weeks ahead Exact sum: 26.5 + 16.3 + 13.4 + 10.6 = 66.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [PC Jeweller Ltd](https://www.sectoralpha.in/stocks/pc-jeweller-ltd) PCJEWELLER · breaking out · Evidence leans up · 100% evidence 62.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.9/35 · Revenue 29.3% · Profit 45.7% · Operating margin change 7 points · 100% evidence Capital efficiency 10.3/25 · ROCE 9.6% · Operating margin 29% · 100% evidence Valuation 13.2/20 · P/E 16.9× · PEG 0.32 · 100% evidence Relative strength 18.2/20 · Lead over its industry 14.7% · Lead over NIFTY 500 54.2% · 1 year 33.2% · 100% evidence · 12 of 12 weeks ahead Exact sum: 20.9 + 10.3 + 13.2 + 18.2 = 62.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [RBZ Jewellers Ltd](https://www.sectoralpha.in/stocks/rbz-jewellers-ltd) RBZJEWEL · breaking out · Evidence leans up · 96% evidence 61.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.7/35 · Revenue 30.3% · Profit 54% · Operating margin change -2.3 points · 88% evidence Capital efficiency 14.6/25 · ROCE 22% · Operating margin 14.8% · 100% evidence Valuation 16.4/20 · P/E 12.2× · PEG 0.23 · 100% evidence Relative strength 12.0/20 · Lead over its industry -8.2% · Lead over NIFTY 500 24.1% · 1 year 16.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 18.7 + 14.6 + 16.4 + 12 = 61.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Titan Company Ltd](https://www.sectoralpha.in/stocks/titan-company-ltd) TITAN · losing its lead · Evidence leans up · 96% evidence 56.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.0/35 · Revenue 45% · Profit 55.1% · Operating margin change 3 points · 88% evidence Capital efficiency 14.1/25 · ROCE 20.5% · Operating margin 14% · 100% evidence Valuation 9.8/20 · P/E 67.5× · PEG 1.43 · 100% evidence Relative strength 6.9/20 · Lead over its industry -21.5% · Lead over NIFTY 500 7.2% · 1 year 18.8% · 100% evidence · 8 of 12 weeks ahead Exact sum: 26 + 14.1 + 9.8 + 6.9 = 56.8 · What this means: Earnings are strong; relative strength in its sector is -21.5% and the one-year return is 18.8%. 10. [Thangamayil Jewellery Ltd](https://www.sectoralpha.in/stocks/thangamayil-jewellery-ltd) THANGAMAYL · quiet · Evidence leans up · 96% evidence 55.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.8/35 · Revenue 83.2% · Profit 100% · Operating margin change -1 points · 88% evidence Capital efficiency 13.6/25 · ROCE 25.5% · Operating margin 5% · 100% evidence Valuation 9.5/20 · P/E 35.3× · PEG 0.78 · 100% evidence Relative strength 6.4/20 · Lead over its industry -20.4% · Lead over NIFTY 500 7% · 1 year 105.3% · 100% evidence · 3 of 12 weeks ahead Exact sum: 25.8 + 13.6 + 9.5 + 6.4 = 55.3 · What this means: Earnings are strong; relative strength in its sector is -20.4% and the one-year return is 105.3%. 11. [Senco Gold Ltd](https://www.sectoralpha.in/stocks/senco-gold-ltd) SENCO · quiet · Evidence leans up · 96% evidence 53.0 out of 100 Growth Capital Valuation Relative
12. [Shringar House of Mangalsutra Ltd](https://www.sectoralpha.in/stocks/shringar-house-of-mangalsutra-ltd) SHRINGARMS · breaking out · Evidence leans up · 73% evidence 52.2 out of 100 Growth Capital Valuation Relative
13. [P N Gadgil Jewellers Ltd](https://www.sectoralpha.in/stocks/p-n-gadgil-jewellers-ltd) PNGJL · quiet · Evidence leans up · 93% evidence 52.1 out of 100 Growth Capital Valuation Relative
14. [Kalyan Jewellers India Ltd](https://www.sectoralpha.in/stocks/kalyan-jewellers-india-ltd) KALYANKJIL · losing its lead · Evidence leans down · 96% evidence 49.9 out of 100 Growth Capital Valuation Relative
15. [Motisons Jewellers Ltd](https://www.sectoralpha.in/stocks/motisons-jewellers-ltd) MOTISONS · breaking out · Evidence leans down · 96% evidence 48.0 out of 100 Growth Capital Valuation Relative
16. [PNGS Gargi Fashion Jewellery Ltd](https://www.sectoralpha.in/stocks/pngs-gargi-fashion-jewellery-ltd) basing · Evidence leans down · 72% evidence 48.0 out of 100 Growth Capital Valuation Relative
17. [Bluestone Jewellery & Lifestyle Ltd](https://www.sectoralpha.in/stocks/bluestone-jewellery-lifestyle-ltd) BLUESTONE · losing its lead · Too little evidence to rank firmly · 59% evidence 46.9 out of 100 Growth Capital Valuation Relative
18. [Manoj Vaibhav Gems N Jewellers Ltd](https://www.sectoralpha.in/stocks/manoj-vaibhav-gems-n-jewellers-ltd) MVGJL · losing its lead · Evidence leans down · 96% evidence 45.8 out of 100 Growth Capital Valuation Relative
19. [Radhika Jeweltech Ltd](https://www.sectoralpha.in/stocks/radhika-jeweltech-ltd) RADHIKAJWE · quiet · Evidence leans down · 96% evidence 45.6 out of 100 Growth Capital Valuation Relative
20. [Vaibhav Global Ltd](https://www.sectoralpha.in/stocks/vaibhav-global-ltd) VAIBHAVGBL · quiet · Evidence leans down · 100% evidence 43.7 out of 100 Growth Capital Valuation Relative
21. [SJ Corporation Ltd](https://www.sectoralpha.in/stocks/sj-corporation-ltd) breaking out · Too little evidence to rank firmly · 57% evidence 42.4 out of 100 Growth Capital Valuation Relative
22. [Rajesh Exports Ltd](https://www.sectoralpha.in/stocks/rajesh-exports-ltd) RAJESHEXPO · quiet · Evidence leans down · 88% evidence 36.7 out of 100 Growth Capital Valuation Relative
23. [Asian Star Company Ltd](https://www.sectoralpha.in/stocks/asian-star-company-ltd) ASTAR · turning · Most evidence points down · 78% evidence 28.4 out of 100 Growth Capital Valuation Relative
24. [Utssav CZ Gold Jewels Ltd](https://www.sectoralpha.in/stocks/utssav-cz-gold-jewels-ltd) UTSSAV · leader · Too little evidence to rank firmly · 47% evidence 63.7 out of 100 Growth Capital Valuation Relative
25. Uday Jewellery Industries Ltd Too little evidence to rank firmly · 47% evidence 62.2 out of 100 Growth Capital Valuation Relative
26. [Advit Jewels Ltd](https://www.sectoralpha.in/stocks/advit-jewels-ltd) RAMBHAJO · turning · Too little evidence to rank firmly · 45% evidence 58.9 out of 100 Growth Capital Valuation Relative
27. [Grover Jewells Ltd](https://www.sectoralpha.in/stocks/grover-jewells-ltd) GJL · Too little evidence to rank firmly · 34% evidence 52.9 out of 100 Growth Capital Valuation Relative
28. [Golkunda Diamonds & Jewellery Ltd](https://www.sectoralpha.in/stocks/golkunda-diamonds-jewellery-ltd) Too little evidence to rank firmly · 43% evidence 45.9 out of 100 Growth Capital Valuation Relative

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](https://www.sectoralpha.in/sectors/diamond-gems-jewellery), all 28 compared on one page. ## Which companies are close to Shanti Gold International in size? 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

1. [Vaibhav Global Ltd](https://www.sectoralpha.in/stocks/vaibhav-global-ltd) ₹2,633 crore
2. [Rajesh Exports Ltd](https://www.sectoralpha.in/stocks/rajesh-exports-ltd) ₹2,412 crore
3. [Utssav CZ Gold Jewels Ltd](https://www.sectoralpha.in/stocks/utssav-cz-gold-jewels-ltd) ₹2,337 crore
4. Shanti Gold International Ltd ₹2,266 crore
5. [PNGS Reva Diamond Jewellery Limited](https://www.sectoralpha.in/stocks/pngs-reva-diamond-jewellery-limited) ₹1,975 crore
6. [Khazanchi Jewellers Ltd](https://www.sectoralpha.in/stocks/khazanchi-jewellers-ltd) ₹1,786 crore
7. [Motisons Jewellers Ltd](https://www.sectoralpha.in/stocks/motisons-jewellers-ltd) ₹1,651 crore

[All 27 Diamond, Gems & Jewellery companies, largest first](https://www.sectoralpha.in/sectors/diamond-gems-jewellery#all-companies)

### Companies close in size in other industries

1. [Mahamaya Steel Industries Ltd](https://www.sectoralpha.in/stocks/mahamaya-steel-industries-ltd) ₹2,276 crore · Steel - Rolling
2. [Dishman Carbogen Amcis Ltd](https://www.sectoralpha.in/stocks/dishman-carbogen-amcis-ltd) ₹2,274 crore · Pharma - API & CRAMS
3. Shanti Gold International Ltd ₹2,266 crore
4. [Sundaram Clayton Ltd](https://www.sectoralpha.in/stocks/sundaram-clayton-ltd) ₹2,258 crore · Castings, Forgings & Fastners
5. [Eveready Industries India Ltd](https://www.sectoralpha.in/stocks/eveready-industries-india-ltd) ₹2,257 crore · Miscellaneous

## What else do people ask about Shanti Gold International? ### What is Shanti Gold International's share price today? Shanti Gold International Ltd's share price is ₹272.40, +17.1% over the past year. The whole company is worth ₹2,092 Cr on the market. In the last 52 weeks it traded between ₹157 to ₹423; today it is 43% of the way up from the low, 8.2% above its 200-day average (as of 4 November 2026). ### What were Shanti Gold International's latest quarterly results? Shanti Gold International Ltd reported revenue of ₹716 Cr and net profit of ₹50.0 Cr for the Jun 2026 quarter. Revenue rose 144.4% and profit rose 100.0% compared with a year earlier. Earnings per share were ₹6.58. The operating margin was 10.0%, 3.0 percentage points lower than a year earlier (as of 4 November 2026). ### What is Shanti Gold International's market cap? Shanti Gold International Ltd's market capitalisation is ₹2,092 Cr at a share price of ₹272.40. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Shanti Gold International performing? Shanti Gold International Ltd's share price has been rising for 20 weeks. In its latest quarter, revenue rose 144.4% and profit rose 100.0% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 14 weeks running (as of 4 November 2026). ### Will Shanti Gold International's share price go up? This page does not forecast Shanti Gold International Ltd's share price. What it shows instead: the share price is ₹272.40, and it has been rising for 20 weeks. Its P/E of 11.3× is higher than 20% of its own last 1 years (as of 4 November 2026). ### Where is Shanti Gold International in its business cycle? Shanti Gold International Ltd's FY26 operating margin was 10.0%, against a 6-year range of 4.4% to 10.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 10.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Shanti Gold International story? The main question: profits are rising, but only −131% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Shanti Gold International a stock worth studying right now? What the numbers show: Shanti Gold International Ltd's results are improving, while its P/E is near the low end of its own history over 1 year, higher than only 20% of past readings. The main open question: whether the cash starts to follow the profit. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Shanti Gold International share price forecast for 2026? What management itself guided: FY27 revenue goal ₹3,500 crore; value growth 50-60% and volume growth 30-40%. What would change the story: Three consecutive guidance downgrades across three concalls establish systematic optimism pattern. ## Lists

- Gold & silver stocks: https://www.sectoralpha.in/gold-stocks-india

This is research, not advice. We’re not SEBI-registered.