Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep
Source: Bse
SKY GOLD AND DIAMONDS LIMITED (SKYGOLD)
Micro CapConsumer stocks · Micro cap · NSE
Sky Gold and Diamonds Ltd. is an Indian B2B manufacturer of casting gold and diamond jewelry, serving major domestic and international retailers. The company focuses on lightweight, design-centric products and aims for global expansion with an asset-light model, emphasizing governance and cash flow generation.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 12:59 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
62Bullishfull bull SMA stack · SMA20 +9.4% / mo · RSI overbought · MACD + · near 52W high · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 78
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SKYGOLDD candles · FIT view+149.2%Latest close ₹1028.10 on 2026-10-19
Bar
-4.4%
RSI
75
MACD hist
18.43
52W pos
93%
2026-10-19O ₹1075.00H ₹1081.40L ₹1017.15C ₹1028.10Vol 19.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SKYGOLDNifty Consumer DurablesNifty 500
- SKYGOLD
- +56.2%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +61.7 pp
Chart stats
19 Oct 2026- From 52W high
- -4.9%
- 52W range position
- 93%
- ATR (14)
- 4.3%
- Volume vs 20D
- 1.25x
- Avg traded value
- ₹151 Cr
- 20D price channel
- ₹765.1 - ₹1,081.4
₹1,081.4
₹298 - ₹1,081.4
₹44.4
Latest completed session
20-session average
37.0% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE47
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +78.0% · PAT +138.6% YoY
Technical
Bullish62
Price trend and sector-relative-strength timing.
Valuation
Legacy model-42.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +78% YoY · PAT +139% YoY · margin expansion · +5% QoQ · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,013 Cr | +78.0% | +5.3% |
| EBITDA | ₹157 Cr | +121.1% | +11.3% |
| Operating margin | 8.0% | +200 bps | +100 bps |
| PAT | ₹105 Cr | +138.6% | +15.4% |
| PAT margin | 5.2% | +133 bps | +46 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 44.70
- P/B
- 12.57
- EV/EBITDA
- 29.69
- Market Cap
- 14986.00Cr
Profitability
- ROE
- 28.90%
- ROCE
- 26.90%
- ROA
- 15.63%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 153.00%
- EPS 5Y
- 153.00%
- Revenue 3Y
- 76.00%
- EPS 3Y
- 144.00%
Balance Sheet
- Debt/Equity
- 0.73
- Interest Coverage
- 5.71×
- Altman Z
- 10.64
- Book Value
- 77.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -45.00 Cr
- EPS TTM
- 21.64
Shareholding
- Promoter Hold
- 51.74%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 96%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 4,708+61.0% vs prev
Net Profit
₹ CrLatest: 213+91.9% vs prev
Return on Equity
%Latest: 19.1+14.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 75.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~8.6% over last month) — short-term momentum positive.
- RSI(14) at 75 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 5% off 52W high · 245% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
98
RS percentile
Stage 2 UptrendEstablished S2
1M return
+31.2%
3M return
+56.2%
6M return
+144.0%
1Y return
+193.9%
RS 1D
0
RS 20D
+1
Sector rank
#9
Industry rank
#22
Stage evidence
- Price is 69.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +13.2%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
01 Apr 2026
S2 age
142 trading sessions
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 388.78-2.06%
RS vs Nifty 500389
Valuation & peers
U-Score 47 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 47 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth19/25
Quality19/20
Balance Sheet7/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
-1
Raw sum
47
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
47/100 · legacy band FAIR VALUE
Positive drivers
- Quality contributes 19/20 to the score.
- Growth contributes 19/25 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -42.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
44.7
PB
12.6
EV/EBITDA
29.7
ROE
28.9%
ROCE
26.9%
FCF Yield
—
Debt/Equity
0.7
MoS
-42.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
47
Previous: 47
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-42.7%
Previous: -42.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
48
48
48
48
47
47
47
47
47
47
47
47
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹193.63
-431.0% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹720.61
-42.7% MoS
PEG
0.30
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
PCJEWELLER
Micro
PC Jeweller Limited
Retail
match 97
46
18.2
10.0%
+43%
FAIR VALUE
THANGAMAYL
Micro
Thangamayil Jewellery Limited
Retail
match 97
57
38.5
28.1%
-20%
FAIR VALUE
PNGJL
Micro
P N Gadgil Jewellers Limited
Retail
match 93
59
19.6
23.5%
+46%
FAIR VALUE
BLUESTONE
Micro
BlueStone Jewellery and Lifestyle Limited
Retail
match 90
26
209.0
1.1%
-520%
OVERVALUED
SENCO
Micro
Senco Gold Limited
Retail
match 89
74
9.7
25.6%
+71%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-11T07:12:48.830Z
Management commentary snapshot
SKYGOLD reported robust FY26 performance with Revenue up 77.4% YoY to 6,294.9 Cr, PAT up 112.4% YoY to 281.8 Cr, and EBITDA up 121.1% YoY to 434.3 Cr. Q4 FY26 also showed strong YoY growth across all key metrics, exceeding prior guidance.
SKYGOLD's FY26 results significantly surpassed prior guidance, driven by strong revenue and margin expansion. The strategic shift to an asset-light model, focus on advance gold, and governance initiatives are positive, but achieving positive operating cash flow and deleveraging remain key execution challenges for the upgraded FY27/FY30 targets.
Growth engines
Value-Added Products
Value-Added share of business surged from <10% in FY23 to ~50-55% in FY26, serving as the primary driver for gross margin expansion.
Advance Gold Model
The advance gold model, where customers provide gold upfront, is expected to contribute ~30% of volumes by FY30, up from 11.5% in FY26, reducing capital intensity.
Global Market Penetration
Successfully onboarded one of the Middle East’s largest retail chains, demonstrating capability to capture local preferences beyond the Indian diaspora.
Expansion into Emerging Categories
Plans for expansion into emerging categories such as 18kt, 9kt, and diamond-studded jewelry to upgrade product mix.
Capacity and execution
Strategic Shift to Asset-Light Expansion
Decided to monetize land asset and shift to a more agile, asset-light expansion model through leased manufacturing facilities, supporting faster scalability.
Manufacturing Footprint Expansion
Manufacturing footprint expanded to 1,35,000 sq. ft. with a capacity of 14.4 tonnes per year.
Tailwinds
Growing Indian Jewellery Market
The Indian jewellery retail market is set to touch USD 145 billion by FY 2028, driven by macroeconomic tailwinds and rising disposable incomes.
Organized Sector Gaining Market Share
The organized sector's market size is projected to grow from USD 19.2 billion in FY 2020 to USD 82.65 billion by FY 2028, reflecting a CAGR of 20%.
Demographic Demand for Lightweight Jewellery
Over 65% of India's population under 35 demands quality, authenticity, and purity, creating opportunity for premium yet accessible offerings like lightweight pieces.
Risk radar
Negative Operating Cash Flow
Net Cash from Operating Activities was negative 44.9 Cr in FY26, despite management's focus on achieving positive cash flow generation from FY27.
Increased Borrowings
Total borrowings (current and non-current) increased to 847.9 Cr in Mar-26 from 604.9 Cr in Mar-25, indicating higher leverage.
Goodwill on Balance Sheet
Goodwill significantly increased to 250.5 Cr in Mar-26 from 42.3 Cr in Mar-25, potentially reflecting acquisition-related risks.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The company reports both Q4 and full-year results with significant YoY growth, indicating overall business expansion. Q4 QoQ growth also shows sequential momentum, which is relevant for a rapidly growing business.
Sector KPIs management disclosed
Revenue from Operations
FY26 Revenue from Operations was 6,294.9 Crore, an increase of 77.4% Y-o-Y. Q4 FY26 Revenue was 1,911.5 Crore, up 80.6% Y-o-Y and 8.1% Q-o-Q.
Gross Margin
Gross Profit Margin for FY26 was 8.5%, an increase of 140bps Y-o-Y from 7.1% in FY25. Q4 FY26 Gross Margin was 8.9%, up 112bps Y-o-Y.
EBITDA Margin
EBITDA Margin for FY26 was 6.9%, an increase of 137bps Y-o-Y from 5.5% in FY25. Q4 FY26 EBITDA Margin was 7.4%, up 140bps Y-o-Y.
PAT Margin
PAT Margin for FY26 was 4.5%, an increase of 80bps Y-o-Y from 3.7% in FY25. Q4 FY26 PAT Margin was 4.8%, up 120bps Y-o-Y.
Management forward view
Revised FY27 Guidance
FY27 Revenue projected at ~ 8,100 crore, with EBITDA margin expected in the range of ~7.0-7.5% and PAT margin guided at 4.5% - 4.75%.
FY30 Vision
FY30 Revenue expected to be ~ 18,000 - 19,000 crore, with PAT margin projected to be ~5.25%+, ROCE of 27%+, and CFO/PAT of ~20%+.
Promoter Commitment & Compensation
Promoters have voluntarily decided not to draw salary from 1st April 2026; any future payouts will be exclusively through dividends generated from operating cash flows.
Enhanced Corporate Governance
Onboarded M S K A & Associates LLP (member firm of BDO International) as Statutory Auditors and introduced an ESOP program for eligible employees.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Operating Cash Flow | ( 44.9 Cr) in FY26 | Achieving positive cash flow generation from FY27 onward, with FY27E target of 180-225 Cr. |
| Net Debt Status | Increased borrowings to 847.9 Cr in Mar-26 | Progress towards achieving net debt positive status by FY30, driven by improved OCF and profitability. |
| Advance Gold Volume Contribution | 11.5% of volumes in FY26 | Contribution reaching ~30% of volumes by FY30, which is key for capital efficiency and margin expansion. |
| PAT Margin Improvement | 4.5% in FY26 | Sustained 10-20 bps improvement Y-o-Y, reaching 4.5-4.75% by FY27 and ~5.25%+ by FY30. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 76th percentile within Consumer. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
65 docs text-extracted · 28 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Consumer: 76th pctile, median 66 · Micro: 54th pctile, median 73
Evidence depth
Financial-only
65 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸ROCE is 27%.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-45 Cr.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching SKY GOLD AND DIAMONDS LIMITED
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 17 Aug - Sky Gold & Diamonds added to MSCI India Domestic Small Cap Index; operating cash flow turns positive.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 29 Jun - Pursuant to the provision of Regulation 30 of the SEBI (LODR) Regulations 2015, we would like to inform you that the Management of the Company …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Jun - Pursuant to the provisions of Regulation 30 of SEBI (LODR) Regulations, 2015, we would like to inform you that the Management/ Officials of the Company …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 28 May - The newspaper clippings for postal ballot notice and other related information.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 9 May - Sky Gold appoints M S K A & Associates LLP as statutory auditor, subject to shareholders' approval.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 5 Sep - Filed BRSR for FY 2025-26 as part of annual report.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.