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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +78% YoY · PAT +139% YoY · margin expansion · +5% QoQ · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
57NeutralSMA20 +20.9% / mo · MACD − · near 52W high
Technical chart
SKYGOLDdaily · 1Y · AUTO+134.6%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 55. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~17.3% over last month) — short-term momentum positive.
- RSI(14) at 55 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 10% off 52W high · 202% 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.
Valuation & score drivers
U-Score 49 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 49 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Quality contributes 20/20 to the score.
- Growth contributes 20/25 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 -3.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-45 Cr.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 76th pctile, median 66 · Micro: 54th pctile, median 73
65 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 36.10
- P/B
- 10.09
- EV/EBITDA
- 24.29
- Market Cap
- 12103.00Cr
Profitability
- ROE
- 29.20%
- ROCE
- 27.00%
- ROA
- 15.63%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 143.00%
- EPS 5Y
- 143.00%
- Revenue 3Y
- 76.00%
- EPS 3Y
- 145.00%
Balance Sheet
- Debt/Equity
- 0.72
- Interest Coverage
- 5.71×
- Altman Z
- 10.64
- Book Value
- 77.40
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
- 86%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
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.