Shanti Gold International Ltd (NSE: SHANTIGOLD) Q3 2026 Earnings Call dated Feb. 11, 2026
Corporate Participants:
Pankajkumar Hastimal Jagawat — Chairman and Managing Director
Shriram Kannan Iyengar — Chief Financial Officer
Analysts:
Unidentified Participant
Aniket Madhvani — Analyst
Charchit Maloo — Analyst
Presentation:
operator
Good afternoon ladies and gentlemen and welcome to the Shanti Gold International Limited Q3 and 9 month FY26 post results earning conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing10.0 on your Touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Mayuri Karkeda from AdPactors PR. Thank you and over to you Ms. Mayuri. Miss Mayuri, over to you Ma’.
Am. Thank you and good afternoon everyone and thank you for joining us on the Q3 and 9M FY26 results conference call of Shanti Gold International Limited. We have with us Mr. Chairman and Managing Sector and Mr. Sharam Iengash, Chief Financial Officer. Before we begin, I would like to remind you that certain statement made in today’s discussion may be forward looking in nature and may involve in risk and uncertainties. A detailed statement in this regard is available in the Q3 and 9M FY26 results presentation that has been shared with you earlier. I now hand over the call to Mr.
Pankaj Kumar Jagar to begin the proceeding of this call. Thank you and over to you sir.
Pankajkumar Hastimal Jagawat — Chairman and Managing Director
Hi, Good afternoon everyone and thank you for joining us on today FY26 earning con call of Shantico Limited International Limited. We appreciate your continued interest in our company. Let me begin with a brief overview of our business followed by key operational development, recent performance trend and broader industry context. Before I move into the business overview, I’m happy to share that during the nine months ending 12-31-2025 we have surpassed the full year for FY25 revenues and registered the highest ever revenues in the company history for a nine month period. Our revenue for Q3FY26 grew by 110.06 year on year to rupees 636.9 crore compared to rupees 303.2 crores into Y FY25.
The performance reflects strong execution, growing scale of operations and increased transactions with organized jewelry retailers. Shanti Gold International Limited is a leading manufacturer of 22 carat casting gold jewelry backed by a design and manufacture a wide range of products including bangle, ring, necklace and complete jewelry sets. Catering to everyday festive and vital segments across multiple price points. Integrated in house manufacturing models provide end to end control across design production, consistent quality, scalability and operational efficiency. Currently our installed manufacturing capacity stands at 2,700 kilo per gram per annum. The capacity has been built and utilized efficiently over the years supported by long standing relationship and trust with our B2B customers.
Our ability to deliver consistency, reliable executions and design relevance has been instrumental in deepening these conditions over time. During quarter three FY26 our volume stood at 535kgs registering a strong growth of 31% year on year compared to 408kg in quarter three FY25. The volume growth was driven by healthy demand from organized retailer and improved throughout across our manufacturing operations. Over the recent past we have observed a clear shift in end customers purchasing behavior with increasing preference towards large organized jewelry retailers many of whom are key customers. These retailers are progressively outsourcing manufacturing to partners who can offer scale, design, variety, quality, consistency and soften out turnaround times particularly during pig festivals and wedding season.
The structural shift has been a key demand for our business. During quarter three FY26 we also started a new line of product aimed at catering to the mass market segment. The new offering is aligned with affordability led demand and has contributed meaningfully to incremental volume growth during the quarter which also helping us broaden our product mix. To align ourselves with the evolving industry dynamic and to serve our customers more effectively, we have announced the capacity expansion of approximately 4,000 kilo per annum. The expanded capacity will enhance our ability to offer a broader design portfolio, process higher volumes effectively and respond more effectively to changing customers behavior.
It will also allow us to increase wallet share with existing customers while increasing headrooms to support volumes and other organizational partners. Importantly, this expansion is not purely volume driven. Over the medium term, the additional scale is expected to support gradual shift in operating leverage thereby strengthening our platform for sustainable and profitable growth. The reflects the confidence in the long term growth of our industry. As part of our strategy to further broaden our product portfolio and address evolving demand from organex jewelry retailers, we also planned an entry into the mangalsutra jewelry category. The category represents a structural, luxury and culturally significant segment and a planned entry will allow us to participate more meaningfully across occasion and consumption cycle with strengthening our relevance and key retail partners.
Designer continues to remain a key differential for us. As of December 31, 2025, we have a strong announced team of 71 CAD designers and and that generates a large number of new designs every month enabling us to respond quickly to evolving customer preference and market trend. We have also built a long outstanding relationship with leading jewelry brands such as Jaw, Lukas, Larita Jewelry, Alukast enterprises Kalyan Jewelers. Our customer base spans 15 states and two union territories in India along with selecting international market with a strong presence in South India and steadily growing footprint in north and western India.
Turning to the quarter performance, Q3FY26 was a healthy quarter for us despite volatility in gold price demand from organized retailer partners to remain stable and we continue to see consistent volumes. During the quarter a few structural trends became more evident. Continued market share gains by organized retailers, more agile inventory management practice and a sustained shift towards design led and value added jewelry. These trends are structurally positive for our B2B manufacturing focused business model. Operating our focus remains firmly on execution. We continue to work on our improving throughput spending quality standard, enhancing our design capability over the nine month period we further deepened relationship with existing customers and saw incremental opportunities as organized retailers expanded the presence across new geographies.
From an industry perspective, Voger has been operating in a challenging yet socially positive environment. Elevated gold price remained a factor influencing customers behavior, higher prices, moderate volumes in certain segments, industry continued to witness value growth supported by improved realization and pre premisation in some pocket customer gravitated towards their line with a more profitable demand when premium and value and demand remain excellent particularly in urban market and higher income segment. The Durgills highlight the evolving nature of the jewelry market which affordability consideration and coexist with aspirational consumption factors such as mandatory hallmarking, regulatory compliance, transparent pricing and growing consumer preference for trusted brands have accelerated formalization across the industry.
Organized retailers are also benefiting from their ability to offer contemporary designs, superior retail experiences and flexible exchange options capabilities that are increasingly important in a high gold price environment. Against this backup drop we remain focused on strengthening our manufacturing scale, expanding our geographical footprint and deepening our design and product capabilities. Looking ahead, we remain constructive on the medium to long term outlook to be driven by continued formalization of the jewelry market, expansion of organized retail and increasing outsourcing of luxury brand which gold price volatility may influence. Short term demand pattern and underlying underlying industry fundamentals remains intact and we believe we will position to capture these opportunities.
To conclude, Shanti Gold remain focused on operational excellence, scalable growth and long term value creation. With this I will now hand over the call to Mr. Shriram Engar, our CFO to take you through the financial performance of the company. Thank you.
Shriram Kannan Iyengar — Chief Financial Officer
Thank you Pankaji and good afternoon to everyone. I would now like to take you through our financial performance for the quarter and nine month ended 31st December 2025 before I move to the financials. I am pleased to share that during the period the company’s credit rating has been upgraded by K rating from from triple B plus to K A minus table for long term bank facility.
The rating for long term and short term facility stands at care a minus table and care a 2 plus. This upgrade reflects improved operating performance, strengthen balance sheet position discipline, working capital management and enhanced financial profile. We believe this will further improve our financial flexibility and reinforce stakeholders confidence in the company’s long term fundamentals. Now coming on to the revenue the revenues from operations for the quarter stood at INR 636.93 crores compared to INR CEO 3.22 crores in Q3FY25 registering a growth of 110.06% on yoy basis. EBITDA for the quarter was INR 60.18 crores compared to INR 14 crores in QT FY25A growth of 3.83%.
EBITA margin for the quarter stood at 9.45% improving by 17 basis point on a Y basis Paired for the for the student 40 at INR 40.08 crores as compared to INR 17.58 crores in FY25 PAT margin for the quarter stood at 6.29% as compared to 5.88% in Q3FY25. Revenue from operations for the nine month period of FY26 stood at INR 1359.78 crores compared to INR 809.12 crores in nine month FY25 registering a strong year on year growth of 68.06 percentage. This performance was underpinned by consistent volume growth of 12% with volumes reaching at 1285 kg.
The growth reflects positive ordering trend, successful rollout of new connection designs portfolio, strong market acceptance and deeper engagements with organized retail chain customers. Together this structure highlights the company’s ability to combine scale with innovation, improve customer and strengthen its position in the evolving digital landscape. EBITDA for the nine month period of. Growth in 9 reflecting a robust year on year growth of 162.84 percentage. EBITDA margin from for 9 month FY26 improved to 11.71% from 7.49% in 9 month FY25 expansion of 422 basis points PAT for 9 month FY26 rose to INR 108.64 crore from INR 35.79 crore in 9 month FY25, a growth of over 200%.
CAT margins improved by improved to 7.99% from 4.42% expanding by 357 basis points. This strong bottom line performance reflects better market acceptance and disciplined execution, laying a strong foundation for a robust FY26 overall. Our performance for the quarter and nine months reflects disciplined execution, improving operational efficiencies and strong demand visibility from our organized retail partner. We remain focused on sustaining this momentum and are confident of continuing our growth trajectory in the upcoming quarters as well. With this, I thank you for your patience hearing and ask the moderator to open the floor for further questioning.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants, please use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press star N1 to ask a question. We have the first question from the line of Aniket Madhwani from Step Trade Capital. Please go ahead.
Aniket Madhvani
Yeah, hello sir. Yeah, so firstly talking on the numbers. Despite high volumes achieved in this quarter, as we see on a sequential basis there is a significant dip in the margin. So could you just clarify on that and going forward, where do you see it to be stable?
Shriram Kannan Iyengar
The margins were declined because we had done some of portion of our gold hedging during this quarter and we started a new line of jewelry which has a higher churning and a lesser margin. But if you go to see we have increased the volume and by 31% and normally our pet is around 4%.
And whatever gain we have achieved it was due to gold writing and all which we had not has full gold. Okay, so. So you are talking about which new line that is called in? It’s a gold Pringle Jewelry. We started a new line of jewelry. Yeah. Okay. And talking about this 4000 kgs capacity expansion. So wherein when this capacity will be commissioned. So this. This should start by May 26th. May 26th. Okay. So you currently have 2700 kgs. So it will take you to 6700 kgs in total. Yeah. In May 26th. Yeah. Okay. So how much volume growth do you expect? No, hi.
27 from our this year if we complete 60 to 70,000 again we are expecting 60 to 70% on an annual basis. On an annual basis. Okay, I’ll get.
operator
Thank you. We have the next question from the lineup. Omrissa for money visors please. Go ahead.
Unidentified Participant
Yeah. Am I audible?
operator
Yeah, yeah, you’re audible.
Unidentified Participant
Yeah, yeah. So I just wanted to know what are our capex plans going forward? As we are targeting North India expansion.
Pankajkumar Hastimal Jagawat
We have put it in our seven to eight rupees. We are using it for like planted machineries.
Unidentified Participant
Okay. So no major. Yeah. And also I see on slide 16 that our export revenue currently is barely 2%. So yeah. When you say that you are strengthening presence in uae, Singapore and Qatar that way. So what is your target for export revenue going forward? As if you could just give a ballpark number to the revenue contribution from exports.
Pankajkumar Hastimal Jagawat
Yeah. So now we have opened an office in UAE which should be operational again that also by May and exports from 2% to 10%.
Unidentified Participant
2% to 10%.
Pankajkumar Hastimal Jagawat
Yeah.
Unidentified Participant
Yeah. So that’s a huge jump. And by when do you expect to achieve that?
Pankajkumar Hastimal Jagawat
It’s approximately now we are doing 4000 airport which will be around 10.
Unidentified Participant
Okay. And if when you achieve that 10% revenue from exports your margins sustainability would be at what level, sir? Because right now as the also asked. So your voice is breaking. Can I, can you just repeat yourself please?
Pankajkumar Hastimal Jagawat
Can you hear me?
Unidentified Participant
Yeah, now.
Yeah, now I can hear you sir. Your voice is breaking again. No, sir. Yeah, now I can hear you sir.
Pankajkumar Hastimal Jagawat
Yeah. NET net profit 4%. Yeah. Okay. So it will be at this level only. It won’t really go to a percentage higher or somewhere. Yeah, more of because we have started new new line of jewelry also where there are margins where they know that you are brightening the month. When we join everything should be around 4%.
Unidentified Participant
Okay so thank you. I’ll join back to queue for further questions. Thank you. Yeah, thank you.
operator
Thank you. A reminder to all the participants, you may press star and one to ask a question. We have the next question from the line of Manoj Rajani from Rajani family office. Please go ahead sir.
Unidentified Participant
Thank you for the opportunity. So sir, we have seen a good amount of growth in the EBITDA in compared to the last revenue. Sorry, the last quarter. So should we take it like you know the rise in this as a steady rate or you know should we see any volatility due to the rise.
Pankajkumar Hastimal Jagawat
business is going to be. There’s going to be a good growth in this quarter also coming quarter also. Yeah, there’s a lot of demand of the jewelry so there shouldn’t be any problem. So January was extremely good and I February and March also should be extremely good.
Yeah, it’s A wedding season and all.
Unidentified Participant
Okay sir. And the second thing was the gross margins. So I mean, you know, in the rise in the gross margins would we say that it is due to the timing? You know, since there has been a
Pankajkumar Hastimal Jagawat
gross margin would be around 7 to 8%.
Unidentified Participant
Okay. Even going forward it.
Pankajkumar Hastimal Jagawat
Going forward it would be around 8 to 10%.
Unidentified Participant
Okay sir. And if in case there is a stable stabilization in the price of the gold, how should we think that, you know, that one would go ahead?
Pankajkumar Hastimal Jagawat
That’s what I’m saying is that as like we are planning to hedge the gold.
So for us it’s going to be a stabilized price only due to the geopolitical tension. We are the money we receive from IPO proceeding yet purchased all the golden arts. But in future we are planning to hedge our gold. And so we are not going to take risk on the gold price. And gross profit should be around 8 to 10%. Yeah.
Unidentified Participant
Okay. So. So we should, I mean in case like you know, so we should not think any about anything about the incremental margins going forward. Like as of now
Pankajkumar Hastimal Jagawat
it can be four, it can be five, it can be.
Yeah. But it’s going to be more around year only. But the volume is going to be very big. Yeah.
Unidentified Participant
All right sir. No worries. Are it. Thank you so much sir. Thank you.
operator
Thank you. Thank you. We have the next question from the line of Nitin Shah, an individual investor. Please go ahead.
Unidentified Participant
Hello. Am I audible? Yeah, yeah. Thank you for being the opportunity and congratulations on good set of numbers. Thank you. My first question would be like, you know, I fail to understand actually it’s fundamental question basically. I mean the same promoters have a different listed entity. I mean can please tell me the reason? I mean what distinguishes the two companies asset as both are into, you know, jewelry making. I mean. Yeah, yeah.
Shriram Kannan Iyengar
I will answer this. It has started on a mass production and when Utsavi had started where Karishma Kapoor used to be a brand ambassador and that jewelry used to sell it on the maximum retail price.
So both companies couldn’t have it been combined together those guys because this was a different line and that was a different line. So there the jewelry used to be sell on pieces not on the quantity and all. So that is where the new factory was started. I mean at presently how does the two business. We have a professional team over there. There is a professional CEO and all who’s working on the comments. It’s been this company has been like that has been 2007 established company and this is 2003 established company. But we never had any problems till today because both have a different client, different kind of variety and different kind of jewelry.
Unidentified Participant
Okay, okay, okay. Fair enough. Fair enough. Thanks a lot. Second. Yeah. Am I audible? Yeah, you audible. Sure. So and how do we distinguish between our other listed psa, you know Sky Gold and other players? How. How are we differentiated ourselves with the peers?
Pankajkumar Hastimal Jagawat
See our core strength is designing. So basically the demand, demand is rising of our company due to designing which we have announced CAD designers. And also because of that we means we’ve grown like after we received in one quarter only we’ve seen in volume growth.
Unidentified Participant
And. And the general question, you know for what will be the asset turnover ratio, you know for any capex that we generally do.
Pankajkumar Hastimal Jagawat
I didn’t get your question.
Unidentified Participant
Like suppose if we. If we. If we go for investment of say 100 crores. Say what is the maximum revenue that we can get from. I say 200 crores or 300 crores.
Pankajkumar Hastimal Jagawat
It’s a working, intense, working capital intensive business.
Unidentified Participant
Okay. Okay. And any particular guidance for the next year? Basically any particular guidance for the next year? For this year we’ll block somewhere around 2000 crores if I’m not mistaken.
Pankajkumar Hastimal Jagawat
Yeah.
Unidentified Participant
And how about the next year? How does it look like 60 to 70% growth. Sorry, how much?
Pankajkumar Hastimal Jagawat
60 to 70% growth.
Unidentified Participant
Thanks a lot. I mean really appreciate and once again the congratulations for this set of numbers. Really appreciate. Thank you. Thank you.
operator
Thank you. We will take the next question from the line of Ajit Shetty from Eco Quantum Solutions. Please go ahead. Yeah.
Unidentified Participant
Thank you for the opportunity. So what is the amount we are spending on Jaipur facility and Mumbai facilities?
Pankajkumar Hastimal Jagawat
Mumbai we are spending 8 and a half crore rupees as a capex. And Jaipur we have it’s around 46.8 crores. 40. 46. 46 rupees approximately is spending.
Unidentified Participant
Okay. So. So when will be this 1200 kg facility will be operational?
Pankajkumar Hastimal Jagawat
It should be operational by July.
Unidentified Participant
So 5200 kg will be there for us in FY27, right?
Pankajkumar Hastimal Jagawat
Yeah. Increment.
Unidentified Participant
So, so when we can achieve the peak utilization from this 5200 kg.
Pankajkumar Hastimal Jagawat
So like Bombay facility we are expecting around,000 to 1200 kilos.
800 to 1000 kilos a year after the factory starts. So whatever month remaining would be divided in that. And Jaipur also we expect. So Jaipur factory also utilization will be.
Unidentified Participant
So I didn’t get you type of agility. What you are expecting the volume.
Pankajkumar Hastimal Jagawat
Initially. And with the same volume growth can we expect in FY20 at 60 to 70%. Yeah.
Unidentified Participant
Okay sir. Thank you.
operator
Thank you. A reminder to all the participants, you may press star and one to ask a question. We have the next question from the line of Shruti Sharma from Family Offer. Please go ahead.
Unidentified Participant
Yes, good afternoon and thank you for taking my questions. I have a couple of questions so first one is currently we are opening at around 65% utilization. So just wanted to understand the thought process behind adding nearly 150 incremental capacity. Is this expansion largely backed by firm customer or order visibility or is it more of a strategy?
Pankajkumar Hastimal Jagawat
No, it’s backed by MC because you need a different factory with a different kind of artisans. Okay. So these artisans cannot make the jewelry what we are making to make it over there. So it’s going to be under a complete new jewelry designing, new capacity of manufacturing and new product line. So this so it’s the same addition, cannot make the same.
Unidentified Participant
Okay. Okay, my second question on the new 4 TPA capacity. So could you give us some like ramp up timeline what kind of utilization level should be realistically factor in.
Pankajkumar Hastimal Jagawat
This factory should be operated by.
Unidentified Participant
Okay, and my last question about like demand. If demand doesn’t scale up as expected, how flexible is this capex? Like is this expansion modular or phased?
Pankajkumar Hastimal Jagawat
We’ve already worked on our designs and all we’ve showed it to.
Unidentified Participant
Interrupt in between. Sir, your voice is not audible.
Pankajkumar Hastimal Jagawat
It’s. We already this of our designing and the jewelry we are going to make. We have already created a sample line. We’ve already showed it to our customers and after they like the jewelry we’ve bought the factory and also it’s all time so it’s no way scale factory is not going to scale. It’s going to scale. We’re very confident about it.
Unidentified Participant
Okay, and at what utilization does this new capacity break even?
Pankajkumar Hastimal Jagawat
It’s there are no expense because all the admission costs are in this factories. It’s just there. So there is no only has the main reserve rent and some cat designing and also that’s hardly anything in terms of thousand kilos.
Unidentified Participant
Okay, that’s all from my side. Thank you and all the best for coming quarters.
operator
Thank you. We will take the next question from the line of Pascar Khandrar from three head Capital. Please go ahead.
Unidentified Participant
I am audible.
Pankajkumar Hastimal Jagawat
Yeah, you’re okay.
Unidentified Participant
Thank you sir. First of all Congressman, for good setup number l is it 1670 kilograms per annum but existing capacity is 2.7 kilograms. Yeah. Yes. How much we will be assume peak utilization in FR27N
Pankajkumar Hastimal Jagawat
we’ll be reaching around 80% of the 75 to 80% of our capacity. Okay. Thank you. Utilized so it should reach around 8 7.
Unidentified Participant
Okay. Thank you. Or sir, hedging site. We are hedging gold to GML or natural heading. Hedging.
Pankajkumar Hastimal Jagawat
No gml. They are trying to get into gml. Yeah.
Unidentified Participant
How much portion in inventory size. How much portion?
Pankajkumar Hastimal Jagawat
Most of our pushing we are planning to go into gml.
Okay. Most. Most of the.
Unidentified Participant
Okay. On the margin side we are entering to the plain goal and new category. There is margin are same level or margin.
Pankajkumar Hastimal Jagawat
So it is going to be a complete mixed margin of our bridal jewelry day to day visual re which we should be around comfortable around 4%.
Unidentified Participant
Okay. Also beyond if our existing marginal high and our new product category marginal lows there will be some margin decline in blended level
Pankajkumar Hastimal Jagawat
margin declining. I’ve said when I compress both the things together it’s going to be around 4%. We have already did a working on it.
Unidentified Participant
We are targeting 4% pad margin.
Pankajkumar Hastimal Jagawat
Yeah.
Unidentified Participant
Okay. Or sir, inventory side. How. How much portion is gold? Silver. You can give
Pankajkumar Hastimal Jagawat
complete gold. We only deal in gold. We don’t need silver. Oh.
Unidentified Participant
Okay. Okay. Okay, sir. Thank you sir. And best for the best of your. Thank you.
operator
Thank you. We will take the next question from the line of Shreyansh Jain from Unique Investment. Please go ahead. Shreyansh, proceed with your question. Written. No response. We will take the next participant. We have the next question from the line of Aniket Madhwani from Step Trade Capital. Please go ahead.
Aniket Madhvani
Yeah. Hi Vandshar. Could you just give me a breakup of the revenue? I mean what amount have been received from domestic and international business?
Pankajkumar Hastimal Jagawat
Domestic is 96% and 4% towards exports.
Aniket Madhvani
Okay. And are you expecting this to increase? I mean you’re trying to enter in UAE and usa.
Pankajkumar Hastimal Jagawat
Yeah. So we are opening office in Dubai. So it should from 4% it should go up to 10%. And the office should be operational by May.
Aniket Madhvani
10% by next year. And which country will be the most contributing? I mean where do you see the most demand for your business? Pardon me.
Pardon me. From this 10% of exports this country will be contributing the most.
Pankajkumar Hastimal Jagawat
Singapore, Dubai, Malaysia. All those countries. Yeah. Qatar and all uae.
operator
Thank you. We will take the next question from the line of Kashish, an individual investor. Please go ahead.
Unidentified Participant
Yeah. Is it better now?
operator
Can you please use the handset mode and speak?
Unidentified Participant
Sure.
operator
Please proceed.
Unidentified Participant
Next year we are planning to grow by 60%. Whether we would be raising any debt or equity from this.
Pankajkumar Hastimal Jagawat
We’ll Be taking some of the debt. And we’ll be using our internal world also from what we have it in our factory now. Our new new Mar manufacturing this.
Unidentified Participant
So can we expect this?
Pankajkumar Hastimal Jagawat
I can’t hear you properly. Not on network.
operator
Sorry to interrupt. In between. Kashish, I would request you to please rejoin the queue. Thank you. A reminder to all the participants. You may press Star and one to ask a question. We have the next question from the line of Sachet Malu from Genuity Capital. Please go ahead.
Charchit Maloo
Hi sir. I had question on the inventory side. So how much inventory do we had in Q3 of 26 and 9 months inventory. Q3.
Pankajkumar Hastimal Jagawat
Basically we are holding for 1 and up to 2 months value around the 380 crores in Q3. I’m talking about Q3 only. It’s more on the list of the same level. Given Q2 it was around 350 or 360. But it’s at the same level. Just a marginal higher up. Incremental higher up. Because of the. And it was. It is around 3.3 crores.
Charchit Maloo
Okay. And like what kind of revenue are we expecting for next quarter? And like are we able to sustain the margin of 9% in Q4?
Pankajkumar Hastimal Jagawat
Yeah. Yeah.
Charchit Maloo
And like on the revenue concept like around 2000 in. In.
Pankajkumar Hastimal Jagawat
In the whole year. Yeah, yeah. The whole year. So my church.
operator
Thank you. A reminder to all the participants. You may press Star and one to ask a question. We will take the next question from the line of Jay Prakash, an individual investor. Please go ahead.
Unidentified Participant
Good afternoon. Am I audible? So first of all congratulations for the good set of numbers. I would like to know after successful launch of your IPO how about your depth level? Despite your on capex planning is the debt level is manageable or a company or you have any strategy to reduce the debt level. It is currently around 300 crores.
Pankajkumar Hastimal Jagawat
No sir, just a correction. Currently our debt level is a point 3.3% which is variable. Much less than the normal standard debt equity ratio. So on the debit level we have only enough the growth of the company.
So as of now my stands at 225 year not 300 years. And that debt equity stands at 0.3%.
Unidentified Participant
Okay. And also on last three quarters you have have been. Your PAT has been increasing. Is there any dividend for the retail investors? Any discussion in the board
Pankajkumar Hastimal Jagawat
at present we are just trying to grow.
Unidentified Participant
Okay, fine. Thank you. And I’ll shall keep it up. Thank you.
operator
Thank you. A reminder to all the participants. You may press Star and one to ask a Question. We will take the next question from the line of Manish Jaswas from MJ Capital. Please go ahead.
Unidentified Participant
Yeah. Hi. I am audible.
Pankajkumar Hastimal Jagawat
Yes.
Unidentified Participant
Yeah. Thank you. Good set of numbers. 7.9 k kg. Total overall capacity. Right now you have a. Right. Right. Okay. In the term of growth. Fy27.
Pankajkumar Hastimal Jagawat
Okay. Okay. Right now pat margin. It was just. And due to geopolitical things were going around. So our organization had thought of buying the gold on us. Right. Because there were tariff problems. Gold were rising every day. So we had our own planning with the management. But going long way. We don’t plan to buy the gold on other companies. This risk we would like to hedge the gold.
And we would like to make a simple business dealing. Okay. Which would be very effective for us with a very low percent of interest and which is going to benefit the company. Yeah. Okay. Okay. Good. Sir. And sir, for the longer term of period growth rate maintained like FY28, 29. FY30. Yeah. The world is so big. The India itself is so huge. With 1.2 billion. My company I would say we are not even.0,000 somewhere in the industry. There’s too much of growth for our industry to grow bigger and bigger. Okay. Okay. Right now. Right now.
Capacity utilization. Okay. Okay. Okay. In the long term.
Unidentified Participant
Yeah. Okay. Thank you. Thank you. All the best. Thank you.
operator
Thank you. A reminder to all the participants. You may press star and one to ask a question. We will take the next question from the line of pages Khandelwal from Prudent Equity. Please go ahead.
Unidentified Participant
Hello sir. Thank you for the opportunity. I’ve joined a bit late so I don’t know if this question has been asked already. So I. I just wanted to ask that. There is another company listed with the same promoter and with the same line of business. So how do we differentiate our products?
Pankajkumar Hastimal Jagawat
So yeah. Yeah. So this. The Utsav manufacturing is in 2007. It’s existing and Shanti goes. Both have a different nature of business. Different kind of jewelry. And both are run with a very different management. With a very professional management. So that’s also like 17 years management director is common in both the companies.
I have a few over there who.
operator
Sorry to interrupt. In between. Sir, your voice was not audible.
Pankajkumar Hastimal Jagawat
Can I hear me. Now? Can you hear me?
operator
Yes.
Pankajkumar Hastimal Jagawat
Yes. Yeah. Who runs the company and run with very professional management. Okay. And now do we have common customers? Because the variety is different. So it doesn’t make a difference to our customers. That company makes a different kind of jewelry. And this company makes a Different kind of jewelry.
Unidentified Participant
That’s my question. Thank you.
operator
Thank you. A reminder to all the participants. You may press star and one to ask a question. We will take the next question from the line of Arabde, an individual investor. Please go ahead.
Unidentified Participant
Good afternoon. So my question is on the margin side that last quarter if we look at it then versus this quarter there is a huge fall in the margin. Last quarter there was a inventory gain. So in this quarter is it missing in quarter?
Pankajkumar Hastimal Jagawat
This quarter also there was inventory gain but little inventory gain. Last quarter we had received money from the IPO proceeding and our purchase was at a very lower price and the jewelry selling was at a very higher price. Because then somewhere was lies. And that’s why our margin is written. It’s effective but not business margin.
It’s on the margin from the. We have got that. And one other thing that if you can give me the information that what was the pat margin x inventory gain for the last year and what would be done in the future that in terms of the pat margin x inventory gain which is sustainable if there’s no inventory gain. So 4% will be sustainable which we are going to achieve with the kind of jewelry what we are manufacturing and the designing and all. So fourth part net profit that.
operator
Thank you. A reminder to all the participants. You may press Star and one to ask a question. We will take the next question from the line of Rajiv from Shakti. Due to no response, we will move on to the next participant. We have the next question from the line of Nikita Mehta, an individual investor. Please go ahead.
Unidentified Participant
Thank you sir, for the opportunity. I have couple of questions. So sir, can you share your current gold inventory in terms of days and how it compares with your historical average. And also has there been any significant change in inventory holding levels over the past few years?
Pankajkumar Hastimal Jagawat
Ma’, am, currently the inventory is at 1.5 to 2 months. It’s been average. Yes. Because of increase in the prices the inventory value does goes up. But if you turn. If you see in terms of the terms it’s. It’s a healthy margin. Maybe going forward with the diverse product line that we are going to plan the inventory holding will further improve only. So as of now we are at 60 to 65. That’s roughly two months average holding period.
Unidentified Participant
Okay. Okay sir. And so I have one more question. Like with higher gold prices, how has your working capital requirement changed in absolute terms? Like has this led to higher borrowings or any pressure on the balance sheet. In the gold prices?
Pankajkumar Hastimal Jagawat
Certainly the value also. So that also in the increase in the working capital requirement. So but having said the it goes for the other also the higher prices also. So churning happens. So as of now the debt position is very comfortable. Currently we are at.03% inside so as of now at 0.3% as I said. Yes, increasing the in case because we are able to pass on those prices to the customer due to our design and all so that translates into revenue also.
Unidentified Participant
Okay. Okay sir, I think that answers my question and all the best sir, for the future.
operator
Thank you very much ladies and gentlemen. That was the last question for today. I now hand the conference back to the management for closing comments. Thank you. And over to you sir.
Pankajkumar Hastimal Jagawat
Thank you. Thank you everyone for participating international. I hope we have been able to address most of our.
operator
Sorry to interrupt in between sir, your voice is not audible. No sir, still it is not audible.
Pankajkumar Hastimal Jagawat
Can you hear me?
operator
Yes sir. Please proceed.
Pankajkumar Hastimal Jagawat
Thank you everyone for participating in the earning call of Healthy Good International Limited. I hope we have been able to address most of your queries. However, if there’s anything missed out on any of your questions, kindly reach out to Amit Smith from and he’ll connect with you and give further information as may be required. Look forward to interact you in the coming quarters. Thanking again for your. Thank you. Bye.
operator
Thank you management members on behalf of Shanti Gold International Ltd. That includes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.