{"id":174179,"date":"2026-01-22T11:04:46","date_gmt":"2026-01-22T16:04:46","guid":{"rendered":"https:\/\/alphastreet.com\/india\/sky-gold-ltd-skygold-q1-2026-earnings-call-transcript\/"},"modified":"2026-01-22T11:04:46","modified_gmt":"2026-01-22T16:04:46","slug":"sky-gold-ltd-skygold-q1-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/sky-gold-ltd-skygold-q1-2026-earnings-call-transcript\/","title":{"rendered":"Sky Gold Ltd (SKYGOLD) Q1 2026 Earnings Call Transcript"},"content":{"rendered":"

Sky Gold Ltd (NSE: SKYGOLD) Q1 2026 Earnings Call dated Jul. 25, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Mangesh Chauhan<\/strong> \u2014 Managing Director & Chief Financial Officer<\/em><\/p>\n

Siddharth Sipani<\/strong> \u2014 Group Finance Controller<\/em><\/p>\n

Analysts:<\/h2>\n

Vidhi Vasa<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Angad Katdare<\/strong> \u2014 Analyst<\/em><\/p>\n

Palash Kawale<\/strong> \u2014 Analyst<\/em><\/p>\n

Bharat Gianani<\/strong> \u2014 Analyst<\/em><\/p>\n

Nirvana Laha<\/strong> \u2014 Analyst<\/em><\/p>\n

Sagar Jethwani<\/strong> \u2014 Analyst<\/em><\/p>\n

Diya Brijwani<\/strong> \u2014 Analyst<\/em><\/p>\n

Vijay Chauhan<\/strong> \u2014 Analyst<\/em><\/p>\n

Darshil Jhaveri<\/strong> \u2014 Analyst<\/em><\/p>\n

Nilesh Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Manan Vandur<\/strong> \u2014 Analyst<\/em><\/p>\n

Ankush Agrawal<\/strong> \u2014 Analyst<\/em><\/p>\n

Ganesh Rao<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Welies and gentlemen, good day, and welcome to Sky Gold and Diamonds Limited Q1 FY ’26 Earnings 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 the conference call? Please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Ms. Thank you, and over to you, ma’am.<\/p>\n

Vidhi Vasa<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. On behalf of Entime, I welcome you all to Sky Gold Diamonds Limited Q1 FY ’26 Earnings Conference Call. On the management side, we have Mr Mangesh Shawhan, Managing Director and Chief Financial Officer; Mr Siddharth Sapani, Group Finance Controller; and Mrs Nikita Jain, Company Secretary. I hope everyone had an opportunity to go through our investor deck that we have uploaded on Exchange and the company’s website.<\/p>\n

I would like to mention a short disclaimer before we begin the call. This call may contain some of the forward-looking statements, which are completely based upon our beliefs, opinion and expectations as of today. These statements are not a guarantee of our future performance and involve unforesome risks and uncertainties.<\/p>\n

With this, now I hand over the call to Mr Mangesh. Over to you, sir.<\/p>\n

Mangesh Chauhan<\/strong> \u2014 Managing Director & Chief Financial Officer<\/em><\/p>\n

Thank you so much. Good morning, everyone, and thank you for joining us today as we are discussing our Q1 FY ’26 financial performance. We have commenced the quarter on a strong note despite persistent fluctuation in gold prices. Our sales performed exceptionally well, demonstrating significant growth. At Kai Gold, we remain steadfast on our vision to become one of the largest B2B gold jewelry manufacturer in our segment. Our specialization in jewelry serves as a specific differentiator, especially relevant in today’s fluctuating gold market.<\/p>\n

The Indian pine jewelry sector is seeing accelerated growth fueled by surging gold rates, the emergence of women as primary buyers and growing inclination towards sleek design forward pieces suited for modern lifestyle. We have transited from a volume-based approach focused on generic design to a move design-led model emphasizing and complexity. This exclusion enable us enabled us to produce journey that’s both lightweight and structural, perfectly catering to today’s customers who seek durability and elegance amid fluctuating gold prices.<\/p>\n

In response to these market dynamics and to cater to evolving consumer attention, we are also observing an increasing trend to customers inclination towards 18 jewelry. Further, few customers are also open to tests 14 categories due to-high gold prices and industries adopting to a new hallmarking role for nine categories. So as we progress for on our growth journey, the successful onboarding of our new client — large clients like jewelry demonstrate our capability to manage premium large-scale products which excellence and significantly expand our customer reach.<\/p>\n

Now I would like to highlight some of our recent company updates. New client additions, we have successfully onboarded Reliance Limited, PMJ jewelry Hyderabad and, which has strengthened our presence across diversified and fast-growing major jewelry retailers. Additionally, our wallet share is increasing with Aditya Villa, Lane and P&, further enhancing our footprints among prominent and rapidly expanding retail chains.<\/p>\n

Focus on advanced gold customers, we are actively targeting new customer additions through the advanced gold model and we anticipate a further increase in wallet share from our existing advanced gold clients. The model is expected to enhance PAT and improve ROCE. Sky and Diamond plans to optimize working capital by successically implementing the advanced gold model across its customer-base.<\/p>\n

Acquisition of a wholly-owned subsidiary — newly wholly-owned subsidiary in Dubai UAE Sky Gold and Diamond plans to acquire a newly incorporate entity in Dubai UAE for a nominal amount of INR12 lakh rupees. This is to strengthen its export to the Middle-East as we identify this region as a strategic growth market and plan to open a sales office there. This is in addition to our recently opened office in Kerala, owning to a strong demand for high-quality jewelry, particularly in.<\/p>\n

Focus on gold metal loan. We have successfully secured gold metal loan limits from three existing bankers. Gold metal loans provide lower-cost financing, thereby substitating high-cost working capital facility and offer gold manufacturers raw-material upfront. This includes cash-flow and production cycles. From June and early July, rates have now started cool-off to around 4% from the high of couple of quarters back. We are on-track to gradually shift our borrowings to GML loans.<\/p>\n

Market dynamics during Q1 FY ’26. The Indian jewelry market in Q1 FY ’26 experienced mixed trend due to gold price volatility, particularly sharp increasing from May to mid-June with softened customer movement after a strong period despite this festival driven demand and continued expansion effort by organized players have fueled growth. There is also a noticeable consumer shift towards lightweight, lower credit and spreaded journey with strong and sustainable growth projected from organized sector.<\/p>\n

Now I will discuss our Q1 operational highlights. This quarter, our monthly production volume was averaged 456 kg per month, up subsequently from 349 kg per month from last year, making a robust 30% growth year-on-year, exports continue to make healthy contributions with sales reaching approximately INR131 crores, which is 12% of total revenue.<\/p>\n

The consolidated revenue for the quarter stood at INR1,131 crores versus INR723 crores in QY FY ’25, thus registering a growth of 56% on year-on-year basis. The gross margins were 8% compared to 6.5% on-Q1 ’25, an improvement of 163 basis-points. Mainly on account of increase in advanced gold volume from 4% to 5% quarter-on-quarter. Further, our AT cred volumes has increased from 4% to 7% in current quarter. Further, we launched lightweight weather light JLD designs in ’22 credit, which has led to improvement in our margins.<\/p>\n

EBITDA for the quarter was INR71 crores compared to INR37 crores in Q1 FY ’25, showing a growth of 91%. EBITDA margin for the quarter stood 6.3% as compared to 5.2% in Q1 FY ’25, improved by 115 basis on a year-on-year basis. PAT for the quarter stood at INR43 crores as compared to INR21 crore in Q1 ’25. PAT margins for the quarter stood at 3.9% as compared to 2.9% in Q1 FY ’25, hence improving 92 basis on year-on-year basis. With our robust profitability strategic move towards advanced core consumers GML, we are expecting modernizing moderation in our working capital cycle in coming quarters on-track for working days of 50 to 55 days in FY ’27 with target revenues of INR5,400 crores in current financial year and INR7,600 crores FY ’27.<\/p>\n

Now I request the moderator to open the floor for questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin with the question-and-answer session. Anyone who wishes to ask a question may press star and one on the touchstone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use a handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Chandan Mishra from Finvestors. Please go-ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Good morning, sir. First of all, congratulations on posting goodwali. Sir, my first question is regarding export opportunity. As India-UK trade deal is signed and the jewelry sector having zero tariffs, are we eyeing the UK market for opportunity.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So again, yes, there is a good news from the government that you can — UK has done a deal with India and they are done beauty free export — we can export from India they have done beauty free. So we are right now not in the products of UK and Europe type products, European products. We are into Asian products which shoots to UAE countries or Singapore or Malaysia. Those are stores in Singapore, Malaysia and UA and then the buyers are like, Pakistani,, they see Indians and all. Those are also modern jewelry, but they shoots to Asian customers. So in future we might be planning because UK has opened the market and now only the news has, but it will take time us to produce a product like Europe and lifestyle. Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, my next question is, sir, if you please give me an update on Ghanna and gold acquisition, is it completed?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So it is in-process and you will be completed your last seven to take this spending.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. How much spending?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Seven to 10 days work is spending. Of course we have got from the boat, but seven to 10 days of process is spending. A lot.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And sir, my next question is related to volume, sir. What is current volume of export order, which we started at 60 KG per month? Have we increased our volume and that we have targeted for 200 KG per month-by year end?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So yeah, so we are opening an office in UAE for that only because of the rate difference in the US — sorry, UAE and in India, we get a premium rate for the export gold. That’s why we are opening office there. So we are little bit 15 days work is pending for the paperworks and all. And so approximately first August of 10 August, we’ll open the office and we’ll start distributing that order also. So already we have distributed the order of export 40 cages already we have in this quarter.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, sure. Sir. One more question, sir. We have planned to exit FY ’26 run-rate around 650 to 700 kg per month-in volume. And currently, we are at approx 456 KG after Q1. Are we on-track to achieve that target?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Yeah, yeah. We are well 450 KG per month. Next quarter, we are approximately expecting 580 or something in the 3rd-quarter 630 and last quarter 650 will be at 650 kg last quarter. So earlier quarter, you can see we grow every quarter gradually and this way we’ll grow in this year also.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, I have few more questions. If you permit, I can ask or I may go in-line<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

I think again you can click somebody can ask and again you can come after can<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I will go in queue. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your question to two per participant. Should you have a follow-up question, we would request you to rejoin the queue. The next question comes from the line of Angrat from Sameeksha Capital. Please go-ahead.<\/p>\n

Angad Katdare<\/strong><\/p>\n

Thank you for the opportunity. Good set of numbers. My first question is, can you just provide a breakup of your sales-based on carat?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Yeah. We have — we have done APU carat is approximately 7% — no, 7%. 7% is ATU correct, 87% is 22 carat, the 5% is job work and is 0.7%. So we have gained the shares in 18 carat from 4% to 7% year-on-year and 87% is 22. And job work we have reached 5%, it was 4% before this quarter. And, just 0.7% because we are in-between 0.7% to 1%.<\/p>\n

Angad Katdare<\/strong><\/p>\n

Okay. Sir, my next question is on our gross margin. We — in this quarter, we have reported around 8% gross margin on a consol basis. How much is due to the gold price increase?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Yes. So we are totally hedging the inventory waste and sale and purchase. There is no gain of the gold price in which already we have gained some our sale of 18kat has increased, we have increased our margin also. Again, in-spite of that, we have launched lightweight feather like-new verticals in design-in this quarter in ’22, this led us to improve our margins. So there is no gain in the inventory or loss also we not have because we are hedged by the inventory and our sale and purchase also hedging.<\/p>\n

Angad Katdare<\/strong><\/p>\n

Great to know that. Sir, my final question is on our net asset turn. I was looking at our FY ’24 numbers. Our net asset turn is far superior when I compare it to our peers who have in the range of, I think, 20 30 x, we are in north of 90, 100X. How do you think this trend will sustain going-forward for us on that sector basis?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

I think I can come back to you because I will be check this one. Yeah. So can you come back with this?<\/p>\n

Operator<\/strong><\/p>\n

I like to, sir. May we request you to return to the question queue for the follow-up question.<\/p>\n

Angad Katdare<\/strong><\/p>\n

Sure. Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Palash from Nuvama Wealth. Please go-ahead.<\/p>\n

Palash Kawale<\/strong><\/p>\n

Yeah, thank you for the opportunity and congratulations on the good set of results, sir. Sir, when do you see this business picking-up and contributing well to the overall business.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So already in this business is picking, that’s why we are came at 5% — from 2% to 5% and the Aditya and are about to start the order. So this quarter, August and September, we’ll be supplying to Aditya Bila and Reliance both. So this we also had in the job of percentage. So because of, we are increasing our job of percentage came to 5%, which where we are at 4% or 2% and now if the energy care we joined, we are targeting 7.5% this year.<\/p>\n

Palash Kawale<\/strong><\/p>\n

So this means that there is still some scope for margin expansion for this year, right, on gross levels because improve year and sir, what is the limit of the gold metal and that you own that we have secured from the three banks? What is the amount?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So already three months we have secured approximately 1994 or something. Only INR90 crore we have secured the goal metal loan. So from this quarter only, we have started using, I think 20% we will use this quarter and balance 20% in the next quarter and we’ll be at March quarter 70% or 75% odd. So successfully we have got the limits from all the bankers and we are starting the year.<\/p>\n

Palash Kawale<\/strong><\/p>\n

Okay. And sir, what is the inventory and receivable days for you after the Q1 quarter-end?.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So again, successfully, we have reduced our data base from 38 days to 32 days, which has shoot up in the last quarter. So we have reduced our data base successfully. Our inventory days is little bit higher because we have made the orders for Dubai office, which were going to dispatch a little bit, it got later to — because of the of the Dukai office, it got shifted in one month because which was going to shift in June, but we are shipping — we’ll be shipping right now in 15 10 days or something. So inventories were, that’s why a little bit higher. Some disposure of June also happening now in July because June gold rates were higher. So again, we have successfully reduced our data and inventory days will be diluted as our office also will open and July also disclosures are going off.<\/p>\n

Palash Kawale<\/strong><\/p>\n

Okay. That’s really helpful, sir. And sir, my next question is on-demand. You said that the gold price increase has affected the demand. So like the growth which you have guided for this year, will it come from the new client or the wallet share gain and demand gains would also contribute to it for the FY.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

We are majorly relying on the existing client because we have given the guidance on the major dependency on the existing large corporate, small corporate. So their stores are opening because they have already announced the sole of this year coming — this year somebodies have opened 180 stores, opening 100 stores. So there are mostly 2,500 stores coming in two years of the corporates only. So based on that, our inventory will be — orders coming from the new stores also and for the existing store also. So we are little bit expanding our also and supplying the inventory in the old and new-store also. So again, if we are not expanding our wallet share, we will be supplying to the opening new-store and existing stores from there also the sales will come. So majorly we are relying on the existing stores only. Again, new plants are giving — what we have onboarded, they are giving advanced business, both they will — that will expand our volumes because of the advance<\/p>\n

Palash Kawale<\/strong><\/p>\n

Okay, sir. That’s really helpful. Thank you for your answers, sir. And all the best for the upcoming quarter.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Just highlight that we are opening — we have open a office also and we are entering into single-store, two stores, those who have — they are also planning to multiple the store. They are regional based and they have a very good sales in the region. So we are expecting to come the same.<\/p>\n

Operator<\/strong><\/p>\n

Okay, thank you. Next question comes from the line of Bharat Jayanani from Money Control Pro. Please go-ahead.<\/p>\n

Bharat Gianani<\/strong><\/p>\n

Yes, good morning. Congratulations for a good set of numbers and thanks for the opportunity. Sir, so first thing from while we had given the revenue guidance, what would be our EBITDA and PAT margin guidance for FY ’26 and ’27?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So we are — by FY ’27 will be between 4.25%, 4.5 PAT margin because of the GML in 3\/4, some below EBITDA will gain the interest cost will be saved. And again, our gold metal — advanced gold business will increase by 2027. This year we are expecting 7.5%. Next year we are expecting 10%. So that will improve our gross margin and EBITDA. But conservatively, we will be at 6 months-to 6.3 EBITDA and PAT level at 4.25. So by FY ’27 I’m telling. So in coming seven quarters.<\/p>\n

Bharat Gianani<\/strong><\/p>\n

Great. I’m sir, on the cash-flow side, I understand that we are kind of scaling up the business. So the cash-flow is not there at this point of time. But given that whatever strategy you have highlighted, especially of the advanced gold scheme wherein the working capital will also get produced. So will we become operating cash-flow positive by FY ’27? What is your estimate on that?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

After March, we’ll be as cash-flow positive. In 2026 March will be negative because we will be short. We’ll be creating a INR200 crores — INR10 crores PAT, but we’ll need INR350 crores INR140 crores will be there in 2026. But again, INR27 will be cash-flow positive of the March. So we are sufficiently funded for 2026. We have INR900 crores of inventory and leverage, which will be — if you see a cycle of 60 days, we are sufficiently funded. So we will not need any funds. But by FY ’27 March after we will be cash-flow positive.<\/p>\n

Bharat Gianani<\/strong><\/p>\n

Okay. And sir, one more question from my side. Can you please explain this scheme of for the export customers buying gold from the Dubai market? So I mean, just wanted to understand the mitiguities of any regulatory thing involved in that because I mean buying gold and then can you — I mean, you will process it in India and then again give it back to the export customers. So I mean, can you explain the regulatory angle for that? I mean, how is it permissible how I mean how we are going to do that because that will contribute a significant chunk to the revenues. So if you can please highlight how the procedure will.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

India for the export gold, Indian government is very supportive for the export. We are getting export gold from the bank, but they are charging us $4 to $5 premium. Example, today’s gold is $3,300 and we are getting export $3,000. We are little $5, $5 premium is going on. Without duty we get, we have to export that gold. We don’t have to use for domestic, we can’t use for domestic. There is no problem using that. But in UAE and Malaysia, when gold is running at the rate of $3,300, discounts are going on for $10, $15 per dollar because we are doing the freeport and many mines gold comes there. So that’s why customers are willing to pay the making charges, but they don’t want not willing to pay the $15 premium side of India, their discount going-in the way they are not getting from us. So that’s why we are opening office space office there to provide orders perfectly to give a download support to the customer.<\/p>\n

From there, we’ll serve Singapore, Malaysia and UAE, all the things. We will — example, we increased INR20 crore to UAE office and we purchase gold from that. So I will get 3 to INR908, not double as I discounted and we sent to India for the job work at the parent company and we send back the goods to UAE office and we can sell it our gross margins of whatever gross margin rate, but we’ll set at the same rate which is going on with the global rate. So there will be a hit for the gold rates to the customer. That’s why they are — they want to increase the quantity with us because they sold us their paying. So that’s why we are opening the office and we’ll the gold in Dubay only and we’ll give a job up to the parent company and will come to the and we can say to our gross margin. The gold rate will be not different because of this discounting going-in Dubai.<\/p>\n

Bharat Gianani<\/strong><\/p>\n

Okay. So but all this is like<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Compliance issue is on India also we can export directly. We are already exporting a very good support from the Indian government and they are very much in including the export and the paperworks very — there is no problem in that and there is no problem in the job of us. So thus we are — we want to increase our sale and have a good footprint in the UAE center. So if we open the office there, our, our salesperson will be able to pick-up more orders and show them the samples and picture more orders because unique market is there because our projects like and and have their offices — have the there also. They are opening more store in UAE and in Malaysia, so we can solve that.<\/p>\n

Bharat Gianani<\/strong><\/p>\n

Okay, great, sir. I have two questions, but I’ll come back-in queue. Thanks a lot. Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Nirvana Laha from Badrinath Holdings. Please go-ahead.<\/p>\n

Nirvana Laha<\/strong><\/p>\n

Hi, thank you so much for the opportunity. Sir, you mentioned that you will — you plan to scale your volumes from 450 kg this quarter to 580 next quarter, if I heard you right. So that’s a huge increase, 160 kg per month-in just 1\/4. So which clients or what orders will drive this increase, sir?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So again, I told you that already our Reliance energy cable has placed in the order for of lane is increasing every month. And again, our existing clients, we have diversified, let’s from large corporate, mid-corporates, small corporates and all. So all we’ll — because again, you can see that Diwali and season orders comes in August-September this quarter. So we will be ordering back for September for Diwali and all and seasars are coming for and so season starts from August and in July, we get the order from,. Other states have other festivals in August. So there is a new season in the industry in August month, September 1, November month, December 1, that’s why we are expecting this volume from this quarter. And again, you can see our back four-quarter also, we have increased the same quarterly gradually and this year also we’ll be changed this type of sales. So we have customers new also and existing customer also will<\/p>\n

Nirvana Laha<\/strong><\/p>\n

After a festive quarter, do you think you can sustain this kind of 600 KG kind of volume in Q3, Q4.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Yeah, after that wedding season comes in — you can see, February, January is the wedding season and we get the orders in November, December quarter. So we are back with the 3rd-quarter is back with totally wedding seasons and all again many festival and occasions and all because our comes on this season only on many marriages in the winter seasons and all. So we are back with order of marriage season. And again 3rd-quarter we are back with the order of Akshay<\/p>\n

And again mix of marriage and many days come, India is about 12 months 12th season, Father’s Day, Mother’s Day, Valentine’s Day, those are already there, again, wedding season never really well. So our manufacturer is ordered back anytime except from June month because it’s a month season. But again, all the months we are order back because customer has to plan their inventory 90 days before they have the orders give us order 60 days before, then they can place the inventory 2025 days before the store should inventory should enter into the store before the festivals.<\/p>\n

Nirvana Laha<\/strong><\/p>\n

Sure, sure, sir. Sir, my next question is on Gandma and Gold company that we have acquired. But can you tell us the FY ’25 revenue and EBITDA that the company did?<\/p>\n

Operator<\/strong><\/p>\n

Yeah hello,, sir, we are unable to hear you.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Yeah, yeah. Yeah. So I don’t have the. Can you come back-in.<\/p>\n

Nirvana Laha<\/strong><\/p>\n

Yeah, okay, I will write to you, sir. And with regards to Gana and gold, what is the maximum revenue or how do you see the scale-up in volume and revenue for gold this year and next year?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So we are expecting for this year, 60, 70 kg per month volume from this. This is total — this will operate on a job-off basis model and from this will improve our gross margin EBITDA because totally our — this can be worked on job-off basis, we don’t have to increase the money and total advanced gold will come in this.<\/p>\n

Nirvana Laha<\/strong><\/p>\n

Okay. And do you need to do any capex in this facility?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

No, not on.<\/p>\n

Nirvana Laha<\/strong><\/p>\n

Okay. I’ll come back-in the queue.<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir. You may follow. Thank you. The next question comes from the line of Sagar Jetwani from PhillipCapital PMS. Please go-ahead.<\/p>\n

Sagar Jethwani<\/strong><\/p>\n

Yeah. Thanks for the opportunity. How much was the revenue from diamond segment and 18 karat gold revenue for the quarter?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So any gain was 7%, 7.25% and the was 0.7%. So was almost same quarter-on-quarter, but gate rose from 6.5% to 7.5% quarter-on-quarter and year-on-year increase from 4% 4% to 7%.<\/p>\n

Sagar Jethwani<\/strong><\/p>\n

Okay. And when are we commercializing the business with PMG and Kalamander, you mentioned about Reliance and is it for all products or only gold as of now?.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So this — any customer we enter with gold-only because we are gold-only from last 18 20 years. We have started last year only. So we enter with gold-only, then we place the diamond jewelry also in the same. So we are entering — I think we are entering with large gold diamon in and again in reliance with gold-only. But are different — the stabilized for 18 carats. Reliance is again ordering for 22 and 18 and, we are entering with laground okay.<\/p>\n

Sagar Jethwani<\/strong><\/p>\n

This line-item of chanin finished goods and working capital on PML — P&L, which is negative INR142 crores. Can you explain this line-item? Was it because of the excess demand that led to inventory utilization or is it because of the less production seen during the quarter?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Yeah. No, already I told that we had — we had orders of exports and some orders are not because of the office openings got delayed by-15 20 days or something. And that’s why our inventory was shut up. Now this pricing is going out-of-the catalog offense, we opened the office of Kerala. There order also there. So we are discussing for the camera and Dubai office also opening some 15 days, 20 days delay got happened. So that’s why inventory was up. And again, June months delivery little bit was dispatches happened in July.<\/p>\n

Sagar Jethwani<\/strong><\/p>\n

No, actually I was talking about the line-item of changes in finished goods and WIP on P&L.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Okay because YIP, you are telling about working progress and finished goods. Okay.<\/p>\n

Sagar Jethwani<\/strong><\/p>\n

Right that is negative INR142 crores.<\/p>\n

Siddharth Sipani<\/strong><\/p>\n

Stock has increased from March. Stock has increased from March of June.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Yeah, yeah. Okay, I’ll say that to you,. Okay can you just saying there.<\/p>\n

Sagar Jethwani<\/strong><\/p>\n

Sure.<\/p>\n

Siddharth Sipani<\/strong><\/p>\n

Our cost which so this negative INR142 crore is because of the increase in-stock in June 2025 versus March quarter per se. And the increased reasons have already been explained by sometime back.<\/p>\n

Sagar Jethwani<\/strong><\/p>\n

Okay. And what’s the production capacity — what’s the production capacity organic and including subsidiaries? Can you break it down for subsidiaries?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Yeah,<\/p>\n

Sagar Jethwani<\/strong><\/p>\n

Per month.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

What the capacity we have, you want what the capacity we have?<\/p>\n

Sagar Jethwani<\/strong><\/p>\n

The organic production capacity and breakdown of the subsidiary production capacity per month.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Okay, okay. So 750 is the parent company and the subsidiary is 150, 150 kg. So 1,050 kg per month.<\/p>\n

Sagar Jethwani<\/strong><\/p>\n

Okay. And Ghana and gold would be how much? I know it’s also completely<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

150 kg per month that will be added.<\/p>\n

Sagar Jethwani<\/strong><\/p>\n

Okay. Okay. Thanks. Thanks for the opportunity. All the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Via Brijwani from White Whale Partners. Please go-ahead.<\/p>\n

Diya Brijwani<\/strong><\/p>\n

Hi, thanks for the opportunity and congrats for a good set of numbers. I had a question on the business model. So ex of the advanced gold business, which is about 5%, what is — I mean, how do we record our revenues? Is it on a per gram basis of that we acquire the gold and we charge on a per gram like a cost-plus basis or is it like a percentage, let’s say, 6%, 7% of the value of gold on that charge<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

In percentage basis.<\/p>\n

Diya Brijwani<\/strong><\/p>\n

Okay. Okay. So you’re saying that your gross profit is linked to the gold prices.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Yeah, perfectly well. Yeah, yeah, yeah, yeah.<\/p>\n

Diya Brijwani<\/strong><\/p>\n

Okay, got it. And just one question on the gross margin expansion from current levels. Is it that — so I’m just talking of ex of the advanced gold business, is it that exports command a different margin versus domestic? And secondly, is there a difference in gross margin of between 18 carat versus 22 carats<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

It’s totally a mix of all these things. So exports also don’t have a very exceptional different margin, but there is a better margin of 0.5% in export. But again, 18 has a better margin in ’23 because those goods will be — has a good margin, but percentage has increased to 7%. So it has also helped us to improve the margin. I think in ’22 also we have launched many new designs and new verticals, which are creating margins. So, we are getting the margin from 22 care also 18% also from export little bit. And again advanced gold is a major player again because labor charges only charge from them. So it adds up to gross margin and EBITDA. So all the four players are there. So we are creating new versions in 20 credit also because we are getting new lightweight. We are lessing the — we have reduced the rates by 20% itself by the CD business and all. So relatedly, we are creating the margin.<\/p>\n

Diya Brijwani<\/strong><\/p>\n

Got it. And just one last question on what would be our wallet share with the anchor customer and how has it moved in the past two years<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So again, we have a wallet share of 5%, 6%, 7% in each of the customers, somewhere 7%, somewhere 5%, somewhere 6%, 7%. So year-on-year, last five years we were at before, five, seven years, we were at 5% or 1% we — before two years, we were at I think approximately where we are at 5%, we were at 3.5% or something. So we have increased the wallet share also. Now their stores are also expanding, new stores are opening. So we are getting the shares from the new-store also.<\/p>\n

Diya Brijwani<\/strong><\/p>\n

Yeah. Got it. That’s helpful. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Vijay Chohan from RHPMS. Please go-ahead.<\/p>\n

Vijay Chauhan<\/strong><\/p>\n

Yeah. Thank you for the opportunity. So can you please explain the progress of the 200 kg per month order that we have received from the outside-in quarter three or what will be that contribution quarter three, quarter-four?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Yeah. Already we have dispatched 40 kg in this quarter and we are — we have got the order of more 60 and we are waiting to — they want we want to dispatch it from the way of it because of the whole prices and all. So already we dispatch 40 KG, 60 KG, we have got the order. Approximately, we will be exporting 100 kg this quarter I see. And from next quarter we’ll be at the run-rate of per month 100 kg.<\/p>\n

Vijay Chauhan<\/strong><\/p>\n

Okay. In-quarter four, will it be like 150 or 200 any chance like fully 90<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Or they have the order to complete in 3\/4, we’ll be at the run-rate of 21. But considerably you can — 150, 155 be 100% will be there in 3rd-quarter.<\/p>\n

Vijay Chauhan<\/strong><\/p>\n

Okay, okay. So there is a high probability that we will exceed the 650 KG guidance on the 650 KG only based on the gold and all.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So 650 will be our conservative number on the last quarter.<\/p>\n

Vijay Chauhan<\/strong><\/p>\n

Yeah. Yeah, that’s fine. That’s right. And this advance gold when we get — so how is the revenue recognition? Because what I understand we typically car 7% to 8% as a making charges. So where — because the inventory belongs to — because client has purchased gold and given it to us, so we will only record the making charges as a revenue, right? It will not be like INR100 gold we are purchasing and then we are showing 7%, 8%, right?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

No, no, no. Yes, yes. So if we charge 7% or 6%, 5% or 75% for the — when we are producing our gold and funding the data center inventory. So in advanced goal, we charge for the same product, 5.5%, 5.25%, 5.75% like that we charge. So we gave a consideration of 1% or 1.25% this year the advanced goal. Based on the products, based on the vertical versus design they want. So — but again, we don’t have to fund the inventory and all. So there is a situation for both products.<\/p>\n

Vijay Chauhan<\/strong><\/p>\n

Right. My question is only that, will we report INR8 as a revenue, let’s say the 8% is a making charges or we look at INR100 as a revenue and showcase IN 92 basis COGS and then.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

It could only — whatever you charge 5.5%, 6% as a revenue of INR6 only the revenue will be showing that because that is again advanced goal. So we only — revenue will be INR6, not<\/p>\n

Vijay Chauhan<\/strong><\/p>\n

Correct. So it is safe to assume that gross profit will keep increasing because the revenue recognition is because of the accounting practice will change when we increase the advanced gold volume, right?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So it will shift as soon as we increase our —<\/p>\n

Vijay Chauhan<\/strong><\/p>\n

To 12 months percentage because what will be the interest expense saving because of and all other things combining up.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

We are expecting it to 0.4 basis to save from the gold loan. We are at 1.2% or interest-rate is, 1.2% of the revenue, I think we’ll be at 0.6% or something. Say 0.4 or 0.45 basis.<\/p>\n

Vijay Chauhan<\/strong><\/p>\n

Okay, okay. And that the hedging policy which we are following? Yeah, yeah, it’s okay. Yeah, I will come back-in queue. No, Bob.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Thank you. The next question comes from the line of Javieri from Crown Capital. Please go-ahead.<\/p>\n

Darshil Jhaveri<\/strong><\/p>\n

Hello. Hello. Good afternoon, sir. Thank you so much for taking my question. Firstly, congratulations on a great set of results, sir. And a lot of my questions have already been answered. So sir, just wanted to know like currently like in — we are already at around 4% PAT, right, 3.9%. So in the current year, because now the volumes have also increased due to operating leverage, can we reach like our FY ’27 PAT goal in the current year only as a percentage like 4.25%, 4.5%, is that a fair assumption, sir?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So we’ll be conservatively saying that by FY ’27 March, we’ll be at 4.25 to 4.5 in-between that. But it will be a quarter-on-quarter basis. So every quarter will improve by some basis-points. So in a long period of seven quarter, you can see we’ll be reaching 4.25,.<\/p>\n

Darshil Jhaveri<\/strong><\/p>\n

So, okay, okay. Okay. Fair enough, sir. And sir, I just wanted to know like our acquisition of Gana and Gold that will start contributing revenue from maybe Q2 or Q — or H2<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Only Q2 September, which will be considerating Q2 only. Okay,<\/p>\n

Darshil Jhaveri<\/strong><\/p>\n

Okay. So that will also help our volume growth. So — and our volume guidance is ex of, right, that we have given that. Okay, okay. So we have even more scope of growing. And sir, just wanted to know like the following-up on the previous participant question about job work. So our revenue currently like around INR11 crore crores when we say that 5% is job work. So — but the job work revenue is as good as profits only, right, because that’s a service charge, right?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Yeah. Is it directly add-up to the gross margin?<\/p>\n

Darshil Jhaveri<\/strong><\/p>\n

Correct, correct. So directly add-up to the gross margin.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

On-the-job book basis, we have started-off — that’s why our gross margin also increasing.<\/p>\n

Darshil Jhaveri<\/strong><\/p>\n

Okay, okay, okay. So that will be one of the biggest drivers of our like margin expansion because of your service revenue. Yeah, fair enough, sir. Yeah, that’s it from my side, sir. Thank you so much. All the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Ariaman Ayer from Sovillo Investment Managers. Please go-ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Good morning, sir, and congratulations on a good set of results. Just one question from my side. So in 2021 that coal prices fell from INR52,000 to 46,000 for us, what was the effect on margins as well as working capital?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Working capital, in COVID, it was in COVID time I think. So in 2021 was the COVID time, that kind 56 it came gold. So whenever we are linked with the percentage basis, whenever — in the history, gold has not fall below 3%, 4%. If basis fall of 20% or 15%, we revise our quotation with the customer. Customer also understand that potential should be revised for six months or whenever rate get to normal basis. So I think 2000 was the COVID period and it was at very different period. So I don’t remember about 21%. But again, our margins are intact with the percentage basis on the gold prices, yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Purpose of asking this question. So if gold prices do fall, what will be the effect on our working capital days.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So working capital days I think if gold price fall as though sales gets faster faster. So working capital cycle will improve much better. Decreasing.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Thank you. That’s all from.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Nilesh Jain from Astute Investment Management Private Limited. Please go-ahead.<\/p>\n

Nilesh Jain<\/strong><\/p>\n

Hi, thank you for the opportunity and congratulations on great set of numbers. My first question is, can you give me volume breakup for this quarter by at standalone level and for your two subsidiaries?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Yeah. So, 60, 60 kg from the subsidiary we have done and approximately 40 KG from the time JV.<\/p>\n

Nilesh Jain<\/strong><\/p>\n

So I feed when we could say last year Q1 does not include subsidiary numbers, what I’m just saying? So last year we did 349 KCE per month average. So there’s some slowdown at the standalone company. What would be the reason behind it?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So revenue-wise, we are positive, but four a difference of 4 to 5%. So in the industry — in the retail sector, so you can see volumes are revenue as everybody else, volumes are 2%, 3% dip or same or the same level. So we are at near or the same level at the current company-level and at the level — at consol level, we have grown by 13%. But the parent company, we are at the same to — total industry this quarter volumes are the same because of the gold rates have increased drastically. So revenue and the volumes are the same. These are all the gold rates.<\/p>\n

Nilesh Jain<\/strong><\/p>\n

So then do we understand that the volume growth in which we have shared for the Q2, Q3 and all the other quarters, would it be largely led by our subsidiary companies or we are expecting<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

It will come because gold rate has totally stabilized and when there was last month’s quarter only 30% come came in this quarter. So it will grow in all the three companies.<\/p>\n

Nilesh Jain<\/strong><\/p>\n

Okay. Sure. My second question is, when you about your procuring gold from the Dubai, is it you’re getting it on advance from your customers there or it would be again you inventory will be on your books.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So again, this all large corporates don’t give us advanced other than Reliance service. So they are customer of India only. They are not in international business. So we’ll get — but their terms are mostly cash inquiry or or working capital cycle will improve on that?<\/p>\n

Nilesh Jain<\/strong><\/p>\n

Okay. And my last question is on your export. You mentioned by FY ’27, you have target of 25% of revenue. What would be for FY ’26?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So ’26 we are targeting to 17% to 20% or something<\/p>\n

Nilesh Jain<\/strong><\/p>\n

Okay, okay. Thank you and all the best.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Manan Vandur from Wallford PMS. Please go-ahead.<\/p>\n

Manan Vandur<\/strong><\/p>\n

Yes, thank you so much for the opportunity and congratulations on the numbers. Sir, my first question is how much are our — how much is our receivable currently, not the amount.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

The amount of 397 crores and inventory is 50 crore inventory and 3 90 croress and 394, 397397 crores on receivables and inventory is 50 crore. Okay, INR550 crores is inventory.<\/p>\n

Manan Vandur<\/strong><\/p>\n

Sir, so my question is, how is the receivables still INR397 because I believe that our receivable had increased due to our the you said, but then now it has come back and our indebtor days is normally like 45, 50, 60 days. Even if we count two months, still our receivables should go down by a lot, then it has gone only INR50 crores down. So please explain that.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So it is 30 old days right now and we were at 38 days. So by days we have improved. So our sales are also improved. So our sales are improved by INR80 crores. So again, we — as soon as our sales improved or inventory also there’s also. So we — by days you can see we have come up to 38 days to 30 days. Basis cycle.<\/p>\n

Manan Vandur<\/strong><\/p>\n

Okay. Okay, understood. So how do you see our receivable days — I mean, sorry, receivable amount come go further by the year.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

I think we told that we are going — we are going for advanced good business and I mean the gold rate was up in the March rate was gone up, but we have controlled in this quarter also and coming quarter also, it will come down to 25 26 days. We are — we are confident that it will come back to 25 days.<\/p>\n

Manan Vandur<\/strong><\/p>\n

Okay. And sir, last question is that there was currently a stake sale of almost around 5% something. So my question was that why did the promoters sell? And like, I mean, we do preferential, but then we also sell our stake. So it will decrease confidence in the shareholders. So can you please explain that?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Yeah. The objective of the transaction was to put to enable the promoter to partially monetize their stake. After over two decades, we are of building the business and all we are we have shared the sake to broaden the institutional participants. So institutions were interested to participate in this. However, there was some unparticipation issue of the issue in the execution, which resulted in the intended when investor was not able to participate in that. So again, you can see from last 20 years, we are building the business in 2005, we started 2020 — before 2025, we’ve done a fundraise of 2 times. We’ve given a growth to the company. We done it to fundraise and we have come up with a good turnovers in that set of numbers and all. So after 20 years, it is between two, three promoters, we have sale — net sales is 0.4.3%, not 5% because we have taken the warrants also. So it is 4.3 between three promoters. So it is — I think after 20 years, we have sold the sale, but execution was not properly. I can say that only. Yeah.<\/p>\n

Manan Vandur<\/strong><\/p>\n

Okay, okay. That’s it from my side. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Deep Singh from Gromour. Please go-ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, sir. Congratulations on great set of numbers. Most of my questions have been answered. So I just wanted to know the guidance which you have given like a 54,000 CR. Is it on the conservative side or it is on the aggressive side?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So you can say on the midway side, not very conservative, not very aggressive. So yeah, so we are on-track. We have done already at crores and we are expecting this quarter also a good set of numbers. So every quarter we will increase by INR150 crore or something to every. So this is a very decent number, I think, because again very are very good in the retail side. Rates have settled down and retail have opening their stores actively every month. So we are in a very comfortable position to reach that<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Amazing, sir. Sir, my second question would be like the guidance which you have given. Does it include the Ghana, the one as well or it is excluding that?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Excluding. Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you, sir. And good luck for this year.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Ankush Agarwal from Search Capital. Please go-ahead.<\/p>\n

Ankush Agrawal<\/strong><\/p>\n

Yeah. Hi, sir. Thank you for taking my question. Just two clarifications. So you said we did 40 kgs of export in Q1. So that is a cumulative number, it’s a monthly average of 40 kg.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So cumulative. Only April end only we got the order. So we started in and we expected in I think my end or something. So it’s a quarterly number. So we got.<\/p>\n

Ankush Agrawal<\/strong><\/p>\n

Okay. And 100 kg would be the monthly run-rate for Q2.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Yeah, coming the coming two months, we are expecting to deliver 70 kg per month and 3rd-quarter we are expecting to almost KG.<\/p>\n

Ankush Agrawal<\/strong><\/p>\n

Okay. The second clarification that we did was, so when you say the job of the advanced gold business is 5% of revenues. But on a volume basis, it will be much larger, right, because revenue is just net.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

No, we are talking about the volume only 5% of the volume was the one.<\/p>\n

Ankush Agrawal<\/strong><\/p>\n

Okay, 5% of the volume is. Okay. Got it. Thank you. That was all..<\/p>\n

Operator<\/strong><\/p>\n

The next question comes from the line of Ganesh Rao from Rupani Capital. Please go-ahead.<\/p>\n

Ganesh Rao<\/strong><\/p>\n

Thank you for the opportunity, sir. Hey, I just want to follow-up on the previous question all the participants ask. Do you have the numbers of Gold, the EBITDA and PAT at the time of acquisition?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

You can write to me or IRPR, we can talk to my CFO, so he will give you. So right now we don’t add.<\/p>\n

Ganesh Rao<\/strong><\/p>\n

Yeah. Okay, sir. Okay. So my first question is regarding the advanced gold model, what are the key enablers or barriers for your existing clients to transition to this format? Have you initiated any — any of your existing plans to the advanced gold model.,<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

You will repeat the question. Sorry.<\/p>\n

Ganesh Rao<\/strong><\/p>\n

Yeah. So for the advanced goal model that you’re trying to adort for the new clients, so my question is in regarding to your existing clients, right? So have you started having conversations with your existing clients to move to the advanced gold model.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Okay. So in industry — in this industry, you can see currently in the other terms Reliance, only three, four this type of corporates have advanced gold model and other corporates like a large corporate, they work on the basis of they don’t want to funds the gold to us, they want to invest their funds in their store only. So they have a policy that we manufacture will increase in the inventory and so they give us the rate also for that. So they — that corporate does not work on that model. So different style of working has there. So we are diversified into everybody, Mid-corporate large corporate, this reliance and reliance also. So we are blendedly doing the business. So every corporate has their own model of working.<\/p>\n

Ganesh Rao<\/strong><\/p>\n

Okay, sir. Thank you. My second question is, could you share details on your current gold metal arrangements, like what is the quantum that is tied-up, who are your banking partners? And what is your current gross debt?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

It was INR190 crore already we got the approval. So from three bankers, from federal excuse US bank. And now net-debt is three and what is the gross rate? Net-debt is 350 and what debt is INR600 crores INR350. On INR190 crores we already got the approvals. So 20% at least we can use.<\/p>\n

Ganesh Rao<\/strong><\/p>\n

Okay, sir. Okay. And you had explained this earlier, sorry if I’m repeating the question, but could you explain like if I just look at the standalone growth, it has moderated to 12% year-on-year compared to 50% growth in your previous quarters, right? So if I adjust for exports, right, the growth in the domestic just stands at 7%. So could you help us understand what was the drivers for the slowdown?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So year-on-year, you are talking we have expanded by 35% 30% on the volume basis margin. And by revenue basis, we have increased 45%, I think year-on-year basis. 56% quarter year-on-year quarter, you can see 56% is the revenue growth and volume growth is 30%. So it’s a big mix of gold rate and volume. Volume we have down by 30% and rate also increased gold rate. That’s why we have increased the revenue by 56%.<\/p>\n

Ganesh Rao<\/strong><\/p>\n

Sir, but that is consolidated. I’m asking at the standalone growth, sir.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Okay. So you what do you want about standalone?<\/p>\n

Ganesh Rao<\/strong><\/p>\n

Yes, sir. Standalone.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So you can call the CFO also for late also if you want. Yeah. So we are consolidated. We are holding the number of consolidated. So we — you can call the CFO. Yeah.<\/p>\n

Ganesh Rao<\/strong><\/p>\n

Okay, sir. And last question, more long-term, right, your current market-share as you presented in the presentation is 0.5%. What is your medium-term aspiration, sir? Where do you want your company to be from a market-share perspective?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

So we are approximately 1% we made approximately 5,000 to 6,000 gas here. India — India is making 600 tonnes of jewelry per month, 600 to 600 — sorry for year, 650 tonnes of jelly. So we have made 5 to 6 tons last year. We are aiming to be at 4%, 5% stake of India in the coming five years of 2022. So we want to be at 4%, 5% stake of India. So we are on a good path, let’s see. And the first target is to achieve one tonne per month-by 2027.<\/p>\n

Ganesh Rao<\/strong><\/p>\n

Awesome. Thank you, sir. And sir, one last question, if I can just sneak in quickly. Could you provide some insights on the gross and EBITDA margins difference for 22 carat and 18 carat, right, assuming the diamond and stone that is used on which sides is the same, what would be the differential, sir, between the two?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Said approximately 12% to 15% gross margin, 18 has 8% — 7%, 8%, 9% gross margin, 32 has mix of 76%, 7%, 8%. So blendedly it comes up to 7%, yeah. Okay.<\/p>\n

Ganesh Rao<\/strong><\/p>\n

So the gross margins are lower for the 18 carat, but we —<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

No, high because 18 has been higher. Yeah.<\/p>\n

Ganesh Rao<\/strong><\/p>\n

Okay. So the numbers were. If you just to clarify that again, for 18 carat, roughly what would be the margin?<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

We say like 7%, 8%, 9% also. There are different between vertical different pricing. So we cannot each process pricing by approximately because of the sequency level. And again, we sell at 5.5%, 6%, 7%, 8% and again diamond credit, we sell it’s 12%, 13%, 15% gross margins.<\/p>\n

Ganesh Rao<\/strong><\/p>\n

Okay. Okay. Thank you, sir. Those are my questions. Appreciate it and best of luck.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Thank you. Ladies and gentlemen, in the interest of time, that was the last question. I would now like to hand the conference over to the management for closing comments. Thank you, and over to you, sir.<\/p>\n

Mangesh Chauhan<\/strong><\/p>\n

Thank you. Thank you so much, everybody. Thanks all of you and thanks for the shareholders for being with us and for his progressive growth ahead. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Thank you. On behalf of Sky Gold and Diamonds Limited, that concludes this conference. Thank you for joining with us and you may now disconnect your lines. Thank you<\/p>\n","protected":false},"excerpt":{"rendered":"

Sky Gold Ltd (NSE: SKYGOLD) Q1 2026 Earnings Call dated Jul. 25, 2025 Corporate Participants: Mangesh Chauhan \u2014 Managing Director & Chief Financial Officer Siddharth Sipani \u2014 Group Finance Controller Analysts: Vidhi Vasa \u2014 Analyst Unidentified Participant Angad Katdare \u2014 Analyst Palash Kawale \u2014 Analyst Bharat Gianani \u2014 Analyst Nirvana Laha \u2014 Analyst Sagar Jethwani […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-174179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":174179,"position":0},"title":"Infosys 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