Slides
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Investor Presentation – Result Update
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Safe Harbor Statement 2 This presentation and the accompanying slides (the “Presentation”), which have been prepared by Sky Gold and Diamonds Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.
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Index 3 01 Q2 & H1FY27 Financial Snapshot 02 Vision & Growth Levers 03 Drivers of Growth 04 Company Overview 05 Financial Delivery
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Q2 & H1FY27 Financials
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Q2 & H1FY27 Performance Scorecard Q2 FY27 H1 FY27 * Consolidated Results ₹ 2,390.7 Crore Revenue from Operations + 61.0% Y-o-Y ₹ 229.1 Crore Gross Profit + 87.1% Y-o-Y ₹ 189.8 Crore EBITDA + 90.0% Y-o-Y ₹ 129.4 Crore PAT + 93.2% Y-o-Y ₹ 4,403.5 Crore Revenue from Operations + 68.3% Y-o-Y ₹ 416.6 Crore Gross Profit + 94.8% Y-o-Y ₹ 346.5 Crore EBITDA + 102.3% Y-o-Y ₹ 234.3 Crore PAT + 111.9% Y-o-Y 5
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Q2 & H1FY27 Performance Highlights 6 Gross Profit & Gross Margin % Revenue from Operations PAT & PAT Margin % EBITDA & EBITDA Margin % (AllFigures In Rs Cr) 1,484.5 2,390.7 2,615.7 4,403.5 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 +61% +68% 99.9 189.8 171.3 346.5 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 +90% +102% 122.5 229.1 213.8 416.6 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 +87% +95% 67.0 129.4 110.6 234.3 Q2FY26 Q2FY27 H1FY26 H1FY27 +93% +112% 8.2% 9.6% 8.2% 9.5% 4.5% 5.4% 4.2% 5.3%6.7% 7.9% 6.5% 7.9%
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Improving Financial Position ` 34 37 3939 26 33 -2 -4 -17 Mar-25 Mar-26 Sep-26 Inventory Days Receivable Days Payable Days Working Capital Days Cashflow from Operations (Cash Flow from Operations : ₹ Crs, Working Capital : Days) Export (%) FY25 FY26 H1FY27 8% 11% 18% `In H1FY27, the Company reported positive Cash Flow from Operations *Based on quarterly sales 7 71 63 59 55 -101 137 -250 -200 -150 -100 -50 0 50 100 150 -237 Mar-25 Sep-25 -45 Mar-26 Sep-26 CFO WC Days (Net)*
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Q2 H1FY27 Operational PAT 8 Particulars (₹ Cr) Q2 FY27 Q2 FY26 Y-o-Y Q1 FY27 Q-o-Q H1FY27 H1FY26 Y-O-Y Revenue 2390.7 1,484.5 61.0% 2,012.8 18.8% 4,403.5 2,615.7 68.3% EBITDA 189.8 99.9 90.0% 156.7 21.1% 346.5 171.3 102.3% EBITDA Margin (%) 7.9% 6.7% 120 bps 7.8% 10 bps 7.9% 6.5% 140 bps Reported PBT 166.0 87.9 88.9% 134.8 23.1% 300.8 146.8 105.0% Reported PBT (%) 6.9% 5.9% 100 bps 6.7% 20 bps 6.8% 5.6% 120 bps Reported PAT 129.4 67.0 93.2% 104.9 23.4% 234.3 110.6 111.9% Reported PAT Margin (%) 5.4% 4.5% 90 bps 5.20% 20 bps 5.3% 4.2% 110 bps Operational PBT 173.4 87.9 97.3% 134.8 28.6% 308.2 146.8 110.0% Operational PBT (%) 7.3% 5.9% 140 bps 6.7% 60 bps 7.0% 5.6% 140 bps Operational PAT 134.9 67.0 101.3% 104.9 28.6% 239.8 110.6 116.8% Operational PAT (%) 5.6% 4.5% 110 bps 5.2% 40 bps 5.4% 4.2% 120 bps Note:- Operational PAT / PBT is reported PBT / PAT less non operational income & exceptional items in financials
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9 Q2 H1FY27 Consolidated Profit & Loss Statement 9 Profit & Loss Statement (₹ Cr) Q2 FY27 Q2 FY26 Y-o-Y Q1 FY27 Q-o-Q H1 FY27 H1 FY26 Y-o-Y Revenue from Operations 2,390.7 1,484.5 61.0% 2012.8 18.8% 4,403.5 2,615.7 68.3% Cost of Materials Consumed 2175.2 1199.5 2006.4 4181.6 2381.1 Purchase of Stock in Trades -43.6 16.6 74.0 30.4 16.6 Changes in Inventories of FG & WIP 30.0 145.9 -255.2 -225.1 4.2 Gross Profit 229.1 122.5 87.1% 187.5 22.2% 416.6 213.8 94.8% GP % 9.6% 8.2% 133 bps 9.3% 27 bps 9.5% 8.2% 129 bps Employee Benefits Expense 20.2 13.1 16.8 36.9 25.1 Other Expenses 19.1 9.5 14.0 33.1 17.5 EBITDA 189.8 99.9 90.0% 156.7 21.1% 346.5 171.3 102.3% EBITDA % 7.9% 6.7% 121 bps 7.8% 15 bps 7.9% 6.5% 132 bps Other Income 14.4 8.0 8.0 22.4 12.3 Depreciation and Amortisation Expense 5.3 2.4 4.5 9.9 6.0 EBIT 198.9 105.5 88.5% 160.2 24.2% 359.0 177.6 102.1% Finance Costs 25.5 17.6 25.4 50.8 30.8 Exceptional income/(expense) -7.4 0.0 0.0 -7.4 0.0 PBT 166.0 87.9 88.9% 134.8 23.2% 300.8 146.8 105.0% Tax Expenses 36.7 20.9 29.9 66.6 36.2 PAT 129.4 67.0 93.1% 104.9 23.3% 234.3 110.6 111.8% PAT % 5.4% 4.5% 90 bps 5.2% 20 bps 5.3% 4.2% 109 bps
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1010 Consolidated Balance Sheet ASSETS (₹ Cr) 30-Sept-26 31-Mar-26 ASSETS Non ‐ Current Assets Property, plant and equipment 111.0 98.2 Right of Use Assets 21.6 19.2 Investment Property 0.0 2.4 Goodwill 250.5 250.5 Other Intangible Assets 5.9 6.0 Financial Assets (i) Investments 0.0 44.0 (ii) Other Financial Assets 33.1 22.8 Deferred tax assets (net) 0.9 0.0 Other non‐current assets 1.8 5.7 Total Non ‐ Current Assets 424.8 448.8 Current Assets Inventories 1,002.5 785.9 Financial Assets (i) Investments 0.0 0.0 (ii) Trade receivables 855.8 562.6 (iii) Cash and cash equivalents 38.6 7.9 (iv) Bank Balance other above 26.6 227.5 (v) Loans 2.0 1.5 Other current financial assets 382.3 18.8 Current Tax Assets (Net) 3.0 0.0 Other current assets 48.5 31.8 Total Current Assets 2,359.4 1,636.1 Non-Current Assets classified as Held for Sale 110.1 110.1 TOTAL ASSETS 2,894.3 2,195.0 EQUITY AND LIABILITIES (₹ Cr) 30-Sept-26 31-Mar-26 Equity (a) Equity share capital 154.9 154.9 (b) Other equity 1,250.6 1,037.1 Equity attributable to equity holders 1,405.4 1,192.0 Non‐controlling interests 17.0 13.9 Total Equity 1,422.4 1,205.9 Liabilities Non ‐ Current Liabilities Financial liabilities (i) Borrowings 117.9 48.1 (ii) Lease liabilities 15.0 14.6 (iii) Other Financial Liabilities 0.0 0.0 Provisions 3.2 2.7 Deferred Tax Liabilities (Net) 0.0 0.3 Total Non ‐ Current Liabilities 136.2 65.6 Current Liabilities Financial liabilities (i) Borrowings 821.5 799.8 (ii) Lease liabilities 9.6 6.7 (iii) Trade payables 0.0 0.0 (a) Total outstanding dues of MSME 182.3 64.9 (b) Total outstanding dues other than MSME 255.2 27.3 (iv) Other financial liabilities 7.8 10.2 Other current liabilities 7.8 8.9 Provisions 0.4 0.3 Current tax liabilities (Net) 51.1 5.6 Total Current Liabilities 1,335.7 923.5 TOTAL EQUITY AND LIABILITIES 2,894.3 2,195.0
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1111 Consolidated Cash Flow Statement Cash Flow Statement (₹ Cr) Sept-26 Sept-25 Cash Flow from Operating Activities Profit before Tax 300.8 146.8 Adjustment for Non-Operating Items 49.6 29.5 Operating Profit before Working Capital Changes 350.4 176.3 Changes in Working Capital -187.9 -242.7 Cash Generated from Operations 162.5 -66.5 Less: Direct Taxes paid -25.9 -34.4 Net Cash from Operating Activities 136.7 -100.9 Cash Flow used in Investing Activities -127.5 -75.0 Cash Flow (used in)/ from Financing Activities 22.6 179.5 Net increase/ (decrease) in Cash & Cash equivalents 31.7 3.6 Cash and cash equivalents at beginning of the period 7.9 10.9 Cash and cash equivalent on acquisition of subsidiaries 0.0 0.1 Exchange difference of Foreign Currency Cash & Cash Equivalent -1.1 -0.2 Cash and cash equivalent on derecognition of subsidiary 0.0 -2.9 Cash and cash equivalents at the end of the period 38.6 11.6
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Q2 FY27 Company & Industry Updates 12 Acquisition of Purvi Gems Appointment of M/s Doshi Jain & Co. • Acquired 100% stake in Purvi Gems for ₹9 crore, expanding presence in lightweight uncut and precia jewellery. • Strengthens export opportunities, particularly in the Middle East, while enabling cross-selling through Sky Gold’s customer network. • Provides access to an established business, customer relationships, manufacturing capabilities and an experienced team • Appointed M/s Doshi Jain & Co. as Internal Auditor to further strengthen the Company's corporate governance, risk management, and internal control framework. • The firm brings expertise in risk-based internal audits, process improvement, compliance reviews, and data-driven control assessments across diverse industries. • Backed by a team of 150+ professionals and experienced leadership, the appointment will strengthen oversight mechanisms, and support governance best practices. • Current mix of natural and lab-grown diamond jewellery is ~2.3%, due to premiumisation and margin improvement steps taken by the company • Scaling of asset-light, capital-efficient Advance Gold model has supported profitable growth and improved ROCE. • Showcased product portfolio at the Asiana UK-India Jewellery Expo, London, generating strong order interest from buyers across the UK and European buyers, supporting international expansion. Key Growth Drivers: Value-Added Products & Export Expansion Onboarded a Leading Global Accounting Firm • M S K A & Associates LLP, Chartered Accountant (member firm of BDO International) has been appointed as the Statutory Auditors. • The current quarter’s financials have been reviewed by them. • This appointment underscores the company’s commitment to adopting global best practices in financial reporting, compliance, and corporate governance. • This transition forms part of the company’s broader initiative to further strengthen corporate governance standard.
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Vision & Growth Levers
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Promoters’ Vision – “Skin In The Game” Through Dividend Only Compensation 14 Managements Comments Dear Shareholders, As we embark on SkyGold 3.0, we are placing governance and professionalisation at the very heart of our journey. A stronger, future-ready organisation requires not only scale but also discipline, and we are committed to enhancing our HR practices through the induction of external leadership talent. This ensures that our people agenda remains aligned with global best practices and capable of supporting long-term growth. In line with our cash-first philosophy and uncompromising governance standards, promoters will not draw salaries from FY27, all promoter payouts will be solely through dividends generated from operating cash flows. This approach fully aligns promoter outcomes with cash generation and balance- sheet strength, reinforcing our commitment to shareholder value creation. Inline with our ongoing commitment to further strengthen our financial reporting framework. We have onboarded BDO, underscoring our dedication to transparency, resilience, and credibility in every aspect of our financial disclosures. Building on the strong foundation of Sky Gold & Diamonds Ltd., our priorities remain clear: sustainable growth, prudent capital allocation, and disciplined governance. We are determined to create enduring value for shareholders while nurturing a culture of accountability, professionalism, and innovation across the organisation. Mr. Mangesh Chauhan (Managing Director) Mr. Mahendra Chauhan (Whole Time Director) Mr. Darshan Chauhan (Whole Time Director)
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Sky Gold & Diamonds Ltd. differentiates itself through technological innovation, creative scalability and light weight fine jewelery products Why Customers Prefer Sky Gold & Diamonds Ltd. • Creative Synergy & Strategic Merchandising: Our design engine has evolved into a significant competitive moat, characterized by a doubling of our design talent pool to ~180 professionals over the last three years. This multigenerational team balances senior expertise with "boots-on-the-ground" insights from junior designers to master local market nuances. • Global Market Penetration: Our merchandising team successfully onboarded one of the Middle East’s largest retail chains in record time—a feat notable because the typical sales cycle for such clients is considerably longer. This proves company’s capability to capture local preferences beyond the Indian diaspora. • Prestigious Endorsements: Company has received industry recognition for its design capabilities, validating its focus on innovation, craftsmanship, and product development. • Margin Expansion: Reflecting our strengthening merchandising capabilities, our Value-Added share of business has increased in the recent period serving as the primary driver for gross margin expansion. • Manufacturing Innovation & Technology Replication: Company has built expertise in replicating high-precision 3D technology across multiple manufacturing formats, including casting, electro-forming, and stamping. • Product Superiority & Agility: By synthesizing these technologies, we specialize in light-weight and superior finish jewelry within a highly compressed manufacturing cycle. This innovation directly increases the customer's willingness to pay for refined, lightweight jewelry. • Operational Excellence: Implemented an ERP to monitor operational KPI’s, this has led to reduction of gold loss. Building an Integrated Design, Merchandising & Manufacturing Platform 15 Sky Gold & Diamonds Ltd: Preferred Partner in Jewelry Excellence
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Performance Track Record 16 What we had guided in FY23 FY23 Performance • Revenue of ₹1,154 crore with EBITDA of ~₹36.3 crore (margin ~3.1%) • PAT of ₹19 crore (margin ~1.6%) • Volumes at a run-rate of ~200 kgs per month • Promoter-led operations with early steps toward professionalisation and governance strengthening FY27 Past Guidance • Revenue expected at ~₹5,000 crore • PAT margin guided at ~3.5% Key Growth Levers • Successful migration to the Main Boards of NSE & BSE • Presence in light-weight jewellery, with dominance in 22kt and strategic shift toward lower-kt and studded jewellery mix • Limited export exposure, with plans to establish Sky Gold as a trusted global export partner from India • Strengthening of the Board of Directors and increasing focus on professionalism, automation, and long-term client relationships What we have achieved FY26 Performance • Revenue of ₹6,295 crore with EBITDA of ₹434 crore (margin ~ 6.9%) • PAT of ₹282 crore (margin ~4.5%) H1 FY27 Performance: • H1 FY27 Revenue from operations at ₹4,403 crore • EBITDA margin of 7.9% • PAT margin of 5.3% • Continued focus on capital efficiency, advance gold, margin expansion and positive operating cash flows Key Growth Levers • Portfolio strengthened through strategic acquisitions, expanding TAM and product depth • Board of Directors reinforced with industry veterans, alongside key leadership hires across domains • Manufacturing footprint expanded to 1,50,000 sq. ft. • Opening of Dubai Office • Onboarded one of the larger global accounting firms
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Sky Gold’s Growth Blueprint: Strengthening Foundations for Long-Term Value Founded in 2005, Sky Gold & Diamonds Ltd. vision was to serve large retailers and build a leadership position through innovative design. Post IPO, we leveraged investor trust to scale rapidly through customer penetration and geographic expansion, leading to improved brand recognition and profitability. Following the preferential allotment from marquee investors in FY24, we guided for ₹3,000 Cr revenue, ~3% PAT margin, and cash-flow neutrality by FY27–28 (vs FY24 revenue of ₹1,745 Cr). Since then, execution has exceeded expectations, and we have progressively upgraded our guidance. In H1 FY27, we have achieved ₹ 4,403 Crs of revenue with PAT margin of 5.3%, while generating operating cash flows of ₹ 136 Crs+, without compromising growth. Evolution of Sky Gold & Diamonds Ltd. The advance gold model operates on a client-supplied basis, wherein the customer provides gold upfront to the company. The company bills only for the making charges. Since the underlying metal is not purchased or financed by the company, the model eliminates inventory risk, reduces capital intensity, and enables high-volume scalability with minimal balance sheet impact. However, its impact on ROCE will be transformative as this category requires zero working capital investment for inventory, minimum investment on receivable, allowing us to scale volume without requiring additional working capital to service this category. The "Advance Gold" Advantage 17 Company has expanded its margins over the years and currently generates a PAT margin of ~4.5%, demonstrating the impact of the initiatives outlined above. Working capital days has improved, because of the scale benefits, higher export mix, increased spot payments and greater share of advance gold volumes. Impact of Quality and Mix Improvement on Unit Economics
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Track Record of Capital Allocation and Business Evolution 18 Sky Gold had previously indicated that expansion would be supported through internal cash generation. The Indian jewellery industry continues to witness an increasing presence of organised manufacturers within the overall market, creating a favourable backdrop for companies with established capabilities, scale, and customer relationships. Sky Gold has developed capabilities across design, manufacturing, merchandising and retailer engagement over the years. Its operations span a diverse customer base, product portfolio and distribution network across domestic and international markets. The evolving industry landscape presents opportunities across multiple product categories, customer segments and geographies. Sky Gold's business has evolved through a combination of organic expansion and strategic investments. Historically, these initiatives have contributed to the expansion of manufacturing capabilities, customer relationships, product offerings, and operational scale. The company has also established relationships across retailers, metal lenders, banking partners, and other stakeholders within the jewellery ecosystem. Management has historically evaluated investments through the lens of return on capital and long-term value creation. The company has maintained a track record of generating returns above its cost of capital, supported by disciplined capital allocation and prudent deployment of resources. Its asset-light advance gold model has helped minimize working capital intensity while supporting efficient use of capital. The improvement in operating cash flow generation during H1 FY27, alongside continued business expansion, reflects developments in operational execution. The company's working capital cycle has improved over time, while revenues have expanded. Management recognizes that working capital has historically been an area of investor focus; recent operating cash flow performance provides additional context regarding the company's operating model and cash generation profile. Similar capital-raising initiatives undertaken in the past have coincided with periods of business expansion and increased operating scale. Over the years, the company has strengthened its manufacturing capabilities, broadened its product portfolio, expanded customer relationships, and maintained a focus on return- oriented capital deployment. This track record has been supported by the company's asset-light advance gold model, which has contributed to positive operating cash flow generation and healthy returns on invested capital.
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Track Record of Successful Acquisitions 19 Acquisitions Strategic Rationale Pre- Acquisition Scale Post- Acquisition Progress Sparkling Chains Pvt. Ltd. Entry into the fast-moving chains segment; broaden product portfolio Turnover :- ₹201 crore as on 31st March 2024 PAT :- ₹0.1 crore Turnover :- ₹760 crore as on 31st March 2026 PAT :- ₹22.3 crore Starmangalsutra Pvt. Ltd. Entry into the mangalsutra segment; broaden product portfolio Turnover :- ₹171 crore as on 31st March 2024 PAT :- ₹0.07 crore Turnover :- ₹622 crore as on 31st March 2026 PAT :- ₹22.9 crore Speed Bangle Pvt. Ltd. (Erstwhile Ganna N Gold Pvt. Ltd.) (Revenues mainly on job work basis) Entry into specialised lightweight bangle manufacturing; broaden product portfolio Turnover :- ₹0.87 crore as on 31st March 2025 PAT :- ₹0.07 crore Turnover :- ₹42 crore as on 31st March 2026 PAT :- ₹16.6 crore (Acquired in Aug’25) Shri Rishab Gold (Revenues mainly on job work basis) Strengthen capabilities and expand customer base Turnover :- ₹49 crore as on 31st March 2025 PAT :- ₹1.60 crore Turnover :- ₹175 crore as on 31st March 2026 PAT :- ₹18.8 crore (Acquired in Dec’25)
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Sky Gold & Diamonds: Guidance vs Delivery Scorecard 20 Original FY27 revenue target of ₹5,000 Cr surpassed a year early Metric / period Guidance Actual performance Status FY24 revenue ₹1,700 Cr ₹1,745.5 Cr Exceeded FY25 revenue ₹3,300 Cr ₹3,548 Cr Exceeded FY26 revenue ~₹6,100 Cr ₹6,294.9 Cr Exceeded EBITDA margin 7.0–7.5% 7.9% in Q2 FY27 Q2 FY27 - Exceeded PAT margin 4.5–4.75% 5.6% in Q2 FY27* Q2 FY27 - Exceeded ROCE ~30–35% 36% in FY26 Achieved early Operating cash flow Positive −₹45 Cr FY26 ~+₹136 Cr H1 FY27 H1 FY27 - Achieved Operating Cash Flow ₹136.7 Cr Q2 FY27 revenue ₹2,390.7 Cr H1 FY27 revenue ₹4,403.4 Cr Updates to Earlier Plans GML: Plan revised 100% conversion by Dec FY25 not achieved. Shorter inventory cycle made GML costlier than regular purchases, with no PAT benefit. GML was nil as of Mar 2026. Land sale: Timeline extended Completion extended beyond Aug 2026. Shifted from a proposed promoter purchase to an external sale to minimise related party transactions. Transaction size is extending completion. • Operational PAT Margin is Reported PAT less non operational income & exceptional items in financials
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Drivers of Growth
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Core Pillars for Progress: Robust Growth with Focus on Positive Cash Flows Generation 22 Revenues (₹ Crs.) Achieving Growth Through Strategic Focus on Key Pillars 786 1,154 1,746 3,548 6,295 2,616 4,403 FY22 FY23 FY24 FY25 FY26 H1FY27H1FY26 +68% Levers For Revenue Growth Margin Expansion Improvement In Cash Conversion Cycle Building Fortress Balance Sheet *Revenue Projection on consolidated level Delivering on Growth Guidance • Entry into new corporates • Increase in share of business • Expanding reach in unorganised market • Global expansion • Increase in share of value-added products • Increase in advance gold model • Reduction in gold loss • Increase in share of co- creation products • Reduction in working capital days to be driven by advance gold • Integrated control through ERP • Higher export mix • Balance sheet strengthening through improvement in OCF and profitability
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Company Overview
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SKY Gold & Diamonds : Make in Bharat for the World 24 Leading the way in manufacturing of Casting Gold Jewellery since 2005 Established in 2005, Sky Gold has built a strong presence in the casting jewellery segment. Founded by three visionary founders: Mangesh Chauhan Mahendra Chauhan Darshan Chauhan Sky Gold & Diamonds have evolved into a symbol of excellence in light weight design & quality
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Crafted For Tomorrow : Sustainable, Stunning and Smart 25 Extensive Industry Experience With years of dedicated service, Sky Gold & Diamonds brings a wealth of experience to the art of jewellery manufacturing Customizable Designs We take pride in offering a personalized touch to our jewellery, ensuring that each piece reflects the unique style and preferences of our customers Skilled and Talented Craftsmen Behind every masterpiece is a team of skilled and talented craftsmen, dedicated to precision and artistry Fair Price and Trade Policy At Sky Gold & Diamonds, transparency and fairness are integral to our trade policy, ensuring that our customers receive quality jewellery at honest prices At Sky Gold & Diamonds, we go beyond being manufacturers; we are creators of timeless pieces, and our commitment to excellence resonates in every facet of our craftsmanship. Throughout the journey, Sky Gold & Diamonds has consistently demonstrated resilience, evolution, and a commitment to excellence, making it a prominent and respected name in the industry. Some of Our Distinctive Features are as follows: 20 Years of Experience 1562 (including 180 designers) Employees Manufacturing Facility 1,50,000 sqft Manufacturing Capacity 14.4 tonne per year Available with reputed Indian & international corporates & distributors Available in 2,000 retail outlets across India & 500+ outlets globally
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Key Milestones 26 • Made it to the Main Boards of NSE & BSE • New 81,000 Sq Ft Manufacturing Facility • Fund raise from UHNI & warrants issuance to promoters (₹128Cr) 2023 • Acquisition of Star Mangalsutra & Sparkling Chains • Successful completion of QIP worth ₹ 270 Cr • Bonus issue of 9:1 2024 • Acquisition of Speed Bangle Pvt. Ltd. (erst while Ganna n Gold) entry into new segment of light weight Bangles • Acquisition of 51% partnership interest in Shri Rishab Gold through Starmangalsutra 2025 • Achievement of listing on the BSE SME reflecting transparency & scale of operations • Crossed Turnover of ₹ 500 Cr 2018 • Incubated as a SkyGold Started as a Partnership firm, laying the foundation of its remarkable journey in jewellery industry transformed into a Pvt Ltd in 2008 • Marking a significant step towards growth and expansion 2005 - 2008 • 2026 Update • Acquisition of M/s. Purvi Gems & Jewellery • M S K A & Associates LLP , Chartered Accountant (member firm of BDO International) has been appointed as the Statutory Auditors • Acquisition of M/s. Purvi Gems & Jewellery • Appointed a Leading Global Accounting Firm M S K A & Associates LLP, Chartered Accountant (member firm of BDO International) as the Statutory Auditors 2026
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Management Team 27 With over two decades of experience, Mangesh Chauhan has transformed Sky Gold & Diamonds Ltd. into a leading force in lightweight gold and diamond jewellery. Starting in Mumbai’s Zaveri Bazar, he pioneered India’s first organised B2B jewellery manufacturing model and steered the company from inception to NSE main-board listing with a market cap exceeding ₹5,000 crore. His blend of strategic vision, financial discipline, and operational innovation has built long-term investor confidence and sustainable growth. Guided by “Make in Bharat for the World,” he continues to expand Sky Gold’s global footprint while upholding quality, integrity, and innovation. Mr. Mangesh Chauhan Mahendra Chauhan spearheads production, design, and R&D at Sky Gold, ensuring precision, innovation, and quality across every process. His technical mastery in plant and machinery has elevated operational efficiency and enabled scalable, cost-effective manufacturing. Under his leadership, the company has introduced advanced automation and modernized design capabilities, delivering quality, trend-responsive jewellery at competitive costs. His relentless pursuit of innovation, attention to detail, and commitment to excellence continue to strengthen Sky Gold’s reputation as a benchmark in manufacturing sophistication and craftsmanship. Mr. Mahendra Chauhan Darshan Chauhan has been instrumental in redefining the lightweight gold and diamond jewellery segment. He leads design innovation, exports and business development. Under his guidance, Sky Gold has grown its Exports business with presence across UAE, Malaysia and Singapore. His focus on agile manufacturing, consumer-driven design, and sustainable practices has positioned Sky Gold as a global symbol of accessible luxury and modern craftsmanship. Mr. Darshan Chauhan
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Competitive Advantages 28 Lead Time From design to finished product in 7-20 days. Tech-focused Manufacture Using latest technology like 3D printing machines from Germany, Italy & The United States. Scale of Operation Leading single – location manufacturer in India. Vast Design Collection Offering 9 lac plus unique design in our catalog. Our R & D Approach Analyze global fashion trends, innovate, design in India. Experience Total promoters experience of more than 50 years. y y
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Strategic Directions Deepen & fortify our current customer connections while extending our reach into new geographical markets Amplify our production capabilities & enrich our product portfolio, both domestically & internationally Persist in substantial investments in marketing & brand-building endeavors, with a focus on global visibility Harness the power of technology for expansion, embracing international strategic directions Bolster our Inventory Management practices for enhanced efficiency on a global scale Strategic Directions 29
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Sky Sub-Brands 30 Rangi Marisa Saathiya Sovana Misha Shaan Tazim Zenna Kimora Shai Rose Atiriya Aasma Sky9 Diamonds Morni
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IIJS Bharat 2026: Product Launch and Media Highlights 31 Launch of an Exclusive Limited-Edition Commemorative Pen Honoring Hon'ble Prime Minister Shri Narendra Modi
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Recognition & Reach: Prestigious Shows and Accolades 32
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Glimpse of our Navi Mumbai Facility 33
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Financial Delivery
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Historical Profit & Loss Statement 35 Profit & Loss Statement (Rs. Crs.) 31-Mar-26 31-Mar-25 31-Mar-24 Revenue from Operations 6294.9 3548.0 1,745.5 Cost of Materials Consumed 5,986.8 3393.2 1,821.7 Purchases of stock in trade 108.5 0.0 0.0 Changes in Inventories of FG & WIP -337.4 -96.1 -180.9 Gross Profit 537.2 250.9 104.7 GP % 8.5% 7.1% 6.0% Employee Benefits Expense 57.3 29.4 13.5 Other Expenses 45.5 25.2 13.9 EBITDA 434.3 196.4 77.2 EBITDA % 6.9% 5.5% 4.4% Other Income 36.4 33.0 3.7 Depreciation and Amortisation Expense 12.8 10.7 6.4 EBIT 457.9 218.6 74.6 Finance Costs 78.8 44.4 20.5 PBT 379.1 174.2 54.1 Total Tax Expense 97.2 41.6 13.6 Profit for the period 281.8 132.7 40.5 PAT % 4.5% 3.7% 2.3%
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Historical Balance Sheet 36 ASSETS (Rs. Crs.) 31-Mar-26 31-Mar-25 31-Mar-24 ASSETS Non ‐ Current Assets Property, plant and equipment 98.2 36.4 24.7 Capital work‐in‐progress 0.0 0.6 1.0 Right of Use Assets 19.2 23.7 10.2 Investment Property 2.4 2.4 0.0 Goodwill 250.5 42.3 0.0 Other Intangible Assets 6.0 0.7 0.1 Financial Assets (i) Investments 44.0 77.0 90.6 (ii) Other Financial Assets 22.8 31.6 1.1 Other non‐current assets 5.7 91.0 1.5 Total Non ‐ Current Assets 448.8 305.7 129.1 Current Assets Inventories 785.9 396.9 266.1 Financial Assets (i) Investments 0.0 0.0 0.0 (ii) Trade receivables 562.6 452.2 102.1 (iii) Cash and cash equivalents 7.9 10.9 13.4 (iv) Bank Balance other above 227.5 164.2 63.4 (v) Loans 1.5 0.9 0.1 Other current financial assets 18.8 2.5 0.4 Current Tax Assets (Net) 0.0 0.0 0.0 Other current assets 31.8 23.5 11.0 Total Current Assets 1,636.1 1,051.1 456.5 Non-Current Assets classified as Held for Sale 110.1 0.0 0.0 TOTAL ASSETS 2,195.0 1,356.8 585.6 EQUITY AND LIABILITIES (Rs. Crs.) 31-Mar-26 31-Mar-25 31-Mar-24 Equity (a) Equity share capital 154.9 146.7 13.2 (b) Other equity 1037.1 537.1 230.9 Equity attributable to equity holders 1,192.0 683.8 244.1 Non‐controlling interests 13.9 0.0 0.0 Total Equity 1,205.9 683.8 244.1 Liabilities Non ‐ Current Liabilities Financial liabilities (i) Borrowings 48.1 16.4 17.6 (ii) Lease liabilities 14.6 20.1 9.1 (iii) Other Financial Liabilities 0.0 0.0 0.0 Provisions 2.7 1.6 1.0 Deferred Tax Liabilities (Net) 0.3 0.7 2.4 Total Non ‐ Current Liabilities 65.6 38.8 30.1 Current Liabilities Financial liabilities (i) Borrowings 799.8 588.5 281.1 (ii) Lease liabilities 6.7 5.4 2.2 (iii) Trade payables 0.0 (a) total outstanding dues of MSME 64.9 21.2 1.3 (b) total outstanding dues other than MSME 27.3 4.8 3.1 (iv) Other financial liabilities 10.2 1.4 21.1 Other current liabilities 8.9 1.1 0.8 Provisions 0.3 1.0 0.4 Current tax liabilities (Net) 5.6 11.0 1.4 Total Current Liabilities 923.5 634.2 311.4 TOTAL EQUITY AND LIABILITIES 2,195.0 1,356.8 585.6
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Historical Cash Flow Statement 37 Cash Flow Statement (Rs. Crs.) Mar-26 Mar-25 Mar-24 Cash Flow from Operating Activities Profit before Tax 379.1 174.2 54.1 Adjustment for Non-Operating Items 72.9 24.6 23.1 Operating Profit before Working Capital Changes 452 198.8 77.2 Changes in Working Capital -388.7 -434.7 -200.7 Cash Generated from Operations 63.3 -235.9 -123.5 Less: Direct Taxes paid -108.2 -36.3 -13.7 Net Cash from Operating Activities -44.9 -272.2 -137.2 Cash Flow used in Investing Activities -123.7 -156.9 -107 Cash Flow (used in)/ from Financing Activities 171 426 239.2 Net increase/ (decrease) in Cash & Cash equivalents 2.4 -3.1 -5.0 Cash and cash equivalents at beginning of the year 10.9 13.4 18.4 Cash and cash equivalent on acquisition of subsidiaries 0.7 0.6 0.0 Exchange difference of Foreign Currency Cash & Cash Equivalent -3.2 0.0 0.0 Cash and cash equivalent on derecognition of subsidiary -2.9 0.0 0.0 Cash and cash equivalents at the end of the year 7.9 10.9 13.4
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Key Financial Highlights 38 Revenue from Operations EBITDA Net Profit 786 1,154 1,745 3,548 6,295 FY22 FY23 FY24 FY25 FY26 20 36 77 196 434 FY22 FY23 FY24 FY25 FY26 17 19 41 133 282 FY22 FY23 FY24 FY25 FY26 CAGR FY22 – FY26 : 68.2% CAGR FY22 – FY26 : 115.9% CAGR FY22 – FY26 : 101.8%
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Performance Highlights 39 Return Ratios Current Ratio Improving Leverage Ratios 1.3 1.5 1.7 1.8 FY23 FY24 FY25 FY26 1.5 1.3 0.9 0.7 3.3 3.6 4.9 5.8 FY23 FY24 FY25 FY26 Interest Coverage Debt To Equity 19% 32% FY23 17% 27% FY24 19% 30% FY25 23% 36% FY26 ROE ROCE Higher Return Ratios as a result of better managed Operations & Disciplined Capital Allocation
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