Sky Gold And Diamonds is a Navi Mumbai-based, design-led B2B gold jewellery manufacturer serving 2,000+ showrooms across India through subsidiaries including Sparkling Chains, Starmangalsutra, Speed Bangle and Sky Souk in the UAE. The Q2 FY 2026-2027 print will speak to whether the ₹8,100 Cr FY27 revenue guidance gets revised after Diwali, and how the board's fund-raise evaluation squares with management's earlier no-dilution stance.
| Results date | October 27, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 2,012.8 Cr |
| Previous quarter PAT | Rs. 104.9 Cr |
| Previous quarter EBITDA margin | 7.8% |
| Net debt (latest quarter) | Rs. 540 Cr |
| Market cap | Rs. 16,154.12 Cr |
| CMP | Rs. 1043.05 |
Under Reg 29, the Board of Sky Gold And Diamonds Ltd will meet on Tuesday, 27 Oct 2026 to approve unaudited standalone and consolidated results for the quarter and half-year ended 30 Sep 2026 with Limited Review. The same Board meeting will also evaluate raising funds via private placement/preferential issue, QIP and/or further public offering, with an EOGM for shareholder approval if cleared.
The Q2 FY27 print is the 'one more quarter' of analysis management committed to before revisiting the Rs. 8,100 Cr FY27 revenue guidance, with spot 22KT gold far above the Rs. 90,000-95,000 assumption the guide was built on — a mechanical revenue-value tailwind but a volume headwind. Q1 FY27 ran ahead of its own guidance bands, with EBITDA margin at 7.8% versus the 7.0-7.5% guide and PAT margin at 5.2% versus the '4.25% plus' framing, while exports at 18.7% of Q1 revenue have effectively met the 15-20%-by-March-2027 target early. The genuine pressure is financing: finance costs of Rs. 25.35 Cr in Q1 (vs Rs. 13.3 Cr a year ago) on Rs. 540 Cr net debt, with the 7 Oct repo hike to 5.50% pointing to further pass-through into working-capital loans — a headwind to the guided over-50% FY27 net-debt reduction below Rs. 270 Cr. The Starmangalsutra cyber-fraud loss of Rs. 10.70 Cr, flagged by the company as possibly impacting Q2 FY27, remains unresolved pending the independent agency's findings. The call is also expected to cover the fund-raise evaluation outcome and the integration plan for Purvi Gems, acquired on 7 Oct 2026.
Guidance scorecard: Key FY27 targets and what to check against the Q2 print.
Fund-raise vs no-dilution stance: The 27 Oct Board meeting doubles as a fundraising evaluation.
Standalone vs consolidated divergence: Consolidated growth is being driven by subsidiaries.
Cyber-fraud investigation update: The Starmangalsutra deepfake-impersonation fraud remains unresolved.
Volume disclosure and payable days: Two disclosure gaps analysts have flagged.
Management has repeatedly called the 4.25% FY27 PAT margin '4.25% plus' and conservative, and Q1 FY27 actually ran at a 5.2% PAT margin. The FY27 EBITDA margin guide of 7.0-7.5% was also exceeded, with Q1 at 7.8%.
The company turned operating cash flow positive at ~Rs. 30 Cr in Q1 FY27, earlier than management's guided timing of after March 2027. Management has committed to further enhancing cash generation during the remainder of FY27.
Titan contributes approximately 50 kg/month of advance gold business to Sky Gold via Starmangalsutra. Advance gold has grown from 6% of volumes in FY24 to 12% in FY26 with a 20% exit run-rate, tracking ahead of the 10-12%-by-FY27 guidance.
The Board meeting on 27 Oct 2026 will evaluate raising funds via private placement/preferential issue, QIP and/or further public offering, with an EOGM if cleared. This is a shift from management's Q3 FY26 statement that it was 'not planning for any dilution at this point of time'.
Sky Gold completed the 100% acquisition of Purvi Gems & Jewellery on 7 Oct 2026 for up to Rs. 9 Cr in cash, or 1.5x book value as of 31 Mar'26. Management projects Rs. 1,600-1,800 Cr annual revenue and ~100 kg of monthly sales over 2-3 years, versus Purvi's FY26 provisional turnover of Rs. 103.40 Cr.