The Sky Gold Q2 results landed on October 27, 2026 with a profit that nearly doubled, and the market liked what it saw. The Mumbai-based B2B jewellery maker, now called Sky Gold and Diamonds, reported consolidated revenue of ₹2,390.7 crore for the July-September quarter, up 61.0% from ₹1,484.5 crore a year ago, according to its media release filed with NSE. Reported profit after tax rose 93.2% to ₹129.4 crore from ₹67.0 crore.
The stock traded 5.1% higher at ₹986.7 on Tuesday after the numbers, CNBC-TV18 reported. The same report noted the stock is up 183% since January, so expectations were already running hot.
Sky Gold Q2 results: the key numbers
All figures are consolidated, for the quarter ended September 30, 2026 (Q2 FY27), against Q2 FY26 unless stated.
- Revenue: ₹2,390.7 crore, up 61.0% year on year and up 18.8% from ₹2,012.8 crore in the June quarter.
- EBITDA: ₹189.8 crore, up 90.0% from ₹99.9 crore.
- EBITDA margin: 7.94% of revenue, against 6.7% a year ago and 7.8% in the June quarter.
- Profit before tax: ₹166.0 crore, against ₹87.9 crore.
- Profit after tax: ₹129.4 crore, up 93.2% year on year and 23.4% sequentially. PAT margin was 5.4% of revenue, up from 4.5%.
CNBC-TV18’s report put net profit at ₹128 crore, up 91%, and EBITDA at ₹189.4 crore. The gaps are small, and we’ve used the company’s own table above.
A 7.9% EBITDA margin looks thin next to a pharma or software company. That’s normal for gold jewellery manufacturing, where the metal itself makes up most of the selling price. What matters here is the direction: margin has crept up from 6.7% to 7.9% in a year. Our explainer on EBITDA margin covers why a one-point move matters so much in a low-margin business.
A deepfake fraud, a buyout and a big fundraise
The quarter wasn’t entirely clean. Sky Gold disclosed that its wholly owned subsidiary Starmangalsutra Private Limited lost ₹10.70 crore through unauthorised fund transfers, allegedly made using an employee’s company-issued phone and laptop through deepfake methods and coercion, as CNBC-TV18 detailed. The company recovered ₹3.35 crore and booked the remaining ₹7.35 crore as an exceptional loss. A complaint has been filed with the cyber police.
On October 7, after the quarter ended, the company completed the acquisition of 100% of Purvi Gems & Jewellery (India) Private Limited for a total cash consideration of ₹9 crore, per the media release.
The bigger corporate news is capital. The board approved raising up to ₹1,800 crore through a qualified institutions placement (QIP), other permitted routes or a mix of them, and called an extraordinary general meeting on November 18 to get shareholder approval. Pricing will be set later. When the fresh shares come, existing holders get diluted, so the QIP’s size and price are worth watching as closely as the next quarter’s numbers.
The half-year picture
For H1 FY27, revenue rose 68.3% to ₹4,403.5 crore, EBITDA climbed to ₹346.5 crore from ₹171.3 crore, and PAT grew 111.9% to ₹234.3 crore. Cash flow from operations for the half was ₹136.7 crore, and the company said that works out to 39% of EBITDA, against its earlier guidance of 20%. For a working-capital-heavy jeweller, that cash number may be the most encouraging line in the release.
We’d keep an eye on three things from here: whether margins hold near 8%, how the QIP is priced, and whether the fraud recovery moves forward. Our guide on how to analyse quarterly results is a handy checklist for the next update.
Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before investing.
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