With revenue doubling year-on-year and a strong export push, the jewellery manufacturer eyes a Rs 7,600 crore enterprise milestone by FY27
Sky Gold and Diamonds, a leading B2B gold jewellery manufacturer, has announced a strong performance for the quarter ended September 30, 2025 (Q2 FY26). Backed by surging exports, capacity expansion, and strategic retail partnerships across India, the Middle East, and Southeast Asia, the company continues to build on its growth momentum from the previous quarter.
Financial Performance
For Q2 FY26, the company reported revenue of Rs 1,484.5 crore, a 93.1 per cent increase year-on-year compared to Rs 768.8 crore in Q2 FY25. Ebitda rose 157.5 per cent to Rs 99.9 crore, while PAT climbed 82.6 per cent to Rs 66.99 crore. Sequentially, revenue grew 31.2 per cent, and Ebitda improved nearly 40 per cent, underscoring sustained operational efficiency and scale benefits. The Ebitda margin strengthened to 6.73 per cent, up 163 basis points from the previous year.
Commenting on the results, Mangesh Chauhan, Managing Director, Sky Gold and Diamonds Limited, said, “We are pleased to report that our Q2 FY26 results reflect a continued acceleration of the strategic growth levers we put in place earlier this year. With lightweight and 18KT jewellery gaining strong traction, new large-format B2B partnerships coming on stream, and our export mix steadily rising, we are making tangible progress towards our medium-term ambition. At the same time, we remain disciplined on margin enhancement — expanding design-led manufacturing, strengthening advance-gold contracts, and optimising working capital to ensure that growth is also quality-accretive.”
He further added, “Our upcoming Dubai-based sales and distribution hub will anchor our expansion into the Middle East, while we continue to deepen partnerships across Southeast Asia and India’s regional markets. With exports expected to climb to 15–20 per cent over the next 18–24 months, FY26 is shaping up as a pivotal year in our journey towards building a Rs 7,600 crore enterprise by FY27.”
Operational Highlights
Sky Gold and Diamonds continues to outperform the organised jewellery manufacturing sector on both volume and profitability metrics. In Q2 FY26, the company partnered with SENCO Gold to launch a new 9KT gold jewellery line aimed at value-conscious Gen Z consumers, further expanding its product portfolio. It also opened a B2B office in Dubai, positioning it as a strategic hub for Middle East operations and export growth. During the quarter, the company commenced operations in the Italian Bangles segment through the acquisition of Speed Bangle Private Limited, enhancing product diversity and improving its working capital cycle.
Strengthening its leadership team, Sky Gold appointed industry veterans including Virupakshi Kolla, former Gems & Jewellery Segment Head at Kotak Mahindra Bank, and Siddharth Sipani, Ex-Big 4, as CFO. The company also reaffirmed its medium-term growth targets, highlighting export-led expansion and increased client traction as key levers for FY26–FY27.
Founded in 2008 and headquartered in Mumbai, Sky Gold and Diamonds is one of India’s fastest-growing B2B jewellery manufacturers, specialising in lightweight, design-led, and studded jewellery. With over 150 designers, 1,30,000 sq. ft. of manufacturing space, and a library of 900,000+ SKUs, the company caters to leading jewellery retailers across India and is rapidly expanding into global markets.
