Board approves Q2/H1 results; auditor issues unmodified review conclusion
Board approved unaudited standalone and consolidated results for the quarter and half-year ended September 30, 2026.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 7459.52 | 4300.78 | +73.4% | 7163.79 | +4.1% |
| Total income | 7519.50 | 4327.48 | +73.8% | 7180.58 | +4.7% |
| Profit before tax | 380.73 | 338.15 | +12.6% | 652.56 | −41.7% |
| Profit after tax | 295.59 | 260.03 | +13.7% | 504.82 | −41.4% |
| Total comprehensive income | 295.46 | 260.44 | +13.4% | 504.31 | −41.4% |
| Basic EPS | 3.99 | 4.33 | −7.9% | 7.00 | −43% |
- Profit after tax QoQ
- Prev qtr 504.82 (−41.4%)
- Period
- As on September 30, 2026
Auditor's review
Conclusion: Unmodified
Notes to the results
- Wholly owned subsidiary Shanti Gold Jewellery Trading L.L.C S.O.C incorporated in Dubai, UAE on May 13, 2026; Company holds 100% of paid-up capital of AED 3,00,000.
- Rights Issue of 46,43,471 equity shares of face value ₹10 at ₹215 per share aggregating ₹998.35 million (19 for every 295 held, record date August 06, 2026); allotted August 24, 2026.
- Change in inventory valuation policy from FIFO to Weighted Average Cost applied retrospectively from April 01, 2024; figures for quarter and half year ended September 30, 2025 restated.
- Other income for the quarter and half year includes net gain of ₹26.48 million on fair valuation of investments in listed equity shares and warrants at FVTPL.
What the board approved
- The board met on Tuesday, November 03, 2026, and approved the Unaudited Standalone and Consolidated Financial Results for the quarter and half-year ended September 30, 2026.
- It took on record the Limited Review Reports issued by the statutory auditor, J. Kala & Associates, Chartered Accountants.
The figures below are in Rs. in million, as printed in the statements.
Auditor's conclusion
The auditor issued an unmodified conclusion on both the standalone and consolidated statements, meaning nothing came to its attention that caused it to believe the statements contain a material misstatement or fail the required disclosures. This is a limited review, which gives moderate assurance and is narrower in scope than a full audit.
Quarter and half-year numbers
- Consolidated 'Total income': 7,519.50 for the quarter and 14,700.09 for the half-year.
- Consolidated 'Profit for the period': 295.59 for the quarter and 800.41 for the half-year.
- Standalone 'Total income': 7,819.58 for the quarter and 14,700.09 for the half-year.
- Standalone 'Profit for the period': 298.60 for the quarter and 800.42 for the half-year.
- Consolidated basic and diluted EPS: Rs. 3.99 for the quarter and Rs. 10.96 for the half-year.
- Standalone basic and diluted EPS: Rs. 3.99 for the quarter and Rs. 10.96 for the half-year.
What lifted other income
Other income for the quarter and half-year ended September 30, 2026 includes a net gain of ₹26.48 million on fair valuation of investments in listed equity shares and warrants measured at fair value through profit and loss.
Rights issue
- The board had approved, at its meeting on July 31, 2026, a rights issue of ~46.43 lakh fully paid-up equity shares of face value of Rs. 10 each at an issue price of Rs. 215 per share (a premium of Rs. 205 per share), aggregating to ₹998.35 million.
- Ratio: 19 equity shares for every 295 equity shares held, on the record date of August 06, 2026.
- Deemed allotment was August 06, 2026; the equity shares were allotted on August 24, 2026.
- Net proceeds are to be used towards funding working capital requirements of the company and general corporate purposes, in accordance with the Letter of Offer.
New overseas subsidiary
The company incorporated a wholly owned subsidiary in Dubai, United Arab Emirates, named Shanti Gold Jewellery Trading L.L.C S.O.C on May 13, 2026. It is engaged in trading in gold and silver jewellery, diamonds, pearls, precious stones and used jewellery. The company holds 100% of the paid-up share capital of AED 3,00,000.
Accounting policy change
The board approved a voluntary change in accounting policy for valuation of inventories from the First-In-First-Out (FIFO) method to the Weighted Average Cost (WAC) method, applied retrospectively with effect from April 01, 2024, in line with Ind AS 8. Figures for the quarter and half-year ended September 30, 2025 have accordingly been restated.
Balance sheet snapshot (standalone, Rs. in million)
- Total assets: 12,643.56
- Inventories: 5,309.70
- Current borrowings: 4,039.93
- Equity share capital: 767.39
- Other equity: 7,007.69
Point to note from the consolidated review
The consolidated statement includes one subsidiary whose interim financial information was not reviewed by its auditor. That information reflects total assets of ₹7.25 million, total revenues of ₹Nil, a net total loss after tax of ₹(0.01) million for the quarter and ₹(0.01) million for the period from April 01, 2026 to September 30, 2026, and net cash inflows of ₹7.25 million for the period from May 13, 2026 to September 30, 2026. The auditor's conclusion is not modified in respect of this matter.
The statements also carry the usual note that the results will be available on the company's website and on the websites of BSE Limited and National Stock Exchange of India Limited.
Also from Shanti Gold International
Q2 & H1 FY27 press release: revenue Rs. 1,462.3 crore, PAT Rs. 80.0 crore
3 Nov 2026
Shanti Gold Q2 FY27: revenue up 73.45% to ₹745.95 Cr, PAT up 13.50% as capacity expands to 7,900 kg pa
3 Nov 2026
Monitoring Agency Report: no deviation in use of Rights Issue proceeds
3 Nov 2026
More numbers
- Standalone Total income, quarter ended September 30, 20267819.58 (Rs. in million)
- Standalone Profit for the period, quarter ended September 30, 2026298.60 (Rs. in million)
- Consolidated Total income, quarter ended September 30, 20267519.50 (Rs. in million)
- Consolidated Profit for the period, quarter ended September 30, 2026295.59 (Rs. in million)
- Rights issue shares approved46,43,471
- Rights issue price per share₹215
- Rights issue aggregate amount₹998.35 million
- Net gain on fair valuation of listed equity shares and warrants₹26.48 million
- Total income, latest quarter7519.50 (Amount in millions)
- Total income, year-ago quarter4327.48 (Amount in millions)
- Total income, previous quarter7180.58 (Amount in millions)
- Total comprehensive income, latest quarter295.46 (Amount in millions)
- Total comprehensive income, year-ago quarter260.44 (Amount in millions)
- Total comprehensive income, previous quarter504.31 (Amount in millions)
- Profit after tax, latest quarter295.59 (Amount in millions)
- Profit after tax, year-ago quarter260.03 (Amount in millions)
- Profit after tax, previous quarter504.82 (Amount in millions)
- Revenue from operations, latest quarter7459.52 (Amount in millions)
- Revenue from operations, year-ago quarter4300.78 (Amount in millions)
- Revenue from operations, previous quarter7163.79 (Amount in millions)
- Profit before tax, latest quarter380.73 (Amount in millions)
- Profit before tax, year-ago quarter338.15 (Amount in millions)
- Profit before tax, previous quarter652.56 (Amount in millions)
Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.