Sky Gold Q2 Profit Soars 91% to ₹128 Cr, Stock Rises 5%

Sky Gold and Diamonds Ltd. reported a consolidated net profit of ₹128 crore in the September quarter, a 91% jump from ₹67 crore in the corresponding period last year. The stock surged 5.1% to ₹986.7 following the announcement.

Revenue from operations rose 61% to ₹2,390.6 crore, while EBITDA climbed 89.6% to ₹189.4 crore. The EBITDA margin widened to 7.9% from 6.7%, signalling tighter cost control amid higher sales.

Analysts had priced Q2 profit at ₹110 crore and revenue at ₹2,200 crore; the company outperformed both estimates by 16% and 8% respectively. In comparison, the diamond‑sector average net margin for the quarter stood at 5.4%, making Sky Gold’s 7.9% margin a standout.

The board granted permission to raise up to ₹1,800 crore through a qualified institutions placement, other permissible modes, or a mix of these routes. The issue price will be set later, and shareholder approval is slated for the extraordinary general meeting on Nov. 18.

The financial report also disclosed a ₹10.70 crore fraud at subsidiary Starmangalsutra Pvt. Ltd., using deep‑fake techniques. Sky Gold recovered ₹3.35 crore, recording the remaining ₹7.35 crore as an exceptional loss in the consolidated results.

On Oct. 7, the firm completed the acquisition of 100% equity in Purvi Gems & Jewellery Pvt. Ltd., a move that could expand its retail footprint. Looking ahead, the company will present guidance at the AGM and is monitoring commodity price swings that could impact future margins.