Sky Gold and Diamonds (541967) Q3 24/25 earnings summary

Executive summary

• Achieved record quarterly revenue of INR 998 crore (₹1,00,509.52 lakhs) in Q3 FY25, up 116.7% year-over-year, and nine-month revenue of INR 2,489.8 crore (₹2,51,795.40 lakhs), up 102% year-over-year.

• Q3 FY25 operating profit and EBITDA rose 217%+ year-over-year, with PAT up 309.1% to INR 36.5 crore (₹3,653.98 lakhs).

• Expanded client base with major additions including Aditya Birla Novel Jewels, CaratLane, and P.N. Gadgil; rebranded to Sky Gold and Diamonds Limited to reflect broader strategic focus.

• Diversified into 18K natural diamond and lab-grown diamond jewelry, with strong traction in new segments and first shipments to Limelight Jewelry.

• Successfully raised INR 270 crore to support growth, product expansion, and international market entry.

Financial highlights

• Q3 FY25 consolidated revenue: INR 998 crore (₹1,00,509.52 lakhs) vs INR 460 crore in Q3 FY24, up 160% year-over-year; nine-month FY25 revenue: INR 2,489.8 crore, up 102% year-over-year.

• Gross margin improved to 7.3% from 5.3% year-over-year; Q3 FY25 gross profit reached INR 72.9 crore.

• EBITDA: INR 57.3 crore vs INR 18 crore, up 217%; EBITDA margin at 5.7% vs 3.9% in Q3 FY24.

• PAT: INR 36.5 crore vs INR 8.9 crore; PAT margin at 3.7% vs 1.9% in Q3 FY24; nine-month PAT: INR 94 crore.

• Basic EPS for Q3 FY25 was ₹2.52, compared to ₹0.82 in Q3 FY24; nine-month EPS was ₹6.90, up from ₹2.45 year-over-year.

Outlook and guidance

• FY25 revenue target reaffirmed at INR 3,300 crore, with strong Q4 expected.

• FY26 revenue guidance revised to INR 5,700 crore and FY27 to INR 7,200 crore; targeting consolidated revenues of ~INR 6,300 crore by FY27, with capacity utilization of 1,050 kg/month.

• PAT margin expected to be 3.5%-4% on INR 7,200 crore business; ROCE above 25%.

• Volume guidance for FY26: 650-700 kg/month; FY27: beyond 1,050 kg/month.

• Focus on expanding into 18K gold, diamond, and lab-grown diamond jewellery, and entering new international markets.