Sky Gold and Diamonds (541967) Q4 24/25 earnings summary

Executive summary

• Achieved record quarterly and annual revenue growth in FY25, with Q4 revenue up 106.1% and FY25 revenue up 103.3% year-over-year, driven by export expansion, advanced gold, and new large corporate clients.

• EBITDA and PAT saw significant increases, with Q4 FY25 EBITDA up 148.9% and PAT up 180.5% year-over-year; FY25 net profit reached ₹13,265.53 lakhs, up from ₹4,048.11 lakhs in FY24.

• Outperformed organized competitors with a leaner cost structure, onboarding major clients and securing large export orders.

• Strategic focus on advanced gold and diamond jewelry, with new design studio, experienced hires, and expansion into Dubai and Malaysia.

• Completed share warrant conversion, granted 100,000 ESOPs, and approved acquisition of Ganna N Gold Private Limited.

Financial highlights

• FY25 revenue: INR 3,548.0 Cr (+103.3% YoY); Q4 FY25 revenue: INR 1,058.2 Cr (+106.1% YoY); export revenue rose from INR 100 Cr in FY24 to INR 300 Cr in FY25, now 8% of total revenue.

• FY25 PAT: INR 132.7 Cr (+227.7% YoY); PAT margin at 3.7% in FY25, with guidance to reach 4.5% by FY27.

• EBITDA margin currently 5.7%, targeted to rise to 6.2%-6.3% by FY27; Q4 FY25 EBITDA: INR 63.0 Cr (+148.9% YoY).

• Working capital cycle peaked at 72 days in Q4 FY25, now reduced to 60 days, with a target of 50-55 days.

• Total assets increased to ₹135,683.56 lakhs as of March 31, 2025, from ₹58,564.26 lakhs a year earlier.

Outlook and guidance

• Revenue guidance of INR 7,200-7,600 crore by FY27, assuming a conservative gold price of INR 90,000 per 10g.

• Advanced gold expected to contribute 10% of revenue by FY27 and 30% by FY29-30; diamond jewelry to grow from 1% to 4% of revenue by FY27.

• Exports targeted to reach 20-25% of volume by FY27; capacity utilization expected to reach 900 kg/month post-acquisition.

• ROCE projected to exceed 30-35% by FY27.

• Continued focus on gold jewellery manufacturing as the core business.