Shanti Gold International Limited

Operating margin compressed from 14.09% (Sep 2025) to 9.97% (Jun 2026), a 412 bps decline despite 2.4x revenue growth—verify whether temporary (demand-driven discounting or mix shift) or structural (cost pressures or competitive intensity).

Revenue growth of 2.4x year-on-year is exceptional—verify if organic expansion, M&A-driven, temporary demand spike, or category shift, and whether sustainable at this pace.

Gems, jewellery and watches are consumer discretionary goods tied to gifting occasions and consumer sentiment—verify exposure to demand cycle reversal and economic slowdown impact.

Precious metals (especially gold) input cost exposure affects margin sustainability—verify pricing power to pass through cost increases and hedging policies in place.

Revenue scaled 2.4x year-on-year to ₹716.38 Cr (Jun 2026) from ₹292.77 Cr (Jun 2025)—verify whether organic, M&A-driven, or one-time category expansion, and whether this growth rate sustains.

Sep 2025 achieved OPM of 14.09% versus current 9.97%, demonstrating operational margin expansion is possible—verify what conditions enabled Sep margin and whether repeatable.

ROE of 23.42% shows efficient capital deployment—verify whether rights-raised capital can be deployed at comparable returns to sustain profitability growth.