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Shanti Gold International Ltd (SHANTIGOLD)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544459 NSE: SHANTIGOLD Diamond & Jewellery | Small Cap | Shanti Gold Intnl. Share Price

₹219.85 -1.40 (-0.63%)

As on 02-Jul'26 16:59

Shanti Gold International Ltd (SHANTIGOLD)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544459 NSE: SHANTIGOLD Diamond & Jewellery | Small Cap | Shanti Gold Intnl. Share Price

₹219.85 -1.40 (-0.63%)

As on 02-Jul'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,585 Cr.
Current Price
₹219.9
52-Week Low / High
₹155 / 274
TTM EPS
₹19.4
TTM Sales
₹2,019 Cr.
Book Value per Share
₹83
P/E Ratio
11.31
Lower than its 5-year historical median
Industry PE
55.1
Price to Book (P/B)
2.65
In line with its 5-year historical median
Price to Sales (P/S)
0.79
Lower than its 5-year historical median
EV/EBITDA
8.34
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
44.85%
Outperforms industry median
Return on Capital Employed (ROCE)
27.06%
Outperforms industry median
Return on Assets (ROA)
14.99%
Operating Profit Margin
8.3%
Net Profit Margin
5.05%
Gross Profit Margin
7.1%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
55.52%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
83.85%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
107.82%
Asset Quality
Promoter Holding
74.89%
Pledged shares (%) of Promoter's holding (%)
0.01%
Reserves
₹526 Cr.
Equity
₹72.1 Cr.
Face Value
₹10
All Time Low / High
₹155.00 / 274.05

Shanti Gold International stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Shanti Gold International Ltd a good quality company?
Shanti Gold International Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Shanti Gold International Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Shanti Gold International Ltd vs industry peers?
Shanti Gold International Ltd revenue CAGR is 37.21%, compared to the industry median CAGR of 13.71%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Shanti Gold International Ltd?
Promoters hold 74.89% of the Shanti Gold International Ltd, with 0.01% of their stake pledged, indicating low pledge risk.
Q.1 Stock return of Shanti Gold International Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Shanti Gold International Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 9.5%20.3%19%27.1%-
Value Creation
Index
-0.30.50.40.9-

Growth Parameters

Sales 4286797111,1062,019
Sales YoY Gr.-58.6%4.7%55.5%-
Adj EPS 0.63.54.910.319.4
YoY Gr.-512.3%41.3%107.9%-
BVPS (₹) 9.312.917.928.283
Adj Net
Profit
3.118.826.655.4140
Cash Flow from Ops. -15.8-3.6-12.5-14.6-
Debt/CF from Ops. -9-45.9-15.9-15.9-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NANA37.2%55.5%
Adj EPS NANA162%107.9%
BVPSNANA45%57.7%
Share Price - - - -

Key Financial Parameters

Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
6.131.43244.535
Op. Profit
Mgn %
4.46.378.310.3
Net Profit
Mgn %
0.72.83.756.9
Debt to
Equity
2.82.32.11.50
Working Cap
Days
0971069189
Cash Conv.
Cycle
088988752

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Sales4286797111,106
Operating Expenses + 4096376621,015
Manufacturing Costs0000
Material Costs402627650999
Employee Cost 2334
Other Costs 57811
Operating Profit 19435092
Operating Profit Margin (%) 4.4%6.3%7.0%8.3%
Other Income + 2346
Exceptional Items 0000
Interest 10121419
Depreciation 3236
Profit Before Tax 8313673
Tax 511917
Profit After Tax 3202756
PAT Margin (%) 0.8%2.9%3.8%5.1%
Adjusted EPS (₹)0.63.75.010.3
Dividend Payout Ratio (%)0%0%0%0%

Valuation of Shanti Gold Intnl. - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 507097152
Share Capital 99954
Reserves 41618898
Debt +141161191225
Long Term Debt39433519
Short Term Debt101118156205
Minority Interest0000
Trade Payables8646
Others Liabilities 16193336
Total Liabilities 214257325420

Fixed Assets

Net Fixed Assets +21213933
Gross Block29315250
Accumulated Depreciation8101317
CWIP 4689
Investments 0000
Inventories8585129149
Trade Receivables7010278182
Cash Equivalents 5114314
Others Assets 30312933
Total Assets 214257325420

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + -16-4-13-15
PBT 8313673
Adjustment 11131519
Changes in Working Capital -32-39-53-93
Tax Paid -3-8-10-13
Cash Flow From Investing Activity + -3-4-51
Capex 2-1-8-3
Net Investments -0-20-0
Others -4-134
Cash Flow From Financing Activity + 1892013
Net Proceeds from Shares 0000
Net Proceeds from Borrowing 284-8-15
Interest Paid -10-12-14-18
Dividend Paid 0000
Others -0174246
Net Cash Flow -012-0

Financial Ratio

PARTICULARSMar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)6.633.0832.2844.85
ROCE (%)9.4720.2618.9627.06
Asset Turnover Ratio22.882.442.97
PAT to CFO Conversion(x)-5.33-0.2-0.48-0.27
Working Capital Days
Receivable Days59.5046.3046.3042.90
Inventory Days72.5045.8054.9045.70
Payable Days74.1031.90

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.01
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Shanti Gold International Ltd FAQs

The current trading price of Shanti Gold Intnl. on 02-Jul-2026 16:59 is ₹219.8.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 01-Jul-2026 the market cap of Shanti Gold Intnl. stood at ₹1,585 Cr

The latest P/E ratio of Shanti Gold Intnl. as of 01-Jul-2026 is 11.31.

The latest P/B ratio of Shanti Gold Intnl. as of 01-Jul-2026 is 2.65.

The 52-week high of Shanti Gold Intnl. is ₹274.1 and the 52-week low is ₹155.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Shanti Gold Intnl. is ₹2,019 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Shanti Gold International Ltd is a below average quality company.

The key valuation ratios of Shanti Gold International Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Shanti Gold International Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Shanti Gold International Ltd

Shanti Gold International Limited was originally formed as a partnership firm in the name and style of ‘M/s Shanti Gold’ pursuant to partnership deed dated August 05, 2003 with Pankajkumar H Jagawat and Manojkumar N Jain as its partners. Subsequently, by way of a restated partnership deed dated July 13, 2013, Mukesh Shantilal Jain, Rakesh Shantilal Jagawat, Shashank Bhawarlal Jagawat, Llalet Gulab Jagasia and Vikramsingh Prakash Verma joined as partners and the name of the firm was changed to ‘M/s. Shanti Gold International’. In accordance with the provisions of Part IX of the Companies Act, 1956, the partnership firm was converted to a public limited company under the name and style of ‘Shanti Gold International Limited’, and a fresh certificate of incorporation dated November 01, 2013 was issued by the RoC. The company was granted the certificate of commencement of business on November 22, 2013 by the RoC.

The company is one of the leading manufacturers of high-quality 22kt CZ casting gold jewellery, in terms of installed production capacity, specializing in the design and production of all types of gold jewellery. The company offers a wide range of high-quality, intricately designed pieces, including bangles, rings, necklaces, and complete jewellery sets across various price points ranging from jewellery for special occasions, such as weddings to festive and daily-wear jewellery. 

It has a fully integrated in-house manufacturing setup, which enables it to exercise control over the quality of products and meet the standards expected by its customers. All aspects of design, manufacturing, and packaging have been carried out in-house, enabling it to create jewellery tailored to its clients' preferences. Its manufacturing and processing operations are carried out using machines such as casting machines, steamers, induction melter, air compressors, etc. Additionally, a significant portion of its production process relies on outsourced labour, particularly for the manual setting of stones, which requires precision and craftsmanship.

Business area of the company

The company offers a wide range of high-quality, intricately designed pieces, including bangles, rings, necklaces, and complete jewellery sets across various price points ranging from jewellery for special occasions, such as weddings to festive and daily-wear jewellery.

Products of the company

  • Bangles
  • Rings
  • Necklace
  • Jewellery set

Awards, accreditations, certifications and recognitions

  • 2009: Received a certificate for lifetime membership of All India Gems and Jewellery Trade Federation.
  • 2018: Received an award of appreciation for contributing to the successful achievement of Gem & Jewellery India International Fair from Chennai Trade Centre.
  • 2018: Received an award for participation at Chennai Jewellery and Gem Fair by Chennai Jewellers Association.
  • 2019: Received an award of appreciation for participating in the Gem & Jewellery India International Fair 2019 from Chennai Trade Centre.
  • 2020: Received an award for participating in the Preferred Manufacturer of India (PMI 5) (2019-2020) from All India Gem and Jewellery Domestic Council.
  • 2021: Received various certifications for using Hallmark upon Gold Jewellery and Artefacts- IS 1417: 2016 Gold and Gold Alloys, Jewellery/Artefacts - Fineness and Marking.
  • 2024: Received an award for being the prime exhibitor at IIJS India International Jewellery Show from -the Gem & Jewellery Export Promotion Council (GJEPC).
  • 2024: Received an award of appreciation for participating in India’s Largest B2B Exhibition for South Indian jewellery organized by the Jewellers and Diamond Traders Association - Madras.
  • 2024: Received a certificate of Membership under Gold Jewellery Panel as Members for the year 2024-2025 by The Gem & Jewellery Export Promotion Council.

History and milestones

  • 2003: Started the business as a partnership firm under the name and style of ‘M/s. Shanti Gold’.
  • 2007-2008: Commenced sales of its products to customers in United Arab Emirates.
  • 2012: Commenced sales of its products to retail businesses located in Kerela, Chennai, Andhra Pradesh, Punjab and Uttar Pradesh.
  • 2013: Name of the partnership firm was changed from ‘M/s. Shanti Gold’ to ‘M/s. Shanti Gold International’.
  • 2013: Converted the partnership firm into a public limited company on November 1, 2013 under the name and style of ‘Shanti Gold International Limited’.
  • 2022: The company produced more than 1,000.00 kgs of 22kt CZ casting gold jewellery.
  • 2024: Shifted its manufacturing facilities by setting up a new facility in Mumbai having an installed production capacity of 2,700 kilo grams per annum.
  • 2025: The company crossed annual turnover of Rs 11,000 million.

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