Price
Financials
Standalone, Rs crore| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 240 | 266 | 303 | 297 | 293 | 430 | 637 | 659 | 716 |
| Expenses | 225 | 249 | 275 | 276 | 254 | 369 | 577 | 592 | 645 |
| Operating Profit | 15 | 17 | 28 | 21 | 38 | 61 | 60 | 67 | 71 |
| OPM % | 6% | 6% | 9% | 7% | 13% | 14% | 9% | 10% | 10% |
| Other Income | 2 | 2 | 1 | 1 | 1 | 3 | 3 | 3 | 2 |
| Interest | 4 | 5 | 5 | 6 | 5 | 4 | 4 | 4 | 6 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 |
| Profit before tax | 12 | 13 | 23 | 15 | 33 | 58 | 57 | 64 | 65 |
| Tax % | 24% | 28% | 22% | 40% | 25% | 24% | 29% | 19% | 23% |
| Net Profit | 9 | 9 | 18 | 9 | 25 | 44 | 40 | 52 | 50 |
| EPS in Rs | 9.36 | 9.64 | 3.07 | 1.60 | 4.29 | 5.71 | 5.23 | 6.77 | 6.58 |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| Sales | 377 | 428 | 679 | 711 | 1,106 | 2,019 | 2,442 |
| Expenses | 356 | 409 | 637 | 661 | 1,016 | 1,820 | 2,183 |
| Operating Profit | 20 | 19 | 43 | 50 | 90 | 199 | 259 |
| OPM % | 5% | 4.4% | 6% | 7% | 8% | 10% | 11% |
| Other Income | 1 | 2 | 3 | 3 | 6 | 10 | 10 |
| Interest | 6 | 10 | 12 | 14 | 19 | 18 | 19 |
| Depreciation | 2 | 2 | 2 | 3 | 6 | 6 | 7 |
| Profit before tax | 14 | 8 | 31 | 36 | 71 | 184 | 244 |
| Tax % | 41% | 61% | 36% | 25% | 24% | 24% | |
| Net Profit | 8 | 3 | 20 | 27 | 54 | 140 | 186 |
| EPS in Rs | 8.75 | 3.44 | 20.65 | 27.99 | 9.41 | 18.27 | 24.29 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 40% | 44% | 111% | ||
| Compounded Profit Growth | % | 76% | 92% | 207% | ||
| Stock Price CAGR | % | % | % | 47% | ||
| Return on Equity | % | 36% | 39% | 38% |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 | 54 | 72 |
| Reserves | 42 | 41 | 61 | 88 | 84 | 526 |
| Borrowings | 116 | 144 | 165 | 211 | 243 | 216 |
| Other Liabilities | 30 | 20 | 22 | 18 | 24 | 42 |
| Total Liabilities | 197 | 214 | 257 | 325 | 405 | 856 |
| Fixed Assets | 29 | 43 | 42 | 60 | 57 | 59 |
| CWIP | 14 | 4 | 6 | 8 | 9 | 10 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 154 | 167 | 208 | 257 | 339 | 787 |
| Total Assets | 197 | 214 | 257 | 325 | 405 | 856 |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity | -28 | -16 | -4 | -13 | -15 | -261 |
| Cash from Investing Activity | 9 | -3 | -4 | -5 | 2 | -13 |
| Cash from Financing Activity | 18 | 18 | 9 | 20 | 13 | 272 |
| Net Cash Flow | -0 | -0 | 1 | 2 | -0 | -2 |
| Free Cash Flow | -20 | -20 | -7 | -23 | -19 | -267 |
| CFO/OP | -114% | -66% | 10% | -6% | -2% | -111% |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 80 | 60 | 55 | 40 | 60 | 66 |
| Inventory Days | 49 | 77 | 50 | 72 | 49 | 70 |
| Days Payable | 4 | 7 | 4 | 3 | 2 | 2 |
| Cash Conversion Cycle | 125 | 130 | 101 | 110 | 107 | 134 |
| Working Capital Days | 27 | 38 | 31 | 19 | 29 | 90 |
| ROCE % | 10% | 20% | 19% | 26% | 34% |
| Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Aug 2026 | |
|---|---|---|---|---|---|
| Promoters | 74.89% | 74.89% | 74.89% | 74.89% | 70.35% |
| FIIs | 2.68% | 2.21% | 2.18% | 1.92% | 4.63% |
| DIIs | 4.01% | 2.29% | 2.13% | 1.58% | 1.80% |
| Public | 18.44% | 20.61% | 20.81% | 21.62% | 23.21% |
| No. of Shareholders | 35,483 | 34,135 | 32,844 | 30,274 | 33,627 |
Fundamentals
Market Cap₹ 2,355 Cr.
Current Price₹ 307
Stock P/E12.6
Book Value₹ 78.0
ROCE33.9 %
ROE38.1 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)111%
Compounded Profit Growth (TTM)207%
Standalone figures.
Valuation
Market capRs 2,330 Cr
Enterprise valueRs 2,469 Cr
P/E (TTM)14.51x
Price to book46.58x
Price to sales1.15x
EV / EBITDA10.46x
EV / EBIT10.74x
EV / sales1.22x
Earnings yield6.89%
Profitability
Operating margin (excl. other income)4.41%
Operating margin (incl. other income)4.83%
EBITDA margin11.69%
Pre-tax margin10.48%
Net profit margin7.95%
Net margin, latest quarter7.88%
ROE6.54%
ROCE10.09%
ROA1.61%
ROIC (approx.)47.72%
Tax rate60.71%
Other income / net worth3.58%
Growth
Sales growth (latest year)13.76%
Profit growth (latest year)-60.71%
Sales growth QoQ3.45%
Profit growth QoQ29.40%
Sales growth YoY (latest quarter)121.65%
Profit growth YoY (latest quarter)465.07%
Per share
EPS (TTM)Rs 20.92
EPS (latest year)Rs 3.67
EPS (latest quarter)Rs 6.77
Book value per shareRs 6.52
Sales per shareRs 263.04
Cash flow per shareRs -2.06
Free cash flow per shareRs -34.79
Efficiency
Asset turnover2.00x
Fixed asset turnover9.90x
Inventory turnover4.73x
Inventory days77 days
Debtor days60 days
Debtors turnover6.13x
Creditor days2 days
Cash conversion cycle134 days
Working capital days90 days
Leverage
Total debtRs 144 Cr
Cash and bankRs 5 Cr
Net debtRs 139 Cr
Debt to equity2.88x
Net debt / EBITDA0.59x
Interest coverage12.54x
Current ratio (filing 2026-03-31)3.31x
Quick ratio (filing 2026-03-31)1.84x
Trade payables (filing 2026-03-31)Rs 10 Cr
Owners' fund to total sources23.32%
Debt to assets67.15%
Cash flow
Cash from Operating Activity (latest year)Rs -16 Cr
Cash from Investing Activity (latest year)Rs -3 Cr
Cash from Financing Activity (latest year)Rs 18 Cr
Net Cash Flow (latest year)Rs -0 Cr
Free cash flow (latest year)Rs -267 Cr
FCFE (approx.: FCF + change in debt)Rs -239 Cr
Cash from ops / profit, 5 years-1.27x
Statement figures
Net sales (TTM)Rs 2,019 Cr
Net sales (latest year)Rs 428 Cr
Sales (latest quarter)Rs 659 Cr
Operating profit excl. other income (latest year)Rs 19 Cr
Operating profit (latest quarter)Rs 67 Cr
Other income (TTM)Rs 10 Cr
EBITDA (TTM)Rs 236 Cr
PBDT (TTM)Rs 218 Cr
Profit before tax (TTM)Rs 212 Cr
Tax (latest year)Rs 5 Cr
Net profit (TTM)Rs 161 Cr
Net profit (latest year)Rs 3 Cr
Net profit (latest quarter)Rs 52 Cr
Depreciation (TTM)Rs 6 Cr
Depreciation (latest quarter)Rs 2 Cr
Interest (TTM)Rs 18 Cr
Cost of goods sold (latest year)Rs 402 Cr
Total expenditure (latest year)Rs 409 Cr
Total income (latest year)Rs 430 Cr
Share capitalRs 9 Cr
ReservesRs 41 Cr
Shareholders' fundsRs 50 Cr
Total assetsRs 214 Cr
Net blockRs 43 Cr
Capital work in progressRs 4 Cr
ReceivablesRs 70 Cr
InventoryRs 85 Cr
Other liabilitiesRs 20 Cr
Shares outstanding (crore)7.67
Ownership
Promoter holding70.35% (-4.54 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
| Period | SHANTIGOLD | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +7.0% | -2.8% | +9.8 pts |
| 1 month | +29.3% | -6.8% | +36.1 pts |
| 3 months | +36.8% | -7.6% | +44.5 pts |
| 6 months | +93.8% | +0.4% | +93.4 pts |
| 1 year | +41.6% | -9.9% | +51.5 pts |
3 mutual fund schemes hold about ₹8 Cr.
Over three months 2 bought more and 1 sold (share counts, price move removed).
| Fund | Weight | Est. Cr | 3m shares |
|---|---|---|---|
| Navi Flexi Cap Fund(Q | 1.60% | 5 | +15% |
| Navi Large & Midcap Fund | 0.57% | 2 | -21% |
| Navi Aggressive Hybrid Fund | 1.10% | 1 | +54% |
Red flags
F-score 3 of 8| explain | Weak cash conversion Cash from operations was -371% of net profit over the last 2 years |
| look | Inventory outrunning sales Inventory grew 83% vs sales +14% in 2026 |
| look | Auditor change Auditor change 2026-07-31: Shanti Gold International Limited has informed the Exchange regarding Change in Auditors of the company. |
| look | On NSE surveillance On NSE surveillance: ASM short-term |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹716 Cr +144.4% vs Jun 2025.
Net profit ₹50 Cr +100.0%.
Activity
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| Date | Client | Side | Qty | Price |
|---|---|---|---|---|
| 2026-09-28 | Qe Securities Llp | SELL | 538,952 | 310.54 |
| 2026-09-28 | Qe Securities Llp | BUY | 561,644 | 310.80 |
| 2026-09-28 | Hrti Private Limited | SELL | 437,216 | 310.89 |
| 2026-09-28 | Hrti Private Limited | BUY | 405,995 | 310.46 |
| Ex-date | Action | Factor |
|---|---|---|
| 2026-08-06 | Rights 19:295 @ Premium Rs 205/- |
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Short Term Additional Surveillance Measure (Short Term ASM): stage 1