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

Executive summary

• Achieved record quarterly revenue in Q3 FY25, with year-on-year growth of 116.7% and consolidated revenue of INR 998 crore, and nine-month FY25 revenue of INR 2,489.8 crore, up 102% year-over-year.

• EBITDA for Q3 FY25 rose 217% year-over-year to INR 57.3 crore; PAT surged to INR 36.5 crore.

• Onboarded major clients including Aditya Birla's Novel Jewels, CaratLane, and P.N. Gadgil, expanding premium project capabilities.

• Announced rebranding to Sky Gold and Diamonds Limited, reflecting diversification into diamond and lab-grown jewelry.

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

Financial highlights

• Q3 FY25 consolidated revenue: INR 998 crore vs INR 460 crore in Q3 FY24, up 160% year-over-year.

• Gross margin improved to 7.3% from 5.3% in Q3 FY24.

• 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 FY25 revenue: INR 2,489.8 crore, up 102% year-over-year; gross margin at 6.8%.

• Nine-month PAT: INR 94 crore vs INR 26.9 crore; PAT margin at 3.8% vs 2.2%.

• Sequential revenue growth of 29.8% from Q2 FY25 to Q3 FY25.

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; FY27 to INR 7,200 crore, driven by new client additions.

• Targeting consolidated revenues of ~INR 6,300 crore by FY27, with capacity utilization of 1,050 kg/month post-acquisition.

• PAT margin expected to remain between 3.5%-4% for FY27.

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