Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on August, 2026
• The company is engaged in the manufacturing of high-quality 22 kt gold studded with Cubic Zirconia.
• The company marked steady growth in its top and bottom lines expressing trends of the industry.
• Based on its financial data and the market trades, the RI appears fully priced.
• Well-informed investors may park funds for medium to long term.
ABOUT COMPANY:
Shanti Gold International Ltd., (SGIL) is a manufacturer of high-quality 22 Kt CZ (22-karat gold studded with Cubic Zirconia) casting gold jewellery. It 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. Many of its pieces feature intricately studded gemstones in CZ casting gold, crafted by SGIL’s team of designers, by employing computer-aided design technology (“CAD”).
The company started its operations in 2003 from the city of Mumbai, Maharashtra. Its clients are spread across eighteen states across India and two union territories and four countries abroad. Its operations span key cities including Mumbai, Bangalore, Chennai and Hyderabad, and it has branch offices in Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Gujarat, Maharashtra and Madhya Pradesh.
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 clients’ preferences. Its manufacturing and processing operations are carried out using machines such as casting machines, steamers, induction melters, 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. As of March 31, 2026, it had 27 employees on its payroll.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 4643471 equity shares of Rs. 10 each at a price of Rs. 215 per share to mobilize Rs. 99.83 cr. The RI opens for subscription on August 14, 2026, and will close on August 21, 2026. The company is offering RI in the ratio of 19 for 295 to its eligible stakeholders as of the record date of August 06, 2026. The company is asking for full money on application for number of shares applied. Post allotment, RI shares will be listed on BSE and NSE. The company is spending Rs. 0.50 cr. for this RI process, from the net proceeds, it will utilize Rs. 80.00 cr. for working capital, and Rs. 19.33 cr. for general corporate purposes.
The RI is solely lead managed by Aryaman Financial Services Ltd., and Bigshare Services Pvt. Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 72.10 cr. will stand enhanced to Rs. 76.74 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 1649.90 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last three fiscals, the company has posted total revenue / net profit, of Rs. 715.04 cr. / Rs. 13.96 cr. (FY24), Rs. 1112.47 cr. / Rs. 54.11 cr. (FY25), Rs. 2028.50 cr. / Rs 140.15 cr. (FY26). The company posted growth in its top and bottom lines for the reported periods. Its NAV stood at Rs. 90.60 as of March 31, 2026.
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods of the offer document. It will adopt a prudent dividend policy, based on its financial performance and future prospects. However, the offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 544459 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 217.00 on August 05, 2026, and opened on an ex-right basis at Rs. 219.20 on August 06, 2026. Since then, it has marked a high/low of Rs. 236.40 / Rs. 216.20. The scrip last closed at Rs. 231.10 as of August 13, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 273.78 / Rs. 154.85.
The promoters’ holding has been constant at 74.89% for the last three quarters ended on June 30, 2026. The counter is well maintained above the RI price to tempt investors.
Conclusion / Investment Strategy
SGIL is engaged in the manufacturing of high-quality 22 kt gold studded with Cubic Zirconia. The company marked steady growth in its top and bottom lines expressing trends of the industry. Based on its financial data and the market trades, the RI appears fully priced. Well-informed investors may park funds for medium to long term.
Review By Dilip Davda on August, 2026
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
Courtesy: https://www.chittorgarh.com/
