Sky Gold reports 112% profit growth and targets debt reduction
The jewellery retailer posted revenue of ₹6,295 crore for FY26, as it shifts to an asset-light manufacturing model to cut borrowings by half.
— 3 earlier stories on Sky Gold and Diamonds Ltd. →What's new
- Annual revenue climbed 77% to ₹6,295 crore.
- India Ratings upgraded the company's credit profile to IND A/Stable.
- Management plans to slash net borrowings by over 50% next year.
Why this matters
The company is pairing rapid top-line growth with a pivot toward an asset-light model to clean up its balance sheet. A credit rating upgrade provides a tangible endorsement of this strategy, though the FY30 profit target of ₹945 crore remains a long-term ambition.
What we're watching
- Execution of the asset-light manufacturing transition.
- Actual debt reduction figures in the coming quarters.
- Progress toward the FY30 profitability goal.
The full read
Sky Gold and Diamonds delivered 77% revenue growth to ₹6,295 crore and a 112% surge in net profit to ₹282 crore for FY26. While the market was already aware of these headline figures from prior board disclosures, the company used its latest release to detail a shift in strategy. The core move is a transition to an asset-light manufacturing model, which management claims will cut net borrowings by more than 50% in the next year. India Ratings has already acknowledged this direction with an upgrade to IND A/Stable. The company also introduced an employee stock ownership plan to align incentives. The long-term target of ₹945 crore in profit by FY30 is now the benchmark for management's execution. The next test is whether the company can maintain this pace while simultaneously deleveraging its balance sheet.
Questions answered
- How did Sky Gold perform in FY26?
- The company reported a 77% increase in consolidated revenue to ₹6,295 crore and a 112% rise in net profit to ₹282 crore.
- What is the company's plan for its debt?
- Management intends to reduce net borrowings by more than 50% in the coming year by adopting an asset-light manufacturing model.
- Has there been any change in the company's credit standing?
- Yes, India Ratings upgraded the company to IND A/Stable.
- What is the company's long-term profit target?
- Management has reiterated a goal of reaching ₹945 crore in profitability by FY30.
Story so far
All notes on SKYGOLD →- 27 May 2026 · 2:06 PM IST Sky Gold reports 112% profit growth and targets debt reduction
- today Sky Gold and Diamonds files audited results; no new surprises
- today Sky Gold and Diamonds files audited results; no surprises here.
- today Sky Gold profit doubles to ₹282 crore on volume growth