Shanti Gold International Limited

Shanti Gold International Limited 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.  Company has a fully integrated in-house manufacturing setup. All aspects of design, manufacturing, and packaging have been carried out in-house. The manufacturing and processing operations are carried out using machines such as casting machines, steamers, induction melter, air compressors, etc.Additionally, a significant portion of the production process relies on outsourced labour, particularly for the manual setting of stones, which requires precision and craftsmanship. The manufacturing facility spans over 13,448.86 square feet area in Andheri East, Mumbai, equipped to produce variety of jewellery with precision and efficiency.  As on date, they have an installed manufacturing capacity of 2,700 kg per annum with capacity utilization 53.36%, 50.53% and 58% for FY23, FY24 and FY25 respectively. Further, the Proposed Jaipur Facility will have an installed production capacity of 1,200 kgs, which will augment the currently existing installed production capacity to a total of 3,900 kgs. As of May 31, 2025, they had a team of 79 CAD designers, who develop over 400 designs per month on a regular basis. For the Fiscal Years 2025, 2024 and 2023, they catered to 455, 372 and 379 customers. Their some of the Corporate Clients are Joyalukkas India Limited, Lalithaa Jewellery Mart Limited, Alukkas Enterprises PrivateLimited, Vysyaraju Jewellers Private Limited and Shree Kalptaru Jewellers (I) Private Limited. The customer network spans 15 states and 2 union territories in India and four countries abroad. As per financial performance, Shanti Gold International Limited has posted total income / net profits of Rs 682.28 Cr / 19.82 Cr (FY23), Rs 715.04 Cr / Rs 26.87 Cr (FY24) and Rs 1,112.47 Cr / 55.84 Cr (FY25). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs 7.44 and average RoNW of 38.70% for last three fiscals. Issue is priced at a P/BV of 7.05 as per NAV of Rs 28.22/- as on 31.03.25. If we attribute latest earnings of FY23, FY24 and FY25 on equity post issue, then asking price is at a P/E of around 72.39, 53.40 and 25.69 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Choice Capital Advisors Private Limited is associated with this IPO, and have handled 6 IPOs in last three fiscals. From last 6 IPOs (SME & Mainboard), all opened above issue price on the day of listing. As of now from last 6 IPOs, all are trading above issue price as on today.  ( As on 21.07.25 ) As per financials, Shanti Gold International Limited has shown good growth, RoNW is 44.85% and P/E is 72.39, 53.40 and 25.69 respectively as per FY23, FY24 and FY25 earnings. When compared with listed peers, issue looks fully priced. Company is in business of manufacturing of high-quality 22kt CZ casting gold jewellery, which is highly competitive business segment. So, we give SUBSCRIBE rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Pankajkumar H Jagawat
• 2 Manojkumar N Jain
• 3 Shashank Bhawarlal Jagawat