SKY GOLD AND DIAMONDS earnings calls.

Sky Gold and Diamonds delivered a strong Q4 FY26 with annualized exit run rate of Rs 7,650 crore, positioning the company ahead of its FY27 guidance of Rs 8,100 crore. The company strategically pivoted towards advanced gold model (now 12%Current 12%. Reported change: +6pp YoY. of business vs 6% in FY24), improving gross margins by 245 bps to 8.45%. Working capital days improved dramatically from 71 to 59 daysCurrent 59 days. Reported change: -12 days YoY., while operating cash flow turned near-neutral from negative Rs 272 crore. The company announced Phase 3 focused on organic self-sustaining growth with 50%+ debt reduction in FY27 and net debt-free target by FY30. New CEO appointment and promoter compensation restructuring (zero salary, dividend-only) signal governance improvements. Key risks include Middle East geopolitical challenges affecting export recovery and potential regulatory tightening on gold imports impacting the wider sector. FY30 targets of Rs 18,000-19,000 crore revenue with 5.25-5.75% PAT margin require sustained 30-35% volume CAGR.