Shanti Gold International Limited (SHANTIGOLD) AI Stock Analysis

Shanti Gold International Limited

(NSE:SHANTIGOLD)

Select Model

Rating:65.25Neutral

Price Target:INR 396.00▲(34.74% Upside)

Action:reiterated

Date:09/26/26

The score is held back primarily by weak cash generation (persistent negative operating/free cash flow with a significant 2026 deterioration), despite very strong reported growth and earnings scaling. Technicals are supportive with a clear uptrend, but overbought signals raise near-term risk. Valuation is moderately supportive with a low P/E, while earnings call and corporate events were excluded due to missing data.

Positive Factors

Strong Revenue GrowthThe sharp acceleration in revenue indicates expanding business activity and stronger commercial scale. If sustained, this growth can broaden the earnings base, improve operating leverage, and support continued reinvestment in manufacturing and related jewellery operations over the next several quarters.

Negative Factors

Persistent Negative Cash FlowPersistent negative operating cash flow means reported profits are not currently translating into cash generation. The sharp 2026 deterioration can increase reliance on external funding or working-capital improvements, limiting financial flexibility while growth requires ongoing resources.

Shanti Gold International Limited (SHANTIGOLD) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 22.66B
Dividend Yield: ―
Average Volume (3M): 218.27K
Price to Earnings (P/E): 10.4
Beta (1Y): 0.97
Revenue Growth: ―
EPS Growth: ―
Country: India
Employees: 286
Sector: General
Sector Strength: 55
Industry: Luxury Goods

Shanti Gold International Limited Business Overview & Revenue Model

Company Description

Shanti Gold International Limited specializes in the creation, manufacturing, and wholesale supply of gold jewelry. The company's market reach extends to India, the United States, the United Arab Emirates, Qatar, and Singapore. Its extensive product...

Shanti Gold International Limited Financial Statement Overview

Summary

Income statement momentum is strong (2026 revenue +177.5% and net income scaling sharply), but the cash flow profile is a major risk with consistently negative operating and free cash flow and a sharp 2026 deterioration. The balance sheet has improved via higher equity, yet debt remains sizable and historical leverage has been elevated.

Income Statement

78Positive

Balance Sheet

64Positive

Cash Flow

28Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	24.42B	20.19B	11.06B	7.11B	6.79B	4.28B
Gross Profit	2.74B	2.06B	1.07B	617.23M	527.84M	267.92M
EBITDA	2.68B	2.09B	972.01M	529.81M	453.31M	202.89M
Net Income	1.86B	1.40B	558.42M	268.68M	198.19M	33.01M
Balance Sheet
Total Assets	0	8.56B	4.20B	3.25B	2.57B	2.14B
Cash, Cash Equivalents and Short-Term Investments	491.75M	497.89M	141.88M	428.82M	112.10M	46.80M
Total Debt	0	2.16B	2.43B	2.11B	1.65B	1.44B
Total Liabilities	-5.98B	2.58B	2.67B	2.29B	1.87B	1.64B
Stockholders Equity	5.98B	5.98B	1.52B	966.69M	698.05M	500.13M
Cash Flow
Free Cash Flow	-2.47B	-2.70B	-218.91M	-234.15M	-87.52M	-198.95M
Operating Cash Flow	-2.47B	-2.64B	-153.03M	-130.26M	-48.38M	-157.97M
Investing Cash Flow	29.83M	-166.50M	12.67M	-50.75M	-44.77M	-26.00M
Financing Cash Flow	2.53B	2.89B	132.55M	196.27M	91.92M	182.08M

Shanti Gold International Limited Technical Analysis

Technical Analysis SentimentNeutral

Last Price293.90

Price Trends

50DMA302.39Negative

100DMA261.96Positive

200DMA232.98Positive

Market Momentum

MACD7.43Positive

RSI39.32Neutral

STOCH8.18Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SHANTIGOLD, the sentiment is Neutral. The current price of 293.90 is below the 20-day moving average (MA) of 360.05, below the 50-day MA of 302.39, and above the 200-day MA of 232.98, indicating a neutral trend. The MACD of 7.43 indicates Positive momentum. The RSI at 39.32 is Neutral, neither overbought nor oversold. The STOCH value of 8.18 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:SHANTIGOLD.

Shanti Gold International Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:SHANTIGOLD against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:SHANTIGOLD	65Neutral	INR 22.55B	10.39	―	―	―	―
IN:RGL	63Neutral	INR 14.77B	17.41	―	―	41.39%	54.19%
IN:GOLDIAM	62Neutral	INR 43.15B	16.93	―	0.98%	27.01%	55.10%
IN:RBZJEWEL	59Neutral	INR 6.96B	12.16	―	―	30.27%	54.08%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:RAJESHEXPO	54Neutral	INR 14.41B	8.60	―	―	79.55%	130.31%
IN:SKYGOLD	52Neutral	INR 136.87B	34.54	―	―	73.01%	106.27%

* General Sector Average

Performance Comparison

IN:SHANTIGOLD and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:SHANTIGOLD	Shanti Gold International Limited	293.90	48.29	19.66%
IN:GOLDIAM	Goldiam International Limited	286.60	5.76	2.05%
IN:RAJESHEXPO	Rajesh Exports Limited	48.82	-132.53	-73.08%
IN:RBZJEWEL	RBZ Jewellers Limited	174.10	26.70	18.11%
IN:RGL	Renaissance Global Limited	137.45	-0.20	-0.15%
IN:SKYGOLD	Sky Gold Limited	883.75	526.25	147.20%

Shanti Gold International Limited Corporate Events

Shanti Gold Launches ₹99.83 Crore Rights Issue to Existing Shareholders

Aug 11, 2026

Shanti Gold International Limited has launched a rights issue of equity shares to its eligible shareholders of record as of August 6, 2026, aiming to raise approximately ₹99.83 crore, assuming full subscription. The company has published mandat...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 26, 2026

Shanti Gold International Limited AI Stock Analysis