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Shanti Gold International Limited (SHANTIGOLD) AI Stock Analysis

IN:SHANTIGOLD

Shanti Gold International Limited

(NSE:SHANTIGOLD)

Select Model
Rating:69Neutral
Price Target:INR 403.00â–²(37.12% Upside)
Action:downgraded
Date:09/26/26

The score is driven primarily by solid income growth within financial performance and an attractive P/E valuation, with technical indicators adding support through sustained upward momentum.

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)

-50%-25%0%25%50%75%100%IN:SHANTIGOLD+21.59%INDA-12.02%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
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

Strong revenue growth and rising net income are offset by persistently negative cash flows and elevated debt-to-equity ratios.

Income Statement

85Very Positive

Balance Sheet

55Neutral

Cash Flow

25Negative
Financial statement breakdown
BreakdownTTMMar 2026Mar 2025Mar 2024Mar 2023Mar 2022
Income Statement
Total Revenue24.42B20.19B11.06B7.11B6.79B4.28B
Gross Profit2.74B2.06B1.07B617.23M527.84M267.92M
EBITDA2.68B2.09B972.01M529.81M453.31M202.89M
Net Income1.86B1.40B558.42M268.68M198.19M33.01M
Balance Sheet
Total Assets08.56B4.20B3.25B2.57B2.14B
Cash, Cash Equivalents and Short-Term Investments491.75M497.89M141.88M428.82M112.10M46.80M
Total Debt02.16B2.43B2.11B1.65B1.44B
Total Liabilities-5.98B2.58B2.67B2.29B1.87B1.64B
Stockholders Equity5.98B5.98B1.52B966.69M698.05M500.13M
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 Flow29.83M-166.50M12.67M-50.75M-44.77M-26.00M
Financing Cash Flow2.53B2.89B132.55M196.27M91.92M182.08M

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
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
IN:RBZJEWELIN:RBZJEWEL73OutperformINR 6.96B12.16――30.27%54.08%
IN:SHANTIGOLDIN:SHANTIGOLD69NeutralINR 22.55B10.39――――
IN:RGLIN:RGL63NeutralINR 14.77B17.41――41.39%54.19%
IN:GOLDIAMIN:GOLDIAM62NeutralINR 43.15B16.93―0.98%27.01%55.10%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
IN:RAJESHEXPOIN:RAJESHEXPO54NeutralINR 14.41B8.60――79.55%130.31%
IN:SKYGOLDIN:SKYGOLD52NeutralINR 136.87B34.54――73.01%106.27%

* General Sector Average

Performance Comparison

0%100%IN:SHANTIGOLDIN:GOLDIAMIN:RAJESHEXPOIN:RBZJEWELIN:RGLIN:SKYGOLDDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
IN:SHANTIGOLD and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
IN:SHANTIGOLDShanti Gold International Limited293.9048.2919.66%
IN:GOLDIAMGoldiam International Limited286.605.762.05%
IN:RAJESHEXPORajesh Exports Limited48.82-132.53-73.08%
IN:RBZJEWELRBZ Jewellers Limited174.1026.7018.11%
IN:RGLRenaissance Global Limited137.45-0.20-0.15%
IN:SKYGOLDSky Gold Limited883.75526.25147.20%

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