Sky Gold & Diamonds: The B2B Backbone Powering India’s $145B Jewellery Milestone

Synopsis: Everyone knows CaratLane, Kalyan Jewellers, Malabar Gold & Diamonds, Senco Gold, and the other glittering giants dominating India’s branded jewellery market. Yet behind their radiant sparkle lies an unsung manufacturing powerhouse you probably haven’t heard of: Sky Gold. This editorial delves into Sky Gold’s explosive growth story, commanding valuation, lurking risks, and an unbreachable competitive moat.

Founded in 2008, Sky Gold has grown into a leading name in the casting jewellery industry. Built on nearly two decades of hands-on experience, the company combines skilled craftsmanship with large-scale manufacturing capabilities. Operating from a 130,000 square foot facility, Sky Gold has steadily evolved into a strong and reliable production platform, driven by innovation and execution.

Operating on a pure B2B model, Sky Gold partners with some of India’s leading jewellery retailers and large wholesalers, alongside reputed Indian and international corporates, and a vast network of distributors. Boasting an impressive annual capacity of 14.4 tonnes, its operations cater to surging global demand. Today, these pieces sparkle in over 2,000 retail outlets across India and more than 500 stores worldwide, underscoring Sky Gold’s enduring appeal and expansive footprint in the competitive jewellery market.

Sky Gold’s Moat 

Sky Gold’s competitive advantage rests on a tightly built moat of speed, scale, and execution rather than sheer output. In an industry defined by long lead times, the company delivers design-to-finish cycles in just 7-20 days, enabled by advanced 3D printing technology from Germany, Italy, and the US, and a 130,000 sq. ft. integrated facility in Navi Mumbai with a capacity of ~1,050 kg per month.

As India’s largest single-location jewellery manufacturer, Sky Gold combines this scale with depth, with over five decades of promoter experience and a 9+ lakh strong design library, continuously refreshed by an in-house R&D team tracking global fashion trends.

Its asset-light, design-led B2B model has fostered sticky partnerships with leading jewellers such as Malabar Gold & Diamonds, Kalyan Jewellers, GRT, Senco, and Joyalukkas, while recent additions, including Indriya (Aditya Birla Group), CaratLane (Tata Group), Reliance, and P.N. Gadgil, fuel further momentum. Growth is driven by both a steady ramp-up in orders from existing clients and incremental volumes from new partnerships. Importantly, client concentration remains disciplined, with the top three customers contributing ~25-27% of revenue and the top five ~30-32%, ensuring both stability and diversification.

The Explosive Growth Story

Sky Gold isn’t just expanding, it’s exploding. Over the past five years (FY21-FY25), PAT rocketed at a staggering 129.2% CAGR, leaping from Rs 5 crore to Rs 133 crore. EBITDA followed suit with 107.7% CAGR growth, from Rs 11 crore to Rs 196 crore, while revenue from operations surged 45.3% CAGR to Rs 3,548 crore from Rs 796 crore. 

The momentum rolls on, with H1FY26 revenue from operations reaching Rs 2,615.7 Crore (up 75.3% YoY), EBITDA at Rs 171.3 crore (up 125.2% YoY), whereas PAT grew by 90.9% YoY, reaching Rs 110.6 crore. 

The management is aiming for a Rs 5,400 crore revenue in FY26P, scaling to Rs 7,600 crore in FY27P, all while eyeing a strong 4.25% PAT margins (3.7% in FY25). Guidance projects capacity utilisation climbing to ~900 kg/month by FY27 from 544 kg in Q2FY26, driving ROCE beyond 25%. With the current 1,050 kg/month capacity offering vast headroom, positioning Sky Gold as the breakout force fueling India’s jewellery boom.

Strategic Growth Accelerators

Sky Gold is aggressively scaling through shrewd acquisitions, category expansions, and bold infrastructure plays. The Speed Bangle Pvt. Ltd. acquisition unlocks lightweight Italian bangles via a 100% advance-gold model with tax incentives. While a majority stake acquisition in Shri Rishab Gold, a Mumbai mangalsutra specialist, supercharges Sky Gold’s dominance in the segment via its Star Mangalsutra arm. Collaborations like Senco’s 9kt gold launch target value-conscious Gen Z, alongside expansions into studded 18kt/diamond jewellery, chains, and bangles.    

The Dubai office targets the Middle East as a strategic growth market, bolstering total exports, which currently account for 10% of Q2FY26 revenue, targeting 10-12% next quarter, and scaling to 15-20% by March 2027. ERP upgrades simultaneously sharpen productivity tracking. Meanwhile, organised jewellery retail’s seismic transition unleashes tailwinds for Sky Gold’s mere