Shanti Gold International IPO: Check IPO Date, Lot Size, Price & Details

About The Company

Founded as a partnership firm in 2003 by Pankaj Kumar H. Jagawat and Manojkumar N. Jain, Shanti Gold International Ltd. (“SGIL” or “the Company”) is a manufacturer of 22kt CZ (karat, Cubic Zirconia) casting gold jewellery. The company specialises in designing and producing all types of high-quality gold jewellery, including intricately crafted pieces such as bangles, rings, necklaces, and complete jewellery sets across a variety of price ranges.

Shanti Gold operates a fully integrated in-house manufacturing facility, covering 13,488 square feet in Andheri, Mumbai, which enables strict control over quality and compliance with customer standards. The company oversees a comprehensive value chain that includes designing, manufacturing, and packaging its jewellery products.

The company has a team of 79 CAD (Computer Aided Design Technology) designers who collectively produce over 400 designs each month. Operational capabilities are supported by casting machines, steamers, induction melters, air compressors, and other related equipment. A significant part of the company’s production process depends on outsourced labour. The installed manufacturing capacity is 2,700 kgs per year, with an average utilisation rate of 53.4% annually over the past three years.

Shanti Gold has established strong business relationships with reputed jewellery brands such as Joyalukkas India Limited, Lalithaa Jewellery Mart Limited, Alukkas Enterprises Private Limited, Vysyaraju Jewellers Private Limited, and Shree Kalptaru Jewellers. Its network spans 15 states and 2 union territories, with key operational centres in Mumbai, Bengaluru, Chennai, and Hyderabad. The company also has branch offices in Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Gujarat, and Madhya Pradesh, along with an international presence in four countries: the UAE, the USA, Singapore, and Qatar.

In FY25, Shanti Gold’s largest revenue contribution came from the South region of India (72.76%), with the rest of India accounting for 21.88%, and exports constituting 5.36% of total revenue, primarily driven by sales to the UAE.

IPO Details

</table class="itstocks">Objective of the Issue

• Funding capital expenditure requirements for setting up the proposed Jaipur facility
• Meeting the working capital requirements of the Company
• Repayment and/or pre-payment, in full or in part, of certain borrowings availed by the Company
• General corporate purposes.

Key Strengths

• Diverse Product Designs
  The company specialises in designing and producing 22kt CZ gold jewellery, offering a wide and varied range of intricately crafted pieces—including bangles, rings, necklaces, and sets—across all price points, from regular wear to special occasions. With 79 CAD designers developing over 400 new designs monthly, collections consistently meet diverse client preferences in 15 states, 2 union territories, and 4 international markets. Relationships with leading brands such as Joyalukkas, Lalithaa Jewellery Mart, and others underscore strong customer trust.
• Fully Integrated Manufacturing
  A comprehensive in-house facility in Andheri, spanning over 13,448 square feet, supports complete control over product quality from design to packaging. The company’s annual installed manufacturing capacity of 2,700 kg ensures efficient, flexible production. Advanced machinery is complemented by skilled outsourced labour for intricate detailing.
• Experienced Leadership
  Promoters Pankajkumar H. Jagawat, Manojkumar N. Jain, and Shashank Bhawarlal Jagawat have a combined industry experience exceeding 50 years and, as of the date of this Red Herring Prospectus, collectively hold 99.96% of the pre-Issue equity share capital of the Company. Their expertise and deep industry connections have driven sustained operational growth and robust stakeholder relationships. Leveraging this experience and market presence, the Company is well-positioned to support ongoing growth and navigate the evolving challenges of the jewellery industry.
• Strong Client Relationships
  Longstanding ties with corporate jewellery clients—such as Joyalukkas India Limited, Lalithaa Jewellery Mart Limited, Alukkas Enterprises Private Limited, Vysyaraju Jewellers Private Limited, and Shree Kalptaru Jewellers (I) Private Limited—demonstrate the company’s commitment to customisation, consistent quality, and reliability. These relationships, developed over years through repeat business and tailored product offerings, enable the company to effectively serve both branded chains and wholesale distribution channels across diverse geographies.

Risks

• Customer Concentration
  SGIL’s top 10 customers contributed approximately one-third of total revenue in the past three fiscal years, including major clients such as Joyalukkas India Limited, Lalithaa Jewellery Mart Limited, Alukkas Enterprises Private Limited, Vysyaraju Jewellers Private Limited, and Shree Kalptaru Jewellers (I) Private Limited. The loss of any key customer, deterioration of their financial condition, or reduction in their orders may adversely impact the Company’s business, financial condition, and cash flows. SGIL does not have long-term or exclusive contracts with its customers, leading to heightened vulnerability to order cancellations, delays, or reductions. Inability to replace lost revenue or find alternative buyers for surplus stock could result in additional costs, excess inventory, and profitability challenges.
• Regional Revenue Concentration
  A significant portion of SGIL’s revenue is concentrated in Southern India, accounting for over 70% of sales. This dependence exposes the Company to regional risks, including economic and consumer shifts, regulatory changes, local supply chain disruptions, and geopolitical factors. Any adverse developments in these markets could materially affect the Company’s operations and financial performance.
• Product Concentration
  SGIL’s business is primarily focused on 22kt CZ casting gold jewellery. While expanding into machine-made plain gold jewellery, the Company remains exposed to risks arising from fluctuations in demand and evolving consumer trends—particularly the increasing preference for lighter, diamond-studded jewellery among younger consumers. Reduced demand or market shifts away from 22kt CZ gold products could negatively affect revenue and profitability.
• Exposure to Gold Price Volatility and Supply Risks
  As gold is a primary raw material, SGIL faces risks related to price fluctuations and procurement challenges. Regulatory changes, import restrictions, or sourcing issues could lead to higher production costs or delays in fulfilling orders, thereby impacting margins, product quality, and the Company’s financial condition.
• Seasonal Fluctuations
  The Company’s sales are subject to significant seasonality, with peaks aligned to cultural events, festivals, and the wedding season. Lower sales in these peak periods or mismanaged inventory levels could result in missed sales opportunities, excess stock, or increased carrying costs, impacting SGIL’s operational and financial performance.

Financial Snapshots</table class="itstocks">KPI Comparisons with Peer Industries </table class="itstocks">Conclusion

• Shanti Gold International Ltd. operates in the 22kt CZ gold jewellery segment with in-house manufacturing, a broad product range, and business relationships across domestic and international markets. The company has shown consistent growth in revenue and profitability, supported by design capabilities and operational integration.
• In comparison to peers such as RBZ Jewellers, Sky Gold, and Utsav CZ Gold, Shanti Gold records stronger return metrics, while its margin profile is moderate relative to some competitors. The company maintains higher financial leverage than most peers, which may impact flexibility until post-issue adjustments are realised.
• The IPO proceeds are allocated toward capacity expansion, debt repayment, and working capital. Key monitoring factors going forward include customer concentration, regional dependency, and exposure to commodity price movements.