Sky Gold CFO Siddharth Sipani Says Advance Gold Model Lifted Q1 FY27 Cash Flow to Rs 30 Crore

Sky Gold and Diamonds reported positive operating cash flow of about Rs 30 crore in the June 2026 quarter, alongside 78% revenue growth, after a year of negative operating cash flow, CFO Siddharth Sipani said. TradingView published the interview with Sipani on October 31, 2026.

How Sky Gold's Advance Gold Model Works

Sky Gold is a B2B gold jewellery manufacturer that supplies organised retailers rather than selling directly to consumers, according to akta.pro company records. Sipani said the company held back from pushing sales growth even higher to protect cash flow, focusing on receivables, inventory and business mix while putting part of the cash from gold jewellery into higher-margin studded products.

Under the Advance Gold model, customers provide the gold, which Sipani said lets Sky Gold concentrate on manufacturing without the same working capital requirement. Funds released that way go towards serving other customers, which he said supports better capacity utilisation and higher volumes and profit after tax for the group.

"As Advance Gold becomes a larger part of our business, operational visibility is increasingly important to capital efficiency," Sipani said, pointing to technology and enterprise resource planning initiatives that track data and the movement of goods. He said existing facilities and manufacturing capacity offer headroom, and that higher utilisation improves cost absorption.

Sky Gold raised Rs 270 crore through a Qualified Institutional Placement in October 2024, and Sipani said the proceeds were almost fully used by December that year for group working capital. The fundraising let the company scale operations from 250 kg to 750 kg, he said.

Sky Gold's Export Targets and Order Interest

Sipani said exports are an important part of growth strategy, with a target of around 20% contribution by FY30, supported by a Dubai base and an established presence in the UAE, Bahrain, Singapore and Malaysia. Sky Gold is also developing opportunities in the UK and Japan, and Sipani said participation in the London jewellery exhibition generated initial order interest of Rs 30-45 crore from buyers across those markets.

Sky Gold's Recent Results and Deals

Sky Gold reported a consolidated net profit of Rs 127.87 crore in Q2FY27, up 90.9% year-on-year, on revenue of Rs 2,390.65 crore, up 61%, and its board approved raising up to Rs 1,800 crore via QIP, NDTV Profit reported on October 27, 2026. The company acquired 100% equity of Purvi Gems for ₹9 crore in cash on October 7, 2026, a deal targeting ₹1,600-1,800 crore in annual revenue in two to three years, ScanX reported.

What Comes Next for Sky Gold

Sky Gold's Q2 2027 earnings call was live on October 31, 2026, with executives discussing financial results and answering analyst questions, TradingView reported. The company has set a target of around 20% export contribution by FY30.