Analysts/Institutional Investor Meet/Con. Call Updates

Date: November 07, 2026 To, To, Listing/Compliance Department Listing/Compliance Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1, Dalal Street, G-Block, Bandra-Kurla Complex, Mumbai - 400001 Bandra (E), Mumbai - 400051 BSE Scrip Code: 544459 NSE Symbol: SHANTIGOLD Subject: Q2 FY27 Earnings Call - Transcript Ref: Regulation 30 & 46(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’) Dear Sir / Madam, With reference to our intimation filed on October 29, 2026, please find enclosed the transcript of the Q2 FY27 Earnings Call held on Wednesday, November 04, 2026 at 02:30 P.M. (IST) for the quarter ended September 30, 2026. This intimation is also being uploaded on the Company’s website at www.shantigold.in. We request you to take the same on record. Thanking you, For Shanti Gold International Limited Vrushti Shah Company Secretary & Compliance Officer Encl: As above “Shanti Gold International Limited Q2 & H1 FY27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. PANKAJKUMAR JAGAWAT – CHAIRMAN AND MANAGING DIRECTOR – SHANTI GOLD INTERNATIONAL LIMITED MR. SHRIRAM IYENGAR – CHIEF FINANCIAL OFFICER – SHANTI GOLD INTERNATIONAL LIMITED MODERATOR: MR. HARSHIL GHANSHYANI – ADFACTORS PR INVESTOR RELATIONS Page 1 of 20 Shanti Gold International Limited November 04, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Shanti Gold International Limited Q2 and H1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal a moderator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Harshil Ghanshyani. Thank you and over to you, sir. Harshil Ghanshyani: Yes, thank you, Avirat. Good afternoon, everyone. I'm Harshil Ghanshyani from Adfactors PR Investor Relations team. On behalf of Shanti Gold International Limited, it is my pleasure to welcome you all on the Q2 and H1 FY27earnings conference call. Joining us on the call from the management team, we have Mr. Pankajkumar Jagawat, Chairman and Managing Director, Mr. Shriram Iyengar, Chief Financial Officer. We'll begin today's call with opening remarks from the management, following which we'll open the floor for a Q&A session. Before we begin, I would like to remind everyone that certain statements made in today's call may be forward-looking in nature. These statements are based on management's current expectations and are subject to risk and uncertainty that could cause the actual results to differ materially. Shanti Gold International Limited undertakes no obligation to publicly update or revise any forward-looking statement based on subsequent events or new developments. With that, I would like to hand over the call to Mr. Pankaj sir for his opening remarks. Thank you, sir. Over to you, sir. Pankajkumar Jagawat: Good afternoon, everyone, and a very warm welcome to our Q2 and H1 FY27 earnings call. First, I would like to extend my heartfelt Diwali wishes to investors, analysts, business partners, and their families. May this festive season bring happiness, prosperity, and success to all. Let me begin by highlighting the strong operation momentum that we sustained during the first half of FY27. Our focus has been on driving volume growth, expanding our manufacturing capabilities, and strengthening our relationship with retail partners. This has translated into a strong top-line performance, with revenue from operations growing 73.4% year on year in Q2 FY27 and 102.3% in H1 FY27. Our volume has also increased by 25.4% in the quarter and 41.0%in the first half, reflecting healthy demand from all our retail partners and our ability to scale up execution. The performance reflects the progress we are making in building a larger and more capable manufacturing platform. During the period, the commencement of operations at our extended manufacturing facility in Marol added capacity and flexibility to our operation. The facility has contributed to our business, enabling us to service a wider range of customers and requirements and support the growth in volume. Alongside capacity expansion, we continue to broaden our product portfolio and strengthen our customers' relationships. We have been expanding our offering across categories including designer and Turkish jewelry while deeply deepening engagement with existing customers and Page 2 of 20 Shanti Gold International Limited November 04, 2026 onboarding new retail clients. Our focus remains on becoming a more comprehensive and dependable manufacturing partner to organize retail chains and large jewelry players. During the quarter, we also successfully raised approximately INR99.83 crores through a rights issue. The proceeds are being deployed towards meeting the Company’s working capital requirement and are expected to support our business operation as we scale up. This capital infusion strengthens our ability to service growing business requirement and provide additional support for our expansion and growth plan. The Indian jewelry industry continues to evolve with an increasing shift towards organized retail and technology-enabled manufacturing. Large retail chains and jewelry brands are seeking manufacturing partners who can deliver consistent quality, superior finishing, product authenticity, traceability, and reliability at scale. We believe this shift creates a meaningful opportunity for organized manufacturer with its established capabilities, infrastructure, and execution track record. With legacy of 25 years, Shanti Gold is well positioned to participate in this opportunity Our priority remains clear. Strengthen our manufacturing platform, deepen relationship with existing customers, onboard new retail partners, and respond to changing market preference through differentiated product offering. We believe our ability to cater to multiple customers, fully varied requirement, and operate at scale will remain an important competitive advantage. Geographical expansion is another important part of our growth strategy. Our upcoming Jaipur facility is intended to introduce machine-made plain gold jewelry, and strengthen the presence in North India. This will complement our existing manufacturing capabilities and product portfolio, which allow us to serve customers across a wider market. Looking ahead, we would like to reiterate to the revenue guidance communicated. We had a guidance to revenue of approximately INR3,200 crores to INR3,500 crores for the full financial year FY27. This would represent growth of 60% compared with FY26, we remain focused on delivering on this guidance through volume growth, capacity utilization, customer addition, and continued execution while maintaining discipline in working capital management. To conclude, the first half of FY27 has been encouraging with strong growth in both volumes and revenue. We believe the investment made in manufacturing capacity, the strengthening of our product portfolio, and customers' relationships together with the support from the rights issue, provide a solid foundation for the next phase of growth. Our focus will remain on scaling the business in a sustainable and a disciplined manner. With that, I would now like to hand over the call to Mr. Shriram Iyengar, our CFO, who will take you through the financial performance of the company for Q2 and H1 FY27 in greater detail. Over to you, Shriram. Shriram Iyengar: Thank you, Pankaj-ji, and good afternoon to everyone. I would also like to extend my warm Diwali wishes to all our investors, analysts, and stakeholders and their families. I hope the festive season brings happiness, prosperity, and success to all. Page 3 of 20 Shanti [Showing first 8,000 characters — download PDF for full document]