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SM Gold Overview

SM Gold Ltd. (registered as S. M. Gold Limited) is an Indian publicly listed company primarily engaged in the manufacturing and wholesale trading of jewellery, with a strong emphasis on mangalsutra jewellery. The company was originally incorporated as a private limited entity in July 2017 and converted to a public limited company later that year; it expanded its business by acquiring the proprietary jewellery operations of one of its promoters. SM Gold’s product range includes mangalsutras, rings, chains, earrings, nose pins, bangles and ot...Read More

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SM Gold Key Financials

Market Cap ₹16 Cr.

Stock P/E 28.6

P/B 0.6

Current Price ₹12.3

Book Value ₹ 20.3

Face Value 10

52W High ₹20.7

Dividend Yield 0%

52W Low ₹ 10.7

SM Gold Share Price

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Volume
Price

SM Gold Quarterly Price

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SM Gold Peer Comparison

SM Gold Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 14 15 35 20 18 32 15 26 45 53
Other Income 0 1 1 0 0 -0 0 0 0 0
Total Income 14 16 36 20 18 32 15 26 45 53
Total Expenditure 13 16 35 20 17 31 14 25 44 52
Operating Profit 1 0 1 1 1 0 0 0 1 1
Interest 0 0 1 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 0 0 0 0 1 0 0 0 1 0
Provision for Tax 0 0 -0 0 0 0 0 0 0 0
Profit After Tax 0 0 0 0 1 0 0 0 0 0
Adjustments 0 -0 -0 0 -0 0 -0 0 -0 0
Profit After Adjustments 0 0 0 0 1 0 0 0 0 0
Adjusted Earnings Per Share 0.3 0.2 0.4 0.3 0.7 0.1 0.1 0.1 0.4 0.2

SM Gold Profit & Loss

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 13 26 29 33 51 51 62 88 139
Other Income 0 0 0 0 2 1 1 0 0
Total Income 14 26 29 34 53 52 63 88 139
Total Expenditure 13 26 29 33 50 50 61 86 135
Operating Profit 0 0 1 1 2 2 2 1 2
Interest 0 0 0 0 0 0 1 1 0
Depreciation 0 0 0 0 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0
Profit Before Tax 0 0 0 1 2 1 1 1 1
Provision for Tax 0 0 0 0 0 0 0 0 0
Profit After Tax 0 0 0 1 2 1 1 1 0
Adjustments 0 0 0 0 0 0 0 0 0
Profit After Adjustments 0 0 0 1 2 1 1 1 0
Adjusted Earnings Per Share 0 0 0.1 0.6 1.7 1.1 1.2 0.6 0.8

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 42% 20% 25% 0%
Operating Profit CAGR -50% -21% 0% 0%
PAT CAGR 0% -21% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -27% -7% -17% NA%
ROE Average 3% 5% 6% 5%
ROCE Average 4% 6% 7% 5%

SM Gold Balance Sheet

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 5 13 13 13 15 16 22 23
Minority's Interest 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 0 0 0 0 0 0 1 1
Total Current Liabilities 1 2 4 5 9 15 17 17
Total Liabilities 6 14 17 18 24 32 40 40
Fixed Assets 0 0 1 0 0 0 0 0
Other Non-Current Assets 0 0 3 3 3 3 6 6
Total Current Assets 6 14 13 15 22 28 34 34
Total Assets 6 14 17 18 24 32 40 40

SM Gold Cash Flow

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 -1 1 0 0 0 0 0
Cash Flow from Operating Activities -5 -7 4 -1 -2 0 -1 1
Cash Flow from Investing Activities -0 0 -4 1 0 -1 -4 -0
Cash Flow from Financing Activities 5 8 -0 0 1 1 5 -1
Net Cash Inflow / Outflow 0 2 -1 0 -0 -0 0 0
Closing Cash & Cash Equivalent 0 1 0 0 0 0 0 0

SM Gold Ratios

# Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0 0.02 0.14 0.6 1.68 1.06 1.19 0.57
CEPS(Rs) 0.32 0.05 0.17 0.64 1.7 1.09 1.22 0.6
DPS(Rs) 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 0 12.57 12.73 13.4 15.08 16.09 22.04 22.61
Core EBITDA Margin(%) 1.59 0.1 1.66 2.07 1.31 1.35 2.28 1.51
EBIT Margin(%) 1.81 0.32 1.66 3.29 4.38 3.69 3.78 1.63
Pre Tax Margin(%) 1.81 0.11 0.65 2.06 3.68 2.78 2.16 0.81
PAT Margin (%) 1.33 0.08 0.48 1.81 3.29 2.09 1.91 0.65
Cash Profit Margin (%) 1.47 0.18 0.58 1.92 3.35 2.14 1.97 0.68
ROA(%) 3 0.21 0.9 3.41 7.89 3.81 3.32 1.42
ROE(%) 3.5 0.24 1.11 4.6 11.76 6.81 6.23 2.54
ROCE(%) 4.64 0.86 3.12 6.29 10.6 7.03 6.87 3.66
Receivable days 122.59 45.54 25.39 14.01 2.35 2.52 2.02 0.86
Inventory Days 34.66 81.56 130.55 134.96 126.85 172.02 173.52 133.76
Payable days 7.18 1.83 1.05 1.03 0.18 6.15 5.08 0.12
PER(x) 0 993.59 171.18 55.2 74.69 13.22 13.11 27.36
Price/Book(x) 0 1.64 1.89 2.48 8.3 0.87 0.71 0.69
Dividend Yield(%) 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.32 0.8 0.96 1.14 2.63 0.54 0.52 0.36
EV/Core EBITDA(x) 16.38 191.37 54.87 33.44 59.35 14.38 13.54 21.59
Net Sales Growth(%) 0 95.05 10.78 14.55 52.96 -0.3 22.23 41.02
EBIT Growth(%) 0 -65.94 481.23 127.52 103.62 -15.96 25.08 -39.28
PAT Growth(%) 0 -88.38 574.45 329.13 178.57 -36.62 11.76 -52.17
EPS Growth(%) 0 0 574.04 329.03 178.57 -36.62 11.75 -52.17
Debt/Equity(x) 0.02 0.12 0.32 0.35 0.59 0.83 0.77 0.72
Current Ratio(x) 7.37 9.08 2.98 3.13 2.36 1.83 1.94 2
Quick Ratio(x) 5.75 2.34 0.56 0.18 0.06 0.09 0.09 0.12
Interest Cover(x) 0 1.51 1.65 2.68 6.28 4.04 2.34 1.99
Total Debt/Mcap(x) 0 0.07 0.17 0.14 0.07 0.95 1.08 1.05

SM Gold Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 44.72 44.72 44.72 44.72 44.72 44.72 33.91 33.91 33.91 33.91
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 55.28 55.28 55.28 55.28 55.28 55.28 66.09 66.09 66.09 66.09
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

SM Gold News

SM Gold Pros & Cons

Pros

  • Stock is trading at 0.6 times its book value
  • Debtor days have improved from 5.08 to 0.12days.

Cons

  • Promoter holding is low: 33.91%.
  • Company has a low return on equity of 5% over the last 3 years.
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