Sky Gold: consolidated PAT +93% YoY, revenue +61%; NPM, OPM both expand

On a consolidated basis — primary per the group's reporting, and the one management and the Street track — Sky Gold & Diamonds posted Q2 FY27 revenue of ₹2,390.66 Cr, up 61.0% YoY and 18.8% QoQ, with PAT of ₹129.35 Cr, up 93.1% YoY and 23.3% QoQ. Basic EPS rose to ₹8.26 from ₹4.38 a year ago. Standalone (parent-only) PAT was ₹85.37 Cr on revenue of ₹1,824.55 Cr — a materially smaller number than the consolidated figure, reflecting the contribution of wholly owned subsidiaries (including the UAE trading arm Sky Souk Jewellery and the studded-jewellery units) that only show up at the group level; neither number is wrong, they're simply scoped differently. Net margin expanded to 5.41% from 4.49% a year ago and 5.19% last quarter. By EBITDA (PBT + finance cost + depreciation − other income, computed consistently off this filing), operating margin also widened across the trailing three quarters, from roughly 6.4% to 7.4% to 7.9% — consistent with the advance-gold and export mix shift management has been guiding toward. The quarter absorbed a ₹7.35 Cr net exceptional charge: a deepfake-enabled social-engineering fraud at subsidiary Sturmangalsutra Pvt Ltd led to unauthorized fund transfers of ₹10.70 Cr, of which ₹3.35 Cr has been recovered via a Cyber Police complaint and the balance expensed. Stripping this one-off out, adjusted YoY PAT growth is ~104.1% against the ~93.1% reported — the one-off actually depressed the reported number, not inflated it. Going into the print, analyst consensus looked for EPS near ₹7.00 and revenue near ₹2,027 Cr; the company beat both comfortably. Against management's own FY27 guidance of ₹8,100 Cr revenue (raised from ₹5,000 Cr on the Q1 FY27 call) and a 5.25% full-year PAT margin target, H1 FY27 revenue of ₹4,403.45 Cr already covers 54% of the annual number and H1 NPM of 5.32% is running above the margin target — tracking ahead of plan with two quarters still to go. The same October 27 board meeting that approved these results also cleared a QIP fundraise of up to ₹1,800 Cr, with an EOGM called for November 18, 2026 for shareholder approval, and the quarter separately saw the company complete its 100% acquisition of Purvi Gems & Jewellery for ₹9 Cr (October 7, 2026, after quarter-end). No standalone management press release or call commentary was available for this filing to cross-check against the reported numbers. With FY27 revenue guidance already more than half covered at the halfway mark and a large capital raise now in motion, the near-term checkpoints are the QIP's pricing/dilution and whether H2 sustains this quarter's margin trajectory once the one-off item rolls off.