Silgo Retail Limited (SILGO) share price

₹69.75 on NSE as of 2026-10-08. -0.58% on the day. market cap ₹223 Cr. P/E 27.5. 52-week range ₹63.01 to ₹84.67.

Silgo Retail FY26: A Silver Jeweller That Ended the Year Buying Solar Farms, With Inventory at 2.5x Its Own Sales

At a glance

Silgo Retail designs, makes and sells silver jewellery out of Jaipur. The catalogue runs from rings and earrings to bangles and jhumkis. Everything is cast in 925 sterling silver and hallmarked by BIS, the national standards body. Silver was 99% of revenue at the last detailed disclosure, gemstones the rest.

Revenue for the year to March 2026 came in at ₹47.03 crore. Net profit was ₹5.76 crore, up 28.6% on the previous year. That is the highest profit in the company's recorded history. Across five years, profit has grown at 21% a year.

Inventory at the year end stood at ₹120.08 crore. Against annual sales of ₹47.03 crore, that is roughly two and a half years of sales held as stock. Working capital days stretched from 604 to 864. The measure counts how long cash stays tied up in stock and in unpaid bills.

Promoter holding fell from 69.93% a year earlier to 40.44%. Fifty lakh of the promoter's remaining shares are pledged, meaning lodged with a lender as security.

In June 2026 the company bought 49% stakes in two solar developers. Neither of them makes jewellery. The market pays about ₹42 for every ₹1 of yearly profit. The median jewellery peer is paid about ₹18.60 for the same ₹1. JKSS & Associates, the company's auditor, signed the year's accounts on 29 May 2026. The opinion was unmodified, meaning the auditor recorded no reservations about the figures.

Introduction

Silgo Retail Ltd was incorporated in 2016 and works out of Jaipur. It designs and manufactures silver jewellery, and sells it both retail and wholesale. The range covers rings, earrings, bracelets and necklaces, along with jhumki, bangles and customised pieces. All of it is 925 sterling silver, hallmarked by BIS, the national standards body. Gemstones were added to the mix in the year to March 2022.

The accounts for the year to March 2026 arrived on 29 May 2026. Profit was ₹5.76 crore on revenue of ₹47.03 crore, the best profit in the company's record. Over five years, profit has grown at 21% a year. JKSS & Associates, the company's auditor, gave an unmodified opinion, recording no reservations. The rest of the year's filings cover a longer list.

In February the company ran a partly-paid rights issue with an issue size of ₹44.29 crore. A rights issue offers new shares to existing shareholders, and partly-paid means the money arrives in instalments. Shareholders then met several times at extraordinary general meetings, which are votes called between the annual ones. They approved higher borrowing powers and corporate guarantees, which are promises to repay somebody else's debt. The company also took an inter-corporate deposit from a single lender, a loan made by one company to another.

The ownership register moved as well. Promoter holding went from 69.93% a year earlier to 40.44%. Fifty lakh of the promoter's remaining shares stand pledged with a lender as security.

In June 2026 the company moved into solar power, buying into two developers. Silver and solar share no raw material, no customer and no factory floor. The year's corporate actions therefore run from a rights issue to a power acquisition. Revenue across the same twelve months was ₹47.03 crore.

Business model

Officially, the product is silver jewellery. At the last detailed disclosure, silver was 99% of revenue and gemstones the remaining 1%. The split between making and buying was close to even. Manufacturing accounted for 48% of revenue and trading for 52%, so roughly half the output is bought in and resold.

The Jaipur plant has installed capacity of 7,000 kg of jewellery a year. It ran at 27% of that, leaving three-quarters of the factory idle. The balance sheet meanwhile carried ₹120.08 crore of inventory. A factory and its stockroom are not always on speaking terms.

Payment comes from a small group. The top five customers accounted for 73% of revenue and the top ten for 91%. Retail buyers and wholesale clients pay for the same hallmarked silver pieces. Exports were once a separate line and were scaled back after COVID. The company says it plans to re-enter the United States market, a plan stated for some time now.

Spending follows the metal. Silver has to be bought, designed and worked long before a finished piece leaves the counter. The ₹120.08 crore of stock sits in that gap. Funding it is part of the model: borrowing powers were raised during the year and an inter-corporate deposit came in from one lender.

The newest line is not jewellery at all. In June 2026 the company acquired 49% each in Terraverde and Bluesky Renewables. It also set up ten wholly-owned subsidiaries under the Silgo Power name. Solar developers sell electricity under power purchase agreements, which fix a tariff for 25 years. On the latest filing, the business is silver jewellery, gemstones and electricity.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Silgo Retail Limited.