Sky Gold and Diamonds receives credit rating upgrade from India Ratings

Sky Gold and Diamonds Limited has received a significant credit rating upgrade from India Ratings and Research Private Limited, with its rating enhanced from IND A-/Stable/IND A2+ to IND A/Stable/IND A1. The upgrade, announced on February 16, 2026, reflects the company’s strong financial performance and improved operational metrics over recent periods.

India Ratings cited the group’s robust consolidated revenue growth as a key factor in the rating upgrade. The company demonstrated exceptional growth momentum with consolidated revenue increasing 103% year-on-year in FY25 and 75% in H1FY26. This growth was primarily driven by inorganic acquisitions, strong product acceptance, and increased sales to reputed retail jewellers.

The rating agency highlighted several operational strengths that supported the upgrade decision. The company’s gross margins improved to 8.10% in H1FY26 from 7.00% in FY25 and 6.00% in FY24, driven by economies of scale, design premiums, and lower gold loss. The improvement in margins was also supported by increasing studded and high-margin products in the product mix.