Shanti Gold buys US$526.9K stake in retail client Lalithaa Jewellery
What's the deal? Shanti Gold InternationalDealroom has a profile for this one. Try Dealroom → has bought 1.44 lakh equity shares in Lalithaa Jewellery MartDealroom has a profile for this one. Try Dealroom → for US$526.9K, an implied US$3.66 per share. The move gives the design-led B2B gold jewellery manufacturer an equity stake in one of its primary retail clients.
Why now? The purchase follows Lalithaa's stock market listing on August 24, 2026. Its shares debuted at US$3.6, a 31.84% premium to the US$2.73 IPO cap price.
What's the endgame? Lalithaa is a long-standing buyer of Shanti Gold's 22kt CZ casting lines. Taking equity ties the two firms closer together and aims to lock in future B2B orders as Lalithaa expands its retail footprint post-IPO.
By the numbers: Shanti Gold funded the deal from capital freed up by its US$13.6M rights issue, completed the same day as Lalithaa's listing. The issue lifted paid-up equity capital to US$10.4M from US$9.79M.
The financials: Shanti Gold reported Q1 FY27 revenue of US$97.5M, up roughly 144% year on year from US$39.9M. Net profit rose about 47% to US$6.86M from US$4.67M. Growth is anchored by its new Marol facility, which added around 4,000kg of annual capacity from June 8, 2026.
The signal: The deal points to tighter vertical alignment in India's gold jewellery supply chain, where retailers lean on design-led casting players for specialised production. Equity ties between manufacturers and listed retailers signal growing consolidation in the country's organised jewellery sector.
Read more: sahi.com
Image credit: Jorge Lascar
