SILGO
Introduction
Silgo is a retail company who deals in manufacturing and designing silver jewellery. The company offers a wide range of BIS hallmarked silver products with 925 sterling designs. It has a wide range of products like rings, bracelets, necklaces and customised jewellery for daily and special occasion.
Company Overview
Silgo Retail Limited is a company founded in 2016 in Jaipur. The company is listed in NSE. it is specialised in manufacturing and designing silver jewel. The company operates a production facility in EPIP, jaipur. It uses 3D CAD software for design. It operates under a B2C and B2B model, focused on designing and manufacturing the 925 silver jewels.
Promoter and founder introduction
Silgo Retail Limited was founded by Nitin Jain in 2016. He is the current chairman and managing director of the company. He belongs to commerce background, took his bachelors degree from Rajasthan University.
Mrs. Bela Agrawal is the promoter of the company.
Mr. Nitin Jain
Mrs. Bela Agrawal
Financial statement analysis
Income Statement
Metric | Mar 2023 | Mar 2024 | Mar 2025 |
Sales | 34.07 | 35.03 | 44.37 |
Expenses | 29.50 | 29.47 | 38.11 |
Operating Profit | 4.57 | 5.56 | 6.26 |
OPM % | 13.41% | 15.87% | 14.11% |
Other Income | 0.60 | 0.06 | 0.02 |
Interest | 1.92 | 1.34 | 0.18 |
Depreciation | 0.05 | 0.04 | 0.03 |
Profit before tax | 3.20 | 4.24 | 6.07 |
Tax % | 26.25% | 25.47% | 26.19% |
Net Profit | 2.35 | 3.15 | 4.48 |
Balance sheet
Category | Mar 2023 | Mar 2024 | Mar 2025 |
Equity Capital | 10.27 | 18.50 | 18.50 |
Reserves | 20.47 | 35.59 | 39.95 |
Borrowings | 18.72 | 6.79 | 0.00 |
Other Liabilities | 2.66 | 2.45 | 6.01 |
Total Liabilities | 52.12 | 63.33 | 64.46 |
Fixed Assets | 0.21 | 0.17 | 0.13 |
CWIP | 0.00 | 0.00 | 0.00 |
Investments | 0.00 | 0.00 | 0.00 |
Other Assets | 51.91 | 63.16 | 64.33 |
Total Assets | 52.12 | 63.33 | 64.46 |
Cash flow
Activity | Mar 2023 | Mar 2024 | Mar 2025 |
Cash from Operating Activity | 2.38 | 1.56 | -0.63 |
Cash from Investing Activity | -0.01 | 0.00 | 0.00 |
Cash from Financing Activity | -2.40 | 7.05 | -7.14 |
Net Cash Flow | -0.03 | 8.61 | -7.77 |
Key Ratios
Efficiency Metric | Mar 2023 | Mar 2024 | Mar 2025 |
Debtor Days | 176.66 | 47.62 | 10.94 |
Inventory Days | 446.23 | 602.64 | 597.56 |
Days Payable | 13.58 | 9.19 | 1.50 |
Cash Conversion Cycle | 609.31 | 641.07 | 607.00 |
Working Capital Days | 359.43 | 473.05 | 473.83 |
ROCE % | 10.55% | 10.11% | 10.48% |
Key Interpretation and Insights
Strength
One of the most significant strengths is the transition to a debt-free company as of March 2025. This eliminates interest-rate risk and provides high financial flexibility for future expansion.
Weakness
With Inventory Days hovering near 600, a massive amount of capital is tied up in stock. This creates a risk of holding obsolete designs and slows down overall cash velocity.
Risk factor
Despite high profits, the Cash Flow from Operations has been volatile due to the heavy investment required for inventory, occasionally leading to neutral or negative cash positions.
Future outcome
The successful completion of the January 2026 Rights Issue has provided the company with fresh capital. This is expected to be deployed toward expanding its retail footprint and digital presence.
Conclusion
Silgo Retail Ltd. demonstrates a strong financial profile highlighted by its debt-free status and a significant 26.6% revenue surge as of March 2025. While its operational efficiency has improved through a dramatic reduction in debtor days, the company remains constrained by an exceptionally long 600-day inventory cycle. Moving forward, its ability to scale hinges on successfully optimizing this inventory and leveraging recent capital infusions to expand its "affordable luxury" silver jewelry footprint.
Sources
Screener
Silgo retail limited
Yahoo finance
India IPO