Silgo Retail is fundamentally a silver jewellery company - it designs, makes and sells hallmarked silver ornaments and gemstones, mostly to other businesses but increasingly to shoppers directly, under the brand “SILGO - The Original”. Founded in Jaipur in 2016 and listed on the NSE main board in 2021, the company built its name on design-led silver jewellery for India’s wedding and festival seasons, then in 2025-26 made a sharp turn into building solar power plants through a string of newly incorporated subsidiaries. The recurring thread is a deliberately lean approach - zero borrowings as of March 2025, design and digital outreach doing the heavy lifting, and every new venture housed in its own ring-fenced entity. # Business segments Two engines at different stages - a silver jewellery wholesaler with a growing retail presence, and a solar power development bet being assembled through a fleet of special-purpose vehicles - each run with the same asset-light discipline. ## 1. Silver jewellery and gemstones: the founding craft business **A design-led silver jewellery maker that sells mostly through wholesale channels, with a growing direct-to-consumer online push - and carries no debt to fund its working-capital-heavy cycle.** - **Design is the differentiator** - an in-house studio of designers, metallurgists and senior craftsmen creates the jewellery, using both hand techniques and CAD/CAM machines with 3D rapid prototyping for model-making, while the wax-resin stage is outsourced. That is how the company competes in a market of roughly half a million unorganised outlets, where organised players now hold about 40-42% of the trade, up from 36-38% in the previous year. - **Silver bars are the biggest input cost** - silver purchases alone represented roughly 75% of revenue in FY25, sourced domestically with some use of the India Bullion Exchange for transparent pricing, alongside a policy of silver recycling. The company also buys finished goods from a related proprietorship of the managing director, with purchases of about ₹5.5 crore in FY25. - **Wholesale is the backbone, retail is the reach** - revenue comes from one-time sales of jewellery and gemstones, with a substantial portion from trading, while company showrooms give customers a “feel experience” and an online presence extends the brand into Tier-2 and Tier-3 cities. Exports have swung sharply - foreign exchange earnings were about ₹10.5 crore in FY23 but nil in the stub period ending September 2023. - **Seasonal demand, managed lean** - sales cluster around Diwali, Akshay Tritiya, wedding seasons and other festivals, with India projected to host over 4 million weddings in 2025. The company handles the resulting working-capital intensity through dynamic pricing, inventory hedging and a balance sheet that carried zero borrowings as of March 2025, down from roughly ₹18.7 crore of debt in FY23. - **Barcoded inventory from a single hub** - raw materials, work-in-progress and finished goods are valued at weighted average price and tracked with unique barcodes in real time, all managed from the Jaipur manufacturing facility and central procurement hub. Quality control happens on arrival, with raw materials verified against invoices. ## 2. Solar power development: the green-energy bet under construction **A newly assembled fleet of ten wholly-owned SPVs and a 49% stake in a developer, all aimed at building solar plants and selling electricity under power purchase agreements - still in the set-up phase.** - **Ten SPVs, one playbook** - between October and November 2025, Silgo incorporated ten wholly-owned subsidiaries, each holding 99.99% of the equity for a subscription of ₹1 lakh apiece, all with the identical purpose of developing, erecting, operating and maintaining solar photovoltaic power projects. Each is a related party to the parent. - **Power purchase agreements are the revenue model** - the company has entered agreements to develop solar projects and sell the electricity to Maharashtra State Electricity Distribution Company Limited through entities in which it holds 49% stakes, Bluesky Renewables and Terraverde Renewables, both proposed to become wholly owned subsidiaries. That is how the solar segment intends to generate cash - by feeding power into the grid under fixed offtake contracts. # Group structure and partners **A family-led parent company that houses each new venture in a separate subsidiary, with a related-party jewellery supplier sitting alongside the core business.** - The parent, Silgo Retail Ltd, has one existing subsidiary - Silgo Creations (Jaipur) Pvt. Ltd. - and now ten solar SPVs named Silgo Power 1 through Silgo Power 10, each 99.99% owned. - It holds a 49% stake in Hare Krishna Creative Realty with a path to full ownership, plus 49% stakes in Bluesky Renewables and Terraverde Renewables, both also slated to become wholly owned. - A key related party is M/s Creative Jewellery, a proprietorship of Chairman and Managing Director Nitin Jain, from which the company buys goods. - The board has six directors: Mr. Nitin Jain, his spouse Mrs. Anjana Jain as whole-time director, their daughter Ms. Anisha Jain as non-executive director, and three independent directors. - The company has no technical or financial collaboration agreements, and its equity shares are listed solely on the NSE, fully in dematerialised form.