From Bullion Counter to Digital Platform

 

BIZ MASALA    /    RESEARCH & ANALYSIS

Nihar Info Global is building GoldnSilver.shop across physical metals, digital products and partner services. India's market is large; the company still has to prove it can capture demand profitably.

BY BIZ MASALA  |  19 OCTOBER 2026

Gold and silver online: an illustrative image for the feature.

The pitch behind GoldnSilver.shop is straightforward: let customers reach several ways of buying, saving in or transacting around precious metals through one digital storefront. For BSE-listed Nihar Info Global Ltd, the platform is a strategic expansion. For investors, the central question is whether that wider offer can become a durable business with repeat users, healthy unit economics and profits that convert into cash.

A broader storefront, built on trust Physical products anchor the offer; partner services aim to widen it.

Illustrative editorial image; not a photograph of the company or its customers.

GoldnSilver.shop is owned and operated by Nihar Info Global. The portal lists physical gold and silver, digital gold and silver, ETFs, SIP plans, gifting and buyback; Nihar's corporate site also describes gold loans as part of the ecosystem. The company has announced an agreement with MMTC-PAMP for digital gold and silver integration, a logistics arrangement with Sequel Logistics, and a proprietary range of fine-silver coins made under a manufacturing agreement. These steps add product and fulfilment capacity, but they are not evidence by themselves of customer traction or profitable scale. [1][2]

In this category, trust is part of the product. Customers need confidence in purity, pricing, storage, delivery, buyback terms and what happens if a service partner fails. The strategic value of a single storefront will depend on how clearly it explains each product and who is responsible for each step of the transaction.

India's demand is substantial - and uneven Market indicators show several different pools, not one addressable market.

Illustrative editorial image; not a photograph of the company or its customers.

The WGC counted 280.4 tonnes of Indian bar-and-coin investment demand in 2025. In H1 2026, Indian bar-and-coin demand reached 112.5 tonnes, worth ₹1.70 lakh crore, up 21.3% by volume year on year. At the same time, jewellery demand responded to record prices and moved differently. The demand backdrop is promising for bullion platforms, but price rallies can lift rupee values even when volumes are flat or falling. [3]

India market indicators for GoldnSilver.shop's gold-related segments

Segment	Latest public indicator	How to read it
Physical gold	280.4 tonnes in bar-and-coin demand (2025); 112.5 tonnes in H1 2026	Closest national demand proxy for investment coins and bars; not online sales or Nihar's share. [3]
Digital gold	₹7,000 crore of gross purchases in Jan-Feb 2026; about 3.3 tonnes	WGC estimate of activity; public reporting does not provide a complete, audited annual market series. [4]
Gold ETFs	About ₹1.91 lakh crore category AUM (Aug 2026)	Assets held in funds - a stock, not new sales or platform revenue. ETFs are a regulated product category. [5]
SIPs	No separate gold-market total	A recurring purchase method. SIPs into ETFs or digital gold overlap with those product pools and should not be added again.
Buyback / recycling	92.7 tonnes of recycled gold supply (2025)	An indicator of old gold returning to supply, not the value of buyback orders on this portal; channels include jewellers and refiners. [6]
Loans against gold	About ₹8.4 lakh crore outstanding at banks and NBFCs (end-May 2026)	Credit outstanding, not annual loan originations or Nihar's revenue. Its role as lender, referral channel or technology partner needs clarification. [3]

Sources and periods are listed at the end. Measures include annual purchase flows, assets under management, recycling supply and outstanding credit; they are not directly additive.

Digital-gold estimates underline the need for careful wording. WGC data show ₹70 billion of gross digital-gold purchases in January and February 2026. That is meaningful activity, but not an audited market-wide run rate. Digital gold is also not interchangeable with a Gold ETF: SEBI has cautioned that digital/e-gold products are outside its regulatory purview and that securities-market investor protections do not apply. This distinction should be explicit wherever the portal's products are discussed. [4][7]

Chart 1. Indian bar-and-coin demand: H1 2025 92.8 tonnes; H1 2026 112.5 tonnes. Source: WGC. [3]

Buybacks and loans are different businesses A large market balance is not the same as an online platform's monetisable opportunity.

Illustrative editorial image; not a photograph of the company or its customers.

Gold buyback is a reverse flow: households sell or exchange old metal, which may enter refineries, jewellers or other channels. The 92.7-tonne recycled-supply figure is useful context, but it is not a clean total addressable market for a portal buyback service. A credible assessment needs to know which items the site accepts, where purity testing occurs, how prices are set, how quickly customers are paid and what margin or service fee Nihar retains.

Gold loans are larger in rupee terms, but they work differently again. The ₹8.4-lakh-crore figure is the value of loans outstanding across banks and NBFCs at a point in time. It does not tell us how much lending the portal can originate. Before assigning revenue potential, the company should disclose whether it lends on its own balance sheet or connects borrowers to regulated lenders, and explain the resulting commission, servicing and customer-protection responsibilities. [3]

The commercial proof is still ahead Scale will show up in disclosed customer, margin and cash-flow measures.

Illustrative editorial image; not a photograph of the company or its customers.

The company's consolidated results show a striking recovery: FY2025-26 revenue rose to ₹21.67 crore from ₹7.72 crore, and net profit moved to ₹68.7 lakh from a ₹3.57-crore loss. But the June 2026 quarter is a reminder that a revenue rebound does not guarantee a stronger bottom line. Consolidated revenue increased 42% year on year to ₹4.72 crore while net profit fell to about ₹2.11 lakh from ₹6.07 lakh. The quarterly net margin was about 0.45%. [8][9]

Chart 2. Consolidated revenue and net profit/loss, FY2024-25 to FY2025-26. ₹ crore. Source: company filings. [8]

The next useful disclosures would be GoldnSilver.shop's gross merchandise value, completed orders, active and repeat customers, average order value, gross margin, cost per acquired customer, cancellations and return rates, partner commissions, and working-capital or cash-flow contribution. If the business is too new for a full data set, a dated baseline and a clear cadence for future reporting would still help readers separate launch activity from sustainable performance.

Investors should also track the broader corporate actions disclosed in 2026. The board proposed preferential equity and warrants and the divestment of two subsidiaries to a director; AGM materials and voting-result filings are available through the company announcement archive. These transactions affect capital structure and governance context, and deserve separate scrutiny from the portal growth narrative. [10]

The outlook: a credible opportunity, conditional on execution

GoldnSilver.shop sits in a large and changing category. Its combination of physical products, partner-led digital services, branded silver and potential lending or buyback pathways may give Nihar multiple ways to serve customers. The same breadth also raises the execution bar: customer trust, compliance, partner quality, fulfilment, unit economics and disciplined disclosure have to work together.

The market indicators establish context, not a forecast. A defensible next step is to estimate a serviceable market for each product from the actual states served, channels available, relevant customer segments and partner capacity - then test it against the company's order and margin data. Until those company-specific figures are disclosed, the strongest conclusion is that Nihar has assembled the beginnings of a precious-metals platform; its ability to convert that platform into meaningful, recurring earnings remains to be demonstrated.

AUTHOR DISCLOSURE The author is an Independent Director on the Board of Nihar Info Global Ltd, which owns and operates GoldnSilver.shop. Readers should consider this relationship when assessing the article.

Disclaimer

This article is for general information and journalistic analysis only. It is not investment advice, a recommendation to buy or sell securities, or a forecast of future performance. The market figures are drawn from public sources and are not directly comparable; they describe India-wide indicators, not GoldnSilver.shop sales opportunity. Company financial figures are as reported in public filings. Readers should review those filings and make their own independent assessment. Gold, silver, ETFs, digital-gold products and loans carry different risks. SEBI has specifically cautioned that digital-gold products are outside its securities-market regulatory framework and investor-protection mechanisms.

Sources & methodology

Market figures are latest public data found through 19 October 2026. They should not be summed into one TAM: bullion purchases are flows; ETF AUM and gold-loan balances are stocks; recycled gold is material returning to supply; SIP is an investment route that overlaps with underlying products.

[1] GoldnSilver.shop product pages and ownership statement

[2] Nihar Info Global news and exchange-announcement archive

[3] World Gold Council, India Focus Q2 2026 - gold demand and gold-loan balances

[4] World Gold Council, India Focus Q1 2026 - digital-gold purchases

[5] AMFI Monthly Note, August 2026 - category AUM data

[6] Hindustan Times, reporting WGC's India 2025 recycling estimate

[7] SEBI, caution to public regarding Digital Gold (8 November 2025)

[8] Nihar Info Global, annual and quarterly financial results

[9] June 2026 consolidated results filing data

[10] Nihar Info Global, investor announcements and AGM filings