The company achieved significant production-led growth with 93.5% year-over-year revenue expansion in 2025Q4, while maintaining a robust 67.0% gross margin despite broader industry inflationary pressures.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Apr'04 | Apr'03 | Apr'02 | Apr'01 |
|---|
| Sales/Revenue | 438.13M | 298.89M | 215.19M | 208.13M | 217.92M | 192.1M | 158.83M | 170.52M | 170.04M | 163.47M | 107.94M | 128.47M | 108.4M | 181.62M | 237.96M | 167.33M | 107.16M | 83.52M | 108.36M | 39.26M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 46.58% | 38.9% | 3.39% | -4.49% | 13.44% | 20.95% | -6.86% | 0.28% | 4.02% | 51.45% | -15.98% | 18.51% | -40.32% | -23.68% | 42.21% | 56.14% | 28.3% | -22.92% | 176.01% | - | - | - | - | - | - |
| Cost of Goods Sold | 184.43M | 175.34M | 134.6M | 137.35M | 133.62M | 107.94M | 99.45M | 109.45M | 103.81M | 96.11M | 95.1M | 100.3M | 84.42M | 98.82M | 61.15M | 41.94M | 24M | 35.69M | 23.32M | 8.81M | 0 | 0 | 0 | -8.58K | 0 |
| COGS % of Revenue | 42.09% | 58.66% | 62.55% | 65.99% | 61.32% | 56.19% | 62.62% | 64.19% | 61.05% | 58.79% | 88.1% | 78.07% | 77.88% | 54.41% | 25.7% | 25.07% | 22.39% | 42.73% | 21.52% | 22.45% | - | - | - | - | - |
| Gross Profit | 253.71M | 123.55M | 80.59M | 70.78M | 84.3M | 84.16M | 59.37M | 61.07M | 66.23M | 67.36M | 12.84M | 28.17M | 23.98M | 82.8M | 176.81M | 125.38M | 83.17M | 47.84M | 85.04M | 30.45M | 0 | 0 | 0 | 8.58K | 0 |
| Gross Margin % | 57.91% | 41.34% | 37.45% | 34.01% | 38.68% | 43.81% | 37.38% | 35.81% | 38.95% | 41.21% | 11.9% | 21.93% | 22.12% | 45.59% | 74.3% | 74.93% | 77.61% | 57.27% | 78.48% | 77.55% | - | - | - | - | - |
| Gross Profit Growth % | 105.35% | 53.31% | 13.85% | -16.04% | 0.17% | 41.75% | -2.78% | -7.79% | -1.68% | 424.58% | -54.41% | 17.47% | -71.04% | -53.17% | 41.02% | 50.76% | 73.86% | -43.75% | 179.3% | - | - | - | -100% | - | - |
| Operating Expenses | 26.22M | 20.4M | 16.67M | 37.04M | 21.74M | 12.44M | 7.21M | 806K | -2.02M | -748K | -205K | -1.09M | 4.51M | 6.36M | 34.81M | 22.02M | 17.25M | 11.75M | 12.07M | 6.28M | 3.79M | 2.48M | 190.32K | 66.25K | 185.71K |
| OpEx % of Revenue | 5.99% | 6.82% | 7.75% | 17.79% | 9.97% | 6.47% | 4.54% | 0.47% | -1.19% | -0.46% | -0.19% | -0.85% | 4.16% | 3.5% | 14.63% | 13.16% | 16.09% | 14.07% | 11.14% | 15.99% | - | - | - | - | - |
| Selling, General & Admin | 20.09M | 16.91M | 13.51M | 12.68M | 13.59M | 11.83M | 9.65M | 18.17M | 17.49M | 15.59M | 15.77M | 18.4M | 22.96M | 24.3M | 30.27M | 16.57M | 11.71M | 11.36M | 9.67M | 5.36M | 3.73M | 2.47M | 187.19K | 66.25K | 184.59K |
| SG&A % of Revenue | 4.59% | 5.66% | 6.28% | 6.09% | 6.24% | 6.16% | 6.07% | 10.66% | 10.29% | 9.54% | 14.61% | 14.32% | 21.18% | 13.38% | 12.72% | 9.9% | 10.93% | 13.6% | 8.92% | 13.65% | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.55% | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 6.13M | 3.49M | 3.16M | 24.36M | 8.15M | 606K | -2.44M | -806K | -19.5M | -16.34M | -15.97M | -19.49M | -18.45M | -17.94M | 847K | -164K | 5.41M | 393K | 2.4M | 918.31K | 63.22K | 13.71K | 3.13K | 0 | 1.11K |
| Operating Income | 227.48M | 103.15M | 63.92M | 33.75M | 62.56M | 71.72M | 52.16M | 70.07M | 75.42M | 73.29M | 12.39M | -96.15M | -51.54M | 66.83M | 141.73M | 100.44M | 61.32M | 87.46M | 68.6M | 20.41M | -1.97M | -2.22M | 1.03M | -57.67K | -168.35K |
| Operating Margin % | 51.92% | 34.51% | 29.7% | 16.21% | 28.71% | 37.34% | 32.84% | 41.09% | 44.36% | 44.83% | 11.48% | -74.84% | -47.55% | 36.8% | 59.56% | 60.03% | 57.22% | 104.72% | 63.3% | 51.99% | - | - | - | - | - |
| Operating Income Growth % | 120.53% | 61.37% | 89.41% | -46.06% | -12.77% | 37.5% | -25.56% | -7.1% | 2.91% | 491.52% | 112.89% | -86.54% | -177.13% | -52.85% | 41.11% | 63.8% | -29.89% | 27.5% | 236.07% | 1138.34% | 11.4% | -315.41% | 1886.07% | 65.75% | - |
| EBITDA | 264.37M | 135.98M | 92.89M | 63.12M | 89.59M | 94.95M | 74.83M | 91.41M | 95.23M | 92.28M | 31.32M | -73.87M | -38.01M | 81.42M | 155.44M | 107.58M | 66.16M | 94.64M | 72.32M | 21.71M | -1.9M | -2.21M | 1.03M | -61.5K | -167.24K |
| EBITDA Margin % | 60.34% | 45.49% | 43.17% | 30.33% | 41.11% | 49.43% | 47.12% | 53.61% | 56% | 56.45% | 29.01% | -57.5% | -35.06% | 44.83% | 65.32% | 64.29% | 61.73% | 113.31% | 66.74% | 55.29% | - | - | - | - | - |
| EBITDA Growth % | 94.42% | 46.39% | 47.17% | -29.55% | -5.64% | 26.88% | -18.13% | -4.01% | 3.19% | 194.68% | 142.39% | -94.36% | -146.68% | -47.62% | 44.49% | 62.61% | -30.1% | 30.86% | 233.18% | 1240.94% | 13.72% | -313.43% | 1779.93% | 63.23% | - |
| D&A (Non-Cash Add-back) | 36.89M | 32.83M | 28.97M | 29.37M | 27.03M | 23.22M | 22.67M | 21.34M | 19.8M | 18.99M | 18.93M | 22.28M | 13.54M | 14.59M | 13.7M | 7.13M | 4.84M | 7.18M | 3.73M | 1.3M | 63.22K | 13.71K | 3.13K | -3.83K | 1.11K |
| EBIT | 93.97M | 109.93M | 70.17M | 35.42M | 57.41M | 73.85M | 54.69M | 72.08M | 78.26M | 73.65M | 13.77M | -95.31M | -48.36M | 71.34M | 146.97M | 110.65M | 60.57M | -15.4M | 72.36M | 24.43M | -5.34M | -2.22M | 1.03M | -57.67K | -168.35K |
| Net Interest Income | -1.66M | 1.88M | 6.03M | 4.3M | 4.68M | 3.42M | 3.44M | 2.85M | 2.39M | 1.45M | 298K | 373K | 3.05M | 4.42M | 3.43M | 1.21M | 746K | 1.33M | 2.58M | 1.71M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 11.89M | 8.23M | 6.25M | 4.58M | 5.02M | 3.77M | 4.02M | 3.48M | 2.84M | 2.21M | 1.38M | 841K | 3.19M | 4.51M | 3.53M | 1.46M | 868K | 1.34M | 2.59M | 1.71M | 140.99K | 0 | 0 | 0 | 0 |
| Interest Expense | 13.55M | 6.35M | 213K | 282K | 341K | 346K | 579K | 631K | 449K | 760K | 1.08M | 468K | 132K | 92K | 94K | 87K | 122K | 1.34M | 2.59M | 0 | 140.99K | 265.39K | 1.22M | -3.83K | 17.36K |
| Other Income/Expense | -147.07M | 1.8M | 6.03M | 1.4M | -5.49M | 1.78M | 1.95M | 5.85M | 2.39M | 1.45M | 298K | -29.74M | 3.05M | -5.1M | 6.16M | 7.31M | -1.14M | -48.62M | 11.09M | 5.33M | -3.52M | -265.39K | -1.22M | 3.83K | -17.36K |
| Pretax Income | 80.42M | 104.96M | 69.95M | 35.14M | 57.07M | 73.5M | 54.11M | 72.92M | 77.81M | 74.73M | 12.69M | -95.77M | -48.49M | 71.24M | 146.88M | 110.54M | 60.45M | -15.4M | 79.68M | 29.41M | -5.48M | -2.48M | -190.32K | -53.84K | -185.71K |
| Pretax Margin % | 18.35% | 35.12% | 32.51% | 16.89% | 26.19% | 38.26% | 34.07% | 42.76% | 45.76% | 45.72% | 11.75% | -74.55% | -44.73% | 39.23% | 61.72% | 66.06% | 56.4% | -18.44% | 73.54% | 74.9% | - | - | - | - | - |
| Income Tax | 47.49M | 26.19M | 20.28M | 14.04M | 13.79M | 12.99M | 8.91M | 20.87M | 18.92M | 19.24M | 2.75M | 12.97M | -134K | 29.2M | 45.65M | 21.06M | 8.56M | -937K | 550.48K | 1.41M | 3.26M | 480.99K | 2.46M | 63.48K | 712.74K |
| Effective Tax Rate % | 59.06% | 24.95% | 28.99% | 39.96% | 24.16% | 17.68% | 16.46% | 28.62% | 24.31% | 25.74% | 21.67% | -13.54% | 0.28% | 40.99% | 31.08% | 19.05% | 14.16% | 6.08% | 0.69% | 4.79% | -59.52% | -19.36% | -1290.07% | -117.91% | -383.79% |
| Net Income | -9.94M | 58.19M | 36.31M | 20.61M | 30.63M | 46.38M | 34.27M | 39.72M | 46.99M | 43.67M | 6.34M | -103.11M | -41.02M | 27.21M | 73.84M | 68.85M | 38.55M | -16M | 59.94M | 21.77M | -5.37M | -2.7M | -1.43M | -121.15K | -881.1K |
| Net Margin % | -2.27% | 19.47% | 16.87% | 9.9% | 14.06% | 24.14% | 21.58% | 23.3% | 27.64% | 26.72% | 5.87% | -80.26% | -37.84% | 14.98% | 31.03% | 41.15% | 35.97% | -19.15% | 55.31% | 55.44% | - | - | - | - | - |
| Net Income Growth % | -117.09% | 60.28% | 76.17% | -32.73% | -33.94% | 35.31% | -13.72% | -15.47% | 7.6% | 589.3% | 106.14% | -151.38% | -250.74% | -63.15% | 7.25% | 78.61% | 340.96% | -126.69% | 175.38% | 505.39% | -98.88% | -89.42% | -1076.46% | 86.25% | - |
| Net Income (Continuing) | 32.92M | 78.77M | 49.68M | 21.1M | 43.28M | 60.51M | 45.2M | 52.05M | 58.9M | 55.5M | 9.94M | -108.74M | -48.36M | 42.04M | 101.23M | 89.72M | 51.88M | -14.47M | 79.13M | 28.34M | -5.34M | -2.7M | -1.43M | -121.15K | -881.1K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 359.66K | 418.23K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 164.66M | 130.66M | 89.75M | 90.78M | 107.72M | 98.15M | 70.29M | 65.73M | 68.94M | 54.81M | 53.02M | 53.63M | 62.3M | 77.67M | 77.02M | 34.33M | 21.74M | 7.61M | 11.27M | 6.94M | 600.99K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.05 | 0.28 | 0.20 | 0.11 | 0.17 | 0.28 | 0.18 | 0.23 | 0.27 | 0.25 | 0.04 | -0.60 | -0.24 | 0.16 | 0.43 | 0.41 | 0.24 | -0.11 | 0.40 | 0.15 | -0.04 | -0.03 | -0.05 | -0.01 | -0.09 |
| EPS Growth % | -117.86% | 40% | 81.82% | -35.29% | -39.29% | 55.56% | -21.74% | -14.81% | 8% | 525% | 106.67% | -150% | -250% | -62.79% | 4.88% | 70.83% | 318.18% | -127.5% | 166.67% | 455.45% | -30.65% | 36.91% | -306.35% | 86.68% | - |
| EPS (Basic) | -0.05 | 0.29 | 0.21 | 0.11 | 0.17 | 0.28 | 0.19 | 0.24 | 0.28 | 0.26 | 0.04 | -0.60 | -0.24 | 0.16 | 0.43 | 0.41 | 0.24 | -0.11 | 0.41 | 0.15 | -0.04 | -0.03 | -0.08 | -0.01 | -0.09 |
| Diluted Shares Outstanding | 219.43M | 206.3M | 179.14M | 178.99M | 178.32M | 177.07M | 174.08M | 170.39M | 171.41M | 171.35M | 169.38M | 170.88M | 170.83M | 171.06M | 173.21M | 169.19M | 163.57M | 152.35M | 150.95M | 149.67M | 127.25M | 83.62M | 27.84M | 9.63M | 9.31M |
| Basic Shares Outstanding | 219.43M | 204.01M | 177M | 176.86M | 176.53M | 174.87M | 171.71M | 168.48M | 167.85M | 167.19M | 169.38M | 170.88M | 170.83M | 170.73M | 172.49M | 167.81M | 162.29M | 152.35M | 147.66M | 143.91M | 127.25M | 83.62M | 17.01M | 9.63M | 9.31M |
| Dividend Payout Ratio | - | 8.5% | 12.14% | 21.47% | 14.44% | 9.91% | 12.51% | 10.59% | 7.15% | 7.7% | 20.88% | - | - | 62.88% | 20.04% | 19.91% | 33.46% | - | - | - | - | - | - | - | - |
Geopolitical and regulatory exposure
As reported in recent financial filings, Silvercorp achieved a 93.5% year-over-year revenue growth in 2025Q4, signaling a significant acceleration in production throughput that appears to be driven by both increased mining volumes and favorable commodity price realizations across its primary silver and base metal concentrate portfolio.
The sharp uptick in top-line performance suggests that the company is successfully leveraging its Ying district assets to capture higher market demand. Investors should monitor whether this growth trajectory remains sustainable or if it reflects a temporary surge in ore grade extraction that may normalize in subsequent periods.
Based on the latest quarterly data, Silvercorp's gross margin expanded to 67.0% in 2025Q4, demonstrating a robust ability to manage extraction costs relative to metal prices, a trend that distinguishes the firm from several Western-based peers currently struggling with higher all-in sustaining costs and inflationary pressures.
This margin profile suggests that the company's narrow-vein mining expertise in China provides a distinct cost advantage that effectively buffers against commodity price volatility. The ability to maintain such high margins while scaling production implies strong operational discipline within the local supply chain.
According to the income statement, operating income reached $93.4 million in 2025Q4, reflecting significant operating leverage as the company scales production while keeping SG&A expenses tightly controlled at only $3.9 million, a testament to the lean administrative structure maintained by the firm's management team.
The fact that operating income is scaling faster than gross profit suggests that the company is achieving meaningful economies of scale in its underground operations. This efficiency warrants further investigation into whether such low overhead levels are sustainable as the company continues to expand its mining footprint.
Financial statements reveal a persistent discrepancy between the robust 64.3% operating margin and the negative 0.5% net margin in 2025Q4, suggesting that non-operating items or investment impairments are significantly eroding the bottom line despite the strong underlying performance of the core mining operations.
This divergence implies that while the mining assets are highly profitable, the company's capital allocation strategy outside of its core business may be creating value leakage. Investors should scrutinize the nature of these non-operating losses to determine if they represent recurring accounting artifacts or structural issues in the investment portfolio.
Quick answers to the most common questions about buying SVM stock.
For fiscal year 2025, Silvercorp Metals Inc. (SVM) reported total revenue of $438.1M.
Silvercorp Metals Inc. (SVM) reported a net loss of $9.9M for the fiscal year ending 2025.
Silvercorp Metals Inc. (SVM) reported an operating income of $227.5M, resulting in an operating profit margin of 51.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Silvercorp Metals Inc. (SVM) generated $253.7M in gross profit for the year, representing a gross profit margin of 57.9%. This demonstrates the company's core pricing power and production efficiency.