Goldiam International Limited (GOLDIAM)
₹320.35 +3.52% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Goldiam International's revenue was ₹326 Cr (+41.8% year on year, +38.7% on the previous quarter), and net profit ₹74.0 Cr (+117.6% year on year); the operating margin was 20.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹326 | +41.8% | +38.7% |
| Operating profit | ₹66.3 | +61.6% | +32.5% |
| Net profit | ₹74.0 | +117.6% | +99.9% |
| EPS (₹) | 6.55 | +107.9% | +98.5% |
| Operating margin | 20.3% | — | — |
GOLDIAM delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 33.55% of the GOLDIAM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.56%. The price rose 3.52% on unusually low delivery, so more of the move than usual was intraday trading.
Delivery in the last 5 sessions: 46.6% · 39.0% · 50.3% · 42.6% · 33.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Goldiam International Limited has expanded its domestic retail footprint by opening its 27th and 28th retail stores under its lab-grown diamond jewellery brand 'ORIGEM'. The two new stores, located in Jaipur (Pacific Mall) and Noida Extension (Grandthum), commenced commercial operations on October 12, 2026. This brings Goldiam's total operational ORIGEM store count to 28 across India. Per company strategy, each ORIGEM store typically targets around INR 40 lakhs in monthly sales with an expected payback period of under 3 years.
- Opened 27th retail store at Pacific Mall, Mansarovar, Jaipur, Rajasthan
- Opened 28th retail store at Grandthum, Techzone IV, Noida Extension, Uttar Pradesh
- Both retail stores commenced public operations on October 12, 2026
- Takes the aggregate count of operational ORIGEM retail stores across India to 28
Goldiam International Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Pvt. Ltd. for the quarter ended September 30, 2026. It confirms that securities received for dematerialisation were processed, confirmed or rejected, and that certificates were mutilated and cancelled within prescribed timelines. This is a standard regulatory compliance filing with no impact on business operations or financials.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 3, 2026
- Company Secretary signed and submitted filing to exchanges on October 5, 2026
- Confirms dematerialised securities were properly processed and listed on stock exchanges
Goldiam International has submitted the proceedings and voting results for its 39th Annual General Meeting held on September 29, 2026. Shareholders approved all three ordinary resolutions with overwhelming majorities (>99.9% in favor). Approved items included the adoption of FY26 financial statements, confirmation of the 1st interim dividend of Re. 2.75 per equity share (137.50% on face value of Rs 2), and the re-appointment of Managing Director Mr. Anmol Rashesh Bhansali who retired by rotation.
- 39th AGM successfully conducted via video conferencing on September 29, 2026, concluding at 11:43 a.m.
- Confirmed 1st interim dividend of Re. 2.75 (137.50%) per Rs 2 face value equity share for FY26
- All three ordinary resolutions approved by shareholders with over 99.9% votes cast in favor
- Managing Director Mr. Anmol Rashesh Bhansali re-appointed following retirement by rotation
Goldiam International has received an aggregate amount of ₹12.60 crore (net of TDS) on September 18, 2026, as an interim dividend from its wholly owned subsidiary, Goldiam Jewellery Limited (GJL). GJL declared the first interim dividend for FY 2026-27 at ₹140 per share (1400% on ₹10 face value) on September 15, 2026. This intra-group cash distribution strengthens the standalone entity's cash reserves, representing approximately 6% of the consolidated TTM PAT of ₹211 crore.
- Received ₹12.60 crores (net TDS) from wholly owned subsidiary Goldiam Jewellery Limited
- Dividend rate of ₹140 per equity share (1400%) on face value of ₹10 each
- Declared by subsidiary Board on September 15, 2026, and received on September 18, 2026
- Dividend pertains to 1st Interim Dividend for FY 2026-27
Goldiam International received a property tax demand notice from the Brihanmumbai Municipal Corporation (BMC) totaling ₹23.55 crore on September 18, 2026. The demand pertains to the company's SEEPZ premises in Andheri (East), Mumbai, covering the retrospective period from April 1, 2010 to March 31, 2026 under the Capital Value based system. This demand represents approximately 11.2% of the company's TTM PAT of ₹211 crore and 4.4% of its net worth (₹541 crore). The company is evaluating the calculation with legal advisors and intends to challenge or seek remedies, stating the ultimate financial impact is yet to be determined.
- BMC issued a property tax demand notice of ₹23,54,86,763 (₹23.55 crore)
- Demand covers a 16-year retrospective period from April 1, 2010 to March 31, 2026
- Notice received by the company on September 18, 2026
- Pertains to SEEPZ premises at Gems & Jewellery Complex, Andheri (East), Mumbai
- Company is consulting legal advisors to contest the computation under applicable law
Goldiam International, along with its wholly owned subsidiaries, has received export purchase orders aggregating to ₹60 crore from international USA clients. The orders are for manufacturing and exporting lab-grown diamond studded gold jewellery and exclude online sales. The contract represents ~5.6% of the company's TTM revenue (₹1,074 crore) and is scheduled for completion on or before December 31, 2026. This reinforces near-term revenue visibility ahead of the US holiday season.
- Purchase orders received aggregating to ₹60 crore for lab-grown diamond studded jewellery.
- Order execution deadline set on or before December 31, 2026.
- Orders awarded by international clients based in the USA.
- Order size represents ~5.6% of TTM revenue (₹1,074 crore) and ~18.4% of Q1 FY27 revenue (₹326 crore).
Goldiam International Limited has notified exchanges regarding the closure of its Register of Members and Share Transfer Books from September 25, 2026, to September 29, 2026 (both days inclusive). The book closure is scheduled for the purpose of conducting the company's 39th Annual General Meeting (AGM). This filing is an administrative compliance requirement under Regulation 42 of SEBI LODR Regulations, 2015.
- Book closure period scheduled from September 25, 2026 to September 29, 2026 (both days inclusive)
- Share transfer books and register of members closed for the 39th Annual General Meeting
- Submitted pursuant to Regulation 42 of SEBI LODR and Section 91 of Companies Act, 2013
Goldiam International has scheduled its 39th Annual General Meeting (AGM) for September 29, 2026, via Video Conferencing. Key agenda items include adopting the audited standalone and consolidated FY26 financial statements and confirming the 1st interim dividend of ₹2.75 per share (137.50%). The company will also seek shareholder approval for the reappointment of Managing Director Mr. Anmol Rashesh Bhansali, who retires by rotation. The cut-off date for e-voting is September 22, 2026, with remote voting open from September 26 to September 28, 2026.
- 39th AGM scheduled for September 29, 2026, at 11:00 AM IST via Video Conferencing
- Remote e-voting window runs from September 26, 2026 (09:00 AM) to September 28, 2026 (05:00 PM)
- Record/cut-off date for voting eligibility set as September 22, 2026
- Confirmation of 1st interim dividend of ₹2.75 (137.50%) per equity share for FY26
- Re-appointment of Managing Director Mr. Anmol Rashesh Bhansali (holding 2,32,31,922 shares) retiring by rotation
Goldiam International Limited submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 as part of its Annual Report filings under SEBI Listing Regulations. The report confirms that jewellery manufacturing contributed 96.29% of turnover, while capital market investments accounted for 3.71%. Operational footprint disclosures highlight 1 primary manufacturing unit in SEEPZ, Mumbai and an expanding domestic network of 26 retail stores for its ORIGEM brand. No customer data breaches were recorded during the reporting period.
- Manufacturing of diamond studded and precious metal jewellery accounted for 96.29% of turnover
- Investment activities in capital markets contributed 3.71% of turnover
- Company disclosed a footprint of 1 manufacturing unit, 2 offices, and 26 domestic retail stores
- Paid-up equity share capital stood at Rs 2258.36 lakhs
- Reported 0 instances of customer data breaches during FY 2025-26
Goldiam International's Board has approved a revised deployment schedule for its ₹152.80 crore unutilised QIP proceeds (out of ₹195.21 crore net proceeds raised). The company revised its brand-exclusive retail store target from 63 to 60 stores, having already opened 25 stores by June 30, 2026. For the remaining 35 stores, ₹107.80 crore has been allocated, while General Corporate Purposes (GCP) allocation has been raised from ₹25.23 lakhs to ₹45.00 crore to cover lease rentals, advertising, and marketing. Additionally, the completion timeline has been extended by nine months from March 31, 2027 to December 31, 2027.
- Reallocates ₹152.80 crore in unutilised QIP proceeds out of total net proceeds of ₹195.21 crore.
- Store rollout target adjusted to 60 stores (from 63), with 25 stores opened and 35 stores remaining to be established.
- Allocates ₹107.80 crore towards remaining store rollouts and ₹45.00 crore towards GCP (marketing, store rentals, and brand promotion).
- Deployment completion timeline extended by 9 months from March 31, 2027 to December 31, 2027.
Goldiam International has scheduled a one-on-one physical investor meeting with Guardian Capital Partners on September 3, 2026, at 10:00 a.m. IST at SEEPZ, Andheri East, Mumbai. The interaction will focus on the company's publicly available operational and financial performance. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed.
- One-on-one physical meeting scheduled with Guardian Capital Partners on September 3, 2026, at 10:00 a.m.
- Meeting venue is the company's registered office at SEEPZ, Andheri (East), Mumbai
- Discussions to remain restricted to publicly available financial and operational updates with no UPSI shared
Goldiam International has bagged international export purchase orders worth ₹50 crore from US clients for lab-grown diamond studded gold jewellery. The order is slated for completion on or before November 30, 2026, and excludes regular online order flows. Representing ~4.7% of TTM revenue (₹1,074 crore), the win provides strong near-term execution momentum and aligns with the company's shift toward high-margin lab-grown diamonds.
- Secured export purchase orders worth Rs.50 crores
- Orders from international clients based in the USA
- Scope covers manufacturing and export of lab-grown diamond studded gold jewellery
- Execution timeline set on or before November 30, 2026
- Stated figure excludes regular online orders
Goldiam International reported a robust Q1 FY27 with revenue reaching ₹363.7 cr and PAT doubling to ₹74 cr. The growth is primarily driven by a strategic shift to Lab-Grown Diamonds (LGD), which now account for 90.7% of the export mix. The order book as of June 30, 2026, stands at ₹225 cr, a significant increase from ₹140 cr in the previous year. EBITDA margins improved by 400 basis points to 24%, supported by a tariff refund and higher-margin product categories like bracelets and necklaces.
- EBITDA grew by 120% YoY to ₹103.9 cr in Q1 FY27.
- Order book position increased to ₹225 cr, representing ~23% of TTM revenue.
- Lab-grown diamond (LGD) exports reached 90.7% of the total export mix vs 87.8% YoY.
- Cash and cash equivalents including investments stood at ₹456.7 cr as of June 30, 2026.
- Domestic retail brand ORIGEM expanded to 26 stores, generating ₹8.16 cr in Q1 revenue.
Goldiam International has published the audio recording of its earnings call held on August 10, 2026, following the release of its Q1 FY27 financial results. The company, which reported a TTM revenue of ₹978 Cr and a healthy OPM of 20.5%, is currently focusing on transitioning its export mix to 90% Lab-Grown Diamonds (LGD). This filing is a standard regulatory requirement under SEBI LODR to ensure transparency for all shareholders. Investors can access the recording to hear management's detailed commentary on US market demand and domestic retail expansion.
- Earnings call conducted on August 10, 2026, at 3:30 PM IST
- Relates to unaudited financial results for the quarter ended June 30, 2026
- Company maintains a TTM PAT of ₹171 Cr with a 20.5% operating margin
- Strategic focus remains on Lab-Grown Diamonds, which recently reached 90% of export value
- Domestic retail brand ORIGEM targeting store payback in less than 3 years
Goldiam International reported a robust Q1 FY27 with consolidated revenue growing 54% YoY to ₹363.7 Cr. Profit After Tax (PAT) surged 120% YoY to ₹74 Cr, driven by a strategic shift where Lab-Grown Diamonds (LGD) now account for 90.7% of export sales. The company maintains a strong order book of ₹225 Cr for execution within 3-4 months and holds a significant cash/investment surplus of ₹456.7 Cr. A key operational moat is their 'US Product of Origin' model, which mitigates US tariff risks by performing initial casting in the United States.
- Consolidated PAT grew 120% YoY to ₹740 Mn (₹74 Cr) in Q1 FY27.
- Lab-Grown Diamond jewellery share in exports increased to 90.7% from 87.8% YoY.
- Order book stands at ₹2,250 Mn (₹225 Cr), representing approximately 23% of TTM revenue.
- EBITDA margins expanded to 28.6% (24% on a steady-state basis post-tariff refund calibration).
- Domestic retail brand ORIGEM expanded to 26 stores across 13 Indian cities.
Financial Performance
Revenue Growth by Segment
Jewellery manufacturing contributed 97.30% of standalone turnover in FY25. Consolidated revenue for FY25 reached INR 800.6 Cr, a 29.54% increase from INR 616.8 Cr in FY24. H1 FY26 revenue grew 40.8% YoY to INR 437.6 Cr.
Geographic Revenue Split
The USA remains the prime export destination. B2B export revenue is the primary driver, with Lab-Grown Diamond (LGD) jewellery now accounting for 90% of Q2 FY26 export revenue, up from 77% in Q2 FY25.
Profitability Margins
PAT margins remained stable at 14.6% in FY25 and 14.8% in H1 FY26. Consolidated Profit Before Tax (PBT) for FY25 was INR 172.5 Cr, representing a 41.3% increase over the previous year's INR 122.1 Cr.
EBITDA Margin
EBITDA margin for FY25 was 22.4% (INR 179.2 Cr). H1 FY26 EBITDA margin stood at 21.6% (INR 94.5 Cr). Management provides a steady-state EBITDA guidance range of 18% to 22%.
Capital Expenditure
The company raised INR 202.05 Cr through a Qualified Institutional Placement (QIP) in late 2025 for growth. Domestic retail expansion via ORIGEM stores requires INR 3.5 Cr to INR 4 Cr per store in capital and inventory.
Credit Rating & Borrowing
The company utilizes Gold Metal Loans (GMLs) to defer gold payments by 6 months, optimizing working capital. Specific credit ratings and interest rate percentages were not disclosed in the documents.
Operational Drivers
Raw Materials
Gold (representing 30% to 50% of the finished product cost), Lab-Grown Diamonds (LGD), and Natural Diamonds.
Import Sources
The company operates a US subsidiary for initial casting to establish 'US Product of Origin,' with finishing and diamond setting occurring in India (SEEPZ, Mumbai).
Capacity Expansion
The business model is designed for scalability without rebuilding systems. Domestic expansion involves opening ORIGEM stores with a target payback period of less than 3 years at INR 40 lakhs monthly sales.
Raw Material Costs
Gold price volatility is a major risk as it constitutes up to 50% of COGS. Inventory for a single ORIGEM store includes INR 1.2 Cr to INR 1.5 Cr in gold value alone.
Manufacturing Efficiency
Consolidated revenues increased 43% YoY in Q2 FY26 despite a 30-day operational disruption, indicating high throughput efficiency and strong demand absorption.
Logistics & Distribution
The company employs an omnichannel strategy including in-store and online sales. Online sales accounted for 20% of Q2 FY26 revenue.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be driven by increasing wallet share with US corporate customers, transitioning the export mix to 90% Lab-Grown Diamonds which offer better margins, and scaling the domestic ORIGEM retail brand in India. The company is also targeting US 'mom-and-pop' stores through its 'Jewel Fleet' model.
Products & Services
Gold, silver, and diamond jewellery (Natural and Lab-Grown), and investment activity.
Brand Portfolio
ORIGEM (Lab-Grown Diamond retail), Jewel Fleet (B2B distribution).
New Products/Services
Aggressive push into Lab-Grown Diamond (LGD) jewellery, which grew from 77% to 90% of export value YoY in Q2.
Market Expansion
Expansion of the ORIGEM retail footprint in India and deepening penetration in the US corporate B2B jewellery market.
External Factors
Industry Trends
The industry is rapidly shifting toward Lab-Grown Diamonds (LGD). Goldiam has transitioned from a natural diamond company to a major LGD supplier, with LGD now 90% of export revenue.
Competitive Landscape
Large Indian jewellery players are entering the LGD segment, increasing competition in the domestic market.
Competitive Moat
The primary moat is the integrated supply chain and the 'US Product of Origin' ruling from US Customs, which provides a 15-25% cost advantage over competitors facing full tariffs. This is sustainable due to the company's established US subsidiary infrastructure.
Macro Economic Sensitivity
Projected India GDP growth of 6.4% in FY26 and easing food inflation are expected to boost discretionary consumption for jewellery.
Consumer Behavior
Shift toward LGD for better value-for-money and discretionary consumption, supported by tax incentives in the Union Budget 2025-26.
Geopolitical Risks
Global trade uncertainties and potential US tariff actions are cited as primary headwinds for the export-heavy business.
Regulatory & Governance
Industry Regulations
Operations are governed by US Customs rulings for 'Product of Origin' and SEEPZ export regulations in India. Compliance with SEBI (LODR) and Ind AS is maintained.
Environmental Compliance
The Risk Management Committee monitors ESG (Environmental, Social, and Governance) related risks as part of its formal mandate.
Taxation Policy Impact
The company follows a 14.6% to 14.8% effective PAT margin profile; specific tax rates were not disclosed.
Risk Analysis
Key Uncertainties
Bullion risk (gold price volatility) and US trade policy changes are the most significant uncertainties, potentially impacting margins by 2-4% if not managed.
Geographic Concentration Risk
High geographic concentration in the USA, making the company vulnerable to US economic slowdowns or tariff hikes.
Third Party Dependencies
Dependence on US Customs rulings to maintain the tariff-mitigated 'Product of Origin' status for its jewellery.
Technology Obsolescence Risk
The company is mitigating technology risk by aggressively adopting LGD manufacturing technology, moving away from the stagnating natural diamond segment.
