Investor Communication

Goldiam International Reports Highest-Ever FY26 Revenue, EBITDA and PAT; ORIGEM Targets 50 Stores by FY27 End

NSE

goldiam

BSE

526729

Goldiam International delivered its strongest-ever financial performance in FY26, crossing the ₹1,000 crore revenue milestone for the first time. Consolidated revenue rose 27.5% YoY to ₹1,212.3 crore, while PAT increased 45.7% YoY to ₹170.6 crore. The company highlighted benefits from its U.S. hybrid casting model, continued growth in lab-grown diamond jewellery exports, and rapid expansion of its ORIGEM retail business.

PRICE-SENSITIVE TRIGGER

Event: FY26 Earnings Call and Management Commentary

Type: Investor Communication

Impact: Positive

Immediate Effect: Management reiterated double-digit growth expectations for FY27, announced a 1:3 bonus issue recommendation, highlighted margin expansion opportunities from hybrid casting operations, and provided aggressive ORIGEM retail expansion plans.

Key Metrics:

FY26 Consolidated Revenue: ₹1,212.3 crore (+27.5% YoY)
FY26 Consolidated PAT: ₹170.6 crore (+45.7% YoY)
FY26 EBITDA: ₹248.7 crore (+36.2% YoY)
FY26 EBITDA Margin: 24.3%
Q4 FY26 Revenue: ₹243.3 crore (+21% YoY)
Q4 FY26 PAT: ₹37.2 crore (+61% YoY)
Q4 FY26 EBITDA: ₹58.3 crore (+35.9% YoY)
Q4 FY26 EBITDA Margin: 23.9%
Cash & Investments: ₹493.4 crore as of March 31, 2026
Order Book: Approximately ₹200 crore
Lab-Grown Diamond Jewellery Export Mix: 88.3% of Q4 FY26 exports
Online Revenue Contribution: 27.4% of Q4 FY26 revenue

Highlight:

Goldiam crossed ₹1,000 crore annual revenue for the first time and reported record-high revenue, EBITDA and PAT despite tariff uncertainty, gold price volatility and global geopolitical disruptions.

What Happened ?

Goldiam International’s management informed investors that FY26 was the strongest year in the company’s history, driven by continued adoption of lab-grown diamond jewellery, expanding relationships with U.S. retailers, and operational benefits from its hybrid casting model.

The company reported that the U.S.-based hybrid manufacturing structure has improved competitiveness and margins while reducing tariff-related risks. Management indicated that only larger jewellery suppliers possess the scale and operational capability to implement this model effectively, creating industry consolidation opportunities.

Alongside its export business, Goldiam continued scaling ORIGEM, its India-focused lab-grown diamond jewellery retail brand, which expanded to 24 operational stores across 12 cities by FY26-end.

Key Details

Business Performance and Strategic Developments:

FY26 marked the highest revenue, EBITDA and PAT achievement in company history.
Revenue crossed the ₹1,000 crore milestone for the first time.
Hybrid U.S.-India casting model is supporting margin expansion and tariff insulation.
Management expects hybrid casting to contribute approximately 200–300 basis points of gross margin improvement on a full-year basis.
Lab-grown diamond jewellery accounted for 88.3% of export sales during Q4 FY26.
Online sales contributed 27.4% of Q4 revenue.
Order book stood at approximately ₹200 crore at FY26-end.
Cash and investments increased to approximately ₹493 crore.
Board recommended a bonus issue in the ratio of 1:3.
ORIGEM expanded to 24 operational stores across 12 cities.
ORIGEM generated ₹5.56 crore revenue during Q4 FY26.
April 2026 ORIGEM sales exceeded ₹3.5 crore.
Company plans to operate 45–50 ORIGEM stores by FY27-end.
Mature ORIGEM stores are already achieving operational breakeven levels.
ORIGEM aims to achieve mature-store revenue of approximately ₹35–45 lakh per month.
New product categories including tennis bracelets and tennis necklaces are expected to support higher ASP growth in export markets.

Note:

Management guided for double-digit revenue growth in FY27 and expects further margin improvement from the full-year impact of hybrid casting operations.

Risk Analysis

Summary:

While business momentum remains strong, risks continue to arise from retail demand fluctuations, jewellery consumption trends in the U.S., execution of ORIGEM expansion plans, and global macroeconomic uncertainty.

Key Risks:

ORIGEM remains in investment mode and reported approximately ₹15 crore EBITDA loss during FY26.
New retail stores require time to achieve breakeven and maturity.
Gold price volatility may impact consumer purchasing patterns.
U.S. retail demand remains sensitive to economic conditions.
Increasing competition in India’s lab-grown diamond jewellery segment could pressure market share.
Expansion into new categories and store formats requires consistent execution.
Geopolitical disruptions and trade policy changes may impact global jewellery demand.

Worst Case Scenario:

A slowdown in U.S. consumer demand combined with delayed ORIGEM profitability and weaker jewellery spending could reduce revenue growth and delay anticipated margin expansion.

Risk Level: Medium

Company Commentary

FY26 was a record year for revenue, EBITDA and PAT.
The company remains tariff agnostic due to its hybrid casting structure.
Management expects margin expansion to continue during FY27.
Demand for lab-grown diamond jewellery remains robust across key retail partners.
ORIGEM is being positioned as a leading organized lab-grown jewellery retail brand in India.
The company expects double-digit growth during FY27.
ORIGEM is targeting approximately 45–50 stores by the end of FY27.
Management believes the U.S. jewellery supplier market is gradually consolidating in favor of larger, technologically capable players.

Official Exchange Filing: Goldiam International Limited