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Goldiam International Results: Latest Quarterly Results & Analysis

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Goldiam International Ltd. 12 Nov 2025 14:14 PM
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Q2FY26 Quarterly Result Announced for Goldiam International Ltd.

Gems & Jewellery company Goldiam International announced Q2FY26 results

  • Revenue: Rs 2,019 million against Rs 1,411 million during Q2FY25, change 43%.
  • EBITDA: Rs 474 million against Rs 346 million during Q2FY25, change 36.9%.
  • EBITDA Margin: 23.5% for Q2FY26.
  • PAT: Rs 314 million against Rs 221 million during Q2FY25, change 42%.
  • PAT Margin: 15.5% for Q2FY26.
  • EPS: Rs 2.85 for Q2FY26.

Rashesh Bhansali, Executive Chairman, Goldiam International, said: “We are extremely happy with what we have achieved in Q2. It was one of the toughest quarters as the USA, our primary market, introduced hefty tariffs across goods, including jewellery. We came up with a globally accepted solution with a US Customs Ruling to propel business continuation. This brought disruptions in our B2B business for about 30 days. Despite this, Goldiam posted over 40% growth in revenue as well as profits, thanks to strong buyers demand, and Goldiam’s successful sustained efforts in improving the wallet share amongst its customers. With a strong order book of ? 2000 million, we are geared to cater to the festive demands in the US during Q3.”

Anmol Bhansali, Managing Director, Goldiam International, said: “With 11 operational stores, ORIGEM has established itself as a multi-city lab-grown jewellery brand, present at marque locations representing a unique blend of malls and high streets, catering to micro markets with high propensity for discretionary spending. All the new stores have received enthusiastic response from customers, especially during the festive month of October. By next year, with significant number of ORIGEM stores, Goldiam will benefit from the festive seasons in India as well as the USA. We have identified 15-18 new locations for ORIGEM stores in South and North India, and hope to have 20-25 plus operational stores by March 2026.”

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Gems & Jewellery company Goldiam International announced Q1FY26 results

  • Consolidated revenue at Rs 2,357 million grew by 39% YoY and 17% QoQ.
  • EBITDA for Q1FY26 at Rs 471 million increased by 37.8% YoY and 19% QoQ.
  • EBITDA margin for Q1FY26 remained steady at 20%.
  • PAT for Q1FY26 at Rs 336 million grew sharply by 53% YoY and 45% QoQ.
  • PAT Margin: 14.3% for Q1FY26.
  • EPS: Rs 3.15 for Q1FY26.

Rashesh Bhansali, Executive Chairman, Goldiam International, said: “The buoyancy in demand for lab-grown diamond jewellery in the US, and Goldiam capturing an outsized share of that growing demand, helped us post better-than-expected performance on all fronts in Q1FY26. While our top line grew by 39%, our EBITDA margin remained unaffected on account of our nimbleness in cost management, savings in raw material procurement, and our ability to pass on the additional tariffs to customers. All these factors culminated into 38% growth in EBIDTA, and 53% growth in PAT for Q1FY26.”

Anmol Bhansali, Managing Director, Goldiam International, said: “Goldiam’s market responsiveness, contemporary designs, and large number of SKUs are progressively helping us penetrate deeper within our existing large US customers, and capture a higher share of the growing demand for LGD jewellery. We are confident of witnessing such robust demand for lab-grown diamond jewellery in India as well in the coming years. Adding on to our existing six operational stores, our retail team is relentlessly working on expanding the ORIGEM footprint, and in the next few months, we will have another 8 operational stores, all at prime locations. We are marking ORIGEM’s entry into malls with one of the most prestigious shopping destinations at two locations, The Phoenix Mills at Lower Parel in Mumbai, and Phoenix Market City at Bengaluru.”

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Gems & Jewellery company Goldiam International announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Goldiam’s Q4 consolidated revenue at Rs 2018.4 million grew by 33% YoY
  • EBITDA for Q4 at Rs 395 million increased by 44.2% YoY
  • EBITDA margin for Q4 at 19.6% is up 147 bps YoY.
  • PAT for Q4FY25 at Rs 232 million is up by 30%
  • Lab Grown Diamond jewellery exports contributed 81.8% to the overall export sales mix during Q4FY25, compared to 54% in Q4 FY24.
  • Online revenue accounted for 29.5% of the revenue during Q4FY25.

FY25 Financial Highlights:

  • Revenue for twelve month for FY25 at Rs 8006.4 million grew by 30% YoY.
  • EBITDA for full year at Rs 1792 million grew by 40%.
  • FY25 EBIDTA margin remains strong at 22.4%; up 159 bps over the previous year’s EBITDA margin.
  • PAT for FY25 at Rs 1171 million is up by 29%.
  • The board recommended Rs 1 as a final dividend for FY25, over and above two interim dividend of Rs 1 each during the year.

Commenting on results, Rashesh Bhansali, Executive Chairman, Goldiam International, said, “Financial year 2025 was a landmark year for Goldiam. Our annual financial performance is more than satisfactory as we closed the year with 30% growth in our top line as well as bottom line, with strong operating margins. Our Profit after Tax crossed Rs 1 billion mark. The company has distributed Rs 213.6 million in dividends so far for FY25; and our cash and cash equivalent position as on March 31, 2025 remains strong at Rs 2883.7 million. The board has further recommended a dividend of Rs 1 per share as final dividend for FY25. The fiscal 2025 also marked Goldiam’s foray into India retail of exclusive lab grown diamond jewellery retail under the brand name ORIGEM. We are very excited and encouraged with customers’ response across our stores; and the retail team is fully geared for aggressive expansion.”

Anmol Bhansali, Managing Director of Goldiam International, said, "We ended fiscal 2025 with strong overall performance in our B2B export business, with lab grown diamond jewellery exports crossing 80%. ORIGEM, our India retail business, has firmly established itself as the largest COCO LGD jewellery brand in Mumbai. Our current six stores are strategically located in prime areas which are key jewellery retail hubs. In the coming year, we will rapidly expand in the NCR and in Southern India, starting with Bengaluru. Recently, the board of Goldiam passed an enabling resolution for raising of funds through issuance of instruments or security including equity shares or any other eligible securities by way of one or more public and/or private offerings including on a preferential allotment basis and/or a qualified institutions placement for an amount not exceeding Rs 4000 million. The proposed fund raise is aimed at propelling a faster expansion of ORIGEM brand across India.”

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Gems & Jewellery company Goldiam International announced Q3FY25 results

  • Goldiam’s Q3 consolidated revenue at Rs 2,880 million grew 41% YoY and 104% QoQ.
  • EBITDA for Q3 at Rs 708 million in Q3FY25 increased by 62% YoY, and 105% QoQ.
  • EBITDA margin for Q3 at 24.6% is up 325 bps YoY.
  • PAT for Q3FY25 at Rs 498 million is up by 54% YoY, and 125% QoQ.
  • Cash and Cash Equivalents (including investments) at Rs 2759 million as at December 31, 2024.

Rashesh Bhansali, Executive Chairman, Goldiam International, said: “Q3 went exceptionally well for Goldiam. We posted higher revenue with better margin profile during Q3, thus improving overall margin for nine months ended so far of FY25. While Q3 typically is a better quarter for Goldiam due to the festive season purchases across the USA, Goldiam’s efforts to improve wallet share amongst its existing customers is translating in better revenue growth, even as the US jewellery market remain stagnant. This coupled with our quick time to market, innovative designs, and efficient procurements of diamonds helping us in protecting and strengthening the margins. Q3 was also significant for us as we made our India foray with the domestic B2C brand “ORIGEM”. Our vision for ORIGEM is to make it India’s largest lab grown diamond jewellery brand and we have a dedicated retail team to pursue that goal.”

Anmol Bhansali, Managing Director of Goldiam International, said: "Our B2B jewellery export posted satisfactory growth during Q3; what excites us is that 80% of the revenue has come from lab grown diamond jewellery export. The gives us huge boost of confidence to expand our India retail brand ORIGEM as consumer acceptance of lab grown diamond jewellery is going to be extremely rapid in our opinion. Also, while these are early days for ORIGEM with just three stores, consumer response at each store is more than satisfactory. We recently opened our Mumbai Flagship store in the key jewellery market of Turner Road in Bandra, marking our entry into one of the most prestigious shopping destinations in our country. We hope this establishes ORIGEM’s brand & promise as we roll out more stores nationally, in the near future. Our recently launched ORIGEM website is seeing good traction among consumers. We have three more stores planned in Mumbai, post which ORIGEM will enter National Capital Region.”

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Gems & Jewellery company Goldiam International announced Q2FY25 results

Financial Highlights:

  • Revenue : Rs 1411 million compared to Rs 1393 million during Q2FY24, change 1%.
  • EBITDA : Rs 346 million compared to Rs 332 million during Q2FY24, change 4%.
  • EBITDA margin: 24.5% for Q2FY25.
  • PAT: Rs 221 million compared to Rs 235 million during Q2FY24, change -6%.
  • PAT margin: 15.7% for Q2FY25.
  • EPS: 2.07 for Q2FY25.

Other Highlights:

  • Lab grown diamond jewellery contributed 77% to Q2 revenue, online revenue at 21%.
  • India retail brand ‘ORIGEM’ opened its first store before Diwali; witnessing enthusiastic response and a high initial traction in first 10 days.

Rashesh Bhansali, Executive Chairman, Goldiam International, said: “During Q2, Goldiam witnessed several shipment delays due to flight cancellations to the United  States. This impacted significantly to our Q2 revenue. These revenues were subsequently booked in the month of October. With the onset of festive season in the US, looking ahead, we are confident that the upcoming quarter will be Goldiam's best to date, underscoring our belief in the sustained demand for labgrown diamonds among our U.S. retail partners. Concerns regarding declines in lab? grown diamond prices, in our view, appear to be largely overstated.”   

Anmol Bhansali, Managing Director of Goldiam International, said: "These are exciting times at Goldiam as our retail brand ORIGEM opened its first store in Borivali (W) during the festive season of Diwali. We are inspired to see the resounding response from customers; in terms of not just the footfall, but also initial sales. Our two more stores, one at Kharghar and one in Bandra (W), will get operation soon. All three Mumbai stores are strategically located, catering to micromarkets with high discretionary spending. Our retail team is geared for a rapid expansion; and we plan to open 10-12 more stores within the next six months.”   

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Gems & Jewellery company Goldiam International announced Q1FY25 results:

  • Goldiam’s Q1FY25 consolidated revenue at Rs 1697 million increased sharply by 40% Y-o-Y; and 12% Q-o-Q.
  • Goldiam’s Q1FY25 EBITDA at Rs 342 million showed a robust growth of 44% Y-o-Y.
  • EBIDTA margin for Q1FY25 remained steady at 20.1%. Profit after Tax for Q1FY25 at Rs 220 million grew by 27% Y-o-Y, and 24% Q-o-Q

Commenting on Q1FY25 results, Rashesh Bhansali, Executive Chairman, Goldiam International, said, “Goldiam’s financial performance for quarter is an outcome of the company’s relentless pursuit to increase its wallet share amongst its large US retailers. Over the years, our team has developed a strong sense of fashion trends among the US customers, and have been able to come up with contemporary designs. In coming months, we hope to make further inroads in deepening our relationships with our existing customers. The topline growth of 40% for the quarter, and a strong order book position gives us huge boost of confidence for the rest of the year. Our cash position as on June 30, 2024 remains very strong at Rs 3332.37 million.”

Anmol Bhansali, Managing Director of Goldiam International, said, "LGD jewellery sales contributing 68% to the total revenue is a strong indication of a clear shift in consumer preference. The customers is the USA, at our target price points, are clearing voting in favour lab grown diamond jewellery which has a distinct price advantage. At Goldiam, we strongly believe that Indian consumers will mirror this behaviour, too. With our India retail venture, ORIGEM, Goldiam hopes to bridge that gap by making lab grown diamond jewellery more accessible and acceptable across India. Current progress includes the completion of hiring senior & mid-management at our head office to propel our entry into domestic retail. We are on track to achieving our store opening goals as stated above.”

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Apparels & Accessories company Goldiam International announced Q3FY24 & 9MFY24 results:

Consolidated Q3FY24:

  • Revenue: Rs 2,050 million, showing a growth of 10% compared to Q3FY23.
  • EBITDA: Rs 438 million, showing a growth of 9% compared to Q3FY23.
  • EBITDA Margin: 21.3%, decreased by 32 bps compared to Q3FY23.
  • PAT: Rs 324 million, showing a growth of 12% compared to Q3FY23.

Consolidated 9MFY24:

  • Revenue: Rs 4,654 million, showing a growth of 11% compared to 9MFY23.
  • EBITDA: Rs 1,008 million, decreased by 2% from 9MFY23.
  • EBITDA Margin: 21.7%, decreased by 276 bps from 9MFY23.
  • PAT: Rs 731 million, showing a growth of 6% compared to 9MFY23.

Business Highlights:

  • Lab-Grown Diamond Jewellery Sales: Lab-grown diamond jewellery contributed 51.3% to Q3 revenue, marking a considerable increase from 23.5% in Q3FY23.
  • Online Sales: Revenue through online sales channel increased to 33.5% during Q3FY24 from 27.3% in Q3FY23. The share of online sales for Lab-grown diamond jewellery has grown approximately threefold from 7% in Q3FY23 to 20.6% in Q3FY24.
  • Order Book: Goldiam secured orders worth Rs 700 million during Q3 for the export of gold studded diamond jewellery, to be fulfilled by March 2024. The order book as of December 31, 2023, stands at about Rs 1,150 million.
  • Expansion and New Markets: Goldiam has added a new retailer client in the USA and is preparing to enter the Australian market. It is also planning a foray into India's B2C market with its own stores.

Commenting on the Q3FY24 results, Anmol Bhansali, Managing Director, Goldiam International, said, “Lab Grown Diamond jewellery contributing over 50% in Q3 revenue is a strong indicator of changing consumer behaviour. The speed and force of the shift in consumer preferences this year have taken us by pleasant surprise as well. With the USA, the world’s largest diamond jewellery market, showing overwhelming preference towards Lab Grown Diamond jewellery, we are very optimistic about the future of this category, with boosted confidence to seriously plan entry into India’s B2C space.”

Rashesh Bhansali, Executive Chairman of Goldiam International, said, "Higher sales of Lab Grown Diamond, coupled with an impressive share of online sales has kept us in good stead this financial year so far, which was marked with multiple headwinds. Prices of lab-grown diamonds have stabilized and that’s a positive sign for the entire industry. At Goldiam, we are gradually focusing more on producing higher-carat diamonds in the range of 3-5 carat through our subsidiary Eco-Friendly Diamonds. In the years to come, we see the demand for single-stone over 1-carat jewellery rapidly increasing. We feel Indian consumers are ready for adaptation and are waiting to be catered to by the organised players. Goldiam’s has built a significant cash and cash equivalent position of Rs 3,186 million and will be able to take newer initiative while continuing to remain debt-free, and rewarding shareholders as it has always done in the past.”

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Other Apparels & Accessories company Goldiam International announced consolidated FY23 results:

  • During FY23, the consolidated revenue decreased by 22% to Rs 5,543 million. Lab-grown Diamond & Jewellery sales have been consolidating to 23% in FY23.
  • EBITDA for FY23 fell by 19% YoY owing to destocking by large US retailers and Goldiam partnering with key retailers in inventory realignment exercise by running strategic discount programs. However, EBITDA margins remained healthy at 22.5% due to a good mix of lab-grown diamond business and online business.
  • PAT for FY23 stood at Rs 853 vis-à-vis Rs 1,060 million in FY22. The Cash profit for FY23 stood at Rs 926 million vis-à-vis Rs 1,113 million in FY22.
  • Goldiam has an order book size of Rs 1,000 million. This order book is expected to be executed in the next four-six months. E-commerce sales, given their nature of being booked online (on a spot basis), are not part of the order book.
  • The company’s Cash & Cash Equivalents (including investments) stood at Rs 2,568 million as on March '23.
  • The company has already distributed dividends to the tune of Rs 217.95 million during FY23 and has now proposed a buyback of Rs 326.92 million, up to 2% of the equity of the company to be bought back.

 

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Other apparel & accessories Goldiam International announced Q2FY23 results:

  • (Consolidated) Q2FY23 & H1 FY23:
    • Consolidated revenue during H1FY23 stood at Rs 2,338 million, which was 29% lower YoY. This was an unavoidable impact due to the higher inflationary scenario in the US.
    • Consolidated EBITDA for H1FY23 remained flat at Rs 622 million YoY, despite a fall in Revenue. EBITDA margins witnessed tremendous growth in Q2FY23 and improved by 1,514 bps YoY to 33%and in H1FY23 improved by 722bps YoY to 27%. This is the highest-ever margin recorded for H1 by the Company.

Rashesh Bhansali, Executive Chairman of Goldiam International, said, "FY23 started with a global inflationary scenario with various central banks increasing interest rates. This created caution for discretionary spending for weddings, gifts etc. However, the Company was well-prepared for this situation and adjusted its product offerings accordingly. Our investment in Lab-grown diamond facilities continues to reap fundamental benefits. Being a completely integrated player, right from growing diamonds, listing online and delivering them, we have gathered a lot of inherent benefits that make us highly margin resilient. Our sell-down of inventory for natural diamonds has also been beneficial in protecting the overall profitability of the company, despite such a volatile economic scenario.

The journey of Lab-grown has been accomplishing new milestones for the Company and provides an exciting headroom to grow from hereon. Awareness among domestic consumers is rising for Lab-grown diamond jewellery, and management is evaluating various omnichannel strategies to make an early breakthrough in the domestic market.

With an increasing demand for Lab-Grown Diamonds, Goldiam carried out a capex to increase its capacity by 40% in FY22. We further expect to double our capacities over FY23 and FY24. The new capacity will be used for Goldiam's jewellery manufacturing and distribution business, leading to a more robust margin profile. We are confident about the Lab-Grown diamonds business going ahead. This has been further cherry-topped with our omnichannel delivery strategy, making our model even more lucrative for our customers."

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Apparels & Accessories firm Goldiam International announced Q1FY23 Result :

  • Revenues: During the quarter, the consolidated revenue during Q1FY23 decreased by 9% to Rs 1,411 million due to higher inflationary scenario in USA. Lab grown Diamond & Jewellery sales grew 5x from Q1FY22 to Q1FY23 showing robust & growing demand for this segment.
  • EBITDA: Consolidated EBITDA for Q1FY23 fell marginally by 4% YoY due to some postponing in jewellery buying in USA for its natural diamond jewellery. However, EBITDA margins witnessed a resilience and improved by 110 bps YoY and 141 bps QoQ to 22.7%
  • PAT: PAT for Q1FY23 stood at Rs 214 vis-à-vis Rs 238 million in Q1FY22.
  • Cash Profit (PAT Depreciation): The Cash profit for Q1FY23 stood at Rs 351 million vis-à-vis Rs 372 million in Q1FY22.
  • Order Book Status: Goldiam has an order book size of Rs 1,600 mn. This order book is expected to be executed in next four-six months. E-commerce sales, given their nature of being booked online (on a spot basis), are not part of the order book
  • Cash & Cash Equivalents (including Investments): The Company’s Cash & Cash Equivalents (including investments) stood at Rs 2,200 mn as on Q1FY23.

 

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