NSE: GOLDIAM · BSE: 526729
GOLDIAM INTERNATIONAL LTD
Manufactures and exports gold jewellery studded with lab-grown diamonds from a Special Economic Zone (SEZ) facility, primarily to US retailers. The Jewellery segment, which covers B2B manufacturing for international clients, generated ₹1,013.97 crore of segment revenue in FY26 with a 24.5% EBIT margin; lab-grown diamonds made up 88.3% of Q4 export sales. A hybrid US+India casting model is being used to expand margins, with management citing 200-300 basis points of incremental gross margin benefit. Direct-to-consumer expansion in India runs through the ORIGEM retail brand selling lab-grown diamond jewellery — 25 stores were open as of June 2026, up from 24 at FY26 end, with a target of 45-50 stores by FY27 exit and a target exit run-rate of about ₹7 crore of monthly revenue. Materials (gold and lab-grown diamonds) make up 56.6% of revenue, making raw input prices the dominant cost. The Investments segment reflects fair-value movements on treasury holdings and is not a core operating activity. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Jewellery (101%), Investments ((1)%). Export-oriented, SEZ-based jewellery manufacturer of lab-grown diamond studded gold jewellery with a growing captive India retail brand.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 688 | 533 | 603 | 781 | 977 |
| EBITDA (ex other income) | 130 | 104 | 114 | 160 | 204 |
| margin % | 18.9 | 19.5 | 19.0 | 20.4 | 20.9 |
| Owners' profit | 0 | 0 | 91 | 0 | 0 |
| EPS, as reported (₹) | 9.61 | 7.82 | 8.51 | 10.97 | 15.11 |
| ROE % · ROCE % | 20.1 · 28.1 | 14.4 · 19.6 | 14.3 · 19.0 | 15.7 · 22.6 | 15.4 · 20.3 |
| Debt / equity (x) | 0.01 | 0.00 | 0.00 | 0.01 | 0.03 |
| Cash from operations | (10) | 65 | 107 | (13) | 24 |
| Capex | (4) | (9) | (7) | (7) | (16) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 137 | 280 | 199 | 230 | 193 | 320 | 235 | 326 |
| Profit before tax | 33 | 69 | 38 | 45 | 46 | 89 | 51 | 97 |
| Net profit | 22 | 50 | 23 | 34 | 31 | 68 | 37 | 74 |
| EPS (₹) | 2.07 | 4.66 | 2.17 | 3.15 | 2.60 | 6.06 | 3.30 | 6.55 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Jewellery | 1,014 | 101.1 |
| Invements | 5 | 0.5 |
| Total, before eliminations | 1,018 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 3,87,249 | 67.5 | 24.66 | 45.2 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 52,825 | 36.8 | 8.37 | 20.0 | 21.4 | 22.1 | 33.0 | 6.5 |
| PC JEWELLER LTD | 15,284 | 15.9 | 1.87 | 18.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| THANGAMAYIL JEWELLERY LTD | 14,531 | 37.2 | 10.26 | — | 24.8 | 30.3 | — | 5.4 |
| SKY GOLD AND DIAMONDS LTD | 13,784 | 41.0 | 11.43 | 31.1 | 23.4 | 29.8 | — | 8.2 |
| BLUESTONE JEWEL LFSTL LTD | 11,095 | 218.6 | 6.15 | 26.7 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD | 7,763 | 17.4 | 3.95 | 13.3 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 6,569 | 62.5 | 3.95 | 25.5 | 5.8 | 7.0 | — | 16.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.8 | 23.8 | 9 of 29 | 71% |
| P/B | 3.0 | 2.7 | 15 of 28 | 48% |
| ROCE | 20.0 | 16.7 | 12 of 28 | 59% |
| ROE | 15.3 | 14.6 | 14 of 28 | 52% |
| Debt / Equity | 0.0 | 0.3 | 3 of 28 | 93% |
| EBITDA margin | 31.9 | 10.7 | 3 of 30 | 93% |
| Revenue growth | 41.9 | 45.7 | 14 of 25 | 46% |
| Profit growth | 120.1 | 49.8 | 4 of 25 | 88% |
| Market cap | 3309 | 2932 | 14 of 30 | 55% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Goldiam relocates ORIGEM store to larger premises in Bengaluru | business updates | low | — | — |
| 21 Oct 2026 · Board meeting on Nov 7 to consider Q2 FY27 results and interim dividend | results | low | — | — |
| 15 Oct 2026 · Share Capital Reconciliation Audit Report for September 2026 Quarter | compliance | minimal | — | — |
| 12 Oct 2026 · Goldiam opens 27th and 28th ORIGEM stores for lab-grown diamond jewellery | business updates | medium | — | — |
| 12 Oct 2026 · Goldiam gets Crisil ESG rating of 60, classified as Adequate | business updates | medium | — | — |
| 5 Oct 2026 · RTA compliance certificate under SEBI Reg 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 29 Sept 2026 · Goldiam 39th AGM: All 3 resolutions passed, dividend confirmed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 39th AGM held; all 3 resolutions passed with near-unanimous approval | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Trading window closure for Q2 FY26-27 results | compliance | minimal | — | — |
| 19 Sept 2026 · Goldiam International receives Rs.12.60 cr interim dividend from subsidiary GJL | corporate actions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.