Goldiam International Limited — Q3 FY26 earnings call

Call held 10 Feb 2026

Management summary

Goldiam International delivered a strong performance in Q3 FY26 and 9M FY26, driven by robust revenue and profit growth, particularly in lab-grown diamond jewelry exports. The company maintained healthy margins and a strong cash position, while also expanding its B2C 'Origem' store network, despite initial operating losses for the new venture. Management expressed confidence in continued growth across both B2B and B2C segments.

Highlights

  • Consolidated revenue for Q3 FY26 grew 18% YoY, reaching ₹777.34 crores for 9M FY26, up 30% YoY.

  • EBITDA for Q3 FY26 was ₹90.8 crores, a 28.2% YoY increase, with a strong margin of 26.7%.

  • Consolidated PAT for Q3 FY26 grew 37% YoY to ₹68.4 crores, and 42% YoY for 9M FY26 to ₹133.36 crores.

  • Cash and cash equivalents, including investments, were robust at ₹504.13 crores as of December 31, 2025.

  • Lab-grown diamond jewelry exports contributed 90.5% to the export-sales mix in Q3 FY26, with online revenue at 31.6% of total revenue.

  • Order book position was healthy at ₹180 crores as of December 31, 2025, with new export orders worth ₹80 crores received.

Concerns

  • Origem, the B2C retail brand, reported an operating loss of approximately ₹2.5 crores in Q3 FY26.

Key financials

2 periods

Q3

  • Consolidated Revenue
    —
    YoY +18%
  • EBITDA
    ₹90.8 Cr
    YoY +28.2%
  • EBITDA Margin
    26.7%
  • Consolidated PAT
    ₹68.4 Cr
    YoY +37%
  • Volume Growth
    —
    YoY +7%

9M

  • Consolidated Revenue
    ₹777.34 Cr
    YoY +30%
  • EBITDA
    ₹185.3 Cr
    YoY +32.7%
  • EBITDA Margin
    23.8%
  • Consolidated PAT
    ₹133.36 Cr
    YoY +42%

What they filed

Q1 FY27: revenue up 12.4%, net profit down 34.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue143 204 159 133 105 −27%141 −31%151 −5%149 +12%
EBITDA21 22 17 15 15 −29%13 −41%19 +8%11 −25%
Net profit24 18 9 11 13 −44%9 −52%17 +93%7 −35%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Order book

high confidence

Total value

₹180 Cr

as of 2025-12-31 quantified

Inflow this quarter

₹80 Cr

The order book is very strong, augmented by new export orders and consistent dot-com growth.

Source: Prepared remarks

Capital allocation

high confidence
  • Capex Capex disclosed
    • Origem store fit-out costs ₹0.5 Cr
    • Origem store rental deposits ₹0.3 Cr
    • Origem store inventory ₹2.7 Cr
    It is about Rs. 50 to 65 lakhs for the actual fit-out costs of the store, about Rs. 30 to 40 lakhs for rental deposits, so cumulatively about Rs. 1 crore between rental deposit and fit-out costs. And the inventory per store, we keep about Rs. 2.7 to 2.8 crores of inventory. So, net all included, it's about Rs. 3.7 to 3.8 crores, which is the all-in investment per Origem store, including inventory required to operate.
  • Dividend ₹2.75/share (interim)
    the Board of Directors of the company have declared their first interim dividend at the rate of Rs. 2.75 that is 137.50% per equity share of face value of Rs. 2 each.
  • Liquidity Cash ₹504.13 Cr Cash and cash equivalents including investments were at Rs. 5041.3 million as on December 31st, 2025.
    Cash and cash equivalent including investments were at Rs. 5041.3 million as on December 31st, 2025.

Guidance & targets

Origem Store Expansion

  • New Origem stores Origem Store Expansion · by March 2026 · High confidence 12-14
    Goldiam plans to open an additional 12 to 14 Origem stores by March 2026, taking the total store count to about 24 to 26 operational stores by the end of the current fiscal year.

    — Rashesh Bhansali

  • New Origem stores Origem Store Expansion · H1 next fiscal · High confidence 50
    During the first 6 months of the next fiscal, the company plans to open an additional 50 stores.

    — Rashesh Bhansali

Origem Store Performance

  • Matured store sales per month Origem Store Performance · matured store (3 years old) · High confidence ₹40 lakhs
    And we are expecting to at least hit on the minimum size 40 lakh sales per store across our store feed for these matured stores.

    — Anmol Bhansali

  • Inventory turn Origem Store Performance · matured store (3 years old) · High confidence 2X
    But even at this number, we will be able to drive a 2X inventory turn, which given the margin profile that lab-grown diamond Jewelry offers, drives a significant store level profitability as well as then a true bottom-line profitability from the brand overall.

    — Anmol Bhansali

Origem Profitability

  • Margins Origem Profitability · High confidence 38-42%
    Yes, currently slightly higher than that, but yes, we will be in the 38%-42% range.

    — Anmol Bhansali

B2B Business Growth

  • Doubling of B2B business B2B Business Growth · 3-5 years · High confidence 2X
    Within 3-5 years also we should expect to be at the number you just talked about.

    — Rashesh Bhansali

  • Dot-com growth B2B Business Growth · annualized · High confidence 20-25%
    On top of that, there is the dot-com growth that comes in which is about 20%-25% annualized usually for the overall business.

    — Anmol Bhansali

What to watch in Q4 FY26

Origem store count

by March 2026
Current 13 operational stores
Target 24-26 operational stores

Why it matters

To track the progress of the aggressive B2C expansion strategy.

Goldiam plans to open an additional 12 to 14 Origem stores by March 2026, taking the total store count to about 24 to 26 operational stores by the end of the current fiscal year.

Risks & concerns

  • Origem operating losses

    medium

    Origem reported an operating loss of ₹2.5 crores in Q3 FY26, though the overall store fleet is near breakeven.

    Analyst acknowledged

Q&A highlights

8 direct
Impact of US-India Trade Deal on Tariffs and Goldiam's Strategy Direct
So, our jewelry carries no tariff, zero tariff, because our origin for the jewelry continues to be US. So, no tariff is levied upon our products in America, our jewelry.

Clarified that Goldiam's dual-casting method (US casting, India finishing) allows it to maintain 0% tariff, providing a competitive advantage despite the general 18% tariff on jewelry.

Asked by Dixit Doshi

Competition in the Lab-Grown Diamond Market (Titan's Entry) Direct
Regarding beYon, I believe within 22,000 to 28,000 is their pricing per carat, but their strategy is to offer a lower quality of diamond, number one. Number two, they have no third-party certification. So, all of their product and all of their jewelry is in-house certified. And number three, they have no exchange policy, buyback policy to offer.

Management detailed how Goldiam's Origem brand differentiates itself from new entrants like Titan (beYon) through quality, certification, and customer-friendly policies like lifetime exchange/buyback.

Asked by Dixit Doshi

Origem's Operating Losses and Path to Breakeven Direct
So, at Origem, we had a loss booked of about 2.5 Cr during Q3 FY26. ... So it's about, we are about breakeven on the overall store fleet in general.

Provided specific loss figures for the B2C segment and outlined the strategy to achieve overall breakeven by balancing older profitable stores with newer ones.

Asked by Ankush Agrawal

Stability and Future Outlook for Lab-Grown Diamond Prices Direct
So actually, we now find prices of lab-grown diamonds extremely stable in a lot of sizes, especially even up to 1 carat. Prices have even formed upwards in the last 3 to 4 months. So, it's the historic notion of lab-grown diamond prices constantly falling. I think now remains a historic event and we have truly reached a base.

Addressed a key industry concern about falling LGD prices, stating that prices have stabilized and even increased recently, reducing inventory risk for the company.

Asked by Anubhav

Capital Investment per Origem Store Direct
It is about Rs. 50 to 65 lakhs for the actual fit-out costs of the store, about Rs. 30 to 40 lakhs for rental deposits, so cumulatively about Rs. 1 crore between rental deposit and fit-out costs. And the inventory per store, we keep about Rs. 2.7 to 2.8 crores of inventory. So, net all included, it's about Rs. 3.7 to 3.8 crores, which is the all-in investment per Origem store, including inventory required to operate.

Provided a detailed breakdown of the significant capital required for each Origem store, including fit-out, deposits, and inventory, giving insight into the investment intensity of the B2C expansion.

Asked by Vidhi

Rationale and Long-Term Vision for B2C (Origem) Direct
For the long term, I think we have a tremendous opportunity both in B2C and B2B, globally speaking, keeping our margins intact, keeping our working capital cycle intact. We believe we have the opportunity to certainly increase our sales dramatically, especially given total seats, export figures, not just to the US but other large retailers globally, while also having an additional kicker coming in from the B2C operations, which while still nascent is rapidly growing and we are excited to invest in further in this category.

Management articulated the strategic importance of the B2C segment as a long-term growth driver, complementing the B2B business and leveraging India's consumption patterns for lab-grown diamond jewelry.

Asked by Vidhi

B2B Business Growth Trajectory Direct
Within 3-5 years also we should expect to be at the number you just talked about.

Management provided a clear long-term target for the B2B business, indicating confidence in doubling its size within 3-5 years through market expansion and product diversification.

Asked by Dixit Doshi

Origem's 'Right to Win' in the Competitive B2C Market Direct
One on the product side, we have an advantage due to knowing what our best sellers are in the US on any given month, which are tested, tried, proven, on-trend designs including amazing setting types... Secondly, on the price side, we have a strong pricing advantage due to cost of goods... And thirdly is on the team.

Management outlined three key competitive advantages for Origem: product design leveraging US market insights, cost-of-goods advantage, and a professional retail team, which are crucial for success in a competitive B2C landscape.

Asked by Ajay

2 min read 6 chapters

Detailed narrative

Strong Financial Performance in Q3 and 9M FY26

Goldiam International reported a robust Q3 FY26 with consolidated revenue growth of 18% YoY. For the nine months ended December 31, 2025, consolidated revenues reached ₹777.34 crores, marking a 30% YoY increase. EBITDA for Q3 FY26 stood at ₹90.8 crores, up 28.2% YoY, with a healthy margin of 26.7%. Consolidated PAT for Q3 FY26 grew 37% YoY to ₹68.4 crores, and for 9M FY26, it increased 42% YoY to ₹133.36 crores, demonstrating strong profitability.

Strategic Focus on Lab-Grown Diamond Exports and Online Sales

Lab-grown diamond jewelry exports were a significant growth driver, contributing 90.5% to the overall export-sales mix in Q3 FY26, up from 80% in Q3 FY25. The company also saw a sharp increase in online revenue contribution, accounting for 31.6% of total revenue during the quarter. Goldiam's B2B export strategy focuses on increasing wallet share with existing customers, onboarding new large-format US retailers, and expanding into new geographies including Europe, Middle East, Israel, and Australia.

Origem B2C Expansion and Profitability Outlook

The B2C brand, Origem, currently operates 13 stores, with plans to open an additional 12-14 stores by March 2026, bringing the total to 24-26. A more aggressive expansion of 50 new stores is planned for H1 of the next fiscal year. While Origem incurred an operating loss of approximately ₹2.5 crores in Q3 FY26, the overall store fleet is nearing breakeven. Management targets ₹40 lakhs in monthly sales and a 2X inventory turn for mature stores, aiming for 38-42% margins.

Lab-Grown Diamond Price Stability and Demand

Contrary to historical trends, lab-grown diamond prices have stabilized and even shown upward movement in the last 3-4 months, particularly for sizes up to 1 carat. This stability is attributed to increased global demand from markets like the US, Middle East, Australia, and India, coupled with the rising cost of labor for cutting and polishing. Management believes this reduces the risk of price declines on loose diamond inventory.

Capital Allocation and Liquidity

The company declared an interim dividend of ₹2.75 per equity share. Goldiam maintains a strong liquidity position, with cash and cash equivalents, including investments, totaling ₹504.13 crores as of December 31, 2025. Investment per Origem store is estimated at ₹3.7-3.8 crores, covering ₹0.5-0.65 crores for fit-out, ₹0.3-0.4 crores for rental deposits, and ₹2.7-2.8 crores for inventory.

Competitive Advantages and Future Growth Drivers

Goldiam highlights its competitive advantages in B2B exports through superior design, quality, and the ability to consign jewelry. For Origem, key differentiators include product design informed by US bestsellers, a cost-of-goods advantage from corporate volumes, and a professional retail team. The company expects its B2B business to double in 3-5 years and anticipates 20-25% annualized growth from its dot-com channels, contributing to a record financial year.

This is an AI-generated summary of a publicly available earnings call transcript.
View original transcript

More Consumer Durables earnings calls