GOLDIAM

Goldiam International share price & financials

Price
₹474.6
Market cap
₹5.5k Cr
Sector
Consumer Durables
Calls analysed
7
Latest concall · Q1 FY27 · call held 10 Aug 2026

Goldiam International Limited Q1 FY27

Total Revenue ₹363.7 cr EBITDA ₹103.9 cr +120%EBITDA Margin 24% PAT ₹74 cr

What went well

  • Total revenue for Q1 FY27 was INR 363.7 crores, demonstrating strong growth momentum.
  • EBITDA for Q1 FY27 grew by 120% to INR 103.9 crores, with a steady state EBITDA margin of 24%, an increase of 400 basis points.
  • Profit after tax for Q1 FY27 more than doubled to INR 74 crores.

What to watch

  • ORIGEM, the India-focused B2B lab-grown diamond jewelry retail brand, recorded an operating loss of INR 5-6 crores for the quarter.
Read the full call →

What Goldiam International Limited does

Goldiam International designs, manufactures and exports natural and lab-grown-diamond studded jewellery from its SEEPZ (Mumbai) export-processing-zone facility, supplying it primarily as an OEM/B2B vendor to large retailers in the USA and Europe. It also grows lab-grown diamonds through its 88%-owned subsidiary Eco-Friendly Diamonds LLP, giving it end-to-end control of the value chain from cultivation to finished jewellery. Through its own retail brand ORIGEM, it sells lab-grown-diamond jewellery directly to consumers in India via company-owned company-operated (COCO) stores and online. In late 2025 it began casting raw gold into unfinished jewellery within the US through its US subsidiary to obtain US-origin status for tariff purposes.

Segments

  • Jewellery manufacturing
  • Investment activity
Operating group entities
Goldiam Jewellery Limited (SEEPZ Mumbai), Goldiam USA (New York), Eco-Friendly Diamonds LLP (88%-owned, SEEPZ), Diagold Designs LLP
ORIGEM store count
24 operational stores across 12 cities in India
ORIGEM city footprint
Mumbai (8), Bengaluru (3), Noida, Pune, Hyderabad (2 each), plus Kolkata, Delhi, Chennai, Gurugram, Chandigarh, Faridabad, Jodhpur (1 each)
ORIGEM pipeline stores
8 additional stores planned, operational by September 30, 2026
Manufacturing location
Gems & Jewellery Complex, SEEPZ (Special Economic Zone), Andheri (East), Mumbai
Export markets
USA, Europe and other countries
Founded 1986Headquarters Gems & Jewellery Complex, SEEPZ, Andheri (East), Mumbai, India Company website

Guidance record · Q1 FY27

what the last two calls moved 22 tracked 9 delivered 2 missed 11 open
  • Consolidated EBITDA Margin delivered said Q2 FY25 Promised: 18% to 22% Q1 FY27: 24.0%
  • ORIGEM Marketing Expense (H1 FY27) went quiet said Q4 FY26 Promised: INR 4 to 4.5 crores Q1 FY27: Not mentioned in Q1 call.
  • New Origem Stores (H1 FY27) revised down said Q3 FY26 Promised: additional 50 stores in first 6 months of next fiscal Q1 FY27: Guidance for 7 new stores by Diwali (H1 FY27), confirming the major revision from original target.

All 22 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

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.

Performance −18.3% 1Y

₹300₹350₹400₹450₹500Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Nov 2025Q3 FY26 — 10 Feb 2026Q4 FY26 — 27 May 2026Q1 FY27 — 10 Aug 2026

1Y: ₹397.75 on 10 Sept 2025 → ₹325. High ₹500 (17 Jun 2026), low ₹268.65 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−1.0%
10 Aug
Q4 FY26
+0.9%
27 May
Q3 FY26
+0.9%
10 Feb
Q2 FY26
+7.7%
13 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 0.2% a year over 3 years, FY23 to FY26. Operating margin narrowed to 11.6%.

Year endingFY23FY24FY25FY26
Revenue₹533 Cr₹374 Cr₹611 Cr₹530 Cr
Operating profit₹105 Cr₹56 Cr₹78 Cr₹61 Cr
Operating margin19.7%15.1%12.8%11.6%
Interest₹0 Cr₹0 Cr₹1 Cr₹3 Cr
Depreciation₹7 Cr₹2 Cr₹4 Cr₹10 Cr
Net profit₹85 Cr₹59 Cr₹63 Cr₹51 Cr
Net margin15.9%15.9%10.3%9.5%
Cash from operations₹-3 Cr₹14 Cr₹43 Cr₹-28 Cr
Free cash flow₹-3 Cr₹13 Cr₹37 Cr₹-42 Cr
ROCE27.0%27.0%28.0%15.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹22 Cr₹22 Cr₹22 Cr₹21 Cr₹23 Cr₹23 Cr
Reserves₹223 Cr₹218 Cr₹250 Cr₹261 Cr₹999 Cr₹518 Cr
Borrowings₹10 Cr₹1 Cr₹1 Cr₹1 Cr₹24 Cr₹75 Cr
Other liabilities₹67 Cr₹52 Cr₹77 Cr₹72 Cr₹140 Cr₹107 Cr
Total liabilities₹322 Cr₹293 Cr₹350 Cr₹355 Cr₹1.2k Cr₹723 Cr
Fixed assets₹27 Cr₹27 Cr₹25 Cr₹24 Cr₹63 Cr₹79 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹173 Cr₹111 Cr₹105 Cr₹100 Cr₹143 Cr₹157 Cr
Other assets₹122 Cr₹155 Cr₹219 Cr₹230 Cr₹979 Cr₹487 Cr
Total assets₹322 Cr₹293 Cr₹350 Cr₹355 Cr₹1.2k Cr₹723 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jul 2026

Since Jun 2025, promoters trimmed −3.36 pp while the public added +2.92 pp. The shareholder count shrank 9% to 75,383.

Promoters
58.5%
FIIs
2.2%
DIIs
0.1%
Public
39.3%

Since Jun 2025

  • Promoters −3.36 pp
  • Public +2.92 pp
  • FIIs +1.31 pp

How it drifted, 12 quarters

Over this window promoters fell from 64.3% to 58.5% — −5.8 pp.

Dec '23Mar '25Jul '26

Ownership split by quarter, oldest first. Dec '23: Promoters 64.3%, Public 35.8%.Mar '24: Promoters 64.3%, FIIs 0.1%, Public 35.7%.Jun '24: Promoters 64.3%, FIIs 0.2%, Public 35.6%.Sep '24: Promoters 63.3%, FIIs 0.6%, Public 36.1%.Dec '24: Promoters 62.4%, FIIs 0.7%, DIIs 0.4%, Public 36.5%.Mar '25: Promoters 62.1%, FIIs 1.4%, DIIs 0.7%, Public 35.9%.Jun '25: Promoters 61.9%, FIIs 0.9%, DIIs 0.9%, Public 36.3%.Sep '25: Promoters 58.5%, FIIs 1.5%, DIIs 1.1%, Public 38.9%.Dec '25: Promoters 58.5%, FIIs 0.7%, DIIs 1.1%, Public 39.7%.Mar '26: Promoters 58.5%, FIIs 0.6%, DIIs 0.9%, Public 39.9%.Jun '26: Promoters 58.5%, FIIs 2.0%, DIIs 0.8%, Public 38.7%.Jul '26: Promoters 58.5%, FIIs 2.2%, DIIs 0.1%, Public 39.3%.

Who was buying across the market this quarter →

Who bought this quarter

since Jun 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jul 2026 filing

Every holder of Goldiam International Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.

HolderStakeChange
Rashesh Manhar Bhansali 38.39%unchanged
Anmol Rashesh Bhansali 15.43%unchanged
Shobhnaben Manharkumar Bhansali 4.69%unchanged
Anant Jain 1.69%+0.13 pp
Investor Education and Protection Fund 1.13%unchanged
Asha Samir Bhansali 0.00%unchanged
Kunal Harshad Vora 0.00%unchanged
Sangeeta Nishesh Mehta 0.00%unchanged
Tulsi Gupta 0.00%unchanged
Ami R.Bhansali 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹325, this stock must grow earnings at 47% every year for 7 years. Our analysis caps realistic growth at ~-16%. At that growth it is worth ₹13 — downside of 96%.

Growth the price implies
46.6% a year
for 7 years, fading to 4%
It has actually compounded at
-15.9% a year
net profit, FY23–FY26
The gap
0.6 pp
-96% downside if it only repeats history
Price today ₹325 Value at the reference growth ₹12.98

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Goldiam International Limited

Guides on how to read this kind of business and the numbers that matter.