Goldiam International Surges 18% in Q3, Driven by Lab-Grown Diamonds and B2C Growth

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AuthorKavya Nair|Published at:
Goldiam International Surges 18% in Q3, Driven by Lab-Grown Diamonds and B2C Growth
Overview

Goldiam International Ltd. reported strong Q3 FY2026 results, with consolidated revenue up 18% year-on-year to ₹3397 million and Profit After Tax (PAT) surging 37% to ₹684 million. EBITDA grew 28.2% to ₹908 million, expanding margins to 26.7%. For the nine months ended December 31, 2025, revenue rose 29.8% and PAT jumped 42%. Key growth drivers include lab-grown diamond jewellery exports, contributing 90.5% to export sales, and a significant increase in online revenue to 31.6%. The company's B2C brand, ORIGEM, is set for aggressive expansion with plans for 12-14 new stores by fiscal year-end. An interim dividend of ₹2.75 per share was recommended.

📉 The Financial Deep Dive

The Numbers:

Goldiam International Ltd. has demonstrated robust financial performance for the third quarter and nine months ended December 31, 2025 (Q3 & 9M FY2026).

  • Q3 FY2026: Consolidated revenue reached ₹3397 million, a significant 18% increase year-on-year (YoY). Profit After Tax (PAT) surged by 37% YoY to ₹684 million. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) saw a strong 28.2% YoY growth, amounting to ₹908 million.

  • Q3 Margins & EPS: The EBITDA margin expanded to 26.7%, an improvement of 210 basis points over Q3 FY2025. Diluted Earnings Per Share (EPS) grew by a substantial 31.8% to ₹6.14.

  • 9M FY2026: For the first nine months of FY2026, consolidated revenue grew by 29.8% YoY to ₹7773.4 million. PAT surged by 42% YoY to ₹1333.6 million. EBITDA reached ₹1852.9 million, a 32.7% increase YoY. The EBITDA margin improved by 51 basis points to 23.8%. EPS for the nine-month period increased by 38% to ₹12.14.

The Quality:

The company's revenue quality is bolstered by the significant contribution of lab-grown diamond (LGD) jewellery, which constituted 90.5% of overall export sales in Q3 FY2026. Online revenue also played a crucial role, accounting for 31.6% of the quarter's revenue. A notable operational metric is that approximately 65% of the finished jewellery inventory as of December 31, 2025, was held by customers, indicating efficient inventory management and strong demand realization. The order book stood at approximately ₹1800 million as of the same date.

The Outlook & Strategy:

Management highlighted strong growth drivers, particularly for the B2B export business, which includes increasing wallet share with existing clients, signing new large-format retailers in the US, and expanding into new geographies like Europe, the Middle East, and Australia. The B2C segment is seeing aggressive expansion through its lab-grown diamond jewellery brand, ORIGEM. ORIGEM recorded ₹56.5 million in revenue during Q3 FY2026. The company has signed Letters of Intent (LOIs) for 20 additional ORIGEM stores and plans to open 12-14 more stores by the end of March 2026, aiming for a total of 24-26 operational stores by the fiscal year-end. A further expansion of 15 stores is planned in the first six months of the next fiscal year. The strategy for ORIGEM focuses on carefully selected locations, especially in malls, to gain a competitive edge.

Dividend:

The board of directors recommended an interim dividend of ₹2.75 per share, with a face value of ₹2, reflecting confidence in sustained profitability.

🚩 Risks & The Forward View:

While the growth trajectory is strong, investors should monitor the execution of the ambitious ORIGEM store expansion plan. The competitive retail segment in India presents a challenge that ORIGEM's focused mall-based strategy aims to address. For the B2B segment, geopolitical factors affecting international trade and currency fluctuations remain potential headwinds. Investors will be keen to observe the continued growth in LGD sales and the performance of new geographic market entries in the coming quarters.

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