In , Goldiam International Ltd (Lab Grown Diamonds) is outperforming Nifty 500 with +20.6% relative strength. Fundamentals: Average. On a 4-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 19, 2026
What: New export orders: ₹800 million
“Goldiam recently received new export orders for studded lab-grown diamond jewelry worth Rs. 800 million from international customers from USA and the Middle East.”
What: Store count: 13 operational
“Our store expansion drive is gathering good momentum as we sign LOIs for stores across India. As we speak, we have 13 operational Origem stores.”
What: LGD export share: 90.5%
“Lab-grown diamond jewelry exports contributed to 90.5% to the overall export-sales mix during Q3 FY26 compared to 80% in Q3 FY25.”
What: Store breakeven: ₹20 lakhs revenue/month
“On the P&L side, our breakeven on general are around INR20 lakhs of revenue per store per month.”
What: Wallet share with largest client: 2%
“So, with our largest client, our wallet share would be just about 2%, if not slightly lower. Last year, it would be the range of just about 1% to 1.5%.”
What: EBITDA Margin of 26.7% vs guidance of 18-22%.
“I do believe our margin profile will be very strong as the benefit of achieving and enacting on the U.S. casting model comes in.”
What: 20 to 25 by March 2026 → 24 to 26 by March 2026
“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.”
Earnings deceleration risks from management commentary
Trigger: Policy shift by the United States government.
Management view: Implemented a U.S. origin casting model to achieve zero tariff status.
Monitor: regulatory
Trigger: Global market fluctuations in gold prices.
Management view: Utilizing Gold Metal Loans (GMLs) to manage gold payments and balancing inventory with 14KT and 9KT jewelry.
Monitor: commodity
Trigger: Fluctuations in the foreign exchange market.
Management view: Management monitors currency trends; depreciation currently acts as a tailwind for other income.
Monitor: fx
Key quotes from recent conference calls
“So on an EBITDA basis, we continue to track in the broad range, 18% to 21%, 22%. That's a broad range of our EBITDA guidance. [Previous EBITDA Margin guidance]”
“By March 31, 2026, the company will have 20 to 25 operational ORIGEM stores. [Previous Store Count (Origem) guidance]”
“By establishing U.S. Product of Origin through rulings from U.S. Customs, our production of finished jewellery minimized the net tariff impact. [Initiative: U.S. Origin Casting Model]”
“During the first 6 months of the next fiscal, the company plans to open an additional 50 stores. [Initiative: Origem B2C Expansion]”
Headline numbers from the latest earnings call
Revenue
₹2,333.4 million
Why: Passive demand in the U.S. during Q3 helped Goldiam post consolidated revenue growth of 18%.
Revenue growth was driven by U.S. demand despite high base effects from the previous year.
EBITDA
₹908 million
Why: The shift to a U.S. origin casting model allowed the company to pass on additional costs to customers at a slightly higher rate.
Margins improved due to the successful implementation of the U.S. casting model which mitigated tariff impacts.
PAT
₹684 million
Why: Strong operational performance and higher other income from investment of QIP funds drove PAT growth.
PAT growth outpaced revenue growth due to margin expansion and higher other income.
Other Highlights
• Interim dividend declared at ₹2.75 per share (137.50% of face value).
• Online revenue contribution increased sharply to 31.6% of total revenue in Q3.
• Cash and cash equivalents including investments stood at ₹5,041.3 million as of December 31, 2025.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Lab-Grown Diamond Export Mix %
90.5%
Why: Increasing consumer preference for LGD jewelry in the U.S. market.
Online Revenue % of Total
31.6%
Why: Sharp increase in online sales contribution during the holiday season.
Order Book Position
₹180 Cr
Why: Execution of orders during the peak Q3 season.
Origem Operational Stores
13 stores
Why: Ongoing expansion of the B2C retail footprint in India.
Inventory Value per Store
₹2.7 to ₹2.8 Cr
Why: Necessary stock levels to support ready-to-sell (RTS) model in retail.
Monthly Store Breakeven Revenue
₹20 lakhs
Why: Based on rental and nominal operating costs per store.
Wallet Share with Largest Client
2%
Why: Deepening relationships with key U.S. retailers.
LGD Price per Carat (Procurement)
₹8,000 to ₹10,000
Why: Market prices for diamonds vary by size; smaller sizes are in this range.
Forward-looking targets from management for FY26
OPM Guidance
18–22%
Capex Plan
₹1 Cr
Expecting to deliver a record financial year in terms of revenue.
Reaffirmed broad range of 18% to 22%, with potential for upside.
₹1 crore per store
Origem B2C store expansion (fit-outs and rental deposits).
Volume growth for the quarter was 7% to 8%.
Guidance Changes
Store Count Target: 20 to 25 by March 2026 → 24 to 26 by March 2026
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +14% | +4% | Stable |
| PAT (Net Profit) | +36% | +3% | Stable |
| OPM | 22.0% | 0 bps | Stable |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Goldiam International Ltd's latest quarterly results (Dec 2025) show
Goldiam International Ltd's profit is growing with an stable trend.
Goldiam International Ltd's revenue growth trend is stable.
Goldiam International Ltd's operating margin is stable.
Goldiam International Ltd's long-term compounding rates
Goldiam International Ltd's earnings growth is stable with mixed signals on a sequential basis.
Goldiam International Ltd's trailing twelve month (TTM) performance
Goldiam International Ltd appears undervalued based on our fair value analysis.
Goldiam International Ltd's current PE ratio is 31.4x.
Goldiam International Ltd's current PE is 31.4x.
Goldiam International Ltd's price-to-book ratio is 4.8x.
Goldiam International Ltd is rated Average with a fundamental score of 55.72/100. This score is calculated from objective financial metrics
Goldiam International Ltd has a debt-to-equity ratio of N/A.
Goldiam International Ltd's return ratios over recent years
Goldiam International Ltd's operating cash flow is negative (FY2025).
Goldiam International Ltd's current dividend yield is 0.69%.
Goldiam International Ltd's shareholding pattern (Mar 2026)
Goldiam International Ltd's promoter holding has remained stable recently.
Goldiam International Ltd has been outperforming Nifty 500 for 4 consecutive weeks, indicating building momentum.
Goldiam International Ltd is an established outperformer with 4 weeks of consecutive Nifty 500 outperformance.
Goldiam International Ltd has 7 key growth catalysts identified from recent earnings analysis
Goldiam International Ltd has 3 key risks worth monitoring
In Q3 FY26, Goldiam International Ltd's management highlighted
Goldiam International Ltd's management has provided the following forward guidance for FY26
Goldiam International Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Goldiam International Ltd may be worth studying
Goldiam International Ltd investment thesis summary:
Goldiam International Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
