Goldiam International Ltd(GOLDIAM)

NSE: GOLDIAMBSE: 526729

₹ 290.7-3.88%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 4,377 crNext results: 7 Nov 2026Website: www.goldiam.comUpdated: 24 Oct 2026

About

Goldiam International Ltd is a Mumbai-based manufacturer and exporter of diamond-studded gold jewellery, operating through subsidiaries Diagold Designs LLP, Goldiam Jewellery Limited, Goldiam USA Inc., and Eco-Friendly Diamonds LLP across India and the USA. In FY26, consolidated revenue crossed ₹1,000 crore for the first time, reaching ₹10,212 mn, a 27.5% increase year-on-year. The company also operates ORIGEM, a domestic retail chain of lab-grown diamond jewellery stores, as a second and growing business segment.^[1][2][3]

Business segments

Jewellery manufacturing contributed 97.30% of standalone turnover in FY25, with the residual from investment activity.^[2]
On a consolidated basis in FY26, the Jewellery segment reported revenue of ₹1,013.97 cr and EBIT of ₹248.36 cr, representing an EBIT margin of 24.5%.^[4]
B2B export business (wholesale lab-grown and natural diamond-studded gold jewellery to US and other markets) is the primary revenue driver; ORIGEM is the domestic retail arm selling lab-grown diamond jewellery direct-to-consumer.^[5][1]

Products and brands

Core B2B product is diamond-studded gold jewellery; lab-grown diamond (LGD) jewellery accounted for 90.7% of export sales mix in Q1 FY27, up from 87.8% in Q1 FY26.^[5]
Bracelets and necklaces were launched as a new B2B category in H2 FY26, targeting high-ASP fashion jewellery to complement the core bridal segment.^[5][1]
ORIGEM is the company's domestic retail brand for lab-grown diamond jewellery; Q1 FY27 additions include 9-karat gold jewellery and old gold exchange across all stores.^[5]
100% of exports are transacted in USD; gold forms approximately 30 - 50% of finished product cost.^[2]

Operations

Manufacturing spans India and the USA. Since September 2025, raw gold is cast into unfinished jewellery pieces in the US via Goldiam USA Inc., shipped to India for finishing and diamond-setting, then re-exported as US-origin product.^[1][6]
ORIGEM operated 26 company-owned (COCO) stores across 13 Indian cities as of the Q1 FY27 earnings call.^[5]
Gold-on-loan facility of ₹861.03 lakhs (as at FY25) is used for working capital; credit lines with Citi Bank (up to ₹4,500 lakhs/₹2,500 lakhs) and Kotak Mahindra Bank (₹8,750 lakhs) are available.^[2]

Key operating numbers

Order book as of June 30, 2026 was ₹2,250 mn, up from ~₹1,400 mn a year earlier, executable over the next three to four months (excluding e-commerce spot sales).^[5]
LGD jewellery export realisation was USD 722 per piece in Q1 FY27, up from USD 673 in Q1 FY26.^[5]
Online (e-commerce) revenue share was 19.3% of B2B export revenue in Q1 FY27; it was 31.6% in Q3 FY26 and 27.4% in Q4 FY26.^[5][6][1]
Inventory held on consignment with customers was 64% of total inventory in Q1 FY27.^[5]
ORIGEM Q1 FY27 revenue was ₹81.56 mn (approximately ₹2.7 cr/month); mature stores reach ₹25 - 35 lakh/month, with the top store exceeding ₹40 - 45 lakh/month.^[5]

Customers and distribution

Primary export market is the USA; new B2B customers added in Israel, the Middle East, and Australia in FY26, with repeat orders secured from Middle East and Israel by Q1 FY27.^[7][5]
B2B export revenue is split between wholesale retail customers and online platforms; Goldiam USA Inc. contributed revenues of USD 857.04 lakh (₹73,255.10 lakhs) in FY25, reflecting heavy export orientation.^[2]
Tennis bracelet and necklace category is being introduced to large US retail customers in a Q2 - Q3 FY27 testing phase.^[5]

Expansion and capex

ORIGEM is targeting 45 - 50 COCO stores by exit FY27 and ~100 COCO stores over a 2 - 3 year horizon; 7 additional stores were signed and targeted to open before Diwali (~October 2026).^[1][5]
ORIGEM marketing spend is budgeted at ₹4 - 4.5 crores for H1 FY27.^[1]
Company policy: minimum 50% of standalone PAT to be distributed as dividend and/or buyback; funded expansion from balance sheet cash, remaining net debt-free.^[6][7]
B2B revenue is targeted to grow strongly over 3 - 4 years from the FY26 base of ~₹1,000 crore, with the company expecting double-digit growth in non-US (Middle East, Israel) B2B revenue by end of FY27.^[5]

Recent developments

In July 2026, the company allotted 3,76,39,281 bonus equity shares of ₹2 each in a 1:3 ratio, utilising ₹7,52,78,562 from reserves.^[5]
An interim dividend of ₹2.75 per share (137.50%) was declared for FY2025-26; the 39th AGM was held on September 29, 2026.^[8]
In Q2 FY26, Goldiam raised ₹202 crores through a QIP to fund ORIGEM retail expansion.^[7]
The hybrid US casting model, operational since September 2025, confers US Product of Origin status on finished goods, making exports tariff-exempt under current US trade rules and expanding gross margins by an estimated 200 - 300 bps on a full-year FY27 basis.^[1][6]
Mr. Anmol Rashesh Bhansali (Managing Director, DIN 07931599), who holds 2,32,31,922 shares, retires by rotation and seeks re-appointment at the FY26 AGM.^[8]

Market Cap

₹4,377 Cr

High / Low

₹398 / 198

Stock P/E

22.9

Price / Book

4.4

Book Value

₹98

EPS

₹11.3

No. of Shares

11.29 Cr

ROCE

24.7%

ROE

18.5%

OPM

22.9%

Debt / Equity

0.03

Sales

₹977 Cr

Net Profit

₹171 Cr

Promoter holding

58.5%

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Goldiam International Ltd(GOLDIAM)

About

Business segments

Products and brands

Operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

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