*By SEBI RA Neha Gupta*
*MUMBAI* – In a landscape where the diamond industry has faced volatility, Goldiam International Limited has emerged as a distinct outlier, reporting a record-breaking performance for the third quarter of FY26. The company continues to successfully pivot from natural to Lab-Grown Diamonds (LGD), creating a high-margin niche that is driving both export dominance and a rapidly scaling domestic retail presence.
*Financial Powerhouse: Margins and Liquidity Shine*
For the third quarter ended December 31, 2025, Goldiam delivered a consolidated revenue growth of 18% year-on-year, fueled by robust passive demand in the US market. The nine-month performance was even more striking, with revenues hitting ₹7,773.4 million, a 30% jump from the previous year.
Profitability metrics have kept pace with top-line growth. Q3 EBITDA surged by 28.2% to ₹908 million, boasting a healthy margin of 26.7%. Consolidated Profit After Tax (PAT) for the quarter climbed 37% to ₹684 million. Rewarding shareholders, the Board declared a first interim dividend of ₹2.75 per share. The company’s balance sheet remains a fortress, holding cash and cash equivalents (including investments) of ₹5,041.3 million, further bolstered by a QIP completed in August.
*The LGD Pivot: A Structural Shift*
The transition to Lab-Grown Diamonds is now effectively complete and paying dividends. In Q3 FY26, LGD jewelry exports constituted a massive *90.5%* of the company’s overall export sales mix, up from 80% in the same quarter last year. Management noted that LGD pricing has stabilized, with some categories even seeing upward price formation due to supply tightness and labor costs.
Digital channels are also firing on all cylinders, with online sales accounting for *31.6%* of revenue during the quarter. The company’s order book stands strong at approximately ₹1,800 million, supported by a recent win of ₹800 million for studded LGD jewelry from clients in the USA and the Middle East.
*US Strategy: The “Zero Tariff” Moat*
Addressing the recent US trade policy changes which reduced jewelry import tariffs to 18%, Goldiam management clarified that their competitive advantage is far superior. Through a unique “dual casting” model—where jewelry is cast in the US and finished in India—Goldiam’s products qualify as “Made in America,” attracting *0% tariff*.
While the 18% tariff reduction is a “sentimental booster” for the broader industry, Goldiam’s zero-tariff status protects its margins and solidifies its position as a preferred vendor for major US retailers. The company is actively working to increase its wallet share with its largest clients, where it currently holds less than 2% penetration, indicating a massive runway for growth.
*ORIGEM: The Domestic Retail Engine*
Goldiam’s B2C brand, *ORIGEM*, is in the midst of an aggressive nationwide rollout. Currently operating 13 stores, the company has signed Letters of Intent (LOIs) for 20 additional locations across 12 cities. Management aims to close the fiscal year with 24 to 26 operational stores.
Looking ahead, the expansion pace will accelerate. Clarifying earlier remarks, Managing Director Anmol Bhansali confirmed plans to open *15 new stores* in the first half of the next fiscal year. The company is targeting high-traffic malls to give the brand a competitive edge.
Despite the competitive entry of major players like Titan (beYon) into the LGD space, Goldiam remains confident. Management views the competition as a catalyst for category expansion and differentiates ORIGEM through 100% third-party (IGI) certification and a lifetime exchange policy—features they claim competitors lack.
*Future Outlook*
With a vertically integrated supply chain, a fortress balance sheet, and a dual-engine growth strategy (US Exports + Indian Retail), Goldiam International is well-positioned for sustained growth. The management expressed confidence in delivering a “record financial year” in terms of revenue, EBITDA, and PAT.
*Disclaimer: SEBI RA NO.INH000016542*
The information provided in this article is for educational and informational purposes only and does not constitute financial advice or a recommendation to buy or sell securities. Investors should conduct their own research and consult with a qualified financial advisor before making investment decisions.
