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Revenue
₹320 Cr
verified against source
Revenue YoY
30%
reported change
EBITDA
₹185.3 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Goldiam reported a strong Q3 FY26 with consolidated 9-month revenue of ₹7,773.4 million (+30% YoY) and PAT of ₹1,333.6 million (+42% YoY). The B2B export business benefited from robust US demand, with lab-grown diamond jewelry contributing 90.5% of export sales. The company's dual-casting model (casting in US, finishing in India) ensures zero tariffs, a key competitive advantage. The B2C brand Origam expanded to 13 stores, with plans to reach 24-26 by March 2026 and add 50 more in H1 FY27. Management expressed confidence in doubling the B2B business over 3-5 years, driven by wallet share gains and new geographies. Risks include execution challenges in rapid store expansion and potential margin pressure from increased competition in the Indian LGD retail space.
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Guidance to track
- Company plans to open 12-14 more stores by end of FY26, reaching 24-26 operational stores, and 50 more in first half of next fiscal.
- Management expressed confidence in doubling B2B business over 3-5 years driven by wallet share gains and new geographies.
- Mature stores (3+ years) expected to achieve ₹40 lakh monthly sales and 2x inventory turnover, driving store-level profitability.
Risks flagged
- Aggressive Origam store rollout (50 stores in H1 FY27) may strain operational capabilities and working capital.
- Titan's entry with 'Beyond' at lower price points could pressure margins and market share, though management sees it as category-expanding.
- While dual-casting mitigates tariffs, any change in US trade policy or consumer demand could impact B2B exports.
Key quotes
- We believe our nationwide rollout strategy with carefully selected locations, especially in malls, will give origin an edge in this competitive segment.
- We are very excited and we welcome the competition and I very strongly believe it will serve to increase the overall pie of the lab grown diamond consumption in the country.
- Our biggest USP is twofold: one is on the design and design execution front... another USP is the ability of Goldam to consign jewelry and provide capital to the retailers.
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