Goldiam International reported a consolidated net profit of ₹740 million for Q1FY27, marking a 120% year-on-year increase from ₹336 million in the corresponding period last year. The diamond jewellery manufacturer and exporter achieved this growth through a 54% surge in total revenue to ₹3,637 million, bolstered by robust B2B exports to the US market and a significant tariff refund included in other income. This performance signals strong operational momentum as the company enters the new fiscal year, with EBITDA more than doubling to ₹1,039 million.

The Board of Directors, meeting on August 1, 2026, approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, in compliance with Regulations 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by the Audit Committee and subjected to a limited review by the statutory auditors, Pulindra Patel & Co. Additionally, the company announced that its 39th Annual General Meeting will be held on September 29, 2026, via video conferencing, with the register of members closed from September 25 to September 29, 2026. In July 2026, the company allotted 3,76,39,281 equity shares of ₹2 each as fully paid-up bonus equity shares in the proportion of 1:3 by utilizing an amount of ₹752.78 million.

Financial Performance Highlights

Goldiam's top-line growth was primarily driven by increased demand in its core US market. Consolidated revenue from operations stood at ₹3,260.26 million, while total income reached ₹3,636.59 million due to other income of ₹376.33 million, which consisted mainly of tariff refunds. This contrasts with the previous quarter's total income of ₹2,433.47 million and the year-ago quarter's ₹2,356.87 million.

The EBITDA margin expanded significantly to 28.6% from 20.0% in Q1FY26, an improvement of 860 basis points. Even after calibrating for the one-time tariff refund, management noted that steady-state EBITDA margins grew by 400 basis points to 24%, indicating underlying operational strength beyond the non-recurring income boost.

Operational Drivers and Segment Insights

Lab-grown diamond jewellery continues to dominate the company's export mix, contributing 90.7% to overall export sales in Q1FY27, up from 87.8% in Q1FY26. Online channels accounted for 19.3% of total revenue, highlighting the growing digital footprint. As of June 30, 2026, the company's order book stood at approximately ₹2,250 million, providing visibility into future quarters. Additionally, about 64% of the finished jewellery inventory was already with customers, scheduled for sale in subsequent months.

Cash and cash equivalents, including investments, remained robust at ₹4,566.70 million as of June 30, 2026. In its domestic retail segment under the brand ORIGEM, the company operates 26 stores. During Q1FY27, ORIGEM recorded revenue of ₹81.56 million across 25 operational stores, introducing new sales enablers such as lab-grown diamond jewellery in 9 KT gold and an old gold exchange scheme. Management has signed another seven stores expected to open before Diwali, with a long-term target of reaching close to 100 stores over the next two to three years.

Strategic Outlook and Market Dynamics

Management highlighted that lab-grown diamond jewellery in the US is witnessing healthy double-digit growth, with LGD share estimated between 40% and 60% among major retailers. Goldiam's largest US customer generates approximately $6 billion in retail sales, with Goldiam currently contributing $35 million to $40 million annually, representing roughly 2% share. Management sees scope to triple or quadruple this figure. The company has also expanded into non-US geographies, including the Middle East, Israel, and Australia, focusing on high-value fashion categories like tennis bracelets and necklaces to maintain average selling prices.

What the Numbers Show

The disproportionate growth in EBITDA (120.5%) compared to revenue (54%) underscores a favorable shift in cost structure or product mix, further amplified by the tariff refund. While the refund inflated the headline EBITDA margin to 28.6%, the management's disclosure of a 24% steady-state margin suggests that operational efficiencies are also improving. The high proportion of lab-grown diamonds in exports indicates a successful strategic pivot towards this higher-margin segment, reducing dependency on natural diamonds. The strong order book and inventory placement with customers suggest sustained momentum into Q2FY27.

Goldiam International is positioning itself for accelerated expansion across its key business verticals, anticipating strong double-digit growth in its U.S. lab-grown diamond (LGD) finished jewelry segment. The company attributes this optimism to a visible and ongoing shift among major U.S. retailers toward lab-grown diamonds, a trend it expects to drive sustained demand in the near term.

B2B Revenue Ambitions and Retail Expansion

On the business-to-business front, Goldiam International has set an ambitious target of scaling its B2B revenue to INR 1,000 crore over the next three to four years. Alongside this, the company is focused on growing its Origem retail brand, with a target of reaching nearly 100 Origem stores as the industry expands in the coming years. The following table summarizes the company's key strategic targets:

Near-Term Store Openings and Non-American B2B Growth

Goldiam International is set to open seven new Origem stores by pre-Diwali/pre-Dhanteras, reinforcing its commitment to expanding its domestic retail presence. In parallel, the company is targeting double-digit growth in its non-American B2B business by year-end, diversifying its revenue base beyond the U.S. market.

FY'27 Operational Strategy and Margin Sustainability

For FY'27, the company plans to deploy dual and hybrid casting methods throughout the year. This operational approach is intended to sustain the improved margin profile that Goldiam International has established. The adoption of these manufacturing techniques reflects the company's focus on maintaining cost efficiency and product quality as it scales operations.

Outlook for FY'27

Goldiam International expects strong sales for Q2 and Q3 FY'27, building on what it describes as a record performance in FY'26. The company's outlook is underpinned by robust demand signals in the U.S. LGD finished jewelry market, expanding retail infrastructure through Origem, and a disciplined operational strategy aimed at sustaining profitability as it pursues its medium-term growth targets.