Goldiam International Limited H1 EBITDA rises 88% to Rs 177.5 crore

Goldiam reported H1FY27 EBITDA of Rs 177.5 crore, up 88% year on year, as EBITDA margin increased 549 basis points to 27.1% from 21.6%. Total income rose 50% to Rs 655.3 crore, while profit after tax grew 90% to Rs 123.4 crore, exceeding the rate of sales growth.

How did Goldiam perform in H1FY27?

Goldiam delivered its highest-ever first half in H1FY27, reporting total income of Rs 655.3 crore against Rs 437.6 crore in H1FY26. The Rs 217.7 crore increase represented 50% year-on-year growth, which management attributed to sustained demand from large US retailers. The result provides the revenue base for assessing the faster increase in EBITDA and profit after tax.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose from Rs 94.5 crore in H1FY26 to Rs 177.5 crore in H1FY27. The Rs 83 crore increase equalled 88% growth, compared with 50% growth in total income. Goldiam reported an EBITDA margin of 27.1%, versus 21.6% a year earlier, an expansion of 549 basis points, with 100 basis points equal to one percentage point.

Profit after tax, or PAT, increased 90% to Rs 123.4 crore from Rs 65 crore in H1FY26. PAT margin reached 18.8%, up 398 basis points from 14.8%. The Rs 58.4 crore increase in PAT was slightly below the prior-year PAT base of Rs 65 crore, while total income increased by half over the same comparison.

Why did Goldiam's profit rise faster than revenue?

Goldiam's reported margins explain why its H1FY27 earnings grew faster than revenue: EBITDA increased 88% and PAT increased 90%, against a 50% increase in total income. EBITDA margin rose to 27.1% from 21.6%, while PAT margin rose to 18.8% from 14.8%. The presentation does not provide a cost breakdown or quantify specific drivers behind the margin changes.

At the reported H1FY27 margin, Goldiam generated Rs 27.1 of EBITDA for every Rs 100 of total income, compared with Rs 21.6 in H1FY26. PAT per Rs 100 of income similarly increased by Rs 4 to Rs 18.8 over the two periods. This comparison identifies the reported margin expansion, rather than revenue growth alone, as the reason EBITDA and PAT increased at faster rates.

Management linked the highest-ever H1 revenue to sustained demand from large US retailers. The presentation also reported that lab-grown diamond jewellery accounted for 91.2% of Q2FY27 B2B export revenue, compared with 90% in Q2FY26. That sales-mix disclosure applies to Q2 rather than the full H1 period, so it does not provide a first-half segment breakdown.

How did Q2FY27 compare with the first-half trend?

Goldiam's Q2FY27 results also showed earnings growing faster than income, although by less than in H1FY27. Total income rose 44% to Rs 291.7 crore from Rs 201.9 crore, while EBITDA increased 55% to Rs 73.6 crore from Rs 47.4 crore. Goldiam described Q2FY27 as its highest-ever quarter for revenue.

Q2FY27 EBITDA margin was 25.2%, up 176 basis points from 23.5% in Q2FY26. PAT rose 58% to Rs 49.4 crore from Rs 31.4 crore, while PAT margin rose 141 basis points to 16.9%. The quarterly EBITDA-margin increase of 176 basis points was smaller than the 549-basis-point increase reported for H1FY27.

H1FY27 total-income growth of 50% was 6 percentage points above Q2FY27's 44%, while H1 EBITDA growth of 88% exceeded the quarter's 55% increase. H1FY27 EBITDA margin of 27.1% was also 1.9 percentage points above Q2FY27's 25.2%. The presentation does not disclose quarterly cost details that explain the difference between the quarterly and half-year margin movements.

What operating indicators could affect Goldiam's next results?

Goldiam reported that in-store sales accounted for 81% of Q2FY27 B2B export revenue and online sales accounted for 19%, compared with 80% and 20%, respectively, in Q2FY26. Lab-grown diamond jewellery made up 91.2% of Q2FY27 export revenue, while natural diamond jewellery represented 9%. The comparable lab-grown share was 90% in Q2FY26.

Lab-grown diamond jewellery realisation was US$773 in Q2FY27, compared with US$705 in Q2FY26, while mined jewellery realisation was US$476 against US$430. Goldiam said lab-grown jewellery realisations remained at a premium to mined diamond jewellery because of sales of higher-caratage jewellery. The presentation labels these as US-dollar realisations but does not state the measure underlying each figure.

As of September 2026, 58.5% of inventory was with US retailers on consignment as finished jewellery, 10.5% was in ORIGEM stores and 31% was work in progress and stock at the factory. Goldiam said it began casting raw gold into unfinished jewellery pieces in the United States in September 2025, with polishing and setting alterations completed in India. Management said US Customs rulings enable the finished goods to be treated as US-origin products and make the model tariff agnostic.

Conclusion

Goldiam's H1FY27 outcome combined record total income of Rs 655.3 crore with faster growth in profitability, as EBITDA reached Rs 177.5 crore and PAT reached Rs 123.4 crore. The 549-basis-point EBITDA-margin expansion and 398-basis-point PAT-margin expansion account for the difference between 50% income growth and the 88% and 90% increases in EBITDA and PAT.

The next results will indicate whether Goldiam sustains the H1FY27 EBITDA margin of 27.1% while its Q2FY27 export mix remains 91.2% lab-grown diamond jewellery and 58.5% of September 2026 inventory is held with US retailers on consignment. Investors can also monitor the US casting arrangement introduced in September 2025, which management says supports tariff-agnostic supply and pricing.