Goldiam International Q2 PAT rises 58% as margins expand

Goldiam International Limited reported consolidated profit after tax of Rs 49.4 crore for Q2 FY27, up 58% year on year, while revenue rose 44% to Rs 291.66 crore. For the quarter ended September 30, 2026, EBITDA rose 55.3% to Rs 73.6 crore and EBITDA margin expanded 176 basis points to 25.24%.

What drove Goldiam's Q2 FY27 profit increase?

Goldiam's Q2 FY27 profit increase reflected revenue growth and higher operating margins. Revenue reached Rs 291.66 crore in the quarter ended September 30, 2026, compared with Rs 201.9 crore in Q2 FY26. Profit after tax, or PAT, increased from Rs 31.4 crore to Rs 49.4 crore over the same comparison, a 58% rise.

Goldiam said its revenue predominantly comes from business-to-business, or B2B, diamond jewellery exports, with sustained demand from large global retailers supporting Q2 FY27 growth. Executive Chairman Rashesh Bhansali said revenue growth of more than 40% coincided with large US retailers consolidating their vendor base and described Goldiam as gaining wallet share. This was management's assessment rather than a separately quantified customer or market-share measure.

Goldiam reported earnings before interest, tax, depreciation and amortisation, or EBITDA, of Rs 73.6 crore in Q2 FY27, against Rs 47.4 crore in Q2 FY26. EBITDA therefore grew 55.3%, faster than the 44% revenue increase. Its EBITDA margin was 25.24%, compared with 23.48% a year earlier, an expansion of 176 basis points, where 100 basis points equal one percentage point.

PAT margin also increased, reaching 16.94% in Q2 FY27 from 15.53% in Q2 FY26, a gain of 141 basis points. The combination of a 44% increase in revenue and margin expansion meant PAT grew 58%, ahead of the reported growth rates for revenue and EBITDA. Diluted earnings per share were Rs 2.96 in Q2 FY27, versus Rs 2.85 in Q2 FY26, with the FY27 figure adjusted after the bonus-share issue.

How did Goldiam's first-half performance compare with last year?

Goldiam's H1 FY27 performance grew faster than its Q2 result, with revenue up 49.8% and PAT up 89.9% from H1 FY26. Revenue for H1 FY27 was Rs 655.32 crore, compared with Rs 437.6 crore a year earlier, while PAT rose to Rs 123.37 crore from Rs 64.97 crore. Goldiam said Q2 and H1 FY27 revenue and PAT were its highest-ever reported levels for those periods.

The first-half margin movement was larger than the quarterly movement. H1 FY27 EBITDA was Rs 177.53 crore, up 87.8% from Rs 94.54 crore in H1 FY26. EBITDA margin reached 27.1%, compared with 21.6% a year earlier, a 550-basis-point increase. PAT margin rose 398 basis points to 18.8% from 14.8%.

The comparison shows that H1 FY27 EBITDA and PAT grew 87.8% and 89.9%, respectively, compared with Q2 FY27 increases of 55.3% and 58%. H1 diluted earnings per share were Rs 9.50, compared with Rs 6.00 in H1 FY26, a 58.5% increase. The release does not provide separate Q1 FY27 revenue or profit figures, so it does not isolate the drivers of the first-half change between the two quarters.

What was Goldiam's product and channel mix in Q2 FY27?

Goldiam's Q2 FY27 export mix remained predominantly lab-grown diamond jewellery, which contributed 91.2% of overall export sales. That share increased from 90% in Q2 FY26, a 1.2-percentage-point change. Management said more than 90% of Goldiam's revenue had consistently come from lab-grown diamond jewellery and attributed this to a shift in US demand away from mined diamond jewellery.

Online revenue accounted for 19.4% of Goldiam's Q2 FY27 revenue of Rs 291.66 crore. Goldiam did not disclose the prior-year online revenue share or a separate online sales amount, so the release does not permit a year-on-year comparison for that channel. Its stated core activity remains supplying diamond jewellery to retailers and wholesalers, particularly in the US market.

Goldiam also reported 29 operational ORIGEM stores as of November 7, 2026, selling lab-grown diamond jewellery across key Indian cities. ORIGEM generated total revenue of Rs 11.3 crore in Q2 FY27. This retail revenue was smaller than consolidated Q2 revenue of Rs 291.66 crore, while Goldiam continued to identify B2B jewellery exports as the predominant source of group revenue.

What did Goldiam disclose about its dividend, orders and cash?

Goldiam declared its first interim dividend for FY27 at Rs 2 per equity share of face value Rs 2, equal to a 100% dividend rate. The declared dividend amounts to Rs 30.111 crore. The board made the declaration alongside results for the quarter and half year ended September 30, 2026, and the release did not state a record date or payment date.

Goldiam reported an order book of about Rs 225 crore as of September 30, 2026. It also reported cash and cash equivalents, including investments, of Rs 457.825 crore on that date. These figures identify the reported order position and cash balance, but the announcement does not provide order-book conversion timing, debt balances or cash-flow data.

For ORIGEM, Goldiam said it had introduced a digital 3D Ring Builder, 9 KT gold lab-grown diamond jewellery and an old-gold exchange scheme across all stores. It also expanded its Life-Time Exchange programme to 110% of the prevailing diamond rate. Managing Director Anmol Bhansali said Goldiam planned to expand the ORIGEM footprint and introduce additional in-store sales enablers and design programmes.

Conclusion

Goldiam's September-quarter outcome combined a 44% rise in consolidated revenue to Rs 291.66 crore with a 58% rise in PAT to Rs 49.4 crore. EBITDA margin increased by 176 basis points and PAT margin by 141 basis points, while H1 PAT growth of 89.9% exceeded H1 revenue growth of 49.8%. Lab-grown diamond jewellery accounted for 91.2% of Q2 export sales, reinforcing its central role in the reported mix.

The next disclosed markers are the roughly Rs 225 crore order book as of September 30, 2026, the planned ORIGEM footprint expansion and further in-store initiatives across 29 operational outlets. Management also said Goldiam is working to build US customer relationships and expand in relatively newer geographies. The release does not set store-opening, revenue, margin or order-conversion targets for those plans.