Goldiam Q2 PAT rises 58% to Rs 49.40 crore on revenue growth

Goldiam International Limited reported consolidated profit after tax of Rs 49.40 crore for Q2 FY2027, up 58% year on year, as total revenue rose 44% to Rs 291.66 crore in the quarter ended September 30, 2026. Goldiam said the quarter delivered its highest-ever Q2 revenue and profit after tax.

What did Goldiam report for Q2 FY2027?

Goldiam reported Q2 FY2027 consolidated total revenue of Rs 291.66 crore, compared with Rs 201.90 crore in Q2 FY2026, while profit after tax rose to Rs 49.40 crore from Rs 31.40 crore. The company said both Q2 and H1 FY2027 were its highest-ever respective periods for revenue and profit after tax.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 55.3% to Rs 73.60 crore from Rs 47.40 crore. Consolidated profit before tax increased to Rs 67.3162 crore from Rs 45.6819 crore, according to the financial statements, ahead of the reported Rs 49.40 crore profit after tax.

Goldiam’s H1 FY2027 revenue reached Rs 655.32 crore, up 49.8% from Rs 437.60 crore in H1 FY2026, while profit after tax increased 89.9% to Rs 123.37 crore from Rs 64.97 crore. The first-half comparison therefore showed profit growth outpacing the 49.8% rise in total revenue.

How did Goldiam’s margins change in Q2 FY2027?

Goldiam’s Q2 EBITDA margin expanded by 176 basis points to 25.24% from 23.48% in Q2 FY2026, while profit after tax margin increased by 141 basis points to 16.94% from 15.53%. A basis point is one-hundredth of a percentage point, and the disclosed movements align with EBITDA and profit rising faster than revenue.

The H1 FY2027 margin comparison was wider than the quarterly movement. EBITDA margin was 27.1%, up 550 basis points from 21.6% in H1 FY2026, while profit after tax margin rose 398 basis points to 18.8% from 14.8%; H1 EBITDA increased to Rs 177.53 crore from Rs 94.54 crore.

The quarterly income statement also recorded finance costs of Rs 1.1870 crore in Q2 FY2027, compared with Rs 0.0779 crore a year earlier, and depreciation and amortisation of Rs 5.1232 crore, compared with Rs 1.6645 crore. Despite the higher charges, profit after tax from continuing operations was Rs 49.3988 crore, against Rs 31.3584 crore in Q2 FY2026.

What drove Goldiam’s sales mix and segment income?

Goldiam said business-to-business diamond jewellery exports remained its predominant revenue source, with demand from large global retailers supporting Q2 FY2027 sales of Rs 291.66 crore. Lab-grown diamond jewellery accounted for 91.2% of export sales, compared with 90.0% in Q2 FY2026, while online revenue represented 19.4% of quarterly revenue.

The jewellery segment generated Q2 income of Rs 283.0842 crore, up from Rs 197.0017 crore a year earlier, and its profit before interest and tax rose to Rs 60.5973 crore from Rs 42.8514 crore. Investment-segment income was Rs 8.5804 crore, compared with Rs 4.9076 crore, with segment profit before interest and tax of Rs 8.4714 crore.

Executive Chairman Rashesh Bhansali said US retailers were consolidating their vendor bases and attributed Goldiam’s more than 40% topline growth to customer relationships and wallet-share gains. Managing Director Anmol Bhansali said Goldiam was working to develop new US customer relationships and expand into relatively newer geographies, but the filing did not disclose a revenue target for that plan.

What do Goldiam’s balance sheet and cash flows show?

Goldiam’s consolidated total assets stood at Rs 1,437.8016 crore on September 30, 2026, compared with Rs 1,362.5754 crore on March 31, 2026, while total liabilities declined to Rs 192.9010 crore from Rs 251.4679 crore. Total equity increased to Rs 1,244.9006 crore from Rs 1,111.1075 crore during the six-month period.

Trade receivables rose to Rs 246.4819 crore at September 30 from Rs 174.1955 crore at March 31, while inventories declined to Rs 573.8886 crore from Rs 583.1160 crore. Goldiam separately reported cash and cash equivalents, including investments, of Rs 457.825 crore and an order book of about Rs 225 crore as of September 30, 2026.

Net cash from operating activities was negative Rs 2.7276 crore in H1 FY2027, compared with negative Rs 29.3015 crore in H1 FY2026. Cash generated from operations was Rs 30.9396 crore, but Rs 33.6672 crore of net income-tax payments reduced the reported operating cash-flow result.

Working-capital movements included a Rs 68.1327 crore increase in trade receivables in H1 FY2027, compared with a Rs 31.8202 crore increase in H1 FY2026. Goldiam reported no current borrowings at September 30, after a net repayment of Rs 32.2020 crore during H1 FY2027; current borrowings were Rs 32.2020 crore at March 31.

Goldiam’s unaudited consolidated results received a limited review from its statutory auditor. The auditor said nothing had come to its attention to indicate that the results did not disclose the required information or contained a material misstatement, while noting one subsidiary’s interim financial information had not been reviewed by its auditor.

Conclusion

Goldiam’s Q2 FY2027 filing shows revenue rising 44%, profit after tax rising 58% and both EBITDA and profit margins increasing from Q2 FY2026. Jewellery produced Rs 283.0842 crore of Q2 segment income, and lab-grown diamond jewellery represented 91.2% of export sales, underscoring the concentration of the reported export mix.

The next disclosed milestones are the conversion of the approximately Rs 225 crore order book and progress in the ORIGEM retail rollout. Goldiam had 29 operational ORIGEM stores that generated Rs 11.30 crore in Q2 FY2027, while the board’s Rs 2-per-share first interim dividend has a November 13, 2026 record date and is scheduled to start payment from November 25, 2026.