Goldiam Q1FY27: consolidated PAT jumps 120% YoY to ₹74 Cr, margins expand sharply

Goldiam International's consolidated PAT rose 120% YoY (and 99% QoQ) to ₹73.97 Cr (₹740 million) on revenue from operations of ₹326.03 Cr, up 41.9% YoY and 39.0% QoQ. Total income (revenue plus other income) came in at ₹363.66 Cr, up 54% YoY on the company's own press-release basis — but a large chunk of that gap versus the 41.9% core revenue growth is other income (₹37.63 Cr vs ₹5.96 Cr a year ago), which the company attributes to a US tariff refund. That refund also flatters the headline EBITDA margin of 28.6% (+858bps YoY); management itself flags a more modest 'steady-state' margin, excluding the refund, of 24% (+400bps YoY) — still a genuine expansion, just smaller than the reported number implies. Net profit margin nonetheless expanded to 20.34% from 14.26% a year ago and 15.30% last quarter, consistent with real operating leverage on top of the one-off. There is no meaningful sell-side coverage of this stock that we could locate, so vs-street is unknown rather than a miss or beat call. Against management's own framing, the quarter is a 'met', not a 'beat': Anmol Bhansali (MD) said the company is 'happy to hit our stated metrics on EBITDA performance,' and the FY26 guidance of a record year (delivered per FY26 numbers, ₹170.59 Cr consolidated PAT for the year) carries through into this print. Rashesh Bhansali (Executive Chairman) credited wallet-share gains as global retailers consolidate their vendor base, and sourcing/operational efficiencies, for the margin performance — both consistent with the print. Lab-grown diamond jewellery rose to 90.7% of export sales mix from 87.8% a year ago, the order book stood at ~₹225 Cr, and cash & investments were ₹456.67 Cr as of June 30, 2026. The ORIGEM (B2C) retail push is the one area lagging stated targets: the brand added just one net store during the quarter (25 operational, generating ₹8.16 Cr revenue) and stood at 26 total stores by August 3, 2026 — far short of the +50-store pace management had guided for H1 FY27. On the corporate-action side, the company allotted 3.76 crore bonus shares (1:3, record date July 10, 2026) after the quarter closed, which will lift the share count roughly 33% and depress per-share metrics in subsequent comparatives once EPS is restated. Standalone PAT was ₹7.42 Cr on standalone revenue from operations of ₹149.01 Cr, materially smaller than the consolidated print, reflecting the bulk of B2B export operations sitting in overseas subsidiaries (notably Goldiam USA Inc.). Going into Q2 FY27, the print sets up a check on whether the 24% steady-state EBITDA margin holds without further one-off support, and whether ORIGEM's store rollout accelerates toward the guided H1 FY27 target with only about two months of the window left.