Goldiam Q1FY27: consolidated PAT jumps 120% YoY to ₹74 Cr, margins expand sharply
PAT +120.05% YoY · revenue +41.92% · margins expanding
₹326.03 Cr
+41.92% YoY
₹73.97 Cr
+120.05% YoY
20.34%
+6.1pp YoY
₹6.55
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.
Q1 FY-2027 vs prior quarters
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 stock went into the print at ₹389.35, down 7.4% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records.
Management anticipates a record financial year (FY26) for revenue, EBITDA, and PAT, driven by strong performance in its B2B lab-grown diamond jewelry exports and aggressive expansion of its B2C Origem brand. For B2C, Goldiam plans to expand to 24-26 stores by FY26 end and an additional 50 stores in H1 FY27, targeting s
— This quarter: met
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.).
W1
ORIGEM store count and revenue next quarter vs the guided +50-store H1 FY27 target (only 26 stores as of Aug 3, 2026)
W2
Whether EBITDA margin holds near management's stated 24% steady-state level once the tariff-refund benefit in other income rolls off
W3
B2B wallet-share gains with existing US retailers and traction in new geographies (Europe/Middle East) toward management's stated multi-year doubling ambition
Consolidated is primary; both statements are typed and unambiguous, Rs. in Lakhs converted to Cr (÷100). Other income jumped mainly on a one-off US tariff refund (per press release), inflating total income/EBITDA margin — management's own 'steady-state' EBITDA margin ex-refund was 24% (+400bps YoY) vs 28.6% reported. No exceptional-items line is populated in either period (consolidated), so no separate adjusted-PAT figure applies beyond this other-income caveat. Reported EPS (₹6.55 consol / ₹0.66 standalone) is not yet retrospectively restated for the 1:3 bonus allotted Jul 13, 2026 (after quarter-end).