Strong Financial Performance Defies Market Challenges
Goldiam International Limited, a leading diamond jewellery manufacturer, has demonstrated remarkable resilience by posting impressive financial results for the second quarter and half-year ending September 30, 2025. The company achieved substantial growth despite confronting significant tariff obstacles in its primary market, the United States.
According to official exchange filings, Goldiam's consolidated revenues for Q2 FY26 witnessed a 43% year-on-year increase to ₹2,019 million, while the half-year revenue grew by 41% to ₹4,376 million. This performance becomes even more noteworthy considering the tariff-related disruptions the company faced in the US market.
Profitability and Operational Metrics Shine
The company's profitability metrics showed equally impressive growth. Consolidated Profit After Tax (PAT) for the second quarter expanded by 42% year-on-year to ₹314 million, while the half-year PAT surged by 47% to ₹650 million.
EBITDA for both Q2 and H1 FY26 increased by 37%, with the company maintaining a stable EBITDA margin of 21.6% for the six-month period. The financial stability is further underscored by the company's cash and cash equivalents, including investments, which stood at ₹4,639.3 million as of September 30, 2025.
Lab-Grown Diamonds Drive Export Growth
A significant transformation in the company's export composition emerged during the quarter. Lab-grown diamond jewellery exports contributed 89.9% to the overall export sales mix during Q2 FY26, marking a substantial increase from 77% in the same period last year.
The digital transformation of the business also gained momentum, with online revenue accounting for 19.9% of total revenue during the second quarter. This indicates the company's successful adaptation to evolving consumer purchasing patterns.
Inventory management showed strategic foresight, with approximately 72% of inventory as of September 30, 2025, positioned with customers as finished stock to be sold in subsequent months. The company's order book position at the end of September was approximately ₹2,000 million, signaling strong demand expectations for the upcoming holiday season.
Retail Expansion Gains Momentum
Beyond its manufacturing excellence, Goldiam International is aggressively expanding its retail presence through its lab-grown diamond jewellery brand, ORIGEM. The brand currently operates 11 stores across Mumbai, Noida, and Bengaluru, with ambitious plans to open an additional 15-18 stores by March 31, 2026.
ORIGEM recorded a total revenue of ₹28 million during Q2 FY26, achieving this with a significantly lower average store fleet count. The company aims to have 20-25 operational ORIGEM stores by the end of the fiscal year, substantially strengthening its footprint in North and South India.
Leadership Perspective on Overcoming Challenges
Rashesh Bhansali, Executive Chairman of Goldiam International, expressed satisfaction with the company's performance despite the challenges posed by increased US tariffs. "We developed a globally accepted solution with a US Customs Ruling to ensure business continuity," Bhansali stated.
He acknowledged that this development caused disruptions in their B2B business for approximately 30 days. "Despite this setback, Goldiam achieved over 40% growth in both revenue and profits, driven by strong buyer demand and our successful efforts in increasing wallet share among existing customers," Bhansali added.
Looking ahead, the Executive Chairman expressed confidence about the upcoming festive season. "With a robust order book of ₹2,000 million, we are well-prepared to meet the festive demand in the US during the third quarter," he concluded, highlighting the company's optimistic outlook for the remainder of the fiscal year.
