Goldiam International Q3 FY26 Earnings Call Summary

Summary

Goldiam International - Q3 FY 2026 Earnings Call Summary Tuesday, February 10, 2026, 04:00 PM

Event Participants

Executives 2 Anmol Bhansali (Managing Director), Rashesh Bhansali (Executive Chairman)

Analysts 11 Ajay (Niveshaay), Ankush Agrawal (Surge Capital), Anubhav (Prescient Capital), Deepak Pandey (Sagun Capital), Dixit Doshi (Whitestone Financial Advisors), Harshit Singhi (Green Invest LLP), Jogansh Jeswani (Mittal Analytics), Khush (Niveshaay Investment Advisors), Kunal Bhatia (Dalal & Broacha), Rishabh Malik (Artha Advisory), Smith Gala (RSPN Ventures)

Financials & KPIs

*Calculated based on 9M and growth rates provided in the transcript.

Geographic & Segment Commentary

• United States (B2B): Remains the primary market where Goldiam operates as a vendor on record for major retailers. The company utilizes a “dual-casting” method (casting in the US, finishing in India) to achieve 0% tariff status, despite the new 18% trade deal tariff. Strategy focuses on increasing the current <2% wallet share with the largest US jewelry retailer.
• India (Origem - B2C): Rapidly expanding retail footprint with 13 operational stores and 20 more LOIs signed. Management targeting 24-26 stores by March 2026 and an additional 50 stores in H1 FY27. Current store-level performance is at breakeven with a ₹2.5 crore quarterly operating loss at the brand level.
• Rest of World (B2B): Expanding footprint in Israel, Australia, Middle East, and Europe. Management noted that while the US led LGD adoption, these markets are now showing similar demand acceleration for LGD studded jewelry.

Company-Specific & Strategic Commentary

• Dual-Casting Operational Edge: By performing the first stage of production (casting) in the US using “Made in America” gold, Goldiam bypasses the 18% jewelry import tariff entirely. This structural advantage effectively lowered costs relative to peers and contributed to the 28.2% EBITDA growth.
• Origem Product Stack: To compete with new entrants like Titan’s beYon, Origem is moving to a full-stack model. This includes 9KT gold fashion jewelry (₹15,000-20,000 range) and high-end VVS/EF color bridal collections, maintaining 100% IGI certification and buyback policies.
• Inventory & Capex: Total investment per Origem store is ₹3.7-3.8 crores (₹1 crore for fit-outs/deposits and ₹2.7-2.8 crores for inventory). Management aims for a 2.5x inventory turn once stores reach a 3-year maturity, targeting ₹40-45 lakhs in monthly sales per store.

Guidance & Outlook

Risks & Constraints

Q&A Highlights

Tariff Impacts & Logistics

• Question: What is the impact of the new trade deal reducing tariffs from 50% to 18%? (Dixit Doshi)
• Answer: Goldiam already operates at 0% tariff due to dual-casting in the US. The 18% deal is sentimentally positive for customers but does not change Goldiam’s superior 0%-tariff tax structure (Anmol Bhansali).

Competition with Titan (beYon)

• Question: How will you compete with Titan’s lower LGD pricing and nearby stores? (Dixit Doshi)
• Answer: beYon uses lower diamond quality, lacks third-party certification (IGI), and offers no buyback. Origem uses IGI-certified VS/VVS quality with buybacks. Origem will introduce 9KT gold to compete at entry price points while maintaining premium quality (Anmol Bhansali).

LGD Pricing Trends

• Question: Are lab-grown diamond prices still falling? (Anubhav)
• Answer: Prices are now extremely stable. In small sizes, prices have actually increased by double digits in the last 3-4 months as the industry has reached a “true labor cost” base for polishing (Anmol Bhansali).

B2C Unit Economics

• Question: What are the matured store expectations? (Dixit Doshi)
• Answer: Targeting 2.5x inventory turns on ₹2.8cr inventory per store. Expecting 38-42% margins at the store level once matured (Anmol Bhansali).

Key Takeaway

Goldiam International delivered a resilient Q3 FY26, characterized by 18% revenue growth and a significant 37% PAT increase, underpinned by the structural shift to lab-grown diamonds (LGD), which now constitute over 90% of exports. Strategically, the company has insulated itself from US tariff fluctuations through its dual-casting manufacturing model, which continues to drive margin expansion. Domestically, the Origem brand is entering an aggressive “land-grab” phase, with plans to reach over 75 stores by mid-FY27. While the entry of major players like Titan increases competition, Goldiam’s vertical integration and established US design pipeline provide a cost and product advantage. With a robust ₹180 crore order book and ₹504 crore in cash reserves, management is positioned to fund rapid retail expansion while maintaining a record-breaking growth trajectory for the full fiscal year. Forward focus remains on scaling US wallet share and stabilizing the India B2C retail fleet.