Golkunda Diamond Q2 FY27 Results (BSE: 523676)
Signal: Margin expansion
The read
The operating inflection is material: Q2 revenue growth was 7.92%, but EBITDA growth of 84.62% lifted margin by 472 bps to 11.36% and PAT growth to 113.23%; the next thesis test is whether this margin improvement persists as NIBHANA expands from 4 stores toward 11.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹87.35 Cr | 7.92% | N/A |
| Net profit | ₹6.78 Cr | 113.23% | |
| EPS | ₹8.23 | 80.25% | |
| EBIT margin | 11.36% |
P&L walk
Consolidated Q2 revenue grew 7.92% YoY to ₹87.35 crore, while EBITDA increased 84.62% to ₹9.94 crore and margin expanded 472 bps to 11.36%, driving PAT growth of 113.23% to ₹6.78 crore; the filing does not disclose the cost or mix drivers behind the margin expansion.
Segments
No segment results table is disclosed; the main strategic change is the wholly owned subsidiary's NIBHANA retail entry, with 4 stores established and 7 additional stores planned, but no revenue or profit contribution is reported.
Key positives
- Q2 EBITDA rose 84.62% YoY to ₹9.94 crore while revenue grew 7.92% to ₹87.35 crore, expanding EBITDA margin by 472 bps to 11.36%.
- Q2 PAT increased 113.23% YoY to ₹6.78 crore, and H1 PAT rose 88.76% to ₹11.92 crore.
- The company has established 4 NIBHANA stores and plans 7 additional stores, creating a defined retail expansion pathway in lab-grown diamond jewellery.
Key concerns
- Revenue growth slowed to 7.92% in Q2 versus 14.75% for H1, indicating weaker second-quarter momentum within the half-year.
- The filing does not disclose volume, realisation, raw-material cost or product-mix data, so the 472-bps EBITDA margin expansion cannot be attributed to a specific operating driver.
- NIBHANA's 7-store expansion plan has no disclosed revenue, profitability, investment or payback targets, leaving execution economics untested.
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