Goldiam Intl. Q4 FY26 Results (NSE: GOLDIAM)
Signal: Margin expansion
The read
Goldiam delivered record FY26 revenue, EBITDA and PAT, with Q4 EBITDA margin expansion of 271bps YoY to 23.9% — the 5th consecutive quarter of margin expansion (Q2-Q4FY25, Q1FY26 ex-neutral, Q2-Q4FY26 except Q1 neutral), supported by tariff-agnostic US dual manufacturing and rising wallet share from US retailers. Bonus issue 1:3 signals confidence, but ORIGEM retail revenue remains small (₹55.6mn in Q4, ~2.3% of total).
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹243.3 Cr | 21% | -24.0% |
| EBIT | ₹58.3 Cr | 35.9% | |
| Net profit | ₹37.2 Cr | 61% | |
| EPS | ₹3.3 | 52.1% | |
| EBIT margin | 23.9% |
P&L walk
Q4FY26 revenue at ₹2,433mn (+21% YoY, -24% QoQ from Q3's ₹3,200mn) — sequential decline typical of seasonality; EBITDA margin expanded 271bps YoY to 23.9% driven by operating leverage and favourable input cost environment; PAT surged 61% YoY to ₹372mn, outpacing revenue growth, reflecting margin expansion and other income; EPS at ₹3.30 vs ₹2.17 YoY (+52.1%).
Segments
No segment table disclosed; single-segment report (diamond jewellery manufacturing and export).
Key positives
- Q4 revenue +21% YoY to ₹2,433mn; FY26 revenue crossed ₹10bn milestone for first time ever.
- Q4 EBITDA margin expanded 271bps YoY to 23.9% — 5th consecutive quarter of YoY margin expansion.
- Q4 PAT grew 61% YoY to ₹372mn; FY26 PAT up 45.7% to ₹1,705.9mn.
- Cash and equivalents at ₹4,934mn as on March 31, 2026 — strong liquidity.
- Bonus issue 1:3 proposed; reflects management confidence.
Key concerns
- Sequential Q4 revenue declined 24% vs Q3FY26 (₹3,200mn) — typical seasonality but steep drop may raise visibility concerns for Q1FY27.
- ORIGEM retail revenue of ₹55.6mn in Q4 remains negligible vs total (2.3%); 24 stores may take time to achieve scale profitability.
- US tariff and gold volatility risks persist despite dual manufacturing hedge.
- ESOP dilution (83,333 options) modest but could weigh on EPS over time.
Research and educational content only. Not investment advice.