Key Financial Results

Full Year FY26 Performance (Consolidated):

  • Revenue: ₹1,212.3 million (27.5% YoY increase) - highest ever in company history
  • PAT: ₹1,705.9 million (45.7% YoY increase) - highest ever
  • EBITDA: ₹2,486.7 million (36.2% YoY increase)
  • EBITDA Margin: 24.3%
  • Cash and cash equivalents including investments: ₹4,933.92 million as of March 31, 2026

Q4 FY26 Performance (Consolidated):

  • Revenue: ₹2,433 million (21% YoY increase)
  • PAT: ₹372 million (61% YoY increase)
  • EBITDA: ₹583 million (35.9% YoY increase)
  • EBITDA Margin: 23.9%

Corporate Action

  • Board recommended bonus share issue in ratio 1:3 (one new fully paid-up equity share of ₹2 each for every three existing fully paid-up equity shares of ₹2 each)
  • Subject to shareholder approval

Business Segment Performance

B2B Export Business:

  • Lab-grown diamond jewelry exports contributed 88.3% to overall export sales mix during Q4 FY26
  • Online revenue accounted for 27.4% of total revenue during Q4 FY26
  • Approximately 64.5% of finished jewelry inventory as of March 31, 2026, is with customers as finished stock to be sold in subsequent months
  • Order book position as of March 31, 2026: approximately ₹2,000 million
  • Average selling price in USD terms remained stable (₹742 to ₹737)
  • Volume increase recorded in Q4

ORIGEM (B2C Retail Business):

  • Q4 FY26 revenue: ₹55.6 million
  • April 2026 sales: ₹3.5 million
  • 24 operational stores across 12 cities as of May 2026 (doubled store count since January 2026)
  • 8-10 additional stores expected to be operational by September 2026
  • Target of 45-50 stores by exit FY27

Operational Updates

Tariff Impact:

  • Company operates from Special Economic Zone (SEZ) and continues to avail applicable custom duty exemption benefits
  • Recent increase in custom duty in India on gold to 15% will not have material impact on operations, financial performance or profitability
  • Company is tariff agnostic due to SEZ status

Hybrid Casting Model:

  • Dual casting method implemented with production in United States and India
  • Provides 200-300 basis point margin improvement expectation on full-year basis
  • Makes company tariff agnostic and provides business continuity
  • Lead times maintained at 10 days despite complexity

Product Expansion:

  • Introduction of high ASP fashion jewelry in tennis bracelets and tennis necklaces segments
  • Fashion jewelry market in US is approximately 50% of total jewelry market (same size as bridal jewelry)
  • Focus on technically challenging, higher-value categories rather than low-value silver products

ORIGEM Store Economics

  • Total cost to open store: ₹3.5 crores
  • Inventory investment: ₹2.5 crores
  • Furniture and fit-out costs: ₹50-60 lakhs
  • Security/rental deposits: ₹30-40 lakhs (refundable)
  • Store-level breakeven: ₹17-19 lakhs monthly revenue
  • Target mature store revenue: ₹35 lakhs monthly
  • Payback period: 3 years for mature stores
  • FY26 EBITDA loss for ORIGEM: ₹15 crores (includes rent, interest, and depreciation)

Subsidiary Structure

1. Goldiam Jewelry Limited: Production facility in SEZ, Andheri East (same business as parent)

2. Goldiam USA Inc.: Marketing arm domiciled in United States (100% subsidiary)

3. Eco-Friendly Diamonds LLP: Lab-grown diamond production (88% owned by Goldiam, 10% of company's consumption)

  • 30 CVD machines operating in SEZ facility
  • No immediate plans for expansion

FY27 Guidance

  • Double-digit growth expected for full financial year
  • ORIGEM target: ₹7 crores monthly revenue by exit FY27
  • Marketing expense for H1 FY27: ₹4-4.5 crores
  • Margin improvement expected due to full-year benefit of hybrid casting model

Market Position

  • Among top 3 lab-grown diamond retailers in India by store count
  • Strong presence in premium malls (Phoenix Palladium Mumbai, South City Mall Kolkata, Elante Chandigarh, etc.)
  • Market share with top 3 US retailers has increased over 3-5 year period
  • Industry consolidation benefiting larger players due to complexity of hybrid manufacturing

Sales Enablers (ORIGEM)

  • India's first 360 3D Digital Ring Builder (9 centerstone shapes, 6 sizes, multiple shank/setting options)
  • Plans for old gold exchange facilities
  • Purchase plan and advanced purchase plan facilities
  • Expansion into 9kt gold and potentially silver jewelry lines
  • 100% IGI certification for all products

Conference Participants

Management: Rashesh Bhansali (Executive Chairman), Anmol Bhansali (Managing Director)

Moderator: Rahul Dani (Monarch Networth Capital)

Analysts: Representatives from White Stone PMS, Wallfort PMS, CR Kothari and Sons, Dalal & Broacha Stock Broking, 3 Head Capital, ithought PMS, Punarvi Capital, and individual investors