Goldiam International Ltd Q3 FY26 – ₹684 Mn PAT, 22% OPM, 77% LGD Revenue: A Jewellery Company That Accidentally Became a Tech Startup

1. At a Glance

Goldiam International Ltd is currently sitting at a market cap of roughly ₹4,100 crore, trading around ₹366, down ~25% over the last one year despite delivering a 37% YoY jump in Q3 profits. Yes, the stock has corrected. No, the business has not. In fact, the company just reported Q3 FY26 revenue of ₹3,397 million and PAT of ₹684 million, with operating margins touching a shiny 22%. Return ratios remain solid – ROCE at ~25% and ROE ~17% – while debt is almost cosmetic at ₹24 crore with an interest coverage ratio so high (340x) it’s basically mocking banks.

The real headline, however, is not the quarter. It’s the business transformation. 77% of revenue now comes from lab-grown diamonds (LGD), a segment Goldiam entered early, scaled aggressively, and backward-integrated like a paranoid control freak (in a good way). Add to that an expanding ORIGEM retail footprint, a B2B e-commerce platform in the US, a ₹270 crore order book, and interim dividends being declared like clockwork – and you have a company that’s behaving more like a disciplined consumer-tech hybrid than a traditional jewellery exporter.

But if everything looks so good, why is the stock sulking? Let’s unpack the sparkle and the scratches.

2. Introduction

If you still think Goldiam is just another diamond exporter from SEEPZ shipping rings to American malls, you’re living in FY18. This company has quietly morphed into India’s most serious listed avoider of mined diamonds. While the industry was busy arguing whether lab-grown diamonds are “real love or fake shine,” Goldiam was busy building LGD growing, cutting, jewellery manufacturing, distribution, omnichannel retail, and B2B tech platforms. Basically, vertical integration on steroids.

Founded in 1986, the company spent decades doing what most Indian jewellery exporters do – export natural diamond-studded jewellery, mostly to the US. Then came two inconvenient realities:

1. Mined diamonds are supply-controlled, price-rigid, and marketing-heavy.
2. US millennials don’t care about cartel narratives; they care about price, ethics, and Instagram aesthetics.

Goldiam picked the hint early. It pivoted hard into lab-grown diamonds, not as a side hustle, but as the core engine. Fast forward to Q2 FY25, LGDs contribute 77% of revenue, with higher realizations due to larger average carat sizes. And unlike most peers who buy stones and assemble jewellery, Goldiam decided to own the entire chain. Control issues? Maybe. Margin issues? Definitely solved.

Now add a new twist: retail stores in India, B2B platforms in the US, and consignment inventory sitting inside customer stores abroad. This is no