HDFC Securities Pick of the Week 17 Aug'26: Goldiam International Ltd

Goldiam International had a very strong Q1FY27. Revenue grew 41.9% YoY because demand in the US has recovered after tariff changes, and the company is also growing in non‑US markets. Lab‑grown diamonds now form 91% of exports, and online sales make up 19.3% of FY27 revenue. The order book is healthy at Rs 225 crore for the next 3–4 months.

Margins improved as Goldiam’s US‑based casting model is now fully in place. This model lets them treat their jewellery as US‑origin goods, which means zero import duty when shipping back to the US. This gives Goldiam a long‑term structural advantage over most Indian jewellery exporters. EBITDA margins expanded by 241 bps YoY, and PAT grew 120.1% YoY. Other income also included a one‑time tariff refund of ~Rs 22 crore.