Goldiam International Limited (GOLDIAM) AI Stock Analysis

• Market Cap: ₹33.57B
• Dividend Yield: 0.54%
• Average Volume (3M): 48.73K
• Price to Earnings (P/E): 15.0
• Beta (1Y): 2.39
• Revenue Growth: 38.05%
• EPS Growth: 44.43%
• Country: IN
• Employees: 75
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Luxury Goods
• EPS (TTM): 6.06
• Shares Outstanding: 112,917,850
• 10 Day Avg. Volume: 17,412
• 30 Day Avg. Volume: 48,731
• PEG Ratio: 1.19
• Price to Book (P/B): 5.46
• Price to Sales (P/S): 5.17
• P/FCF Ratio: -205.41
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 73 Outperform
• Price Target: ₹331.00 ▼(-9.24% Downside)
• Action: Reiterated Date: 02/11/26
• Date: Action: Reiterated 02/11/26

The score is driven primarily by strong financial strength (profitability, low leverage, and strong balance sheet), partially offset by weaker cash-flow quality in the latest year. Technicals indicate an uptrend but with overbought signals that raise near-term risk, while valuation (P/E ~25.8 and low yield) is a notable headwind.

Positive Factors

Balance sheet strength

A high equity ratio, low leverage and sizable cash reserves give the company durable financial flexibility. This reduces refinancing and liquidity risk through commodity cycles, supports supplier/credit terms and funds strategic investments without immediate external financing.

Robust revenue growth

Sustained high revenue growth indicates strong demand and successful market penetration in export and domestic channels. When paired with scaleable manufacturing, this supports continued top-line expansion and underpins longer-term margin recovery and bargaining power with buyers.

Operating cash flow resilience

Consistently positive operating cash flow shows core business profitability and ability to fund working capital needs typical in jewelry manufacturing. This cash generation supports day-to-day operations and cushions the business against cyclical raw-material swings.

Negative Factors

Negative free cash flow in latest year

A recent negative free cash flow driven by higher capex reduces immediate cash flexibility and can erode reserves if sustained. Over a multi-month horizon, continued negative FCF risks forcing delayed investments, asset sales or higher reliance on external funding.

Weakened cash conversion

A deteriorating FCF-to-net-income ratio indicates earnings are becoming less cash-backed, raising concerns about accruals or working-capital build. This weakens the quality of reported profits and can limit the company's ability to convert earnings into shareholder returns or reinvestment.

Gross margin pressure

A drop in gross margin suggests cost or mix pressures—e.g., higher raw-material costs or lower-value product mix. Persisting margin erosion would limit long-term profitability and reduce the buffer to absorb input cost spikes typical in gems and jewelry.

Goldiam International Limited Business Overview & Revenue Model

Company Description

Goldiam International Limited manufactures and sells diamond studded gold and silver jewelry in India. The company operates in two segments, Jewellery Manufacturing Activity and Investment Activity. Its products include engagement rings, wedding bands, anniversary rings, bridal sets, earrings, pendants, and necklaces. The company also exports its products to the United States, Europe, and other countries. Goldiam International Limited was incorporated in 1986 and is headquartered in Mumbai, India.

How the Company Makes Money

Goldiam International Limited makes money primarily by selling finished jewelry products—most notably diamond and gold jewelry—through business-to-business export and trading channels and, where applicable, domestic sales. Revenue is generated when the company designs and manufactures jewelry and sells it to customers (typically wholesalers, retailers, or other institutional buyers) at prices that exceed its input and operating costs (precious metals, diamonds/stones, labor, manufacturing overhead, logistics, and certification/quality assurance). A significant portion of earnings is therefore driven by (1) sales volumes of jewelry pieces/sets, (2) product mix (e.g., higher-value diamond-studded items versus plain gold items), (3) realized pricing/margins relative to raw material costs, and (4) order flow from export markets. Specific details on customer concentration, named partnerships, or a channel-by-channel revenue split are null.

Goldiam International Limited Financial Statement Overview

Summary

Strong fundamentals overall: solid revenue growth and profitability with improving EBIT/EBITDA margins, plus a very strong balance sheet (high equity ratio, low leverage, strong ROE, and substantial cash). The main weakness is cash-flow volatility, including negative free cash flow in the latest year and a weaker FCF-to-net-income relationship.

Income Statement

Goldiam International Limited has demonstrated strong revenue growth over the past several years, with a steady increase in both EBIT and EBITDA margins, indicating efficient cost management. The net profit margin remains robust, reflecting strong profitability. However, there was a slight decline in gross profit margin in the latest fiscal year, which should be monitored.

Balance Sheet

The company maintains a strong balance sheet with a high equity ratio, indicating financial stability. The debt-to-equity ratio is low, suggesting minimal leverage risk. Return on equity has been impressive, showcasing efficient use of shareholder funds. The substantial cash reserves further enhance financial flexibility.

Cash Flow

The cash flow analysis shows some volatility, with negative free cash flow in the latest year due to increased capital expenditures. However, operating cash flow remains positive over multiple years, indicating core business profitability. The free cash flow to net income ratio has weakened, which could impact future cash reserves if trends continue.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	9.01B	7.81B	6.03B	5.33B	6.88B	4.06B
Gross Profit	2.65B	2.25B	1.38B	1.80B	1.87B	1.23B
EBITDA	2.05B	1.79B	1.28B	1.25B	1.55B	1.01B
Net Income	1.38B	1.17B	908.12M	851.88M	1.05B	610.22M
Balance Sheet
Total Assets	11.86B	8.94B	7.34B	7.05B	6.32B	6.14B
Cash, Cash Equivalents and Short-Term Investments	4.54B	2.84B	3.07B	2.38B	2.04B	2.71B
Total Debt	429.20M	270.14M	46.91M	26.82M	37.82M	226.37M
Total Liabilities	1.59B	1.48B	988.57M	1.13B	1.06B	1.33B
Stockholders Equity	10.22B	7.40B	6.30B	5.86B	5.20B	4.65B
Cash Flow
Free Cash Flow	-337.97M	-196.73M	1.00B	559.34M	-133.22M	188.07M
Operating Cash Flow	-293.01M	-121.85M	1.07B	651.65M	-97.68M	490.69M
Investing Cash Flow	-242.34M	621.68M	-275.73M	-146.36M	949.89M	-117.15M
Financing Cash Flow	1.92B	-127.49M	-535.16M	-311.23M	-902.39M	-3.23M

Goldiam International Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 364.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GOLDIAM, the sentiment is Negative. The current price of 364.7 is above the 20-day moving average (MA) of 338.57, above the 50-day MA of 343.93, and above the 200-day MA of 360.01, indicating a bearish trend. The MACD of -16.33 indicates Positive momentum. The RSI at 32.11 is Neutral, neither overbought nor oversold. The STOCH value of 11.96 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:GOLDIAM.

Goldiam International Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VAIBHAVGBL	75 Outperform	₹34.62B	10.86	―	2.52%	8.92%	46.68%
GOLDIAM	73 Outperform	₹33.57B	14.97	―	0.54%	38.05%	44.43%
TBZ	66 Neutral	₹8.74B	3.41	―	1.38%	14.86%	48.09%
THANGAMAYL	66 Neutral	₹108.61B	23.90	―	0.37%	35.04%	80.12%
SENCO	66 Neutral	₹48.35B	4.93	―	0.31%	20.18%	16.17%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SKYGOLD	60 Neutral	₹52.46B	16.04	―	―	89.47%	101.29%

Goldiam International Limited Corporate Events

Goldiam International Reports Exempt Intra-Promoter Share Transfer

Goldiam International has disclosed an intra-promoter share transfer, noting that promoter Rashesh Manhar Bhansali has received equity shares by way of an off-market gift within the promoter group. The shares previously held solely by promoter group member Shobhnaben Manharkumar Bhansali are now held jointly with him, with her remaining the first holder, and the company confirmed that the transaction falls under the exemption for inter-se promoter transfers in SEBI’s takeover regulations, implying no change in overall promoter group ownership or an open offer obligation.

The company informed the stock exchanges that this inter-se transfer among promoters complies with Regulation 10(1)(a)(i) of the SEBI SAST Regulations and was formally reported under Regulation 10(6). By clarifying the exempt status and off-market nature of the transaction, Goldiam signaled that the move is largely an internal restructuring of holdings rather than a strategic shift, limiting direct impact on public shareholders while maintaining regulatory transparency.

Goldiam Issues Shareholder Reminder on Transfer of Shares to IEPF

Goldiam International Limited has notified the stock exchanges that it has published reminder advertisements in the Financial Express (English) and Mumbai Lakshdeep (Marathi) newspapers to alert its equity shareholders about the impending transfer of certain equity shares to the Investor Education and Protection Fund (IEPF) demat account. The disclosure, made under Regulation 47 of SEBI’s Listing Obligations and Disclosure Requirements and in line with the Companies Act, 2013 and IEPF rules, underscores the company’s efforts to comply with regulatory requirements and ensure shareholders are adequately informed so they can take timely action to protect their holdings before any transfer to the IEPF.