Goldiam International Limited

Consumer Cyclical — Luxury Goods · NSE

₹322.00+₹12.55 (+4.06%)

DalalBaazaar Score

75 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by high debt relative to equity, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Goldiam International Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Goldiam International Limited, together with its subsidiaries, manufactures and sells diamond-studded gold and silver jewelry products in India. It operates in two segments: Jewellery Manufacturing Activity and Investment Activity.

IndustryLuxury Goods

SectorConsumer Cyclical

Employees186

Annual revenue₹977 Cr

How does it make money?

Turns over ₹977 Cr a year. Of every ₹100 of sales, about ₹17 reaches shareholders as profit, with ₹27 left at the operating level before interest, tax and depreciation. Each of its 186 employees supports ₹5.25 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin27.3%

Net margin17.5%

Revenue / employee₹5.25 Cr

Who are its competitors?

The closest listed comparisons in its industry are TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED, ASIAN PAINTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

TRENT LTDP/E 87.2x · ROE 25.9%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

ASIAN PAINTS LIMITEDP/E 46.9x · ROE 22.3%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 20.3%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 15.4% against a peer median of 25.9% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE20.3%

ROE15.4%

Peer median ROE25.9%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +83% while net margin moved +10% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+83%

Margin effect+10%

DalalBaazaar Score

75/ 100

Good

Weighted across six categories. Every point is explained below.

• Beta of 1.13 — moves roughly with the market
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings

Quality vs. Valuation

Company Quality

81/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

73/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

23.2x

3Y Median

33.0x

40 monthly readings · mean 32.4x · range 16.1x–58.2x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 30% below its 3y median of 33.0x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 66% below the peer median of 69.2x.

vs. its own history

Cheap

33.0x median over 40 months · -30%

vs. sector peers

Cheap

69.2x median of 4 peers · -66%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

23.2x

P/B

4.38x

EV/EBITDA

17.3x

PEG

0.88

Dividend Yield

0.87%

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 23.5% to 27.3% over 3 years.
High return on capital employed
ROCE of 20.3% is the mark of a business that converts capital into profit efficiently.
Valuation below its historical average
At 23.2x the stock trades 30% below its own median of 33.0x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Debt is rising
Total debt is up 2772% over 3 years — worth checking what it funded.
Inventory building faster than sales
Inventory is up 135% against revenue growth of 83% — stock may not be moving.

Red Flags

3 items require attention · 2 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 2772% over 3 years, from ₹3 Cr to ₹77 Cr.
🔴High leverageFinancial
Debt/Equity of 6.93x — earnings must service borrowings before shareholders see anything.
🟡Inventory building faster than salesFinancial
Inventory up 135% against revenue up 83% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 20.3% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 23.5% to 27.3%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 30% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 66% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 6.93x. Interest is payable whether or not the business has a good year.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 17% a year✓ 22.4% CAGR
Latest reported year was 41.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 25%✓ 27.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹8 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.3x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 17%✓ 20.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 4 neutral · 1 weak

Market Cap

₹4,848 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

23.2x

Fair

Fairly valued against the generic band

P/B Ratio

4.38x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹13.88

Profitable

Profitable on a per-share basis

ROE

15.4%

Strong

Strong capital efficiency

ROCE

20.3%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

6.93x

High

High leverage

Revenue Growth (YoY)

41.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

107.9%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.87%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹8 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹322

Operating Margin

18.8%

Good

Healthy core-business profitability

Net Margin

19.7%

Good

Strong bottom-line conversion

Current Ratio

5.94

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

1.13

Market-like

Moves roughly in line with the market

52W Range Position

62%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

316.3 / 337.7

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

46.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹533 Cr	₹603 Cr	₹781 Cr	₹977 Cr	+22.4%
EBITDA	₹125 Cr	₹128 Cr	₹181 Cr	₹267 Cr	+28.7%
EBITDA Margin	23.5%	21.3%	23.1%	27.3%	—
PAT (Net Profit)	₹84 Cr	₹91 Cr	₹117 Cr	₹171 Cr	+26.4%
EPS	₹5.87	₹6.34	₹8.23	₹11.33	+24.6%
ROE	14.4%	14.4%	15.8%	15.4%	—
ROCE	19.7%	19.0%	22.6%	20.3%	—
Total Debt	₹3 Cr	₹5 Cr	₹27 Cr	₹77 Cr	+206.2%
Free Cash Flow	₹56 Cr	₹100 Cr	-₹18 Cr	₹8 Cr	-47.8%

🟢 Revenue has grown at 22.4% a year over 3 years.

🟢 EBITDA has grown at 28.7% a year over 3 years.

🟢 EBITDA Margin has risen from 23.5% to 27.3% over 3 years (+3.9 pts).

🟢 PAT (Net Profit) has grown at 26.4% a year over 3 years.

🟢 EPS has grown at 24.6% a year over 3 years.

🟢 ROE has risen from 14.4% to 15.4% over 3 years (+1.0 pts).

🟡 ROCE has held roughly flat at 20.3% over 3 years.

🔴 Total Debt has grown at 206.2% a year over 3 years.

🔴 Free Cash Flow has shrunk at 47.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,363 Cr

Total Liabilities

₹251 Cr

Total Debt

₹77 Cr

Cash & Equivalents

₹305 Cr

Operating Cash Flow

₹24 Cr

Capex

-₹16 Cr

Shareholding (proxy)

Institutional Holding

0.5%

Insider Holding

61.3%

Corporate Actions

Dividend Rate

₹2.81

Ex-Dividend Date

12 Feb 2026

Peer Comparison

Company	P/E	ROE
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%
ASIAN PAINTS LIMITED	46.9x	22.3%

Recent News

2 mixed4 general

Goldiam International (BSE:526729) - Stock Analysis

Simply Wall Street, 15 Oct

Goldiam International Ltd Share Price Target, Forecast for Long Term Equity.

HDFC Sky, 07 SeptAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Goldiam International (GOLDIAM) Share/Stock Price Live, NSE

TechGraph, 09 Oct

Senco Gold, Kalyan, Titan To Goldiam: Why Are Gold Stocks Crashing Today? All You Need To Know

Goodreturns, 17 Oct

Goldiam International vs Nifty 50: Returns Compared

Univest, 25 Sept

Did Goldiam International shares really crash 24% in one day? Here’s how the bonus math works

The Economic Times, 10 JulPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong16.7/20

🟡Financial HealthAdequate12.5/20

🟢GrowthStrong18.5/20

🟢ProfitabilityStrong12.8/15

🟢ValuationAttractive10.7/15

🔴RiskHigh3.5/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 17% a year22.4% CAGR
✓EBITDA margin holds above 25%27.3%
✓Free cash flow remains positive₹8 Cr
✓Debt / EBITDA stays below 2x0.3x
✓ROCE stays above 17%20.3%