Q1 26/27

Aug 10, 2026

Summary

Q1 FY 2027 delivered strong revenue, EBITDA and PAT growth, with a 24% steady-state EBITDA margin. Management expects robust Q2–Q3 trading and sees further B2B expansion, while scaling ORIGEM stores and sales per store.

Ladies and gentlemen, good day and welcome to Goldiam International Limited Q1 FY 2027 earnings conference call hosted by Monarch Networth Capital Limited. Before we begin, a brief disclaimer. This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance, and it may involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Dani from Monarch Networth Capital Limited. Thank you, and over to you, sir. Yeah. Good afternoon, everyone. Thank you, Padak. On behalf of Monarch Networth Capital, we are delighted to host the senior management of Goldiam International. We have with us Mr. Rashesh Bhansali, Executive Chairman, and we have Mr. Anmol Bhansali, Managing Director of the company. We will start the call with opening remarks from the management and then move to Q&A. Thank you, and over to you, sir. Thank you, Rahul. Good afternoon, everyone, and welcome to Goldiam's earnings call for the quarter ended 30th June 2026. I would like to thank Monarch team for hosting this call. Goldiam continues its strong growth momentum in Q1 of FY 2027. Goldiam reported total revenue of INR 3,637 million for Q1 FY 2027. Other income of Q1 FY 2027 included tariff refund received by the company. Goldiam's EBITDA for Q1 FY 2027 grew by 120% to INR 1,039 million. Steady state EBITDA margin post-tariff refund calibration grew by 400 basis points to 24%. Profit after tax for Q1 FY 2027 more than doubled at INR 740 million. Lab-grown diamond jewelry exports contributed to 90.7% to the overall export sales mix during Q1 FY 2027, compared to 87.8% in Q1 FY 2026. Online revenue accounted for 19.3% of the revenue during Q1 FY 2027. About 64% of the inventory finished jewelry as on June 30, 2026, is with customers as finished jewelry, stock of jewelry to be sold in subsequent months to their customers. Goldiam's order book position as on June 30, 2026, was about INR 2,250 million. Cash and cash equivalents, including investments, were at INR 4,566.7 million as on June 30. In July, the company allotted 3,76,39,281 equity shares of INR 2 each as fully paid-up bonus equity shares in the proportion of one is to three by utilizing an amount of INR 7,52,78,562. Now let me share updates on ORIGEM, our India-focused B2C lab-grown diamond jewelry retail brand. As on date, Goldiam has 26 operational stores under the brand name ORIGEM across key cities. For Q1 FY 2027, ORIGEM recorded a total revenue of INR 81.56 million. The ORIGEM team is working on sales improvements strategies by introducing various sale enablers across the stores. In Q4 of FY 2026, we had introduced India's first digital 3D Ring Builder. During Q1 FY 2027, we introduced lab-grown diamond jewelry in 9KT gold and introduced old gold exchange scheme across all the stores. With this overview, I am happy to open the floor for questions. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may please press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is on the line of Dixit Doshi from Whitestone PMS. Please proceed with your question. Can you hear me? Yes, sir. Yeah, thanks for the opportunity and congrats for the excellent performance, especially into the B2B segment. If I see as of June end, our order book was INR 225 crore, and last year at the end of June quarter, it was INR 140 crore. It clearly shows that there is a good order book year-on-year. If you can elaborate more into the demand for Q2 and also for Q3, considering Q3 seasonally our best quarter. How are you seeing demand at the ground level in U.S., and what led to specifically the 40% year-on-year growth in the Q1? If you can elaborate a bit more on that. Also, you have, last quarter, touched upon the launch of bracelet and necklace category in the U.S. Have we done that, and how was the initial response, you can mention? Hi, Mr. Doshi. Anmol Bhansali here. I will take that question on and then open it up and request our chairman to add any comments. Let me start with your follow-up question. We have launched the category of bracelets and necklaces in the later half of the last financial year. That has played out very well with select customers. We've, in fact, been able to add some new customers in the wholesale segment in the U.S., particularly solely for the bracelet-necklace categories. We are still working on adding and increasing our share of this category and introducing it to our large retail customers. That will further add fuel and growth to our overall business profile in the B2B segment. Overall, this, along with deepening presence with our existing retail customers in the U.S., as well as deepening and introducing new customers in other geographies, particularly Middle East, Israel, especially, have led to the enhanced growth seen in Q1 FY 2027 this year. We've been able to successfully add and deepen new customers in these geographies, which are non-U.S. geographies, as well as, of course, as per our ongoing strategy, deepen presence with our existing retail customers in America. With regards to Q2, Q3, we again are very confident moving forward into the coming quarters on our sales pipeline and building, as seen in the order book, and the further deepening of presence, as seen in Q1 FY 2027. We are looking forward to a robust Q2, Q3, compared to an already record FY 2026, and we hope to continue the growth. It will be our endeavor to provide further stronger presence for Goldiam for our key retail customers in U.S. and globally now. I will request our Chairman to add any comment if missed on anything. Mr. Doshi, also the reason, very important reason why we had 40% growth this quarter was also that a lot of goods that were with our retailers actually sold. They sold very well. Lab-grown demand all over America is picking up very strongly over natural diamonds, and Goldiam is a clear beneficiary for the same. Thank you. You mentioned about Middle East and Israel, so can you give some number? How much would be our outside U.S. B2B business? Outside U.S., the B2B business still remains small because we started just last year, but the traction and order repeats are very strong, and the bracelet and necklaces that we have introduced in Middle East and in Israel is doing very well. We hope to increase that number in a good way by the end of the year. We will be able to report to you that we will have a double-digit growth in non-American areas as well. Okay. My second question is regarding margins. You did mention last quarter that FY 2027 we will see margin expansion. There was one doubt, let's say, when you report the numbers, you include the entire other income and calculate the EBITDA margin. Generally, we exclude the other income and compare the EBITDA margin. If I exclude the other income, then the margins have not gone up. How to look at it, and in this INR 37 crore other income, I think INR 15 crore-INR 16 crore would be tariff refund. For the remaining amount, was there any forex gain, that's why you include it in the EBITDA margin, or it is more or less interest income on the treasury? Sure. Thanks for the question, Mr. Doshi. We have been consistent even in our prior calls to state that our EBITDA margins we look at, including our other income, because always a substantial portion of other income at Goldiam is stemmed from exchange and forex changes. Until last year or a year and a half ago, we were a 100% export company, and even till date, we are over 90%-95% an export company other than ORIGEM. Given the current standing and the build of our business model, the exchange income is a natural outcome of our business where we are investing in memo inventory and a sales pipeline in the U.S. while being domiciled in an SEZ in India. Having said that, even in the prior call and in last fiscal year's call, I was happy to state that we would have a steady state margin expansion over the prior year. This is as per our definition, including OI. Yes, we are happy to showcase these results in Q1 FY 2027, where steady state margin, EBITDA margin has inched up to 24%, significantly higher than Q1 FY 2026 or FY 2026 as a whole. This is again walking the talk as to what we have shared on our prior commitments and driven by the dual and hybrid casting method, where we are casting in the U.S., delivering U.S. product of origin as a key supply chain solution for our customers, whilst also not bearing the brunt of changing tariffs, regardless of what they are. Because of this dual casting method, we are able to inch margins upwards. FY 2027 will be most likely a full financial year where this dual casting method will be employed throughout the year. Regarding Q1 itself, out of the other income described, INR 22 crore approximately has come from tariff refund, tariff duty refund. The balance has come split between forex gain as well as treasury gain. Even if you keep consistent over the quarters, you will see that even removing the INR 22 crore, there is a very substantial growth over Q1 FY 2026, taking the same metrics into consideration and all other things being equal. We are happy to inch upwards as committed and shared with our investors in the prior con call, and we hope to maintain and continue this margin profile as FY 2027 will have a full financial year of the U.S. casting and dual hybrid casting model. Thank you. Yeah, just one question on the ORIGEM and then probably with you. How many more stores are we planning to add for the remaining of this financial year? Any thoughts on franchise model or brand advertising? Sure. Thank you, Mr. Doshi. We have signed about another seven stores which will be active. These seven stores will come in between now and our target is to get them open before, by pre-Diwali, pre-Dhanteras. Then post that, we will review the business of ORIGEM and the whole and sold work is being put in place to increase sales per store through our program of sales enablers, as our Chairman had rightly identified in the opening remarks. I am happy to share more details on that later in the call as well, and the sort of work that goes on to further increase and make the business, ongoing monthly business of ORIGEM on a per store basis even healthier. We will then, of course, calibrate basis on opportunities available from real estate, key mall partners, as well as if there is any successful regions which we want to expand faster than regular due course of affairs. All good. Thank you. Thank you. Thank you, sir. The next question is from the line of Agam Bansali from Dalal & Broacha Stock Broking Private Limited. Please proceed with your question. Yeah. Hi, sir. Thanks for the opportunity. First of all, congratulations on great set of numbers. I just have one accounting question. Other income has increased this quarter, which includes a tariff-related refund. Can you clarify whether this refund has already been received in cash or it is yet to be realized? Yes, Mr. Bansali, the refund has fully been received in cash by our Goldiam USA, Inc. and already within the company. Okay. One more question. As more players enter the lab-grown diamond jewelry space, how do we see the competition evolving and how we are able to differentiate it? Yes. Great question. I think this is the ongoing situation with lab-grown retail in India. We believe at ORIGEM we have two to three key differentiators which will be very visible over the long-term standpoint. One, of course, is the design strength that comes from what we see globally, global bestsellers, and the backing of a publicly listed entity like Goldiam, which is a vendor of choice for a lot of retailers in the U.S. We are leveraging that design experience in order to bring the right and high quality of design and manufacturing into ORIGEM. A quick example is that especially in the ring segment, which is Goldiam's specialty in the U.S. market, almost every ring at ORIGEM has been sold at least 200 to 250 times globally before we even introduce it at ORIGEM. This is an ongoing exercise that we do every month and every quarter. Secondly, on the aspect of team. Goldiam has a specialty in manufacturing, sourcing of diamonds, manufacturing of jewelry, design expertise, and we are marrying this with a very strong, well-performing team on the retail side that has come in from some great retail background companies. We believe this is already shown as an example in the sort of distribution that ORIGEM has cracked just within about a year and a half of launch. As a young brand, we are perhaps one of the only ones present at some of the key malls of our country, few of which are like Phoenix Palladium, Mumbai, R City, Mumbai, Elante, Chandigarh, South City, Kolkata, Nexus, Koramangala, soon to be in Phoenix, Bangalore as well, and so on and so forth. Phoenix, Chennai as well. Again, the distribution strength, where we are known to be a partner for key malls and mall-based companies, will further help define the longer-term trajectory for our company. Three, I think given again Goldiam's strength, we have a financial muscle that's available to us, partly yes, as the QIP funds are within the company, and partly also through the ongoing sort of backing of Goldiam through things like gold metal loans, which helps extend and sort of minimize the outlay of immediate inventory when we open a new store, such that we can sort of help have our sales from the first four to six months of a store itself subsidize partially the gold that's being invested in each new store opening. Again, this is due to having a parentage in the form of Goldiam that is an established jeweler and jewelry manufacturer in the country, which otherwise would not be available. This along with this is unique things which are unique to Goldiam, which no startup can really compete with, where I think again the benefit of which will play out in the longer term. In the more short and medium term, we believe distribution will be a key edge, and we are hoping to continue build the right quality and high quality of distribution, which currently no other young competitor can compete with. Number two, further working on sales enablers, as our Chairman has mentioned, that effectively through multiple different ways and efforts that are going on, effectively the end goal is to increase revenue per store. That itself will help create and increase revenue per store and increase the ongoing customer base of ORIGEM, such that year-on-year same store sales growth is extremely strong. I think these are the initiatives which will differentiate us in the more short to medium term. We will hopefully announce new tech-driven leadership sort of opportunities as we have with the 3D Ring Builder in the coming quarters too, along with policy changes which will differentiate ORIGEM further to help that sales enabler standpoint become even stronger. Tied to that is the fact that I don't think VC funding will be as prevalent for your number 5, 6, 7, 8 player as it has been in the earlier days, which was effectively till date for the LGD industry, jewelry retail industry in India. We are confident that as the next two years come through and store maturity increases for ORIGEM, store depth and store breadth also increases, we will stand out amongst competition due to the short and long-term factors mentioned earlier. Okay, sir. Okay. Thank you, sir. The next question is on the line of Anubhav Mukherjee from Prescient Capital. Please proceed with your question. Hello, am I audible? Yes, sir. Yeah. My first question is in the B2B core business, can you say what is driving the sharp increase in realization, like from your last year, last financial year to this financial year? Thank you, Mr. Mukherjee. It's a little hazy, but I believe your question is on the realization on per piece of jewelry on the B2B business. Again, that is perfect. Perfect. That is defined by, we only sell finished jewelry again, complete diamond-studded jewelry. We do not do any plain gold, nor do we do any loose diamonds. On a finished jewelry standpoint, there are two factors that, of course, drive our ASP. I think there's, of course, our quarter-on-quarter changes, but on an overall standpoint, the movement in the lab-grown has been very positive for our ASP as a company as a whole. These two factors are one, gold, which has, of course, gone up on a year-on-year basis, and the other is diamond value. Particularly in lab-grown, what that means for us is that the value of diamonds utilized per piece of jewelry has also gone up, driven by the fact that we use a much higher number of carats in lab-grown jewelry than we do in natural diamond jewelry. It's this consistent movement towards more carats per piece of jewelry in terms of diamonds, as well as the baseline effect of gold and gold prices. Together, that helps drive our ASP. This is the main reason. Get that. And sir, like, how are you seeing the trend of both wholesale and retail prices of lab-grown diamond in your key markets? Sure. As mentioned even in our FY 2026 call, we have been consistently saying that lab-grown diamond prices have reached a base. In fact, in this quarter, we have even seen prices move upwards for certain sizes, especially the smaller sizes of LGDs. This is driven by, of course, labor increases as well as the pricing of raw. It continues to come back to the point that we see wholesale prices hitting a base, and we do not see large scope for erosion of prices from where they currently stand. In that sense, we believe it is a great time to invest in inventory to sell both B2B as well as in B2C market in India. On retail, I am sorry, Mr. Mukherjee, but we will not be able to provide great clarity there as we do not control or really review the retail prices of our customers. However, at least on the wholesale side, we can share that there is a strong base established, and prices have been fairly consistent, if not even increasing on some of the smaller sizes. Get that. Thanks for that perspective. Sir, I was reading that there is some, I may be wrong, but I read one article which said that there is some increased competition from Chinese CVD-manufactured LGDs, and there is more increased acceptance of, at least in the smaller carats. Are you seeing any impact of that, or some perspective in the industry? Sure, Mr. Mukherjee. It is a great point of clarification also. At Goldiam, as we do not do cutting or manufacturing of diamonds, or at least not on scale, other than our own grown productions from Eco-Friendly Diamonds LLP, any of such articles that talk about the prevalence of Chinese CVD diamonds or Chinese HPHT diamonds or local grown enhancement of capacity of CVD, et cetera, in fact, do not really impact us because that forms the supply side to Goldiam and our Goldiam factories. As a largely pure play jewelry manufacturer and distributor, any increase or change in quantum of diamond supply available will, of course, any large change will only serve to in the long term benefit Goldiam and add to our supply chain strength by enhancing the number of vendors that we work with. Again, to clarify, we do not do any loose diamond sales, no loose diamond trading, and other than our own grown rough grown through Eco-Friendly Diamonds, no loose diamond manufacturing either. Everything is purchased as per jewelry demands and jewelry requirements when orders are pre-sold to customers. I hope that explains where we stand with articles regarding diamond supply. Get that. But sir, just a small follow-up. The increased supply does not put any pressure on the wholesale pricing of jewelry as well, or we are insulated from that? Sure. Again, this is on loose diamonds, not on finished jewelry. On loose diamonds, wholesale prices have been fairly consistent. Any increase in supply is coming in with demand growth itself. Prices, again, on the wholesale side are very, very nominal compared to the cost of production itself. There has to be a sea change in technology to further drive costs down from where they are today. Again, we are not in a position to comment if that is happening, who is working on it, where that is happening. To the best of our knowledge, given the current methods of production, prices on the wholesale side are fairly at a strong base, without major scope for erosion from here. Yes, sir. My last question is on the final demand side over a two to three year period. Can you share your perspective on how you see on the demand side, what are the trends here? Sure, absolutely. Let's just divide that question into B2B and B2C. I think the B2B business is firming up even better than we had expected. Our ability to increase non-U.S. customers, to deepen presence with U.S. customers, both are resulting in fruit that is visible to our shareholders. We believe, again, there is scope for further penetration and depth within our B2B business, as well as product expansion and new customer addition. Across the board, I think, there is scope for Goldiam to drive jewelry sales on the B2B side upwards. We exited FY 2026 about at a INR 1,000 crore revenue, which was a record year for us. Over the medium term of three to four years, we hope to strongly increase on that base and deliver, have a larger company and presence, especially amongst our U.S. key customers. Management is working on this trajectory primarily, along with deepening and new presence with global wholesalers and retailers also. On the B2C side, ORIGEM is shaping up well with further depth available even with our existing stores, becoming a full-stack jeweler, having a lot more presence on sales per store per month, and deepening that position that we have. Previously mentioned by the prior participant, given the competition in the industry as it consolidates over the longer two to three-year period, we believe we would be in a great position to reach close to that 100 store figure that we are aiming and targeting towards with a much stronger sales per month, per store metrics that again we have targeted internally. Overall, we believe the organization has significant runway for growth, of course, faster growth in B2C, but also as shown in Q1, very healthy and steady growth left to do in B2B as well. We hope to continue on this path and over the next two to three years drive a business which is truly amongst the largest jewelry exporters from the country. I think this is a good time to also open the floor to our Chairman and request if any further comments. Hello? Yes, sir. Yes. Just requesting our Chairman to add if any further comments on the longer term growth trajectory. Longer term growth trajectory, I believe that we are in a great position to improve our businesses both in B2C and B2B. I think Anmol has clarified in depth regarding both of them. I think we can proceed. Just a small follow-up. Will it be possible to share what share of our B2B export business is to U.S. and what is non-U.S.? Sure, of course. As on FY 2026, over 90%, 90%-95%, I will be able to provide the exact number on email. But in that range, that was our U.S. share versus non-U.S. coming from the balance. Certainly, FY 2027 will have some positive movement towards non-U.S. on a smaller scale as mentioned by our Chairman. However, we would be happy to share those detailed and exact numbers on email. Thanks, I will follow that up. Okay. That is all from me. Thank you. Thank you, sir. The next question is on the line of Bharat Gianani from Moneycontrol Research. Please proceed with your question. Yes, sir. Congratulations for a great set of numbers in quarter one. So two questions from my side. One is just wanted to check that, we have been reading that the LGD segment has been gaining lot of traction in the U.S. market and hopefully it catches traction in Indian market as well. But come on the U.S. side, just wanted to check what would be the share of LGD in the overall jewelry space and what is the industry growth that the LGD is witnessing in the U.S. market? That is my first question. Sure. Thank you, Mr. Bharat. We do not have industry reports, but from last speaking to consultants within the industry, especially on the major retailer side with whom we work at Goldiam, we believe LGD share is between the 40%-60% range, depending on type of retailer segments, et cetera, within the major jewelries, majors and the larger corporate customer base that we can address. Okay. What is the growth rate that the LGD industry is seeing on a year-on-year basis? I am talking on the industry front, not our, because we are increasing market share. Yeah. Yes. In the finished jewelry segment, lab-grown diamond jewelry in the U.S. is looking at healthy double-digit growth. Of course, we believe that this growth will continue for the medium-term ahead, medium to longer term ahead, as most large corporate U.S. retailers transition to a majority and predominant lab-grown diamond showcase over the coming few years. So it is in healthy double digits on a finished jewelry standpoint. Okay. Second, what would be our market share in the U.S. market as far as the overall LGD jewelry is concerned? Yes, Mr. Bharat, still very, very small. Just to give an idea, our largest customer in the U.S. does about $6 billion of retail sales. They would have about $2 billion-$2.5 billion of wholesale purchase value, which is our addressable segment with them. We currently form about $35 million-$40 million of annual sales to them. So less than 2%. There is scope to certainly triple if not quadruple those numbers. That is just our share with the largest retail customer that we currently have. There are major retailers whom we don't currently work with who we would love to add on to our customer profile over the coming years, as well as mentioned, further deeper presence with existing customers, as highlighted through this example of our largest current customer. Okay. Sir, just one clarification. This LGD 40%-60% penetration you said, that would not be of the overall jewelry market. That would be some particular segment that you're talking of for the U.S. market. Yes, Mr. Bharat, that's with the major retailers, corporate and major retailers. Effectively, those are retailers that address the same more or less addressable price point and segment that Goldiam sells to, which is upper middle and premium income jewelry, not luxury or super luxury. That is not being manufactured in India at the moment. Okay. Okay, sir. Great. Thanks and all the best to you. Thank you. Thank you, Mr. Bharat. Thank you, sir. The next question is on the line of Ankush Agrawal from Surge Capital. Please proceed with your question. Am I audible? Yes, sir. Yeah. Can you share the profit or loss for ORIGEM for the quarter? Hi, Mr. Agrawal. We will be able to get back to you on that. We have the segregated detail, but I will have to separate out ORIGEM, particularly in terms of the P&L. There will be an approximate. In the gist, to give a ballpark figure, it will be in the range between INR 5 crore-INR 6 crore of operating loss for the quarter. Okay. Secondly, I think one of the comments that have been consistent over time has been the fact that our share with some of the largest retailers in the U.S. is low single digits. Even for them, I think the fashion LGD segment has been growing at more than 30%-40% kind of rates. Just wanting to understand, given the fact that they are growing so fast in LGD and our share with them is low single digit, and you clearly mentioned that there is easily room for us to triple or quadruple that number, then that would sort of mean that there is a fairly large and strong growth runway for the B2B business over the coming years. Otherwise, the commentary for the B2B has been good, but it is not as strong as what the other, some of the colleagues have come and just sort of give space. Just trying to understand, is the other part of B2B, some part of B2B business not growing, like maybe the wholesaler part or smaller retailer part, or what is it exactly? Ankush, yes, I think, we are also a bridal jewelry first manufacturer at Goldiam. Engagement rings, wedding bands form the significant majority of what we sell to the U.S. Again, this is structural and basis on choice in order to drive a higher ASP and subsequently a better margin profile than our competition. Fashion jewelry is most often at a It is factually at a much lower average selling price and price point, and also has a much shorter life cycle in terms of being in stores, selling, and reorders coming in subsequent years. As a result, the management decision has always been to focus on bridal jewelry. Particularly, as you have rightly seen, lab-grown diamond jewelry is growing well in the fashion segment now that it is already a large part of bridal. I think in fashion also, there is significant movement in porting of the choice of diamonds that retailers and subsequently U.S. customers are buying from natural to lab-grown. As that happens, our decision is to play it through the category of tennis bracelets, tennis necklaces, and higher total weight or higher value fashion. This does two things for us at Goldiam. One, it of course utilizes our bench strength of higher quality karigars and setters, polishers, filers, et cetera, which are generally catered towards bridal jewelry, to refocus their energies, not refocus, but also add on categories which require higher quality finishing. Secondly, it is to maintain, if not even further grow our ASP, because high-value tennis bracelets, tennis necklaces will only further help to maintain and grow our ASP, thereby also protecting factory operating margins and manufacturing margins. That is how we look at it. We will be investing, as I mentioned at the start of the call also, we have seen great pickup of this category from particular wholesalers. It is not yet We have done a couple of introductory meetings with our retail customers, but it is not really present or there in large value or numbers. We hope over Q2, certainly over Q3, that we will be able to introduce this category, test it, and do a testing cycle of that one year or so, and further become a dominant presence in this category outside of bridal jewelry as well. I think it will give us great legs for further growth and maintain the sort of B2B growth we have been seeing in the past. Correct. I think one of the comments you got us back was that bridal is about 85% of the product in the U.S. and 15% is fashion. As that number grows, presumably the fashion part from 15%, and like over a medium term, can this number sort of increase significantly, or it will be like a gradual build-up for fashion in terms of revenue mix for us? It will always So the model that we have within our industry, we have to do a testing cycle, invest in inventory, which is on consignment with U.S. retailers. They test it, see the percentage of returns that come in, see if there is a percentage of product leakage, and really have that longer testing cycle of about a year. That is always been the reason for our higher inventory and having investments in inventory at Goldiam, which is, as we declare in every quarter, kept with end retail customers in the U.S. It is always new product that is on test. So that cycle takes a year, as a result of which there will always be a gradual increase or movement if we strategically choose to add on inventory in a certain segment like high-value fashion. I would like to add on here, Mr. Ankush, to whatever Anmol has explained to you, that for the wholesalers, already high-value fashion has been introduced, and that will grow very strongly in America. Retailers, again, it is an investment into their consignment dollars. That is one thing. Secondly, I also want to make it a point, the growth of Goldiam. Last year, if you see this quarter, it was 235 crore. That was the time Mr. Donald Trump, the President, introduced duties and tariffs at that time. So the company endeavored into taking all the sales that were supposed to happen in the next quarter and tried to ship it earlier to help save tariffs last year. When you compare, right, that even on something that we did last year to 235, and we still grew on that number by 50%, is truly an achievement on the type of business that Goldiam deal in terms with wholesalers as well as retailers in fashion as well as bridal. Yeah, not complaining about the growth. The growth has been very healthy. I think, Anmol's commentary for the most part has been that B2B is like a 20%, 25% sort of growth, typical business. But given the execution that we are seeing, the opportunity size that we are seeing, and how the LGD part is doing, the thought was that why not the growth should be faster, is what I was trying to understand, but I get your point. That is all. Thank you. Yeah, we do not want to put any forward-looking numbers straight away, but we are positive for the growth of Goldiam into these segments very strongly. Got it. Thank you. Thank you, sir. The next question is from the line of Kumar Saurabh from Scientific Investing. Please proceed with your question. Hi. Thanks, Anmol, for the great set of results, continuing and surprising us. My question is first on the B2B side. The new segment which we are trying in the fashion jewelry side, are we going to penetrate the same end clients with this new segment, or we will have to find a new set of clients to scale this business? Hi, Mr. Saurabh. Yes, we have already new wholesale clients that are, in fact, unique to this segment for us. On the retail side, which is by far a much larger opportunity, it will be the same existing set of clients. However, of course, they are fashion buyers or fashion departments, et cetera. Same brand or corporate, just a different set of buyers that are in charge of fashion as opposed to bridal jewelry. Got it. Other question I have is, I think bulk of our export B2B side is coming from U.S., but Europe, like U.K., Germany, they also look like big market. Do we have any plans of expanding into those markets for B2B? Yes, Mr. Saurabh. We do want to expand into Europe. It is a more medium-term goal we have. But again, strategically, as management in the company, what is sort of sacrosanct to us is having a healthy margin profile, not necessarily as strong as it is in Q1 this year. Of course, that is very important for the U.S. business. But other regions, it is very hard to pull out this sort of margin profile. Just to explain why on a product level, most of Europe, other than the very high-end or very luxury jewelers, which are the France jewelry houses, most of Europe doesn't have a middle and upper middle and premium income segment and consumption class for fine jewelry. It then drops all the way to the very, very low end, which ends up being silver or very little amount of diamonds studded in fine jewelry, dainty pieces of jewelry, low number of carats, low number of diamonds, and low quantum and value of diamonds. As a result, while there is certain amount of jewelry that is, of course, sold, it is hard to deliver a strong margin and growth coming from servicing these regions. This is further compounded by the fact that there are no large retailers that work continent-wise. There is, of course, a large national retailer in Germany, large national retailer in France. All of them cap out at around the 150-200 store range, making even the number of pieces that you can sell limited. Both in terms of distribution scale-up and opportunity is limited, and product profile is not very beneficial from the margin and production standpoint. Yes, while it does help because there is a faster turn of inventory, there is a lower investment cost in inventory, and of course, geographic distribution is something, as management, we should also keep in mind and consider. With that in mind, over the medium term, we would love to add on certain revenue coming from these geographies. The most profitable region in terms of a scale distribution plan will and always will continue to be the U.S., and also the deepest in terms of revenue potential, size of revenue, and large corporate retailers that have 200 to 800 stores per brand. That's the sort of give or take that we have to consider while looking at other regions. We are going to, in this fiscal year, further see, and hopefully see, provided meetings go well, deepening of presence in Australia, which has a similar consumption pattern to the U.S., Canada, which has again similar consumption pattern to the U.S., and of course, Israel and Middle East, where we have seen good penetration through working with some large wholesalers in that particular region. That's the more immediate FY 2027 sort of visibility we have for geographic distribution without changing the inherent product that we do much. Great. Thanks for the detailed response. Two questions on ORIGEM. First question on ORIGEM is in the market, basically, there are three business models. One is pure physical model, and then some are going for pure digital, and some started with digital online model, and they've gone for an omnichannel kind of model where digital pushes the footfall. From business model perspective, I know these are early days, but are we going to be only physical? I'm not talking about just about having a website, because digital is a big investment, workforce, and all. How is going to be our business model for ORIGEM? Do you see the digital side being very, very strong where we put some serious marketing budget, some serious talent, or are we going to be more physical? Sure, Mr. Saurabh. I'll just add some context. I think it's a little early for us to take that decision, and I'll tell you why. From our standpoint at ORIGEM, everything that we sell is fine jewelry, which is lab-grown diamonds studded in gold. This is 14 and 18K largely, but also now we've introduced some 9KT gold. What's happening as a result of the gold price increasing itself for, globally speaking, is that in ORIGEM, the average ASP, the average sales price has gone up. After a certain level, it's very hard to convert customers online. Therefore, the focus of the company at the current stand will be physical largely. However, we do activate customers and do top-of-funnel marketing digitally, activate them digitally, walk customers through even investing in a WhatsApp AI bot, which hopefully will be launched soon, activate them via WhatsApp and Instagram, which are primary Meta platforms, and then get those leads converted in store. Largely because our ASP is north of INR 70,000 at current moment. Again, that's why I'm sharing this context is to explain why it's largely physical, even though we may activate and spend money digitally to generate hot leads for our stores. Over time, I do believe there is definitely a market that we can serve at ORIGEM through introducing certain product categories in silver, through deepening penetration and presence in product categories like 9KT. These products itself inherently, due to the costing and raw material price points, allow for enough inventory below INR 20,000, which is where you really see online jewelry sales be a significant portion. So, at current moment, it's not part of the agenda. However, I'm pretty certain over the coming fiscal year, as we introduce some of these lines in whether silver or 9KT, we will slowly increase our digital spend, ensuring that sales come through from that digital spend as well. Got it. My last question is on ORIGEM, our oldest- Sir, may I request that you return to the question queue for follow-up? Sure. Thank you. Thank you, sir. Ladies and gentlemen, in order to ensure that management is able to address questions from all the participants in the conference call, please limit your question to one per participant. The next question is from the line of Vivek Gautam from GS Investment. Please proceed with your question. Yeah, am I audible? Yeah. Yes, sir. Kudos on the great numbers, sir. One query we have is, how come the gross margins are lower at 30% this quarter, lowest in last 10 quarters, sir? Any new customer addition in U.S. like Costco and Indian origin quarterly exit rate? Thank you. Thank you, Mr. Gautam. I will have to review. To the best of my knowledge, our gross margins are in fact higher, but we will just double-check on those numbers and get back to you. We believe it's significantly higher than previous quarters, but let me again double-check and get back on the consol numbers. On your second question regarding new customer addition, it's been primarily happening in We've added new customers, as mentioned, a couple of wholesalers in the U.S. that focus on fashion, as well as new retailers and wholesalers in Middle East and Israel. Also, I'd like to add that Costco doesn't do lab-grown diamonds as on date. Yes. As our chairman has mentioned, we are interacting with the buyers, and as soon as the corporate decision is taken there, we are certain to be a part of that development. However, currently, they don't have a plan to introduce lab-grown diamonds in India. And the quarter and the sales rate of the ORIGEM, sir? In the quarter, we did about INR 8.1, INR 8.2 crore in Q1 FY 2027. Thank you, sir. The next question is on the line of Dixit Doshi from Whitestone PMS. Please proceed with your question. Yeah, thanks for the opportunity again. My question is regarding this Middle East, Israel, and Australia model. Is it wholesaler and retailer both? In case of retailer, is it similar to U.S. model where we start on a consignment basis, then one-year trial phase, and then it moves to the order book model? Sure, thank you. It is a mix of wholesaler and retailer. On the retailer side, again, these are smaller retailers, not to the same scale as U.S. So, again, it is a mix. Largely, it is similar to India, where jewelry is just purchased outright. There are, however, particularly in Australia, one large retail group which requires consignment testing and then has that evolution into styles being purchased directly and outright, post it being proven successful. Australia, I would say, is more similar to the U.S., especially with the largest retail group there. Middle East and Israel is more similar to India in that sense, with wholesale and retail being purchasing product outright. Okay, thank you. Thank you, sir. The next question is on the line of Bharat Gianani from Moneycontrol Research. Please proceed with your question. Yes, sir. Thanks for the follow-up. Just wanted to check this, what is the mix between the wholesaler and retailer sales currently for the U.S. market? For retailers, we serve them, and in the online sales, online sales will be primarily to wholesalers or retailers? So, that was just one clarification I needed. Sure, Mr. Bharat. Bharat, it varies quarter on quarter, but between 85%-90% of our U.S. sales is close to 85% is direct to retail, balance is to wholesalers in the U.S. And for our dotcom, which is part of this, 100% of dotcom is through large retailers where we are empaneled and set up as end-to-end integrated operators for some of their websites. Okay, so 85%-90% of the sale is to the retailers directly, right? Yeah, to the U.S. sales. Yes. Okay. Fine. Okay, thanks a lot, sir. Thank you and all the best. Thank you. Thank you, Mr. Bharat Gianani. Thank you, sir. The next question is from the line of Saurabh Kumar from Scientific Investing. Please proceed with your question. Yeah, I have one more pending question. I think 1.5 years back, you had told that in a mature state, the stores can do maybe INR 10 crore, INR 11 crore kind of number. I was looking at data of one of the recently listed player. They have taken a Lucknow market, a group of six stores, and that looks like in fourth or fifth year, it is reaching that number. My question is, for us, if we take our oldest set of stores, which we started in the beginning, maybe four, five, six stores, what is the current monthly run rate and how do you see them shaping up? Sure, Mr. Saurabh. Great question. I think most of our earlier stores that were started were set up in Mumbai. There are, of course, challenges that we face in Mumbai, both with rental and general demand in terms of porting of customers to the retail environment as opposed to somebody purchasing wholesale. It is mixed in terms that it has been about a year plus, little bit over a year. The earlier stores, we have some stores that are doing very well, which have crossed that INR 25 lakh-INR 35 lakh in that ballpark, sales per store per month, and some that are not at that metric yet. Again, in the long term, I think as we develop the strategy, become a full-stack jeweler, add on things like, of course, old gold exchange, advance purchase plan schemes, which until either this quarter or next quarter are not active. As we invest in these initiatives, we will see further strengthening of mature stores coming in. Mr. Saurabh, one of our best stores has always crosses INR 40 lakh-INR 45 lakh per month. The rest are all going to get there in time when new initiatives are introduced. Hopefully, in a quarter or two, we will see much better traction. Okay. Got it, sir. Got it. Wish you all the best. That is all again. Thank you. Thank you. Thank you, sir. Ladies and gentlemen, in the interest of time, that was the last question for today. I would now like to hand the conference over to management for closing comments. I want to thank all the participants for joining us today. If you have any further queries, questions, or any other additional information, please feel free to contact Dickenson Seagull IR Consulting or Investor Relation team. I would like to thank everyone for joining in today. Good evening to you all. Thank you. Thank you, sir. Thank you. On behalf of Monarch Networth Capital Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines. Thank you.