Q4 25/26

May 27, 2026

Summary

FY 2026 set records, with Q4 revenue up 21% and PAT up 61%. Management expects FY 2027 double-digit growth and stronger margins, while scaling ORIGEM toward 45–50 stores.

Ladies and gentlemen, good day and welcome to the Goldiam International Q4 FY 2026 earnings conference call. 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. 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 the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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. Thank you, and over to you, sir. Yeah, thank you. Good afternoon, everyone. 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 so much, Rahul. Good afternoon, everyone, and welcome to Goldiam's earnings call for the quarter and year ended on March 31, 2026. I would like to thank Monarch team for hosting this call. I am pleased to inform that Goldiam has reported strong overall performance for the quarter as well as for the year ended March 31, 2026. Goldiam has reported highest-ever revenue, EBITDA, and PAT for the financial year 2026. For the first time in Goldiam's history, our revenue has crossed the prestigious INR 1,000 crore mark. Despite the business disruptions related to tariffs, West Asia war, volatility in gold prices, Goldiam ended FY 2026 with a tremendously impressive 27.5% consolidated revenue increase at INR 1,212.3 million and a robust 45.7% increase in consolidated PAT at INR 1,705.9 million. Consolidated revenue for Q4 FY 2026 at INR 2,433 million was up by 21%, and consolidated PAT for Q4 FY 2026 at INR 372 million surged by 61%. EBITDA for Q4 2026 at INR 583 million grew by 35.9% with EBITDA margin of 23.9%. EBITDA for FY 2026 at INR 2,486.7 million grew by 36.2% with EBITDA margin of 24.3%. Cash and cash equivalent, including investments, were at INR 4,933.92 million as on March 31, 2026. The board of directors have recommended a bonus share in the ratio 1:3 fully paid-up equity shares of INR 2 each in proportion of one new fully paid-up equity share of INR 2 for every three existing fully paid-up equity shares of INR 2 each, subject to the approval of shareholders. Here, I would like you to note that Goldiam is tariff agnostic, and the recent increase in custom duty in India on gold to 15% will not have any material impact on Goldiam's operations, financial performance, or profitability. The company operates from special economic zone, which is SEZ SEEPZ, and continues to avail the applicable custom duty exemption benefits available to SEEPZ units under the prevailing government policies and regulations. Lab-grown diamond jewelry exports contributed to 88.3% to the overall export sales mix during Q4 2026. Online revenue accounted for 27.4% of the revenue during Q4 FY 2026. About 64.5% of the inventory finished jewelry as on March 31, 2026 is with customers as finished stock of jewelry to be sold in subsequent months to their customers. Goldiam's order book position as on March 31, 2026 was at about INR 2,000 million. Now let me share updates on ORIGEM, our India-focused B2C lab-grown diamond jewelry retail brand. From January 2026 till now, ORIGEM, Goldiam's India retail lab-grown diamond jewelry brand, has doubled its store count, now having 24 operational stores across 12 cities. During Q4 FY 2026, ORIGEM recorded a total revenue of INR 55.6 million. There are eight to 10 more ORIGEM stores coming up, and they'll be all operational by September 2026. With that overview, I'm happy to pass this line to our Managing Director, Mr. Anmol Bhansali, for further updates. Anmol, take it over. Thank you. Good afternoon, good evening to our esteemed shareholders and to the shareholder community in general. Once again, as our Chairman has mentioned, in a tumultuous and challenging year, we are very glad to present our all-time high best revenue, EBITDA, and PAT results. At Goldiam, on the B2B side, the hybrid casting method, where we are casting in the U.S., has truly been instrumental to help delivering business continuity for ourselves, our customers, and in general in the jewelry industry, as well as to help deliver margin growth within the company. We've crossed a INR 1,000 crore milestone in revenue, which is an important milestone in our journey. And while we look forward to more, we want to take this time to also celebrate and thank the key stakeholders at Goldiam, including all of our teammates, to help deliver this result. We look forward to, in the coming year as well, an introduction of high ASP fashion jewelry. Specifically in the tennis bracelets and tennis necklaces segment at Goldiam, which will provide added growth and incremental value addition to our company, which has erstwhile been predominant in the bridal jewelry segment. At ORIGEM, as mentioned by our Chairman, we have 24 operational stores, 12 of which have opened about 60 days ago or less. While we have another eight plus signed up, our focus is also now on adding on sales enablers within the ORIGEM stores. These include, as you may have seen, India's first 360 3D Digital Ring Builder, where a customer can, both online and in an ORIGEM store, truly build their own ring with variations of up to nine center stone shapes, six sizes, multiple different shank options, and setting options as well, including customizing even with an engraving, all of which is rendered in a photorealistic manner, live with live pricing. It's an important step in our endeavor to build a higher quality jewelry shopping experience in our country. Further, we hope to expand into additional categories with this 360 ring builder experience, as well as in the future, very soon, we hope to launch additional sales enablers like old gold exchange facilities, purchase plan and advance purchase plan facilities, and so on, and further alternate carriage of gold inventory. This includes 9 KT as well as potentially even reviewing an addition or a small line of jewelry studded in silver. We hope all of these enable ORIGEM to be the jeweler of choice in the lab-grown diamond space and allows multiple use cases, both in daily wear as well as in the higher value segment, to allow ORIGEM to be the market winner in the lab-grown diamond jewelry space in India. Thank you. I now request participants to join in in the question and answer session, and we look forward to providing clarity and answering your questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone 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'll wait for a moment while the question queue assembles. The first question is from the line of Dixit Doshi from Whitestone PMS. Please go ahead. Yeah, thanks for the opportunity. My first question is related to our B2C business. If you can throw some light in terms of demand scenario in the U.S. market, and we are also expanding to the other geographies as well. If you can throw some light on the demand scenario, and also over last couple of years, let's say, our top three to five retailer brands, how our wallet share has increased in each of those brands. Sure. Thank you, Mr. Doshi. Yes, the demand scenario continues to look positive, specifically in the lab-grown diamond studded jewelry space. In general, we see our retailers, in order to minimize the advent of higher raw material costs, specifically in gold, moving down in KT. Somebody who was specializing in 18 is increasing their lines of jewelry in 14. Somebody who is specializing in 14 is now increasing the lines of jewelry in 10 KT, and so on and so forth. This allows the retailer to maintain price points for the end customer and still manage to capture demand in the key price points, such as, for example, $1,000 retail, $2,000 retail, $3,000 retail, and so on and so forth. With these changes in mind, we see the demand scenario remaining robust. For us, in particular at Goldiam, we have always been a bridal jewelry specialist in the U.S. and global retail jewelry segment. Bridal specifically refers to rings, which are engagement rings and wedding bands, and this has been the core of what we do at Goldiam. As we further strengthen our assortment here and keep pushing in more SKUs within this segment, we have also been able to launch high-value fashion jewelry and start adding SKUs within this category as well, effectively increasing the addressable market and the dollars per store and per retailer that we can capture at Goldiam. Two line categories in particular are tennis bracelets and tennis necklaces, which allow us to maintain and perhaps even increase our average selling price at Goldiam, as these are high skill set categories with sizable value addition per piece of jewelry. On our side as well, with the introduction of new categories, demand scenario remains robust, and we hope to test and enhance the addressable market at Goldiam, even within our existing retailer segments. The top three retailers, the concentration has all increased, of course. In terms of our market share with them, as the world and as the U.S. moved over the last five years increasingly into the lab-grown diamond space, we have been able to capture a sizable share of this, which is visible in the revenue growth delivered on a three-year or five-year CAGR period. I hope that answers your question. Thank you. Yeah. This bracelet and necklaces which we are entering, how big would be that market compared to the rings? In general, for the U.S. jewelry industry, bridal jewelry is about 50% of the market, and fashion jewelry is about 50% of the market. Within fashion, our endeavor is to capture the higher value, harder to execute, technically challenging categories of these bracelets and necklaces, as opposed to low-value silver-based products, which is not suitable for our ASP in general. I do not have the exact number for these two categories, but overall, the entire fashion jewelry space is as big as the bridal jewelry space in the U.S. Okay. In terms of margins, in the last call, you mentioned that after this hybrid casting model, and whatever price hikes we have taken with our B2C customers, we were thinking that our margins will expand going forward. Now, just one clarification. Basically, what you give in a presentation or a press release, the EBITDA margin, you include the other income as well. If I exclude the other income, we are broadly in 21% range. Do you feel margins can expand from here, or whatever we have seen in Q4 will be the steady state margin? Yes, we certainly believe margins are stabilized and increasing for our industry. We do include other income as a portion of that is true business income, as we are a full dollar exposure and generating gains from that as well, which is part of our regular course of business. In general, though, even outside of the forex rates, we see margins increasing on a steady state basis, specifically due to the hybrid casting model, where we are able to leverage production in the U.S. and working with fantastic factories in America to support our jewelry value addition and production in India, which is then shipped back to retailers across the U.S. So, we do see margins increasing with and without the other income coming in, and we look forward to a robust FY 2027, as we will have a full year of operations with hybrid casting in the near future. Okay. Now, couple of questions for the ORIGEM side. Firstly, if you can mention, let us say, on the last two, three months, on a monthly basis, obviously in, let us say, April, some store would be profitable at a store level, some would be loss-making. In May, let us say, some of the profitable might be doing loss, and some loss-making would be doing profitable. On average, how many of the 24 stores would be closer to 18, 20, like, kind of revenue, which is store-level breakeven on a monthly basis? Sure. It is a great question, Mr. Doshi. I will start by saying 12 out of our 24 stores, so exactly half our capacity, is very new, has been opened only in the last 60 days or less. As a result of which, there is a lot of operational enhancements that we look forward to and stabilization in the micro-markets in which we have opened. We have currently finished the Q4 with about INR 5.56 crore of revenue at ORIGEM, and happy to announce also that our April sales numbers crossed INR 3.5 crore at the ORIGEM level for the month. We look forward to this stabilizing and increasing shortly. I do not have the ready number for how many stores were operationally breakeven on a store level and how many were not, but it is safe to say that, given that 12 stores were just opened within 60 days, that that would be the store count which has yet to hit operational breakeven. The idea and target for us, as I mentioned in opening remarks, is to now work on adding sales enablers to push and take up ORIGEM's per-store revenue higher, such that a larger group is consistently, and that is very important to us, consistently hitting store-level breakevens, especially once the stores are four to six months old. In general, also, given the space is both new, small, and yet growing, and extremely competitive, we believe that these sales enablers, whether that is better tech and tech-enabled jewelry shopping experience, like a 360 Digital 3D Ring Builder, or whether that is offering lucrative old gold exchange program, payment programs, et cetera, will allow us to be, over time, the go-to brand for jewelry shoppers within the lab-grown diamond space. Okay. Last question on the ORIGEM. You mentioned we will be planning eight to 10 more stores by September. Let us say in H2, are we focusing for any more number of stores, or the focus will be towards first increasing the per store sales of these 30-35 stores, and we have not yet finalized the strategy for H2? Yes. Great question. We hope to have around 45-50 stores by exit FY 2027. We may have a quarter where we decide to focus on enhancing revenues from existing stores. But by exit FY 2027, the ideal goal is to be in the range of 45-50 COCO stores. Okay. Fine. That is it from my side. I join the call. Thank you. Thank you, Mr. Yashit. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Nikunj Bhanushali from Wallfort PMS. Please go ahead. Hi. Thanks for the opportunity. Sir, if you could just comment on the older mature stores that we have in ORIGEM. What kind of sales are we getting there, and how is the profitability there? Are they crossing the 18 lakh to 20 lakh sales targets per month? Hi, Mr. Nikunj. Yes, thank you for the question. Yes, largely the older, more mature stores are crossing the 18 lakh to 20 lakh sales targets, which is the break-even target revenue for an ORIGEM store. We're, in fact, very pleased with some mall-based stores. Our store, which is one of the only two lab-grown diamond stores in Phoenix Palladium, Mumbai, is doing north of 40 lakh of sales, and that is an even newer store. Very pleased with performance over there. In general, yes, all of our more mature older stores are hitting this revenue target. Okay. Lastly, in our Q4, the other expenses went up quite a bit. It reached about 14% of our revenues. What was the reason for that, and what are taking up these charges? Sure. Mr. Nikunj, I think there was generally in Q4, we have a higher little expense due to additional manufacturing that is being done looking into Q1 and moving forward. Outside of that, we have our ORIGEM-related expenses as well as certain one-offs on the investment side, which have created a higher expense for this quarter. Okay. And this would be one-off, or would it be going forward into the next quarter this way? All one-off. Okay. Yeah. Thank you. Then I think we will get back into the queue. Thank you. Thank you, Mr. Nikunj Bhanushali. Thank you. The next question is from the line of Vidhi Shah from CR Kothari and Sons. Please go ahead. Hello, sir. Firstly, I would like to understand what led to the margin decline quarter-over-quarter in this quarter? Sure. Thank you for the question, Ms. Vidhi Shah. We have, again, as I mentioned, certain one-off other expenses related to the investment side and general additional expense on the production being baked in for Q1 coming up. Slight margin change, but otherwise, we are in general very happy with our margins, and we look forward to, as I mentioned, a very strong FY 2027, particularly in the margin front. The dual casting method that we are operating for our U.S. business is making Goldiam tariff agnostic and providing us the opportunity to leverage strong manufacturing network in America in order to further enhance the margin profile for the company. We are extremely excited and have strong belief that the margin profile in FY 2027 will be significant, strong, and certainly higher than the Q4 numbers at the moment. Looking forward to further growth there, and again, as I mentioned, it is driven by the dual hybrid casting method which we have employed for our U.S. business. Yeah, I understand. And sir, on the ORIGEM front, as you mentioned, the break-even for the store is INR 18 lakh-INR 20 lakh per month. That- And sir, what is the Sorry? Sorry. Yes. Yeah. Please proceed, Ms. Vidhi. I would like to know what is the cost of opening one store? Sure. That's a great segue for me to share a little bit about the balance sheet side of ORIGEM. Per store, approximately it costs INR 3.5 crore to open one store, INR 2.5 crore of which is inventory investment needed in gold, diamond, making charges, all put together. About INR 50 lakh-INR 60 lakh is the CapEx required per store, which is the furniture and fit-out costs. About INR 30 lakh, INR 35 lakh-INR 40 lakh is the security deposit or rental deposit that we pay, which is refundable with the landlords at these locations. All in, if you add these three buckets up, the total expense to open an ORIGEM store or cash out to open an ORIGEM store is about INR 3.5 crore, give or take a certain amount. On the P&L side, effectively the break-even at the current operating margin levels are in the range of INR 17 lakh-INR 19 lakh, so slightly better than the INR 18 lakh-INR 20 lakh figure. We hope to sort of hit these numbers within the first six to nine months of opening. In some stores where there is high footfall and fantastic traction, particularly mall stores, we are able to deliver this number even faster. In some high street stores, of course, it's either with this stated timeframe or a little bit extended. However, on average, we hope to, across the store fleet, deliver break-even within the six-month period. The idea with ORIGEM is to effectively create a store fleet where over time we mature over two, three years towards that INR 30 lakh, INR 35 lakh, INR 40 lakh, INR 45 lakh sales per store per month figure. Again, sharing, this is not a significantly high barrier to hit over the longer term. We have peers in the everyday fine jewelry space within the same ASP, even lower ASPs, that are hitting monthly sales figures of INR 65 lakh, INR 80 lakh, even over INR 1 crore across the entire store fleet. With even the lower goal in mind, we will be able to deliver a three-year payback upon the investment that is made in an ORIGEM store while creating a long-term growth driver for the company. We are on the job here, and that is the model for ORIGEM that we are following. Of course, a lot of work to be done, such as I mentioned, key sales enablers, lower caratage of gold-based jewelry, introduction of silver for that fast gifter who wants to come in and purchase something under INR 10,000-INR 15,000. Category addressment, inventory, addressing inventory, addressing sales enablers like purchase plans, old gold exchange, et cetera, will help us drive store revenue towards that stated long-term target. Understood. Sir, on the competition side, in B2C category in India, we have a lot of new companies that are coming up. How do we see the demand side, like in terms of competition? In the long term, what is our vision? Where do we want to take this B2C segment to as a share of the total revenue? Sure. Thank you, Nisha. Yes, like you very clearly identified, there is very strong competition this early on for the category of lab-grown diamond jewelry in India. The category today is nascent, especially from the overall jewelry segment. From the studded jewelry segment also, it is in perhaps low single digits as a portion of market share, but it is certainly growing fast and growing quite quickly. We do believe that the demand is, and we are seeing demand increasing very quickly within this segment. We hope to build ORIGEM as the go-to brand within the space for everyday fine jewelry, particularly in the lab-grown space. I think ORIGEM has a right to win into a certain degree, and that is why we have delved into this segment. We have two or three very strong forces that are behind us. One, of course, having the parentage of a publicly listed company allows us access to some key real estate that is not otherwise available to younger startups that don't have lineage parentage. For example, we are already present for such a young brand in Phoenix Palladium in Mumbai, R City Mall in Mumbai, Infinity Mall, Mumbai, the best mall in Kolkata, South City, best mall in Chandigarh, Elante, Nexus Hyderabad, Nexus Koramangala, Bangalore, Nexus Whitefield, Bangalore, Phoenix, Bangalore, and many more to come in the future. This kind of distribution strength is one particular moat that we have as a crutch at ORIGEM. The second is the design expertise and experience of Goldiam, particularly in the bridal space, which is in rings and solitaire rings, which is a, I would say, a predominant category for ORIGEM. Almost every single ring at ORIGEM only comes into the store if it has sold multiple times over in the export market. So proven performance, novel designs, best-in-class design language, which is then brought to India to further enhance the jewelry shopping experience. One big learning from the U.S. also was this ring builder. We developed and invested in developing this technology, which again is the first in the country on the jewelry shopping experience side to allow an enhanced experience for customers. Again, that's the second big benefit that we have at ORIGEM. Thirdly, the joint efforts of both Goldiam's management, our sourcing capability for lab-grown diamonds, manufacturing capability, as well as retail experience coming in with a top-class professional team to help further drive the long-term objectives for ORIGEM. Within these three sort of crutches, we believe ORIGEM is stated to have a right to win, especially in the face of competition that may come and go over the next few years. We look forward to continuously building on the base that we built. Today, with 24 COCO stores, we're happy to share that we would be among the top lab-grown diamond retailers in terms of COCO stores, and certainly in the top 3 with overall store count. This lead will only increase as we open the next six, eight, 10 stores in the coming few months. All right. And sir, any revenue guidance that I can get? We are hoping and targeting an exit revenue of about INR 7 crore per month for FY 2027 for the ORIGEM business. That, I think, is a realistic achievement that we can hit and take forward from there. Just sir, on the total company, sir, any revenue guidance? We hope for and we are looking forward to build towards a very positive growth, double-digit growth in FY 2027 on the overall basis. All right. Thank you, and all the best to you, sir. Thank you, Nisha. Thank you. Participants who wish to ask questions may press star and one at this time. The next question is from the line of Kush Shah from Evoke Commercial. Please go ahead. Hi, sir. Congratulations for the good set of numbers. My first question would be related to marketing expense. What would be the marketing expense for this quarter, Q4 FY 2026? Sorry, is this Mr. Kush Shah? Yeah. Yes, sir. Yeah. Thank you, Mr. Shah. I do not have the marketing expense ready with me at the moment. I am happy to share that offline. Can you share that- Sorry? Yeah, yeah. Sorry. Sorry for interrupting. I was saying that I can share that just overall EBITDA level loss at ORIGEM's level was about INR 15 crore for the full fiscal year. If you can give us the marketing expense for the whole year as a percentage of revenue or the current quarter as a percentage of revenue, marketing expense? Sure. Mr. Shah, as I mentioned, I don't have the level-by-level breakup of the expense, but happy to pull it out and share those numbers over email. Okay, if you can provide us the overall marketing expense going forward for the six to eight quarters, how much would be the marketing expense as a percentage of revenue, if you could give us, or is there any number that you can provide to the marketing or advertisement budget of the overall consolidated, or it's only for the ORIGEM as well, ORIGEM only, but overall, what would be the percentage or the expense? Sure. We are looking forward for the first half of the fiscal year. We are, of course, given the number of stores opening and the store fleet expansion, we do a budgeting exercise on a half-yearly basis. For the first half of FY 2027, we are looking forward to spend between INR 4 crore to INR 4.5 crore in marketing expense. INR 4 crore-INR 4.5 crore? That's right. Okay. Okay, sir. Thank you. All the best, sir. Thank you. Thank you. The next question is from the line of Sandeep Govindbhai Patel, an individual investor. Please go ahead. Mr. Sandeep, your line has been unmuted. Please go ahead with your question. Yeah, can you listen? Hello? Hello? Hello, Mr. Patel. Yeah, can you listen? We can, yes. We can hear you. Yeah. I just have one question. I wanted to understand our subsidiary structure. We have four subsidiaries, if I am not wrong. Can you please elaborate what subsidiary does what? Sure. That is a great question, Mr. Patel. Goldiam International, being the parent company, has four subsidiaries, as you mentioned. One is Goldiam Jewellery Limited. It is in the same line of business as Goldiam International. It is a separate production facility, but also located within SEEPZ in Andheri East. It is effectively a company set up and a stone's throw away from our parent factory. Both Goldiam International's facilities and Goldiam Jewellery's facilities are engaged in the production of diamond-studded jewelry and export of said jewelry to global markets. Further, other than Goldiam International, there is also Goldiam USA. This is our marketing arm. Effectively, goods are produced in Goldiam International, Goldiam Jewellery, sold to Goldiam USA, and Goldiam USA is the marketing arm, which is 100% subsidiary of Goldiam International, domiciled in the U.S., which then sells to large retailers in the U.S. All of our largest customers are effectively a pass-through, through Goldiam USA, into their retail shops in America. Thirdly, our last subsidiary at Goldiam International is Eco-Friendly Diamonds LLP. Goldiam International, I believe, is an 88% shareholder at Eco-Friendly Diamonds, and this is the business in which we are growing lab-grown diamonds. Our growing plant is also located in SEEPZ SEZ in Andheri East in Mumbai. All diamonds here are utilized in-house by Goldiam for our lab-grown diamond purposes and lab-grown diamond jewelry purposes. Effectively, it is an arm that grows diamonds in-house and which is 100% captive consumed by Goldiam for jewelry operations. I hope that gave a fair and clear overview of our three subsidiaries, which is Goldiam Jewellery Limited, Goldiam USA Incorporated, and Eco-Friendly Diamonds LLP. Yeah, got it. One question is that regarding casting, gold raw material casting, which we- Right did in U.S.A. after the tariff, right? Correct. That is handled by the Goldiam USA only? Marketing? That is either direct to Goldiam through our relationships in India with U.S. casters. We both purchase in Goldiam International, Goldiam Jewellery, as well as in Goldiam USA. We purchase at all three facilities depending on speed of delivery needed. Okay. Eco-Friendly is only the subsidiary which produces the lab-growns. Am I? That is correct. We have our own machinery and our own laboratory where, via the CVD method, we are growing diamonds in-house at Goldiam through Eco-Friendly LLP. How many machines do we have? So we have about 30 machines within the facility in SEEPZ that are operating nonstop. Do we have any plan to expand and purchase more machines? No, sir, not at the moment. For us, we believe that as the industry pricing of loose lab-grown diamonds have come down over the last three, four years, the margin potential is truly in the distribution parts of the business, which are from our intent, the global distribution of jewelry on the B2C side and distribution of jewelry B2C in India via ORIGEM. We believe investing further in these arms is certainly more ROE creative than enhancing CapEx to grow via more machinery for in-house consumption. To share today, Eco-Friendly Diamonds' production is perhaps less, about 10% of Goldiam's overall consumption of lab-grown diamonds. The rest is procured from vendors, suppliers, and supplier partners located in Surat and elsewhere and other such geographies. Yeah. So in conclusion, I can say that we are not going to be a producer of the lab-grown, but we will market our lab-grown diamonds. That's correct. That's correct, sir. Our focus is on production, design and development of jewelry, and marketing of that jewelry and distribution globally as a B2C company and in India as a B2C company. Yeah, got it. Regarding the ORIGEM, if I am correct, what you said is that INR 3.5 crore or something total cost we require for the one ORIGEM store to open. Among that, INR 2.5 crore is for inventory, INR 50 or INR 60 lakh for the INR 1 crore is for other stuff like furniture and all. Am I correct? That's correct, sir. Including the rental deposit, yes. Rental deposit and all. What will be our, what we can say, and how much time we can recover this INR 3.5 crore for one store if it's mature? Once it fully matures, I would say once we hit a full maturity, we believe payback period for stores will be three years or under. Oh, three years and all. Yeah, got it. Yeah, that's all from my side. Yeah, thank you. Thank you, sir. Thank you. The next question is from the line of Mr. Doshi from Whitestone PMS. Please go ahead. Yeah, thanks for the opportunity again. You mentioned a INR 15 crore EBITDA loss we have done for ORIGEM in FY 2026. Yes, Mr. Doshi, that's correct. Just to confirm, this includes the rent as well, because for retail, we record rent in interest and depreciation. That's correct, Mr. Doshi. Lot of the stores are on the Yeah, that's correct. So this INR 15 crore include the rent as well, or it does not include the rent? It includes it. It includes. Yes. My question is, let's say in FY 2027, we are targeting 50 stores by exit, and we are almost 24, 25 right now, so we'll be doubling. These current 25 stores will obviously ramp up in FY 2027. Is it fair to assume that this loss will not go up significantly? Thank you for the question, Mr. Doshi. Yes. Our endeavor is to control the overall loss with a higher and higher store fleet, which means older, more mature stores have to move into break-even and thereafter subsequently into generating cash profits on a store level basis, which helps subsidize the operating losses for newer and younger stores. This is our endeavor, and that is why we have a measured approach to opening store fleet. We want to add on these sales enablers, help push sales per store further higher, and allow some space such that mature and older stores, as mentioned, move towards break-even and then move into profitability, the same which is going to be used to help subsidize operating losses for younger stores and allow them their respective breathing room to move into maturity thereafter. Okay. So INR 15 crore is like Okay, fine. That is it from me. Thank you, Mr. Hussein. Thank you. The next question is from the line of Kunal Bhatia from Dalal & Broacha Stock Broking Private Limited. Please go ahead. Hi. Yeah, sir, thanks for the opportunity, and congrats on a good set of numbers. I just wanted to understand in terms of our lab-grown diamonds export business, we have seen the realization in USD terms on a flattish kind of a basis, from $742 to $737. Just wanted to know here, did we have any kind of a volume increase this quarter in terms of the overall jewelry exported, or there was a volume dip? Sure, Mr. Bhatia. The ASP has been similar, but overall revenue is higher. Volumes have certainly gone up in Q4 for us. We are on the trajectory of increasing volumes also, slightly increasing ASP, maintaining to slightly increasing ASP as we get into higher value segments such as large carat weight bracelets, necklaces, et cetera. Okay. In terms of the ORIGEM, I just missed out on the number that you mentioned for the payback period. I am sorry. Yes. Mr. Bhatia, as mentioned that upon hitting maturity of a store in terms of revenue target that was mentioned previously, the payback period has to be around three years, give or take, for one ORIGEM store, where the cost of opening is INR 3.5 crore. Okay. Got it. Thank you. Thank you so much. Thank you, Mr. Bhatia. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. The next question is from the line of Shubhanu Bangal from 3Head Capital. Please go ahead. Yeah. Good evening. Shubhanu Bangal. Sir, as you mentioned, our B2C segment, top three retailer concentration mix increased. Can you tell me the top three concentration mix or maybe no mix segment? Thank you, Mr. Shubhanu. I mentioned that our market share with our top three customers has increased over the last three to five-year period. Effectively, we have been able to enhance our distribution with these retailers, and because of that, enhance the overall wallet share or market share that is enjoyed by Goldiam within these large retail customers in America. Oh, okay. There is pocket share. Yes. Our market share within these retailers' overall bag. Okay. My next question on our margin. Sorry, I am very new in this business. I want to know why our gross margin increased that so much, but our EBITDA margin missed because other expense. I could not understand why our gross margin increased so much. Sure. Thank you, Mr. Shubhanu. As I mentioned, the margin increase on the gross side is very clearly a function of the benefit that we are able to get in terms of pricing, as opposed to the cost, which is on the lower side, thanks to the dual casting where we are able to manufacture part jewelry pieces in the U.S. These shells, these pieces are re-exported back once India alteration is completed, such as activities like polishing, diamond setting, et cetera. And duty tariff, whatever is being levied, is levied only on the India value addition component. As a result of which, there is a delta that we are able to take advantage of, and that's why you see a higher gross margin than in general. We hope to continuously deliver that, and that flow through to come in into EBITDA and subsequently into PAT into FY 2027. Specifically in the coming year, we should have an entire full fiscal year where we are operating this dual casting method, and we are able to leverage the benefit of this dual casting method and deliver similar such results to our shareholders. Oh, that means I can assume we can easily charge 25% EBITDA margin? We don't want to put a number in place, Mr. Shubhanu, but we hope to, on a full fiscal year basis, increase the margin percentage from where it is today. Thank you. The next question is from the line of Shweta from iThought PMS. Please go ahead. Hi, sir. I just had one question regarding your perspective on the certification landscape, particularly with both B2C as well as B2C customers. Do you see a format of these certificates changing in the mid or long term? Sure, Ms. Shweta. I will answer from the lens of ORIGEM, which is a B2C supplier. I truly believe that certification and the requirement of the same is fully dependent on retailers. For Goldiam, whatever a retailer requires, requests, and wants, we are able to work with all certification parties and deliver the same to them. Whether they have any changes, we are quick to adapt and provide them the same. For ORIGEM, we are very clear. For the time being, we are proceeding forward with 100% certification, particularly IGI certification for jewelry products in our stores. We believe this is a prudent measure as our brand is very young and has yet to deliver and grow customer love and customer trust. Having a fully certified product that is well understood by our customers, as well as is similar in terms of the four Cs to natural diamond jewelry products, allows an easy transition or an easier transition for customers to port over the lab-grown jewelry side in terms of their purchases and in terms of demand. That is all I can share. In my opinion, it is what the retailer wants. In India, speaking on behalf of ORIGEM as a retailer, we, for the foreseeable future, are proceeding with 100% diamond jewelry certification. All right. Thank you so much. Thank you, Ms. Shweta. Thank you. The next question is from the line of Ganesh Rao from Punarvi Capital. Please go ahead. Hi. Thanks for the opportunity. I have two questions. One is, it is a short-term question, if you can help. In the last year Q1, we had a higher base driven by the announced duties that were done by the U.S. government. Do you think we can grow on that higher base also in the upcoming quarter? Thank you for the question, Mr. Rao. We do not want to answer on a quarter-to-quarter basis. Overall, for the full financial year, we are extremely positive, as mentioned, and hope to deliver double-digit growth in FY 2027 over this high base that we have already achieved. Thank you. Now, on the tariff topic, right? Thank you for putting that on the presentation. That was very helpful for us, right? Just wanted to ask, how many competitors actually currently might use this model, right? Have a similar U.S. origin manufacturing structure which is approved by U.S. customs and use the same path that you might have established? Right. It is a great question, Mr. Rao. It is exactly why we see our industry as a supplier to large retailers in the U.S. consolidating. Only large suppliers in our industry, those with significant presence in the U.S., offices in the U.S., key management also in America, have been able to port over to the U.S. casting and hybrid casting model. I would say it is certainly a lot of the larger players that we compete with have ported over to this model as well, which means that the tail end of jewelry suppliers to the U.S. is very quickly diminishing as they cannot manage the intricacies and complexities of business today, where we have to do dual casting, produce jewelry in both America and in India, and also manage to maintain your timeframes and lead times of delivering finished product to America. If you can imagine, the biggest challenge for us was our entire dot-com business. Lead times, which were earlier five, six, seven days, while there is a slight extension to 10 days, it does not go beyond that. Within that itself, we are able to manage dual casting in America, producing in India, finishing value addition in India, and quickly transferring that inventory back towards our customers. This is certainly becoming more complex, more intricate, and as a result of that, larger players are able and capable to keep up. Smaller players we see being consolidated over time because of all these intricacies. Thank you for raising this point, and I am glad to share this is what we are seeing on the ground. Thank you. Appreciate it. Just one follow-up on that, right? You have alluded to this in the past, but if you can quantify, right? What is the incremental gross margin impact for us, right, in the past of the U.S. casting versus what if we had done full India manufacturing, right? Including the customer price path through that we are able to do. Sure. Absolutely, Mr. Rao. It is about between 200-300 basis point increment that we are expecting on a full-year basis. Of course, we have seen some benefit of that in Q3, little bit in Q4, and we hope to continue that on similar lines in FY 2027. Awesome. Thank you. Thank you, sir. Thank you, Mr. Rao. Thank you. The next question is from the line of Shuvano Ganguly from 3Head Capital. Please go ahead. Yeah, thank you for follow-up. I have just one question on ORIGEM. Sir, as you told, normal recovery time around three years. But how much revenue you are targeting for a mature store? Sorry, could you repeat the question? As you mentioned, normal ORIGEM store payback time around three years. How much revenue you are targeting for a mature store? For a mature store, about between around 35 lakh in terms of monthly revenues. Fully mature store. Okay, got it. Thank you. Thank you so much. Thank you. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to the management for closing comments. I want to thank all the participants for joining us today. If you have any further questions and queries or need additional information, please feel free to contact Dissero Consulting, our investor relation team. Thank you all, and everybody have a good evening. Thank you all so much. Thank you. Thank you. On behalf of Monarch Networth Capital Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.