Golkunda Diamonds & Jewellery Ltd

Target and deal details

• Target: Golkunda Retail India Private Limited, a newly formed Indian company in Maharashtra for jewellery manufacturing and retail.
• Wholly owned subsidiary: 100% equity held via cash subscription of INR 2.5 million.
• Turnover is not applicable as the entity is newly incorporated.
• Industry: Gems and Jewellery; products include jewellery, precious metals, diamonds, and lab-grown diamonds.
• Purpose: strengthen Indian jewellery presence, diversify revenue, reduce export dependence, and expand domestic manufacturing.
• Regulatory approvals: not applicable.
• Indicative completion timeline: not disclosed.
• Consideration: cash; price INR 25 lakh.
• Shareholding acquired: 100%.
• Background: incorporated August 28, 2026 in Maharashtra; turnover not disclosed.
• Capital: INR 2.5 million; subscribed 250,000 shares.
• Presence: manufacturing, processing, wholesale and retail of jewellery through physical and online channels.
• Promoter/group interest: initial subscription not RPT; two directors appointed as directors of subsidiary.

Acquisition details

• Target: Golkunda Retail India Private Limited, formed as a subsidiary in Maharashtra, India.
• Capital: INR 25,00,000; turnover not applicable.
• Not a related party transaction; two promoter directors appointed as directors.
• Promoter group has no further interest beyond the two director appointments.
• Industry: jewellery manufacturing and wholesale.
• Purpose: strengthen domestic jewellery presence, diversify revenue, reduce export dependence.
• Regulatory approvals: Not applicable.
• Completion timeline: Not specified.
• Consideration: cash; aggregate INR 25,00,000.
• Shareholding: 100% stake; 2,50,000 equity shares issued.
• Background: Incorporated Aug 28, 2026; jewellery manufacturing and wholesale in India.

Dividend record date correction

• Correct record date for dividend entitlement is 20 August 2026.
• Previously intimated date (28 May 2026) should be read as 20 August 2026.

AGM proceedings and governance actions

• AGM held Aug 20, 2026 via VC/OAVM; 57 members attended.
• Remote e-voting Aug 17-19; record date Aug 13; delay in filing acknowledged; clarification issued Aug 24, 2026.
• Dividend on equity shares for year ended Mar 31, 2026 declared.
• Ordinary business: adopt Audited Balance Sheet and P&L with reports.
• Appointment of Arvind Dadha as director; retires by rotation.
• Re-appointment of Shashi Ashok Bekal as Independent Director.
• Re-appointment of Kantikumar Dadha as Chairman and Whole-time Director; remuneration fixed.
• Re-appointment of Arvind Dadha as Managing Director; remuneration fixed.
• Re-appointment of Ashish Dadha as Whole Time Director and CFO; remuneration fixed.
• All resolutions passed with requisite majority; AGM duration 3:00 PM to 4:10 PM.

Bekal Independent Director reappointment

• Reappointed Shashi Ashok Bekal as Independent Director for five years from June 21, 2026.
• Relation: Bekal not related to promoters or directors.

Kantikumar Dadha reappointment as Chairman & WTD

• Reappointment of Kantikumar Dadha as Chairman and Whole-Time Director from Oct 01, 2026 for three years.
• Relations: Arvind is Kantikumar Dadha's son; Ashish is Kantikumar Dadha's son.

Arvind Dadha reappointment as Managing Director

• Reappointment of Arvind Dadha as Managing Director from Oct 01, 2026 for three years.
• Relation: Arvind is Kantikumar Dadha's son.

Ashish Dadha reappointment as WTD & CFO

• Reappointment of Ashish Dadha as Whole-Time Director cum CFO from Apr 01, 2027 for three years.
• Relations: Father of Kantikumar Dadha; Brother of Arvind Dadha.

AGM details

• 36th AGM held Aug 20, 2026 at 3:00 PM IST via VC/OAVM.
• 57 members attended.
• Remote e-voting: Aug 17–19, 2026; record date Aug 13, 2026.
• Meeting duration: 3:00 PM to 4:10 PM IST.

Ordinary business

• Adoption of Audited Balance Sheet, P&L, and reports — Passed.
• Dividend declaration on equity shares for the year ended Mar 31, 2026 — Passed.

Director matters

• Arvind Dadha re-appointed by rotation.
• Shashi Ashok Bekal re-appointed as Independent Director (Special Resolution).
• Kantikumar Dadha re-appointed as Chairman and Whole-time Director; remuneration fixed (Special Resolution).
• Arvind Dadha re-appointed as Managing Director; remuneration fixed (Special Resolution).
• Ashish Dadha re-appointed as Whole Time Director cum CFO; remuneration fixed (Special Resolution).

Voting results

• All resolutions passed with requisite majority.

Financial Performance

• Q1 FY27 revenue from operations: INR85.21 crores; YoY growth ~23%.
• EBITDA: INR8.64 crores; EBITDA margin 10.14% (up from 7.35%).
• Net profit: INR5.14 crores; net margin 6.03% (vs 4.2%).
• Two-year trend: revenue 230 crores to 281 crores; EBITDA 16.9 to 22.84 crores.
• Export revenue on the rise; current export level around INR280 crores.
• Top 10 customers contribute about 60%–65% of revenue.
• Lab-grown jewelry revenue share currently less than 5%–7%.
• New Mumbai facility capacity around 125–150 kg/year.
• Facility uplift increases total capacity by about 50%–60%.
• Capital raised via convertible warrants INR27 crores to support expansion.

Domestic Expansion and Capex

• Andheri facility: 5,360 sq ft; 125–150 kg/year capacity.
• Capacity uplift: 50%–60% added.
• Facility to diversify revenue into domestic market and B2C, including lab-grown.
• New funding via convertible warrants: INR27 crores for expansion and working capital.

Strategy and Guidance

• Current year growth target around 15% to 20%, export-led.
• By 2030 domestic revenue ~50% of total.
• Lab-grown to be a significant domestic contributor; B2C launch planned around Diwali.
• US lab-grown performance expected to improve after tariff headwinds; better growth this year.
• Incremental capacity revenue potential INR250–300 crores.
• Total revenue target around INR550–600 crores by 2030 (based on current export ~INR280 crores).

Q&A Highlights

• Domestic expansion strategy: supply to major Indian retailers; pursue B2C lab-grown.
• Lab-grown competition: no clear Indian peer yet; many players entering market.
• Hedging: gold natural hedge; diamonds forward contracts for receivables 4–6 months.
• Incremental capacity revenue potential INR250–300 crores.
• Top 10 customers contribute ~60–65% of revenue.
• Lab-grown share currently less than 5%–7%; US accounts for larger share.
• Export base heavy in Middle East; USA share below 10% after tariff issues; improving.
• New Mumbai facility ramp: current year revenue INR15–20 crores; peak INR250 crores in 3 years.
• B2C launch targeted around Diwali; calendar year 2026.
• Long-term vision: 50% domestic by 2030; growth from domestic and exports.

Balance Sheet and Cash Flows

• Capital raised INR27 crores via convertible warrants; used for expansion and working capital.
• Facility expansion financed to support domestic growth.

Risks and Watchpoints

• Tariffs in the US impacted earlier; improved this year.
• Hormuz disruption affected shipping for about a month; now normal.
• Inventory levels: export ~10–11x; domestic similar; managing working-capital cycle.

Meeting Details

• Date and time: 13-Aug-2026 at 4:00 PM IST.
• Type and mode: investor/analyst call; virtual.
• Event/organiser: investor call for Golkunda Diamonds & Jewellery Limited.
• Purpose: discuss quarterly results for June 30, 2026, plus growth plans.
• Key participants: CFO, Head of Investor Relations, Company Secretary.
• Recording: audio call recording available.