1. Bonus issue of 1:3 ratio Delivered - At the Q4 FY26 result, the board recommended a bonus issue of 1 new fully paid-up equity share of ₹2 for every 3 existing shares. In July 2026, the company allotted 3,76,39,281 bonus equity shares in the 1:3 ratio - the issue was completed as recommended.
2. Buyback of up to 3,80,000 shares by end of December 2021 Partial - At the Q2 FY22 result, management guided the buyback of up to 3,80,000 equity shares to be completed by end of December 2021. The buyback of 3,80,000 shares was completed by end of December 2022 - a year later than the stated deadline.
3. QIP object - 63 new brand-exclusive stores at ₹194.96 cr On track - The QIP offer document earmarked ₹194.96 cr towards setting up 63 new brand-exclusive stores across India. As per stock exchange filings, 25 new retail stores had been opened till June 30, 2026 against the 63-store object; the March 2027 horizon stands and the timeline was extended to November 2026.
4. QIP deployment of ₹84.94 cr by March 31, 2026 Missed - The placement document scheduled ₹84.94 cr to be deployed till March 31, 2026 and ₹110.01 cr till March 31, 2027 towards 63 stores; the timeline was later revised to November 2026. Only ₹26.91 cr was utilised for stated objects till March 31, 2026; by June 30, 2026, ₹44.61 cr of the ₹84.94 cr was used with nil against GCP, and the Monitoring Agency flagged both objects as ongoing/delayed.
5. High ASP fashion jewellery (tennis bracelets/necklaces) in B2B within the coming year Delivered - At the Q4 FY26 call, management said introduction of high ASP fashion jewellery in B2B was "in the coming year". In Q1 FY27, the US bracelet and necklace category, launched in the later half of FY26, had "played out very well", adding new US wholesale customers.
6. FY27 ORIGEM loss not to go up significantly despite doubling store count On track - At the Q4 FY26 call, management said the FY27 ORIGEM loss was not expected to go up significantly despite doubling store count. Q1 FY27 ORIGEM operating loss was approximately ₹5-6 cr against an FY26 full-year EBITDA-level loss of \~₹15 cr; the FY27 horizon is not yet reached.
7. Double-digit overall growth in FY27 On track - At the Q4 FY26 call, management guided "double-digit growth in FY27 on an overall basis". Q1 FY27 revenue grew 41.92% YoY; the FY27 horizon is not reached, but Q1 is running well above double-digit.
8. ORIGEM exit revenue of about ₹7 cr per month for FY27 On track - At the Q4 FY26 call, management targeted ORIGEM exit revenue of about ₹7 cr per month for FY27. Q1 FY27 ORIGEM revenue was ₹8.16 cr for the quarter, or \~₹2.7 cr per month; the FY27 exit horizon is not yet reached.
9. Around 45-50 COCO ORIGEM stores by exit FY27 On track - At the Q4 FY26 call, management targeted around 45 to 50 COCO ORIGEM stores by exit FY27. 26 stores were operational as of Q1 FY27; the FY27 exit horizon is not yet reached with expansion underway.
10. FY26 to be a record year for revenue, EBITDA and PAT Delivered - At the Q3 FY26 call, management expected to deliver "a record financial year in terms of revenue, EBITDA and PAT" for FY26. FY26 delivered the highest ever revenue, EBITDA and PAT, with revenue crossing ₹1,000 cr for the first time; FY26 revenue was ₹1,021.23 cr, EBITDA ₹248.67 cr, PAT ₹170.59 cr.
11. Mature Origem stores at ₹40-45 lakh monthly sales with 2X inventory turn On track - At the Q3 FY26 call, management set a mature (3rd-year) Origem store target of ₹40-45 lakh sales per store per month, driving 2X inventory turn at 38-42% margins. In Q1 FY27, the best store crosses ₹40-45 lakh per month though most stores are not yet at this level; the 3rd-year horizon is not reached.
12. Add 15 new Origem stores by H1 FY27 On track - At the Q3 FY26 call, management confirmed the plan to add 15 new stores by H1 of FY27. From 13 stores at Q3 FY26, the count reached 24 by Q4 FY26 and 26 by Q1 FY27 - 13 new stores added, just short of the 15 target with the horizon not yet reached.
13. QIP fundraise as capital for about 55-65 COCO stores Delivered - At the Q2 FY26 call, management stated the QIP fundraise provides liquidity/investment capital for about 55-65 stores, completely under the COCO model. The QIP raised ₹202 cr, with ₹194.96 cr earmarked for 63 new brand-exclusive stores - within the 55-65 store range.
14. ₹400 cr fundraise as an enabling resolution only Delivered - At the Q4 FY25 call, management said the ₹400 cr fundraise was only an enabling Board resolution, not confirmed, to be drawn only if the right opportunity arises. In Q2 FY26 the company raised ₹202 cr through a QIP, executing the resolution at a lower amount consistent with its conditional nature.
15. Double B2B sales over the next 3-4 years On track - At the Q4 FY25 call, management said "Yes, absolutely... the aim to double our sales over the next 3 to 4 years in our core B2B business", later restated as 3-5 years at Q3 FY26. FY25 revenue was ₹800.64 cr and FY26 revenue ₹1,021.23 cr; doubling requires \~₹1,600 cr by FY29, and 25-30% annual growth keeps the trajectory intact.
16. Tariff pass-through to customers complete within another quarter Delivered - At the Q4 FY25 call, management said tariff pass-through to customers should be entirely complete "within another quarter". In Q2 FY26, US tariffs rose from 16% to 56% disrupting B2B for about 30 days, and Goldiam implemented a US-origin casting model; by Q3 FY26 the jewellery tariff moved from 50% to 18% and dual casting delivers zero US tariff.
17. ORIGEM per-store revenue hoped to cross \~₹2 cr Missed - At the Q4 FY25 call, management said they hope to even cross \~₹2 cr revenue per store from stores opened in the last 6-8 months. Q4 FY26 ORIGEM revenue was ₹5.56 cr with 24 stores and Q1 FY27 ₹8.16 cr with 26 stores - annualised \~₹1.2-1.5 cr per store, below the ₹2 cr target.
18. Around 20-25 ORIGEM stores in FY26 Delivered - At the Q4 FY25 call, management expected around 20-25 ORIGEM stores in FY26, reiterated at Q2 FY26 as 20-25 operational stores by March 31, 2026 with 15-18 more in fitouts and formalities. By March 2026, 24 operational stores were in place, within the guided range.
19. Additional ₹90-120 cr from eCommerce and store openings Missed - At the Q3 FY25 call, Rashesh Bhansali said if 25-30 stores were opened by end of year at average 30 lakhs per store, "it's very safe to say that within the next timeframe you will see an additional of 90-120 crores between eCommerce as well as store openings". ORIGEM revenue reached only ₹5 cr in FY25, ₹2.8 cr in Q2 FY26, ₹5.56 cr in Q4 FY26 and ₹8.16 cr in Q1 FY27; the store condition was not met and the revenue has not materialised.
20. Double the business within four years with ORIGEM's help On track - At the Q3 FY25 call, Rashesh Bhansali said with ORIGEM's help the company is looking at doubling its business within the next four years, restated as doubling B2B over 3-4 years at Q4 FY25 and 3-5 years at Q3 FY26. FY25 revenue was ₹800.64 cr and FY26 ₹1,021.23 cr; the \~₹1,600 cr doubling level by FY29 has 25-30% annual growth behind it.
21. B2C India data disclosure from next quarter Delivered - At the Q2 FY25 call, management committed to start sharing B2C India revenue and expenditure data from the next quarter in corporate decks. ORIGEM retail revenue was disclosed from Q3 FY25, ₹5 cr for FY25 and ₹2.8 cr in Q2 FY26 - shared consistently since.
22. Consolidated EBITDA close to around 18% even with retail expenses Delivered - At the Q2 FY25 call, management said even with retail expenses, consolidated EBITDA should be "close to around 18%", and "not for the next year" on whether it could go below. EBITDA margins ran 22.29% Q2 FY25, 19.92% Q4 FY25, 17.92% Q1 FY26, 23.54% Q3 FY26, 21.12% Q4 FY26 and 20.33% Q1 FY27 - above 18% in every quarter except one marginally below.
23. First phase of ORIGEM store launches completely COCO Delivered - At the Q1 FY25 call, management said the first phase of store launches would be completely COCO, with later statements that franchise evaluation might open towards end of calendar 2025 or beyond. All 26 stores operational as of Q1 FY27 are COCO with no franchise stores opened.
24. Three to five ORIGEM store openings in Q3 FY25 Delivered - At the Q1 FY25 call, management planned to open three to five ORIGEM stores in Q3 FY25. The first store opened in Borivali during Dhanteras, the second at Kharghar in December 2024, and the third at Turner Road, Bandra in January 2025 - three stores within the quarter.
25. FY25 revenue growth of close to 15-20% or more Delivered - At the Q1 FY25 call, Rashesh Bhansali said Goldiam is "looking at growing close to 15% to 20% for the entire year or more". FY25 revenue grew 29.54%, exceeding the guided range.
26. ERA average retail ticket price of ₹45,000-55,000 Delivered - At the Q4 FY24 call, management targeted an ERA average retail ticket price of ₹45,000-55,000, revised to ₹40,000-60,000 ASP at Q2 FY25. In Q1 FY27, ORIGEM ASP is north of ₹70,000, above both the original and revised ranges.
27. Soft vision of 200-300 stores nationally over 5-7 years On track - At the Q4 FY24 call, management expressed a soft vision to be amongst the one or two retailers able to scale to 200-300 stores nationally over the next five to seven years, revised to 150-200 stores over 3-5 years at Q3 FY25 and near 100 stores over 2-3 years at Q1 FY27. 26 stores were operational as of Q1 FY27; the vision horizon is far from complete with expansion active.
28. Minimum 15 store launches in calendar year 2025 Missed - At the Q4 FY24 call, management committed to a minimum of 15 stores launched in calendar year 2025, later raised to around 20-25 by December 2025. Store count was 6 by March 2025, 11 by September 2025, 13 by December 2025 and 24 by March 2026 - only 13 stores by the calendar 2025 deadline, below the minimum 15.
29. ERA to become the largest COCO LGD jewellery retailer in India within its first year Delivered - At the Q4 FY24 call, management hoped that within the first year of operations (effectively calendar year 2025) ERA would become the largest COCO lab-grown diamond jewellery retailer in India. By Q4 FY26, with 24 COCO stores, ORIGEM was in the top 3 by overall store count, and by Q1 FY27 was described as probably India's largest COCO LGD jewellery brand.
30. ERA gross margins in the high 30s or low 40s Delivered - At the Q4 FY24 call, management targeted ERA gross margins in the range of high 30s or low 40s as a percentage. ORIGEM gross margin was modeled north of 40% and achieved 40-45%, selling at 42-45% and running slightly higher than 40% - at or above the guided range.
31. ERA brand breakeven at ₹30-35 lakh monthly sales per store Delivered - At the Q4 FY24 call, management targeted brand breakeven at ₹30-35 lakh of monthly sales per store, with later guidance bringing breakeven down to around ₹20 lakh and ₹17-19 lakh per month. By Q3 FY25 all three ORIGEM stores achieved \~₹30 lakh monthly breakeven; older stores crossed ₹18-20 lakh by Q4 FY26 and the best store reached ₹40-45 lakh by Q1 FY27.
32. Store capex of \~₹2.5 cr for mall and ₹3.2-3.5 cr for high street stores Delivered - At the Q4 FY24 call, management planned store capex of \~₹2.5 cr per mall store and ₹3.2-3.5 cr per high street store. Subsequent guidance settled at ₹3.7-4 cr per store, ₹3.5-4 cr, ₹3.7-3.8 cr and about ₹3.5 cr all-in - consistent with the high street estimate.
33. Inventory normalisation to 2-3 months over the next one year Missed - At the Q4 FY23 call, management guided inventory normalisation to "somewhere between two to three months over the next one year". Inventory remained elevated - 73% consignment at FY24 and FY25, 65% at FY26, with inventory days at 109 in FY26; normalisation to 2-3 months did not occur.
34. Quarterly lab-grown vs natural split disclosure from Q1 FY24 Delivered - At the Q4 FY23 call, management committed to giving a quarterly split of lab-grown vs natural jewellery from Q1 of FY24. The split has been disclosed in subsequent decks - LGD 54% of Q4 FY24 value and 68% of revenue in Q1 FY25, continuing through FY26 and Q1 FY27.
35. Geographical expansion into EU/Europe and Australia next year Partial - At the Q2 FY23 call, management planned expansion into the EU/Europe and Australia "next year", going aggressively beyond America. By Q4 FY24 Middle East and some European accounts were growing and Australia crossed \~$1 million of sales by Q2 FY25, but Europe was "not much done yet" as of Q3 FY25 with Australia still low single digits by Q4 FY25.
36. Foray into Indian B2C retail via own stores and omnichannel "sometime next year" Delivered - At the Q2 FY23 call, management planned a domestic retail foray via own stores and omnichannel "sometime next year", later refined to the first few ERA stores running by Q3 FY25. The first ORIGEM store opened in Borivali, Mumbai during Dhanteras in October/November 2024, reaching 6 stores by March 2025, 24 by Q4 FY26 and 26 by Q1 FY27.
37. Base (ex-LGD) business of \~₹500-550 cr to grow 5-10% CAGR over three years Missed - At the Q4 FY22 call, management said the base ex-LGD business of \~₹500-550 cr would grow at 5-10% CAGR over the next three years. The natural diamond share fell from \~85% in FY22 to 51% in FY24, 18% in Q4 FY25 and 9% in Q1 FY27 - the base business shrank in absolute terms as the company pivoted to LGD.
38. E-commerce contribution from 15% to 25% within the next few years Delivered - At the Q4 FY22 call, management targeted e-commerce contribution to grow from 15% to 25% within the next few years. E-commerce share reached 26% in FY23 and 28% in FY24, and has generally held in the 20-30% range - 29.5% in Q4 FY25, 31.6% in Q3 FY26, 19.3% in Q1 FY27.
39. Roadmap to double lab-grown diamond growing capacity within two years Missed - At the Q4 FY22 call, management said a roadmap was being evaluated to double LGD growing capacity in the coming two years, requiring another \~25 machines at \~₹75 lakhs each. By Q4 FY24, focus had shifted from growing-machinery capex to distribution as manufacturing cost matched the B2B wholesale rate, and at Q4 FY26 with \~30 machines running, no expansion was planned "not at the moment".
40. Post-FY23 growth of 15-20% Partial - At the Q4 FY22 call, Rashesh Bhansali said post-FY23, growth of 15-20% was expected. FY24 revenue grew 13.07%, below the range, while FY25 grew 29.54% and FY26 grew 25.08%, both above it.
41. FY23 as a consolidation year with modest 5-10% growth Missed - At the Q4 FY22 call, Rashesh Bhansali guided FY23 as a consolidation year with modest 5-10% growth. FY23 revenue came in at ₹533 cr, down 22.47% YoY, with PAT of ₹85.19 cr down from ₹100 cr+ in FY22.
42. Dividend distribution policy of minimum 50% of standalone profits Partial - At the Q2 FY22 call, the company stated a policy of distributing a minimum of 50% of standalone profits, reiterated across later presentations. The Q4 FY26 deck shows payout of 55% in FY24 and 34% in FY25, before 84% in FY26, with a cumulative five-year average payout of 50%+ of standalone PAT.
43. US acquisition to enhance distribution using cash reserves Missed - At the Q2 FY22 call, Anmol Bhansali said the company was looking at a US acquisition to enhance distribution, and possibly a manufacturing acquisition in India, pursuing inorganic growth with cash reserves; talks continued through Q4 FY22 without a fit. No acquisition is disclosed through Q1 FY27, with the company remaining net cash at ₹456.67 cr as of June 2026.
44. Constant increase in the in-house component of lab-grown diamonds Missed - At the Q2 FY22 call, Anmol Bhansali said management is constantly striving to increase the in-house LGD component, then 20-25%. Backward integration stood at about 30% in Q2 FY24, but by Q4 FY26 Eco-Friendly Diamonds production was about 10% of overall LGD consumption - the share declined as the business scaled.
45. ₹10 cr LGD machinery capex within half a year, yielding ₹10-15 cr revenue and ₹5-7 cr EBITDA Delivered - At the Q2 FY22 call, Anmol Bhansali guided another ₹10 cr of machinery capex over the next half year, expected to add ₹10-15 cr of annual revenue and ₹5-7 cr EBITDA, with the completion date later set at April/May 2022. The ₹10 cr capex was completed with 25 LGD growing machines commissioned as of Q2 FY23, all running at 100% utilisation by Q4 FY23; the incremental revenue/EBITDA sub-targets lack direct disclosure.
46. Jewel Fleet / B2B tie-up at 5-10% of revenues in 1-2 years Missed - At the Q2 FY22 call, Anmol Bhansali said over the next 1-2 years the jewel fleet / B2B tie-up was expected to be 5-10% on the minimum side of revenues. JewelFleet was \~2-2.5% of total sales as of Q2 FY23 with no later disclosure in the record, as focus shifted to ORIGEM retail.
47. Sustainable consolidated EBITDA margin of 20-22% medium term Delivered - At the Q2 FY22 call, Anmol Bhansali said a sustainable medium-term EBITDA margin would be close to 20-22%, later restated as an 18-22% bandwidth. Consolidated EBITDA margin ran \~22% in FY22, 20.8% FY24, 22.4% FY25 and 24.3% FY26 - within or above the guided range throughout.
48. Sales mix of 25-30% lab-grown diamond jewellery in 2-3 years Delivered - At the Q2 FY22 call, Anmol Bhansali said over the next two to three years the sales mix would be about 25-30% lab-grown diamond jewellery, revised to more than 50% within three years. LGD share reached 49% in FY24 and exceeded 50% by Q1 FY25 at 68%, running at 90.7% in Q1 FY27.
49. ₹70-75 cr of lab-grown diamond jewellery revenue in FY22 Delivered - At the Q2 FY22 call, Anmol Bhansali guided to cross ₹70-75 cr of revenue from lab-grown diamond jewellery made via own grown diamonds in FY22, raised from the earlier AGM indication of ₹25-30 cr. LGD and LGD jewellery accounted for 20% of FY22 revenue against consolidated revenue of ₹553.1 cr, implying \~₹110 cr - above the guided range.