International Gemmological Institute (India) Limited (IGIL)
₹326.70 +1.52% last close, 16 Oct
Q2 FY27 results
📅 Next results: 21 Oct 2026 (board meeting)International Gemmological Institute (India) Limited's board meets on 21 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, International Gemmological's revenue was ₹371 Cr (+23.2% year on year, +0.5% on the previous quarter), and net profit ₹166 Cr (+30.5% year on year); the operating margin was 60.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹371 | +23.2% | +0.5% |
| Operating profit | ₹224 | +28.6% | -5.2% |
| Net profit | ₹166 | +30.5% | -7.9% |
| EPS (₹) | 3.84 | +31.1% | -7.7% |
| Operating margin | 60.4% | — | — |
IGIL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 62.08% of the IGIL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.54%. The price rose 1.52% on that unusually high delivery, the pattern the delivery dashboard labels accumulation.
Delivery in the last 5 sessions: 66.2% · 42.5% · 58.1% · 57.4% · 62.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
International Gemological Institute Limited has announced the closure of its trading window for Designated Persons effective Thursday, October 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, for the quarter and half year ending September 30, 2026. The window will reopen 48 hours after the declaration of the financial results. The date of the upcoming Board Meeting to consider these results will be disclosed separately.
- Trading window closes on Thursday, October 1, 2026
- Applies to Designated Persons for the quarter and half year ending September 30, 2026
- Window to reopen 48 hours after declaration of Unaudited Standalone and Consolidated Financial Results
- Board meeting date to consider financial results will be intimated in due course
International Gemological Institute Limited (IGIL) announced the completion of its transaction to acquire full control of IGI Botswana on September 7, 2026. The diamond grading laboratory in Botswana is now a wholly owned subsidiary of step-down entity IGI Dubai, and a step-down subsidiary of IGIL. This follows the prior intimation dated August 31, 2026, though specific financial deal values were not disclosed in the filing. The consolidation strengthens IGIL's footprint in a key global diamond-producing hub.
- Transaction completed on September 7, 2026
- IGI Botswana is now a 100% wholly owned subsidiary of IGI Dubai
- Consolidates control over a diamond grading and certification laboratory in Botswana
- Follows previous intimation submitted on August 31, 2026
- Transaction value and financial consideration not disclosed in the filing
International Gemological Institute Limited (IGIL) announced that its step-down wholly owned subsidiary, IGI Dubai, approved the consolidation of 100% control over IGI Botswana. The target entity has nil turnover as it is yet to commence commercial operations. The transaction involves no cash consideration or share swap and is subject to regulatory approval from the Republic of Botswana. The acquisition is targeted to close within one week to expand certification operations in a key diamond market.
- 100% control acquired in IGI Botswana by step-down wholly owned subsidiary IGI Dubai
- Turnover of target entity is Nil as business operations are yet to commence
- Expected completion timeline is 1 week, subject to approval from the Republic of Botswana
- Cash consideration/cost of acquisition is Not applicable
International Gemological Institute Limited (IGIL) has declared a first interim dividend of Rs 2.55 per equity share of face value Rs 2 for FY 2026-27. The company has fixed Monday, August 24, 2026, as the record date to determine shareholder eligibility. The interim dividend will be credited or disbursed on or before September 17, 2026. At the current share price of Rs 348.5, this interim payout represents an initial yield of approximately 0.73%.
- Declared first interim dividend of Rs 2.55 per equity share of face value Rs 2 for FY 2026-27
- Record date established as Monday, August 24, 2026
- Payment scheduled to be completed on or before Thursday, September 17, 2026
- Board meeting held on August 18, 2026, from 2:35 p.m. to 2:45 p.m. IST
International Gemological Institute Limited (IGIL) has declared a first interim dividend of Rs 2.55 per equity share of face value Rs 2 each for FY 2026-27. This payout represents approximately 66.4% of its latest Q1 FY27 EPS of Rs 3.84 and offers a dividend yield of ~0.73% on the current share price of Rs 348.5. The record date for eligibility is Monday, August 24, 2026, with disbursement scheduled on or before September 17, 2026.
- Declared first interim dividend of Rs 2.55 per equity share (FV Rs 2).
- Record date fixed as Monday, August 24, 2026.
- Disbursement to eligible shareholders scheduled on or before September 17, 2026.
- Payout accounts for ~66.4% of Q1 FY27 standalone EPS of Rs 3.84.
International Gemological Institute Limited (IGIL) has disclosed the voting results and Scrutinizer's Report for its 28th Annual General Meeting held on August 14, 2026. Shareholders approved the adoption of FY26 Audited Financial Statements with 99.88% votes in favour. The re-appointment of retiring Director Mr. Tejas Naphade was also approved with 99.16% majority. Total voter turnout stood at ~87.80% across 37.94 crore shares polled out of 43.22 crore total shares.
- Adoption of FY26 financial statements approved with 99.88% votes in favour (37,89,31,864 votes)
- Re-appointment of Director Mr. Tejas Naphade approved with 99.16% votes in favour (37,62,64,601 votes)
- Total voting turnout reached 87.80% of the total share capital of 43,21,59,696 shares
- Total shareholder count on cut-off date (August 7, 2026) was 1,72,390
International Gemological Institute Limited (IGIL) concluded its 28th Annual General Meeting on August 14, 2026. Shareholders considered the adoption of audited standalone and consolidated financial statements for the financial year ended March 31, 2026 (covering January 1, 2025 to March 31, 2026) and the re-appointment of retiring director Mr. Tejas Naphade. Voting took place via remote e-voting and e-voting during the meeting, with final results to be published separately. The filing is administrative with no unexpected operational or strategic updates.
- 28th AGM conducted on August 14, 2026, from 11:00 am to 12:26 pm IST via video conferencing
- Adoption of audited financial statements for the period January 1, 2025 to March 31, 2026 considered
- Re-appointment of director Mr. Tejas Naphade (DIN: 10219144) retiring by rotation transacted as ordinary resolution
- Final voting results and Scrutinizer's Report to be submitted to exchanges in due course
International Gemological Institute Limited (IGIL) has scheduled physical meetings with institutional investors and fund managers on August 19, 2026. The interaction will take place in Mumbai during the Motilal Oswal 22nd Annual Global Investor Conference. These sessions will include both one-to-one and group meetings. As a market leader with a high operating margin of 63.7%, such conferences are standard for maintaining institutional engagement and discussing the company's growth in the Lab-Grown Diamond (LGD) segment.
- Scheduled interaction with institutional investors on August 19, 2026
- Participation in the Motilal Oswal 22nd Annual Global Investor Conference in Mumbai
- Company reported a high TTM Operating Profit Margin of 63.7%
- TTM Revenue stands at ₹1,221 Cr with a Market Cap of ₹15,031 Cr
- Discussions will be restricted to publicly available information
International Gemological Institute Limited (IGIL) has responded to a clarification request from the NSE regarding its Q1 FY27 financial results filed on July 23, 2026. The company identified a discrepancy where the XBRL filing used rounding in Lakhs while the PDF version used Millions. A revised XBRL file was uploaded on August 11, 2026, to ensure consistency across formats. The company explicitly stated that there is no impact on the actual financial results or disclosures.
- Clarification sought by NSE on August 10, 2026, regarding Regulation 33 compliance for the June 2026 quarter.
- Discrepancy identified between XBRL (rounded in Lakhs) and PDF (rounded in Millions) versions of results.
- Revised XBRL filing submitted on August 11, 2026, to align with the PDF reporting standard.
- Company confirms zero impact on the reported financial figures or qualitative disclosures.
- IGIL maintains a high OPM of 63.7% and TTM PAT of Rs 572 Cr as per latest available context.
International Gemological Institute Limited (IGIL) has scheduled physical meetings with institutional investors and fund managers in Singapore. The interactions will take place on August 11 and 12, 2026, as part of the Nuvama India Conference 2026. These meetings will be conducted in one-to-one and group formats. The company clarified that discussions will be restricted to publicly available information, maintaining standard compliance protocols.
- Meetings scheduled for two consecutive days: August 11 and August 12, 2026
- Physical interaction venue set in Singapore for the Nuvama India Conference 2026
- Format includes both one-to-one and group meetings with fund managers
- Company maintains a high Operating Profit Margin of 63.7% as per TTM data
- TTM Revenue stands at Rs 1,221 Cr with a market capitalization of Rs 15,765 Cr
International Gemological Institute Limited (IGIL) presented its growth strategy at Investor Day 2026, highlighting its dominant 65-75% global market share in Lab-Grown Diamond (LGD) certification. The company issued 12.8 million reports in CY25 and maintains a strong 40-50% market share in India. To diversify beyond diamonds, IGIL acquired American Gemological Laboratories (AGL) in January 2026 for $13.2 million (approx. ₹110 Cr), targeting the colored gemstone market. With a high TTM operating margin of 63.7% and a net-debt-free balance sheet, the company is leveraging AI/ML to scale its 37 global laboratories.
- Holds a dominant 65-75% global market share in Lab-Grown Diamond (LGD) certification as of CY25.
- Acquired American Gemological Laboratories (AGL) for $13.2 million in January 2026 to lead in colored gemstones.
- Issued 12.8 million certification reports in CY25 across a global network of 37 laboratories.
- Maintains a high TTM operating profit margin of 63.7% with a net worth of ₹2,525 Cr.
- Global jewelry market projected to reach $410-430 billion by 2030, growing at a 3-5% CAGR.
International Gemological Institute Limited (IGIL) has scheduled its 'Investor Day 2026' for August 3, 2026, in Mumbai. This physical group meeting will involve interactions between company officials and institutional investors/analysts. Discussions are expected to center on publicly available information, likely covering the company's high operating margins of 63.7% and its 15% expected growth rate. With a market cap of Rs 15,068 Cr and a dominant position in Lab-Grown Diamond (LGD) certification, this event serves as a key transparency touchpoint.
- Investor Day 2026 scheduled for August 3, 2026, as a physical group meeting in Mumbai
- Company operates with a high TTM Operating Profit Margin (OPM) of 63.7%
- TTM Revenue stands at Rs 1,221 Cr with a PAT of Rs 572 Cr as of the latest reporting
- Management is targeting a 15% growth rate driven by the Lab-Grown Diamond (LGD) evolution
- IGIL maintains a strong cash reserve of Rs 400 Cr for potential M&A opportunities
IGIL delivered a strong Q1 FY27 with consolidated revenue of ₹370.8 Cr, up 23% YoY, and EBITDA growth of 29% to ₹223.8 Cr. Growth was primarily driven by the Lab-Grown Diamond (LGD) segment, with LGD Loose Stones up 25% and LGD Jewelry surging 44%. The acquisition of American Gemological Laboratories (AGL) contributed 3% to total revenue growth and fueled a 200% increase in the Gemstones category. Average Selling Price (ASP) improved 5% YoY to ₹1,010, while total report volumes grew 17% to 3.56 million.
- Consolidated revenue from operations grew 23% YoY to ₹370.8 Cr in Q1 FY27
- EBITDA increased 29% YoY to ₹223.8 Cr, indicating margin expansion
- LGD Jewelry certification revenue showed robust growth of 44% YoY
- Total certification volumes reached 3.56 million reports, a 17% increase over the previous year
- Average Selling Price (ASP) per report rose 5% YoY to ₹1,010
International Gemological Institute Limited (IGIL) has announced its 28th Annual General Meeting (AGM) for August 14, 2026, to be held via video conferencing. The company has dispatched physical letters to shareholders with unregistered email addresses, providing them with QR codes and weblinks to access the FY 2025-26 Annual Report. The cut-off date for e-voting eligibility is August 7, 2026, with the voting window open from August 11 to August 13, 2026. This is a standard administrative procedure following the conclusion of the financial year.
- 28th Annual General Meeting scheduled for August 14, 2026, at 11:00 a.m. IST
- Cut-off date for e-voting eligibility set for Friday, August 7, 2026
- E-voting period runs from August 11, 2026 (9:00 a.m.) to August 13, 2026 (5:00 p.m.)
- Company reported TTM Revenue of ₹1,221 Cr and TTM PAT of ₹572 Cr as of the latest financial context
- Letters dispatched to shareholders on July 24, 2026, to facilitate digital access to the Annual Report
International Gemological Institute Limited (IGIL) has released the audio recording of its earnings call held on July 23, 2026, for the quarter ended June 30, 2026. This is a standard procedural disclosure following the announcement of quarterly financial results. The recording provides management's detailed commentary on the company's performance, including its high TTM operating margin of 63.7% and its strategy in the Lab-Grown Diamond (LGD) segment. Investors can access the recording via the company's investor relations website.
- Earnings call conducted on July 23, 2026, covering the quarter ended June 30, 2026
- Company reported TTM Revenue of Rs 1,221 Cr and TTM PAT of Rs 572 Cr
- Operating Profit Margin (OPM) remains robust at 63.7% as per latest TTM data
- Promoter holding is stable at 76.55% as of the March 2026 quarter
- Recording link made available on the company's website for public access
Financial Performance
Revenue Growth by Segment
Consolidated certification revenue grew 20% YoY in Q3 CY25 to INR 2,941 Mn. Segment growth for 9M CY25 shows LGD Jewelry leading at 32% YoY, followed by LGD at 18%, Natural Diamonds (ND) at 14%, and ND Jewelry at 12%. Gemstones and others declined by 18% YoY.
Geographic Revenue Split
A large portion of revenue is concentrated in the regions of Gujarat and Maharashtra, making the business vulnerable to regional economic downturns. The company also maintains sales and marketing arms in the US and Europe to influence manufacturers to seek IGI certificates.
Profitability Margins
Consolidated PAT margin for 9M CY25 improved to 43.7% from 39.8% YoY, a 390 bps increase. Standalone PAT margin for Q3 CY25 stood at 57.8% compared to 57.0% in Q3 CY24, driven by operating leverage and efficiency gains.
EBITDA Margin
Consolidated EBITDA margin for 9M CY25 was 60.0%, up 320 bps from 56.8% YoY. Standalone EBITDA margin for Q3 CY25 was 72.8%, a slight decrease from 74.7% in Q3 CY24 due to increased fixed assets and depreciation/amortization costs.
Capital Expenditure
The company is expanding capacity, resulting in increased fixed assets. Depreciation and amortization (D&A) expenses rose to INR 11 Cr in recent periods. The company holds cash reserves of approximately INR 400 Cr for potential acquisitions and dividends.
Credit Rating & Borrowing
Not disclosed in available documents; however, the company maintains a very strong cash position of INR 400 Cr and generates roughly INR 500 Cr in annual PAT, suggesting minimal reliance on external debt.
Operational Drivers
Raw Materials
As a service-based certification provider, primary inputs are specialized gemmological equipment (fixed assets) and skilled labor (employee benefits). Employee benefit expenses for Standalone Q3 CY25 were INR 304 Mn, representing 12.6% of revenue.
Import Sources
Not specifically disclosed, but operations are centered in India (Gujarat and Maharashtra) with international certification hubs in Belgium, Netherlands, and Turkey.
Key Suppliers
Not disclosed in available documents; the business model relies on manufacturers and retailers submitting diamonds for certification rather than traditional raw material suppliers.
Capacity Expansion
Current capacity allowed for the issuance of 9.6 million reports in 9M CY25, a 25% increase from 7.7 million reports in 9M CY24. Expansion is ongoing through the addition of fixed assets to support double-digit volume growth.
Raw Material Costs
Not applicable as a service provider; however, 'Other Expenses + Purchase & Stock in trade' for Standalone Q3 CY25 stood at INR 350 Mn, up 51% YoY, reflecting increased operational scale.
Manufacturing Efficiency
Volume growth (26% YoY in Q3 CY25) outpaced revenue growth (21% YoY), indicating high throughput. Average Realized Price (ARP) for Standalone Q3 CY25 was INR 773, up 2% YoY.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth is driven by the 'Lab-Grown Diamond (LGD) evolution' which is seen as a long-term trend. The company is investing in brand building (e.g., sponsoring the Women's World Cup) and leadership interventions in the US market. They are also evaluating acquisition opportunities using their INR 400 Cr cash reserve.
Products & Services
Certification reports for Natural Diamonds, Lab-Grown Diamonds, Natural Diamond Jewelry, Lab-Grown Diamond Jewelry, and Gemstones.
Brand Portfolio
IGI (International Gemmological Institute).
New Products/Services
Expansion into LGD Jewelry certification, which grew 32% YoY in 9M CY25, now contributing 8.2% of Q3 CY25 certification revenue.
Market Expansion
Significant leadership investments and interventions are being made in the US market to influence manufacturers and increase market share.
Market Share & Ranking
Described as a market leader in the gem and jewelry certification industry, particularly in the LGD segment.
Strategic Alliances
The company is backed by Blackstone, with several Blackstone MDs and Principals serving on the Board of Directors.
External Factors
Industry Trends
The industry is undergoing a major shift with the introduction of Lab-Grown Diamonds (LGD), which has propelled growth for the last 8-9 quarters. IGI views this as the beginning of a 3-4 year trend with no immediate bottlenecks.
Competitive Landscape
Key competitors are not named, but the company competes with other global gemmological laboratories for certification volume.
Competitive Moat
Moat is built on brand recognition and a 'pedigreed' independently-led board. The sales and marketing arms in Europe and the US act as a moat by influencing manufacturers to choose IGI certification over competitors.
Macro Economic Sensitivity
Highly sensitive to economic fluctuations and geopolitical instability which impact luxury goods demand and the jewelry market.
Consumer Behavior
Rising consumer demand for Lab-Grown Diamonds is a primary driver, with LGD now representing 52.3% of Q3 CY25 certification revenue.
Geopolitical Risks
Geopolitical instability is cited as a risk that could impact market demand and regulatory environments across its international operations in Belgium, Turkey, and the Netherlands.
Regulatory & Governance
Industry Regulations
Subject to regulatory changes in the gem and jewelry industry and international trade standards for diamond grading and certification.
Taxation Policy Impact
Effective tax rate is implied by the difference between PBT (INR 1,824 Mn) and PAT (INR 1,391 Mn) for Standalone Q3 CY25, approximately 23.7%.
Risk Analysis
Key Uncertainties
The stabilization level of PAT margins following capacity expansion and the long-term sustainability of the 15% revenue growth guidance as the LGD market matures.
Geographic Concentration Risk
High concentration in Gujarat and Maharashtra, India, which are the primary hubs for diamond processing.
Third Party Dependencies
Dependent on manufacturers' preference for IGI certification; if major manufacturers shift to other labs, volumes would drop significantly.
Technology Obsolescence Risk
The company must continuously invest in fixed assets and gem-testing technology to maintain its certification authority against synthetic diamond advancements.
Credit & Counterparty Risk
Debtors' turnover days increased from 43.3 to 50.1 days YoY, indicating a slight weakening in receivables quality or credit terms.
