INTL GEMOLOGICAL INST LTD

Provides independent third-party gemological certification for natural diamonds, lab-grown diamonds, lab-grown diamond (LGD) jewelry, and colored gemstones. In Q1 FY27, revenue grew 23% YoY to ₹3,708 million on 17% higher volumes of 3.56 million certification reports, with an average selling price of ₹1,010 per report. Lab-grown diamond and LGD jewelry were the fastest-growing categories, with LGD jewelry revenue up 44% YoY. The January 2026 acquisition of American Gemological Laboratories opened colored-stone certification as a new line, contributing ~3% of revenue in Q1 FY27. Customer concentration is a defining feature of the business: 12-14 large LGD growers account for 40-50% of revenue. Employee costs at 22.1% of revenue are the largest expense line, ahead of other operating expenses at 16.9% and depreciation at 3.5%. The company is debt-free and recently began operations in Italy via a Belgian subsidiary, with a consumer-facing brand push including IPL sponsorship of the Gujarat Titans.