NSE: IGIL · BSE: 544311
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Natural diamond certification, Lab-grown diamond (LGD) certification, Lab-grown diamond jewelry certification, Colored gemstone certification. Asset-light, services-based certification business with high EBITDA margins (60.4% consolidated, ~70% India standalone) and debt-free balance sheet.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | — | 1,598 |
| EBITDA (ex other income) | — | 973 |
| margin % | — | 60.9 |
| Owners' profit | — | 711 |
| EPS, as reported (₹) | — | 16.46 |
| ROE % · ROCE % | — · — | 47.8 · 58.8 |
| Debt / equity (x) | — | 0.00 |
| Cash from operations | — | 624 |
| Capex | — | (82) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 265 | 305 | 301 | 304 | 320 | 369 | 371 |
| Profit before tax | 153 | 191 | 175 | 175 | 188 | 239 | 223 |
| Net profit | 114 | 141 | 127 | 130 | 135 | 180 | 166 |
| EPS (₹) | 2.86 | 3.26 | 2.92 | 3.00 | 3.11 | 4.16 | 3.84 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD ◆ | 16,876 | 27.7 | 11.34 | 16.2 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,745 | 100.3 | 29.23 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,045 | 16.9 | 2.35 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,678 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,302 | 190.2 | 9.99 | 4.5 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,869 | 19.2 | 4.17 | 14.6 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,360 | 34.9 | 2.54 | 25.9 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,549 | — | 6.89 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.7 | 13.0 | 54 of 79 | 32% |
| P/B | 11.3 | 1.3 | 88 of 95 | 7% |
| ROCE | 58.1 | 3.4 | 3 of 103 | 98% |
| ROE | 47.8 | 2.9 | 4 of 113 | 97% |
| Debt / Equity | 0.0 | 0.1 | 1 of 91 | 77% |
| EBITDA margin | 64.6 | 25.4 | 27 of 92 | 71% |
| Revenue growth | 23.2 | 16.2 | 38 of 91 | 59% |
| Profit growth | 31.0 | 5.2 | 51 of 110 | 54% |
| Market cap | 16876 | 47 | 1 of 108 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · IGI Q2 and H1 FY27 profit rises strongly on higher revenue | compliance | minimal | — | — |
| 21 Oct 2026 · Audio recording of September 2026 earnings call available | investor communications | low | — | — |
| 21 Oct 2026 · ICRA reports no deviation in initial public offering fund use | compliance | minimal | — | — |
| 21 Oct 2026 · IGI Q2 FY27: Revenue up 31%, PAT up 43% YoY on broad-based growth | compliance | low | — | — |
| 21 Oct 2026 · Q2 and H1 FY27 Investor Presentation - Strong Revenue and Margin Growth | investor communications | medium | — | — |
| 21 Oct 2026 · IGI Q2 FY27 results: Revenue up 31% YoY, PAT rises 43% | results | high | — | — |
| 16 Oct 2026 · IGI receives ESG score of 63 from NSE Sustainability for FY26 | business updates | medium | — | — |
| 15 Oct 2026 · IGIL schedules Q2 FY27 earnings call on October 21 at 5 PM | board shareholder meetings | low | — | — |
| 12 Oct 2026 · IGIL board meeting on Oct 21 to consider Q2 and H1 FY26 results | results | low | — | — |
| 5 Oct 2026 · Compliance filing: regulation not applicable as all shares are in demat form | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.