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.
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD ◆ | 13,611 | 22.3 | 9.15 | 13.1 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 9,297 | 106.7 | 31.07 | 5.9 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,728 | 18.6 | 2.58 | 13.1 | 13.8 | 14.8 | 26.2 | 68.9 |
| INOX GREEN ENERGY SER LTD | 7,175 | 57.5 | 4.18 | 42.6 | 6.0 | 9.0 | — | 131.6 |
| SMARTWORKS COWORKING SP L | 6,079 | 218.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · IGI completes acquisition of IGI Botswana, now wholly owned subsidiary | strategic transactions | medium | — | — |
| 31 Aug 2026 · IGI to make IGI Botswana a wholly owned step-down subsidiary | strategic transactions | medium | — | — |
| 18 Aug 2026 · IGIL declares first interim dividend of Rs 2.55 per share for FY27 | corporate actions | high | — | — |
| 18 Aug 2026 · IGIL declares interim dividend of Rs 2.55 per share | corporate actions | high | — | — |
| 17 Aug 2026 · IGIL 28th AGM voting results: both resolutions passed with over 99% approval | board shareholder meetings | medium | — | — |
| 14 Aug 2026 · 28th AGM held; financial statements adopted, director re-appointed | board shareholder meetings | low | — | — |
| 13 Aug 2026 · IGIL Board to consider first interim dividend on Aug 18, 2026 | corporate actions | high | — | — |
| 13 Aug 2026 · IGIL to interact with analysts at Motilal Oswal investor conference | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Clarification on XBRL rounding for Q1 FY27 consolidated results | results | low | — | — |
| 10 Aug 2026 · NSE seeks clarification on Q1 FY27 results compliance | regulatory legal | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 11.45 |
| 5.1 |
| 2.0 |
| 0.3 |
| — |
| 65.8 |
| NIRLON LTD | 5,526 | 16.0 | 11.79 | — | 73.8 | 18.1 | — | 79.4 |
| QUESS CORP LIMITED | 5,174 | 20.4 | 4.43 | 15.6 | 19.0 | 14.4 | 7.1 | 2.6 |
| INDIQUBE SPACES LIMITED | 4,272 | — | 8.30 | — | (20.7) | (2.5) | — | 67.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.3 | 14.3 | 58 of 89 | 35% |
| P/B | 9.2 | 1.5 | 82 of 92 | 11% |
| ROCE | 58.1 | 3.2 | 3 of 105 | 98% |
| ROE | 47.8 | 3.1 | 4 of 116 | 97% |
| Debt / Equity | 0.0 | 0.0 | 3 of 116 | 60% |
| 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 | 13611 | 56 | 1 of 104 | 100% |
| 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 |
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.
